The US budget deficit increased by 30% year-on-year to $57 billion last November.
According to Arabiya.net, the US Treasury said that the budget deficit reached $249 billion, setting a record for the month, causing lower revenues and a sharp rise in spending on education, health care and interest on public debt.
Revenues fell 10% in November, or $29 billion, compared to their level a year earlier, to $252 billion, while expenses rose 6%, or $28 billion, to $501 billion, a record for the month as well.
The decline in revenues was led by a 4% drop in tax proceeds at source for individuals, a 64% rise in tax refunds for individuals, and a 98% fall in revenues from the Federal Reserve (the Central Bank).
A Treasury official said the higher spending was led by a $14 billion, or 18 percent, increase in the cost of the Medicare program and a $11 billion, or 94 percent increase in education expenditures due to changes in direct student loan programs and public service loan forgiveness.
