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The U.S. Treasury Department released its federal budget data on Thursday. The budget deficit increased by $65.0 billion in November, beating expectations for a rise by $68.0 billion, after a $136.0 billion growth in October.
The budget deficit rose due to a rise in spending in Social Security, Medicare and defence. Social Security spending climbed 4%, Medicare spending jumped 9%, while spending on defence increased 2% from last year.
In the first two months of the fiscal year 2016, which ends at September next year, the budget deficit totalled $201.1 billion, 12.6% higher than a year ago.
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