U.S. posts $314B budget deficit in November

The U.S. federal budget deficit stood at $314 billion in November, according to Treasury Department figures released Tuesday.

For November, total receipts, or income, were around $275 billion, against total outlays, or spending, of $589 billion, the agency's figures showed.

As for receipts, individual income taxes were $127 billion, while social insurance and retirement came in at $122 billion.

For outlays, social security was $116 billion, while Medicare stood at $79 billion.

For the 2024 fiscal year, which runs from Oct. 1, 2023 through Sept. 30, 2024, the budget deficit stands at $381 billion with $678 billion in income against approximately $1.06 trillion in spending.