November Deficit Hits $29 Billion
The federal government ran up a $29-billion deficit in November and the debt figure was 7.4% more than that of November, 1987, the government reported Wednesday.
The Treasury Department said revenue was $64.4 billion last month, or $7.4 billion more than a year earlier, but the government spent $93.4 billion, or $9.4 billion more than it had in November, 1987.
In the first two months of fiscal 1989, which began Oct. 1, the deficit was 2.4% less than in that period of fiscal 1988. That occurred because the October deficit was 10.9% less than a year earlier, held down by declines in farm subsidy payments and a shift in military payroll dates.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
