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The U.S. government spent $314B more than it earned in November, vs. $301.1B consensus, widening from the $67.0B deficit in October and from $248.5B a year ago, the Treasury Department said Tuesday.
Government receipts advanced 9% Y/Y to $274.8B, while outlays climbed 17.6% Y/Y to $588.8B.
The Federal Reserve’s rate-hiking campaign is prompting higher interest payments by the government. Interest paid on federal debt was $66.3B higher over the first two months of fiscal 2024 than in the same year-ago period, according to the Treasury’s monthly statement.
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