Quantcast

US budget deficit reaches $172B in November

Published: Sunday, Aug. 30 2015 8:52 p.m. MDT

In this Monday, Dec. 10, 2012, file photo, fog obscures the Capitol dome on Capitol Hill in Washington. (Associated Press) In this Monday, Dec. 10, 2012, file photo, fog obscures the Capitol dome on Capitol Hill in Washington. (Associated Press)

BIGGER DEFICITS: The U.S. federal government's budget deficit widened to $172 billion in November compared to $120 billion in October and 25 percent higher than the imbalance in the same month last year.

UNUSUAL CIRCUMSTANCES: Last month's deficit was pushed higher by a calendar quirk that pulled about $33 billion in benefits payments into November from December.

THE OUTLOOK: The results suggest the nation is on a path to its fifth straight $1 trillion-plus deficit. The government finished the 2012 budget year with a deficit of $1.1 trillion. President Barack Obama and Congress are under pressure to curb the deficit as part of a budget deal to prevent tax increases and deep spending cuts from kicking in Jan. 1.

Copyright 2015, Deseret News Publishing Company