US budget deficit reaches $172B in November

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Associated Press

Posted on December 12, 2012 at 2:05 PM

Updated Wednesday, Dec 12 at 2:07 PM

WASHINGTON (AP) — 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.

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