Federal Spending and Deficit Set Records Through June

By Terence P. Jeffrey | July 13, 2020 | 2:41pm EDT
(Photo by Mark Wilson/Getty Images)
(Photo by Mark Wilson/Getty Images)

(CNSNews.com) - The federal government set records for both the amount of money it spent and the deficit it ran in the first nine months of fiscal 2020 (October through June), according to data released today in the Monthly Treasury Statement.

During the October-June period, the government spent a record $5,004,372,000,000 while it collected $2,260,069,000,000 in total taxes.

The resulting deficit of $2,744,303,000,000 was the largest the federal government has ever run in the first nine months of a fiscal year.

Prior to this year, the largest deficit the federal government ever ran in the first nine months of the fiscal year was in fiscal 2009, when it ran a deficit of $1,291,239,470,000 in constant May 2020 dollars (adjusted using the Bureau of Labor Statistic inflation calculator).

Prior to spending a record $5,004,372,000,000 in the first nine months of fiscal 2020, the most the federal government every spent in the first nine months of a fiscal year was the $3,359,258,590,000 (in constant May 2020 dollars) it spent in the first nine months of fiscal 2019.

While the deficit and federal spending were setting records in the first nine months of this fiscal year, federal tax collections were declining.

In the October-June period of this fiscal year, the Treasury collected $2,260,069,000,000 in total taxes. The last time it collected less than that was in fiscal 2012, when it collected $2,038,032,750,000 (in constant May 2020 dollars) in the October-June period.

The Department of Health and Human Services led all federal agencies in spending in the first nine months of the fiscal year with outlays of $1,127,768,000,000.

That one department has spent an average of $125,307,555,555 per month so far this year.

The Social Security Administration was second in total outlays among all federal agencies. From October through June, it spent $863,303,000,000.

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.

(The numbers in this story from previous fiscal years were adjusted into constant May 2020 dollars using the Bureau of Labor Statistics inflation calculator.)

 
 
 
 

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