Financial markets

That's well below the $176 billion recorded for October and about $5 billion less than recorded in November of last year.

But the November shortfall, reported Thursday by the Treasury Department, brings the total deficit for the first two months of fiscal year 2010 to $296.7 billion, or about $16 billion more than the deficit accrued in the same period a year ago, when the economy and financial markets were falling apart.

The major reason for the increase in the deficit: Even though spending for the first two months of this fiscal year actually fell roughly $25 billion compared to what it was in the prior year-to-date period, tax revenue fell more -- by $41 billion.

Interest paid on the debt in November was $18 billion - or 7% of federal outlays for the month.

For the full fiscal year 2010, the Treasury is estimating the annual deficit will reach $1.502 trillion, or just slightly more than the up in fiscal year 2009.

Economists and deficit hawks worry less about the near-term deficits accrued since they're the direct result of efforts to combat an economic meltdown. Of greater concern to them is the total debt accumulation, which is building rapidly and could top $20 trillion within 10 years under current policy.