Federal Spending Tops $3 Trillion Through May for First Time; Deficit Hits $738 Billi
Federal Spending Tops $3 Trillion Through May for First Time; Deficit Hits $738 Billion
By Terence P. Jeffrey | June 12, 2019 | 2:25 PM EDT
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(CNSNews.com) - For the first time in the history of the United States, the federal government has spent more than $3 trillion in the first eight months of the fiscal year, according to the Monthly Treasury Statement released today.
The record $3,013,541,000,000 that the federal government spent in October through May of fiscal 2019 was $181,157,920,000 more than the previous record of $2,832,383,080,000 (in constant May 2019 dollars) that the federal government spent in October through May of fiscal 2009.
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Total federal tax revenues in the first eight months of fiscal 2019 hit $2,274,902,000,000, which fell $5,612,990,000 short of the record $2,280,514,990,000 (in constant May 2019 dollars) that the Treasury collected in total tax revenues in the first eight months of fiscal 2016.
Even with the second highest tax revenues ever collected in the first eight months of the fiscal year, the federal government still ran a deficit for those eight months of $738,639,000,000.
Table 3 of the Monthly Treasury Statement, which summarizes federal receipts and outlays for the current fiscal year to date, indicated the Department of Health and Human Services cost the most money, accounting for $834,346,000,000 in federal spending in the first eight months of the fiscal year. The Social Security Administration cost the second most, accounting for $730,000,000,000 in federal spending during the period.
The Department of Defense was third, accounting for $439,289,000,000 in federal spending.
The combined $1,564,346,000,000 the federal government spent on HHS and the Social Security Administration during the first eight months of the fiscal year equaled 51.9 percent of the record total of $3,013,541,000,000 in federal spending during the period.
The combined $1,564,346,000,000 spent on HHS and Social Security was 3.56 times as much as the $439,289,000,000 spent on the Defense Department.
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