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November Budget Deficit $150.4 Billion, Worse Than $138 Billion Consensus, Biggest November Deficit On Record

Posted By admin On December 11, 2010 @ 6:21 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
Dec 11, 2010

The Treasury has released the November deficit, which at $150.4 billion was about $12 billion worse than expected. Total receipts were $148 billion, of which individual income taxes were $64.3 billion, while the government actually refunded $3.1 billion for corporate taxes in the month. While cumulative receipts since the start of the new fiscal year are better than in the prior year period ($135.7 billion compared to $109.1 billion), it is the expense side that is far more important: in November the government spent $299.4 billion, the bulk of which going to the Department of Health and Human Services ($72 billion), social security ($64 billion), and Defense ($57 billion). The department of education saw a whopping $7.6 billion in funding in November. What is more troubling is that the interest expense is starting to rise: in the two months ended November 30, the US government paid $43.5 billion compared to $40.8 billion last year. Of course, this is to be expected, as total US debt is about $1 trillion higher now than it was last year. And, as always, what is most notable is that in November total debt increased by $192 billion to $13.861 trillion from $13.669 trillion. In other words, we are now at a point that every dollar in receipts is matched by 1.3 dollars in incremental debt.

November Budget Deficit $150.4 Billion, Worse Than $138 Billion Consensus, Biggest November Deficit On Record November%20Receipts 0 [2]

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/november-budget-deficit-1504-billion-worse-138-billion-consensus-biggest-november-deficit-re

[2] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gono/November%20Receipts.jpg

[3] Stock up for the Holidays with eFoods Direct and get FREE Shipping!: http://www.efoodsdirect.com/2010-holiday-special/?aid=14&adid=48

[4] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[5] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

[6] US budget deficit hits record $1.4 trillion: govt: http://www.prisonplanet.com/us-budget-deficit-hits-record-1-4-trillion-govt.html

[7] Soaring U.S. Budget Deficit Will Mean Billions in Bond Sales: http://www.prisonplanet.com/soaring-us-budget-deficit-will-mean-billions-in-bond-sales.html

[8] US budget deficit nears 1 trillion dlrs: Treasury: http://www.prisonplanet.com/us-budget-deficit-nears-1-trillion-dlrs-treasury.html

[9] U.S. deficit to hit record US$490-billion next year: http://www.prisonplanet.com/us-deficit-to-hit-record-us490-billion-next-year.html

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