U.S. budget deficit hits $209 billion in November, on track for $1 trillion year
What happened: Spending for the month was $434 billion while the government brought in $225 billion.Receipts climbed by 9%, including higher collection of individual and payroll taxes and corporate taxes.
Customs duties increased by 14% for the month, as a trade conflict between the U.S. and China continues. Investors are looking next to Dec. 15, when another round of U.S. tariffs on Chinese goods is due to begin. Now read: White House says China tariffs still on table even as movement toward trade deal called good.
Big picture: For the first two months of the fiscal year, the deficit is 12% wider compared to the same period a year ago. The shortfall is expected to exceed $1 trillion each year over the coming decade, according to an August analysis by the Congressional Budget Office. U.S. investors haven’t been scared off by the rising red ink. The Dow Jones Industrial Average DJIA, -0.01% is up about 19% in 2019, while the yield on the 10-year Treasury note has fallen to 1.81%.Robert Schroeder Robert Schroeder is the White House reporter for MarketWatch. Follow him on Twitter @mktwrobs.
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