Federal Spending Sets Record Through December

By Terence P. Jeffrey | January 13, 2021 | 2:24pm EST
(Photo by Mark Wilson/Getty Images)
(Photo by Mark Wilson/Getty Images)

(CNSNews.com) - The federal government spent a record $1,376,269,000,000 in the first three months of the fiscal year (October through December), according to the Monthly Treasury Statement released today.

The record $1,376,269,000,000 the federal government spent in the first three months of fiscal 2021 was $197,337,650,000 more than the $1,178,931,350,000 (in constant December 2020 dollars) that the federal government spent in the first three months of fiscal 2020.

At the same time the federal government was spending its record $1,376,269,000,000 in the first three months of the fiscal year, it ran a deficit of $572,899,000,000. That was the second-highest-ever October-December deficit, following the record deficit of $585,237,550,000 (in constant December 2020 dollars) that the federal government ran in the first three months of fiscal 2009.

In October through December, the federal government brought in $803,370,000,000 in total taxes and then spent $1,376,269,000,000—resulting in the deficit of $572,899,000,000.

The Department of Health and Human Services spent the most money of any federal department in the first three months of the fiscal year. It spent $356,639,000,000 in October through December.

The Social Security Administration spent the second most, with expenditures of $321,748,000,000. The Department of Defense-Military Programs spent the third most, with expenditures of $195,059,000,000.

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

 
 

MRC Store