Federal Spending Tops $6 Trillion for First Time; Deficit Tops $3 Trillion for First Time

By Terence P. Jeffrey | September 11, 2020 | 2:24pm EDT
(Photo by Doug Mills-Pool/Getty Images)
(Photo by Doug Mills-Pool/Getty Images)

(CNSNews.com) - Federal spending has topped $6 trillion for the first time in any fiscal year in the nation’s history and the federal deficit has topped $3 trillion for the first time, according to the Monthly Treasury Statement for August that was released today.

There is still another month left in fiscal 2020, which runs through the end of September.

As of the end of August according to the Treasury, the federal government had spent a record $6,054,175,000,000. At the same time, total federal revenues were $3,046,786,000,000—leaving the federal government with a record deficit of $3,007,390,000.

Prior to this fiscal year, the most the federal government ever spent through August was the $4,209,743,000,000 it spent (in constant August 2020 dollars) in fiscal 2019.

The largest deficit the federal government had ever run through August before this fiscal year was the $1,659,890,630,000 deficit (in constant August 2020 dollars) it ran in fiscal 2009, during the last recession.

The most expensive federal department so far this year has been the Department of Health and Human Services, which spent $1,378,786,000,000 through August.

The second most expensive has been the Social Security Administration, which spent $1,056,912,000,000 through August.

Through August, the Department of Defense had spent $627,497,000,000.

The Treasury also spent $483,892,000,000 through Augsut in gross interest on Treasury debt securities.

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

CNSNews Reader,

The media are hard at work weaving a web of confusion, misinformation, and conspiracy surrounding the COVID-19 pandemic.

CNSNews covers the stories that the liberal media are afraid to touch. It drives the national debate through real, honest journalism—not by misrepresenting or ignoring the facts.

CNSNews has emerged as the conservative media’s lynchpin for original reporting, investigative reporting, and breaking news. We are part of the only organization purely dedicated to this critical mission and we need your help to fuel this fight.

Donate today to help CNSNews continue to report on topics that the liberal media refuse to touch. $25 a month goes a long way in the fight for a free and fair media.

And now, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can make up to a $300 gift to the 501(c)(3) non-profit organization of your choice and use it as a tax deduction on your 2020 taxes, even if you take the standard deduction on your returns.

— The CNSNews Team

DONATE

Connect

Sign up for our CNSNews Daily Newsletter to receive the latest news.