FX.co ★ US Budget Gap Narrows in November

In November 2025, the United States government reported a budget deficit of $173.3 billion, a significant improvement from the $366.8 billion deficit recorded in the same month the previous year. Revenue observed a notable increase of 11.4% year-on-year, amounting to $336.0 billion. This boost was primarily attributed to enhanced collections from individual income taxes, which totaled $146.96 billion, social insurance and retirement receipts at $134.29 billion, and customs duties, contributing $30.76 billion. This increase was influenced by seasonal factors and variations in the timing of collections, which positively impacted tax and customs receipts for the month. Conversely, government spending decreased by 23.8% compared to the previous year, totaling $509.3 billion. The largest expenditure areas included Social Security, accounting for $133.97 billion, Health/Medicare at $25.10 billion, and national defense with $65.48 billion. The timing of several payments, notably Medicare and veterans’ benefits, also affected the monthly outlays.