This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Federal Budget Deficit Widened in November on Increased Spending
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Business > Federal Budget Deficit Widened in November on Increased Spending
Business

Federal Budget Deficit Widened in November on Increased Spending

Editorial Board Published December 10, 2021
Share
Federal Budget Deficit Widened in November on Increased Spending
SHARE

The federal government ran a $191 billion deficit during November, a bigger gap when compared with a year earlier, as additional revenue from payroll taxes and other receipts was more than offset by increased spending.

Federal outlays in November rose 30% to $473 billion, the Treasury Department reported Friday. Some federal government agencies, such as the Education Department and Health and Human Services, spent more last month compared with the same period last year in part because of pandemic-related programs, a senior Treasury official said. The Treasury Department’s spending so far in the fiscal year, which began Oct. 1, is up compared with last year in part because of its administration of the expanded child tax credit.

The Treasury said government receipts for the month rose by 28% from a year earlier to $281 billion, not adjusting for calendar differences. That increase was driven mostly by higher government revenue from payroll taxes. The official said the department is seeing higher revenue from payroll taxes due to the recovery in the U.S. economy.

In November of the previous fiscal year, the government ran a deficit of $145 billion.

The deficit last month would have been smaller by $13 billion, or 6%, compared with last year, accounting for calendar differences and shifts in the timing of certain benefit payments, the Treasury said.

The latest figures come as Congress is acting this week to increase the government’s ability to borrow and is debating a roughly $2 trillion education, healthcare and climate bill. Some lawmakers worry the bill will add to deficits and stoke inflation. The Biden administration said it is paid for through tax increases and other revenue-raising measures and would have a minimal impact on inflation.

The cumulative deficit so far in the current fiscal year stands at roughly $356 billion, smaller than at the same point last year.

The federal government in the current fiscal year is beginning implementation of a $1 trillion infrastructure spending package that became law last month. The package isn’t expected to add to the deficit until the fiscal year that begins in October 2022, according to the nonpartisan Congressional Budget Office. More broadly, the CBO estimates the package will widen the U.S. deficit by about $256 billion over 10 years.

Meanwhile, Congress is working to complete legislation that would raise the nation’s debt limit beyond the current ceiling of roughly $28.9 trillion. Treasury Secretary Janet Yellen has warned Congressional leaders that the U.S. government may not be able to fully meet its obligations as soon as Dec. 15 if lawmakers don’t act to raise or suspend the U.S. borrowing limit.

Dec. 15 is a key date because Treasury on that day plans to make a $118 billion transfer to the Highway Trust Fund, as instructed by the recently passed infrastructure law. It is also the date on which quarterly corporate taxes are due. The highway expenditure, combined with unpredictability around the amount of corporate tax receipts Treasury will receive, adds to broader uncertainty over how much cash the department will have on hand to pay bills in the coming days.

Republicans and Democrats have reached an agreement on a measure that would allow lawmakers to raise the debt limit with a simple majority in the Senate rather than the 60 votes needed for most legislation. The measure, which has passed the House and Senate and now awaits President Biden’s signature, doesn’t raise the limit itself, but paves the way for an additional vote where Democrats could pass legislation to raise the ceiling without GOP support.

Write to Amara Omeokwe at [email protected]

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the December 11, 2021, print edition as ‘Federal Deficit Widens as Spending Increases.’

TAGGED:Business NewsPAIDWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Monkees’ Michael Nesmith dies at 78 Monkees’ Michael Nesmith dies at 78
Next Article UN appoints Biden adviser Catherine Russell to head UNICEF UN appoints Biden adviser Catherine Russell to head UNICEF

Editor's Pick

New Council of Financial Advisors report finds tariffs not inflicting inflation

New Council of Financial Advisors report finds tariffs not inflicting inflation

Former Trump administration head of financial coverage Tomas Philipson discusses President Trump’s commerce talks with South Korea and Japan, present…

By Editorial Board 4 Min Read
Moriah Plath Reveals Complete Hair Loss Attributable to Alopecia
Moriah Plath Reveals Complete Hair Loss Attributable to Alopecia

Studying Time: 3 minutes Moriah Plath is clearing the air, as a…

5 Min Read
Eldridge Toney Says Anna Cardwell Would Need Him to Transfer On
Eldridge Toney Says Anna Cardwell Would Need Him to Transfer On

Studying Time: 3 minutes Eldridge Toney is mourning Anna Cardwell. Regardless of…

4 Min Read

Oponion

Smart Buildings Can Help Sniff Out Viruses but Are Vulnerable to Hacks

Smart Buildings Can Help Sniff Out Viruses but Are Vulnerable to Hacks

A camera recognizes employees’ faces and hails an elevator programmed…

May 3, 2022

Biden taunts Bloomberg for prediction of a recession that by no means got here

Oct. 17, 2022, Bloomberg posted a…

October 18, 2024

Make This Brief Rib Ragu for Cozy Nights In

If I needed to title one…

November 14, 2024

33 Dairy-Free Dinner Recipes You Have to Bookmark, Stat

Whether or not you’re dairy-free or…

January 16, 2025

Sale closed in Palo Alto: $4.3 million for a three-bedroom house

543 Hilbar Lane – Google Avenue…

May 2, 2025

You Might Also Like

Thales Reinforces its Management in eSIM and IoT Connectivity with a ‘Ready to Use’ Licensed Resolution
Business

Thales Reinforces its Management in eSIM and IoT Connectivity with a ‘Ready to Use’ Licensed Resolution

At a time when billions of linked objects are reshaping industries, Thales has achieved a vital safety certification for its…

4 Min Read
Soracom IoT Platform Achieves SOC 2 Kind 2 Compliance for Safety, Availability, and Confidentiality
Business

Soracom IoT Platform Achieves SOC 2 Kind 2 Compliance for Safety, Availability, and Confidentiality

Soracom, Inc., right now introduced that it has efficiently achieved System and Group Controls (SOC) 2 Kind 2 compliance, reinforcing…

2 Min Read
Mobile IoT Module Shipments Grew 23% in Q1 2025 as US–China tensions affect vendor panorama
Business

Mobile IoT Module Shipments Grew 23% in Q1 2025 as US–China tensions affect vendor panorama

In brief Shipments of mobile IoT modules and chipsets grew 23% year-over-year in Q1 2025, based on IoT Analytics’ International…

20 Min Read
Prime 7 Visitor Posting Marketplaces to Purchase Visitor Posts That Drive Search engine optimization Outcomes
Business

Prime 7 Visitor Posting Marketplaces to Purchase Visitor Posts That Drive Search engine optimization Outcomes

Utilizing a visitor posting market helps you overlook all that like a nasty nightmare. However how do you discover probably…

14 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?