Tax revenue plummets - but Biden CONTINUES to spend with $501BN forked out last month alone The monthly federal deficit hit a record $249billion in November - $57 billion wider than the same month last year - with federal spending also hitting new heights in consecutive months, while tax revenues dropped.
It comes after the deficit had decreased, according to Biden, by $1.4 trillion - though the non-partisan Bipartisan Policy Center said the reason for the decreased deficit was increased revenues through taxes and reduced federal spending, which came after Covid-related spending expired.
The deficit is $57billion higher than it was in November of 2021 - which is a record-breaking year-on-year change. Federal spending is up $28billion from last year to $501billion in November 2022, according to the Treasury Department.