U.S. government posts $137 billion deficit in NovemberStaff Writer | December 12, 2016
The U.S. government posted a $137 billion budget deficit in November 2016, a 112 percent increase from a $65 billion gap the same month of the previous year.
America A 112 percent increase
In November 2016, outlays rose 25 percent year-on-year and totaled USD 337 billion, as social security accounted for $77 billion, defense for $48 billion, Medicare for $58 billion and interest on debt for $25 billion.
Other outlays accounted for the remaining $129 billion. Meanwhile, receipts fell 2 percent and totaled $200 billion as individual income taxes accounted for $92 billion, social security and other payroll taxes for $86 billion, corporate income taxes for $1 billion and other taxes and duties for the remaining $22 billion.
However, when accounting for calendar adjustments, the November 2016 deficit was $137 billion compared with a $113 billion gap in the same month of 2015.
The fiscal 2017 year-to-date deficit was $181 billion compared with $201 billion in the same period of fiscal 2016. ■