Contact Us

US Records $135.2 Billion November Deficit

FILE: Money, Cash, Federal Reserve
Getty Images

WASHINGTON (AP) — The U.S. government ran a much smaller deficit through the first two months of the budget year than last year, signaling further improvement in the nation’s finances.

The Treasury Department says the gap between revenue and spending for November was $135.2 billion. That’s 21.4 percent lower than November 2012.

Through the first two months of the budget year, which begins on Oct. 1, the deficit totals $226.8 billion — 22.7 percent lower than the same period a year ago.

Higher tax rates and a better economy have boosted revenue, while spending has slowed. Those trends led to an annual deficit of $680 billion in the 2012 budget year, the lowest deficit in five years. Private economists predict the annual deficit this year will fall further, to around $600 billion.

Meanwhile, Congress’ budget office estimates that the just-announced budget deal would increase the deficit over the next two years by $41.4 billion.

The analysis also says the deal would save taxpayers $23 billion, when calculated over the coming decade. But there’s a cost when it comes to deficits.

The budget office says the bipartisan agreement would increase the deficit by $23.2 billion in 2014 and by $18.2 billion the year after that.

The deal permits $63 billion in relief from automatic spending cuts over the coming two years and substitutes $85 billion in longer-term savings and fee proposals over the coming decade.

That framework has drawn the ire of some conservatives.

Governor Lays Out Vision for South Dakota’s Budget

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

More Local News

More State, US & World News

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://ksoo.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on KSOO-AM 1140 - Live, Local and Breaking News from Sioux Falls, South Dakota quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Register on KSOO-AM 1140 - Live, Local and Breaking News from Sioux Falls, South Dakota quickly by logging in with your Facebook account. It's just as secure, and no password to remember!