(CNSNews.com) - Federal taxes, spending and the federal deficit all set records through the first seven months of fiscal 2021 (October through April), according to the Monthly Treasury Statement.
Federal tax revenues hit a record $2,143,134,000,000 for the period while federal spending climbed to $4,074,970,000,000, resulting in a federal deficit of $1,931,836,000,000.
This is the first time that federal spending has exceeded $4 trillion in the first seven months of a fiscal year.
When the historical October-through-April tax revenues are adjusted for inflation into April 2021 dollars (using the Bureau of Labor Statistics inflation calculator), the second-highest tax revenues for the October-through-April period came in fiscal 2018. That year the Treasury collected $2,139,718,130,000 in total tax revenues (in constant April 2021 dollars) in the first seven months of the fiscal year.
When the October-through-April spending numbers are adjusted into April 2021 dollars, the second-highest spending during that period came in fiscal 2020, when the Treasury spent $3,465,062,860,000.
When the October-through-April deficit numbers are adjusted into April 2021 dollars, the second-highest deficit also came in fiscal 2020, when the federal government ran a deficit of $1,542,920,68,000.