The American "Merrian Webster's Collegiate Dictionary," 10th ed. 1996:
fagot or faggot [ME fagot from MF](14c): Bundle,a. as in a bundle of sticks b. a bundle of wrought iron to be shaped by rolling or hammering at high temperature.

fagot or faggot: to make a fagot of: to bind together into a bundle (-ed sticks).

faggot a male homosexual .....

fagoting or faggoting 1: an embroidery produced by ....;

Obviously the preferred American spelling is fagot, but faggot, I believe overtook the single-g spelling sometime in the 1940s.

The Collegiate does not include the food item, but an older large Webster's includes it. In some ways, the Collegiate is the equivalent of the Concise Oxford, but there is no American published equivalent to the complete Oxford Dictionary.