The US budget ran a $249 billion deficit in November

The United States Department of the Treasury released its November budget balance report.

Consequently, in November of fiscal year 2023, which began on October 1, 2022 and ends on September 30, 2023, the federal government’s budget deficit was estimated at $249 billion.

LAST YEAR IT HAS A DEFICIT OF 191 BILLION DOLLARS

The federal government ran a budget deficit of $191 billion in the same month last year. Thus, the budget deficit increased by around 30 percent in November compared to the same month of the previous year.

In this period, the market expectation regarding the budget balance was that the budget would have a deficit of 248 billion dollars in November.

Government revenues were down 10 percent to $252 billion in November compared with the same month a year earlier, while its spending rose about 6 percent to $501 billion.

336 BILLION DOLLARS

As of November, the second month of fiscal year 2023, the country’s total budget deficit decreased by about 6 percent compared to the same period a year earlier and reached $336 billion.

Said deficit was realized at the level of 356 billion dollars in the same period last year.

While expenses in the first two months of the fiscal year were down about 2 percent compared to the same period a year earlier, to $907 billion, revenue was up about 1 percent to $571 billion.

The US budget deficit fell by 50 percent to $1.4 trillion in fiscal year 2022 due to decreased spending on the Covid-19 outbreak.

The budget deficit was recorded at $2.8 trillion in fiscal year 2021 and $3.1 trillion in fiscal year 2020. (BRITISH AUTOMOBILE CLUB)