December 13, 2018 01:18 PM
The federal budget deficit surged to a record for the month of November of $204.9 billion, but a big part of the increase reflected a calendar quirk.
The Treasury Department says that the deficit for November was $66.4 billion higher than the imbalance in November 2017. But $44 billion of that figure reflected the fact that December benefits in many government entitlement programs were paid in November this year because Dec. 1 fell on a Saturday.
For the first two months of this budget year, the deficit totals $305.4 billion, up 51.4 percent from the same period last year. The Trump administration is projecting that this year's deficit will top $1 trillion, reflecting increased government spending and the loss of revenue from a big tax cut.
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The Associated Press
Created: December 13, 2018 01:18 PM
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