Federal budget deficit soared to $150-bln in November

The federal budget deficit widened to $150.4-billion in November, the highest such figure ever recorded for the month, and up about 20 percent from the $120.3-billion deficit in November 2009, according to the U.S. Treasury Department.

November marked the 26th consecutive month the government has had a budget shortfall.

The deficit is likely to climb even higher this fiscal year, given the likelihood of tax cut extensions and renewed unemployment insurance.

The Treasury’s budget statement also noted that federal spending totaled $585.7 billion so far this fiscal year, with revenues amounting to $294.9 billion. In October and November 2010, the federal government spent $128.3 billion on defense, $36.8 billion in interest payments on its debt, and $20.0 billion for unemployment benefits.

The Obama administration said it expects the deficit to exceed $1-trillion for the fiscal year.