US Budget Deficit Reaches $172B in November

The federal governments budget deficit, compared to October, has widened in

November. This increase in size has been seen as a prediction of a budget deficit over $1 trillion.

If this prediction is proven, it will be the fifth straight fiscal year that the governments budget

deficit has exceeded $1 trillion. In just the first months, the deficit rose from $120 billion in

October to $172 billion in November. The November deficit of this year is 25% higher than it

was last year. At the end of the last budget year, which runs from October 1 to September 30, the

deficit had reached $1.1 trillion. The president, who had promised to cut the deficit in half by the

end of his first term, and Congress are under pressure to keep the deficit down. The slow rise of

economy and employment has increased government tax revenue by 10%, but spending has

increased by 16%, all just in the first two months of the budget year. Spending still rises faster

than revenue. The presidents first term has also been the first time the deficit exceeded $1

trillion four years in a row. As of now, the current deficit is tied to what happens with the fiscal

cliff, and the current fear is that the fiscal cliff will cause another recession. The president is

pushing for new revenue, which will partly be created by raising taxes on the top 2%. He also

supports $400 billion in spending cuts, and both the new revenue and spending cuts will be

spread over a period of 10 years. House Republicans, however, have a different plan. They

support a lower revenue focus of $800 billion, and instead $1.2 trillion in spending cuts. The

House Republicans are against raising taxes and propose that closing loopholes would be a better

revenue gain.

The amount of money that the government does not have yet still spends is ridiculous.

America cannot thrive when the government has to borrow rather than earn its own money.

Revenue needs to increase, the deficit needs to be lowered, and the country needs to get back on
track. I do not support the idea of the government continuously spending what it doesnt have. A

deficit over $1 trillion for four straight years is unbelievable. This country needs to find a way to

cut down the deficit, and I agree with the presidents plan. There will never be a perfect plan, but

I think the presidents is the right way to go. Taxes need to be raised on the wealthy, especially

on the top 2%, the wealthiest Americans. There is no denying that this would be a great way for

the government to increase revenue. Loopholes also need to be closed, and spending cuts need to

be made as well. The best option would be a combination of the Republican plan and the

presidents plan, but the likelihood of this happening isnt very high. This country is in trouble

with the deficit, and it needs to be fixed.