US budget deficit reaches $172B in November - 13 WTHR Indianapolis

US budget deficit reaches $172B in November

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WASHINGTON -

The U.S. federal government's budget deficit widened in November compared to October, a sign that the nation is on a path to its fifth straight $1 trillion-plus deficit.

The Treasury Department says the budget gap rose to $172 billion in November, up from $120 billion in October. The November deficit was also 25 percent higher than the same month last year. Last month's deficit was pushed higher by a calendar quirk that pulled about $33 billion in benefits payments into November from December.

The government finished the 2012 budget year with a deficit of $1.1 trillion. President Barack Obama and Congress are under pressure to curb the deficit as part of a budget deal to prevent tax increases and deep spending cuts from kicking in Jan. 1.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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