Demanding a federal budget that is fair, responsible, and meets our nation's priorities

Tuesday, December 13, 2005

Deficit Up Sharply In November

This November the Treasury recorded a n $83.1 billion deficit. The significant increase is partially due to hurricane payouts, as government spending is far exceeding tax receipts. The total deficit for the first two months of this fiscal year - which began October 1 - was $130.3 billion, or 13.1 percent higher than it was during the same period last year (when the Treasury reported a $115.2 billion deficit). Revenues for the month totaled $138.8 billion while spending was up to $221.9 billion.