US Budget Deficit Soars To Nearly $205Bln In November - Treasury

WASHINGTON (UrduPoint News / Sputnik - 14th December, 2018) The US budget deficit hit $204.9 billion in November marking a 48 percent spike from the shortfall in the same month last year, Treasury Department data revealed.

The US government spent $411 billion in November while collecting $206 billion from taxes and fees, the report disclosed on Thursday. For the first 11 months of Calendar year 2018, the deficit totaled $1.

08 trillion, the report said.

While the report offered no analysis of US budget trends, the nonpartisan Congressional Budget Office has attributed rising deficits to recent changes in tax laws by the Republican-led Congress.

In a report also released on Thursday, CBO warned that as deficits accumulate, the US national debt is on track to total $29 trillion by 2028, about 96 percent of the nation's gross domestic product.