The monthly federal budget deficit rose to $191 billion in November, the U.S. Treasury announced Friday, up from $165 billion in October.
Revenues increased by 28% compared to a year ago, totaling $281 billion, driven higher largely by payroll tax collections in an economy recovering from the Covid-19 epidemic. But spending rose even more, up 30% to $473 billion, with increased spending driven in part by pandemic-related programs, as well as the expanded child tax credit.
The cumulative deficit so far this fiscal year, which began in October, is $356 billion, 17% smaller than the deficit recorded at the same point a year ago.