U.S. federal budget deficit widens in November

The U.S. federal budget deficit continued to climb in November on rising medicare expenses, the U.S. Treasury Department said on Thursday.

The budget deficit stood at 64.6 billion U.S. dollars in November following a deficit of 136.5 billion U.S. dollars in October.

It represented an increase of 12.6 percent from the amount recorded a year ago.

Medicare expenses were up 8.7 percent in the first two months of the 2016 fiscal year which started in October.

U.S. deficit in fiscal year 2015 dropped to an eight-year low as individual and corporate taxes revenues boosted the receipts to record.

The U.S. Congress and the White House have been discussing a two-year budget deal and need to reach an agreement before Dec. 11, when the current short-term funding will expire. Enditem