The Federal Government ran a deficit of $249 billion in November. This is the highest monthly deficit since July 2021 if you ignore the one-time student loan forgiveness-driven deficit in September.
In the calendar year 2021, federal tax revenues surged by an incredible 25% compared to 2020 and were up 22.8% over 2019 (pre-COVID). But the surge in tax revenues was not enough to overcome a record $6.8 trillion in spending, breaking the spending record set in 2020 by 1.6%.
