November federal budget deficit highest on record

WASHINGTON (AP) -- The federal budget deficit rose to $150.4 billion last month, the largest November imbalance on record. And the government's deficits are set to climb higher if Congress passes a tax-cut plan estimated to cost $855 billion over two years.

The Treasury Department says the November budget deficit was 25 percent higher than the $120.3 billion deficit in November 2009. Some of the jump, though, was due to a quirk of the calendar determining when benefit checks are mailed.

Tax cut? What tax cut are they referring to?