US deficit soared to $205 billion in November

The U.S. budget deficit soared to $205 billion in November, up 48 percent from the same month in 2017, according to a new report from the Treasury Department.
 
 
The agency projected that the 2019 deficit would surpass $1 trillion and that the U.S. would need to borrow almost $1.2 trillion to pay its bills.
 
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The largest expenditures for November came from mandatory programs such as Social Security and Medicare, followed by defense, income security and health. The sixth-largest expenditure was net interest, the borrowing costs of past debt coming due, which cost $33 billion.
 
Income taxes and Social Security payments represented the lion’s share of revenue for the federal government last month.
 
The nonpartisan Congressional Budget Office (CBO), which issued a similar deficit estimate last week, has cited the 2017 GOP tax law as a major driver of deficit increases, alongside a bipartisan agreement to increase discretionary spending.
 
According to CBO, the nation’s debt burden is on track to reach 96 percent of gross domestic product in 2028.