United States Government Budget Value

The US government reported a $367 billion budget deficit for November 2024, marking a 17% increase from the prior year, driven in part by calendar adjustments that shifted December Medicare and Social Security payments into November, adding approximately $80 billion to outlays. Excluding these adjustments, the deficit would have been about $29 billion, 9% lower than a year ago. Both receipts and outlays reached record highs for November, with receipts rising 10% to $302 billion and outlays increasing 14% to $669 billion. For the first two months of the 2025 fiscal year, which began on October 1, the cumulative deficit hit a record $624 billion, up 64% from the same period last year, surpassing even the COVID-19-era deficits. This surge was further influenced by tax payment deferrals expiring in 2023 due to California wildfires and other disasters. Year-to-date receipts declined 7% to $629 billion, while outlays rose 18% to $1.253 trillion.