The U.S. posted the widest November budget deficit on record as spending doubled revenue.
Outlays jumped 18 percent to $411 billion last month, while receipts were little changed at $206 billion, the Treasury Department said in a monthly report on Thursday. That left a $205 billion shortfall, compared with a $139 billion gap a year earlier.
The U.S. ran the largest deficit in six years in fiscal 2018, the first full year of Donald Trump’s presidency when his Republican party enacted a tax-cut package and raised federal spending for the military and other priorities. The measures have added to the growing federal deficit, which is forecast to push past $1 trillion by 2020 when the U.S. next holds presidential elections.
In the first two months of the fiscal year that began Oct. 1, the gap widened to $305.4 billion, compared with $201.8 billion the same period a year earlier.
Spending on Department of Defense military programs rose 18 percent in October and November from the same two months a year earlier, while outlays for total interest on the public debt jumped by 7 percent.