Tax & Spend
US Deficit Widens in November on Higher Health, Defense Spending
- Year-to-date gap increased 19% after calendar adjustments
- Revenues drop, mainly due to effect of deferred taxes in 2023
Healthcare, Social Security and defense are the three largest spending categories for the US.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
The US budget deficit widened once again in the first two months of the fiscal year, driven primarily by higher spending on health, defense and Social Security.
The gap for the two months through the end of November was $624 billion, Treasury Department data released Wednesday showed. Adjusting for calendar differences, that’s a 19% jump from the previous year.