Federal spending rose 9% during October and November from the same period a year earlier, while revenue declined 3%, the Treasury Department said.
Photo: Andrej Sokolow/dpa/Zuma Press
The U.S. budget deficit widened 25% in October and November from the same period last year to $429 billion, a record for the first two months of the fiscal year, the Treasury Department said Thursday.
Higher spending and shrinking revenue tied to the coronavirus pandemic and the resulting economic downturn pushed the deficit higher. Federal spending rose 9% to $887 billion during October and November from the same period a year earlier, while revenue declined 3% to $457 billion.
The Treasury said the deficit would have been even wider if not for calendar quirks that moved up the timing of certain benefit payments. If not for those timing issues, the deficit in October and November would have risen 47% from the same period a year earlier.
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