Hot Topics :
Federal Spending Sets Record Through November; Deficit Second-Highest Ever

Federal Spending Sets Record Through November; Deficit Second-Highest Ever

by Terence P. Jeffrey | CNS News  |  Published on December 11, 2020

(CNSNews.com) – The federal government spent a record $886,587,000,000 in the first two months of fiscal 2021 (October and November), according to the Monthly Treasury Statement released today.

At the same time, the federal government ran a deficit of $429,337,000,000, which is the second highest deficit the federal government has ever run in the first two months of a fiscal year.

The largest deficit the federal government has ever run in the first two months of a fiscal year came in fiscal 2009, when it ran a deficit of $491, 943,980,000 (in constant November 2020 dollars).

In October and November of this fiscal year, the federal government brought in $457,251,000,000 in total tax revenue and then spent its record $886,587,000,000—resulting in the $429,337,000,000 deficit.

While it was spending a record amount of money in the first two months of this fiscal year, the federal government was collecting less in taxes than in the first two months of the last fiscal year. Total tax revenues declined from $476,234,610,000 in the first two months of fiscal 2020 to $457,251,000,000 in the first two months of this fiscal year. The $457,251,000,000 collected in the first two months of this fiscal year was the lowest (in constant November 2020 dollars) since fiscal 2017, when the Treasury collected $454,537,370,000 (in constant November 2020 dollars).

The Department of Health and Human Services spent the most money ($233,758,000,000) of any federal agency in the first two months of fiscal 2021. The Social Security Administration spent the second most ($195,074,000,000). The Department of Defense spent the third most ($128,059,000,000).

Subscribe to The Red Report

Get your daily dose of news & info from The Red Report

Sign up to The Red Report for FREE and receive our daily emails.

?>

The Red Report: Real Conservative News

Are you tired of the same old Liberal slanted news? Join over 500,000 Americans who get their daily dose of Conservative Politics delivered right to their inbox. Make America Great again with a free market, states’ rights, and small government.

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.