FX.co ★ US budget deficit widens beyond expectations

According to the US Treasury Department, the country's budget deficit in November soared to $314 billion, surpassing forecasts. Economists are actively seeking ways to address the pressing issue and mitigate potential risks. The US monetary authorities have faced the daunting task of limiting the budget deficit as it continues to widen further. In November, the US budget deficit reached $314.012 billion, a significant increase from October's $66.567 billion. The amount exceeded analysts' expectations of a rise to $301.05 billion. The Treasury's estimates indicate that for the 2022-2023 fiscal year, the US budget deficit has reached $1.695 trillion. To put this in perspective, November 2022 witnessed a budget surplus of $248.535 billion for the US. However, the scenario has dramatically changed by November 2023. The country's government spending surged by 18% year-over-year, amounting to $588.842 billion, while revenues increased by 9%, reaching $274.83 billion.