Wow, nothing like new tax cuts for the ultra-rich followed by reports of record deficits to make you feel good about the direction this country is taking.
The federal deficit rose sharply in November as spending raced ahead of tax receipts. The Treasury Department said yesterday that the $83.1 billion was the biggest imbalance ever recorded in November.
For the first two months of the 2006 budget year, which began Oct. 1, the deficit was $130.3 billion, 13.1 percent higher than the $115.2 billion deficit during the same period last year.
For November, revenues totaled $138.8 billion, up 3.2 percent from November a year ago. Spending totaled $221.9 billion, up 15.3 percent from November 2004.
Analysts said the increase in part reflected higher payouts of flood insurance claims by the Department of Homeland Security related to Hurricane Katrina.