(CNSNews.com) - Federal taxes, federal spending and the federal deficit all set records in the first five months of fiscal 2021 (October through February), according to the Monthly Treasury Statement released today.
Federal taxes hit a record $1,436,334,000,000 for the October-through-February period; and federal spending hit a record $2,482,988,000,000. That resulted in a record deficit of $1,046,654,000,000.
This is the first time that the federal deficit has ever exceeded a trillion dollars in the first five months of the fiscal year.
When the historical deficit numbers for the October-through-February period are adjusted for inflation into constant February 2021 dollars, the second highest deficit for that period was 2010, when the federal government ran an October-through -February deficit of $790,715,410,000 in constant February 2021 dollars.
When the historical tax numbers are adjusted into constant February 2021 dollars, the second highest tax collections in the first five months of the fiscal year occurred in 2020, when the federal government collected $1,389,659,670,000 in the October-through-February period. The third highest tax returns for the first five months of the fiscal year came in 2016, when the federal government collected $1,384,748,280,000 in that period.
The second highest year for federal spending in the first five months of the fiscal year was 2020, when the federal government spent $2,024,650,000,000 in constant February 2021 dollars. The third highest was 2009, when the federal government spent $2,014,691,730,000 in constant February 2021 dollars.
The largest source of federal revenue in the first five months of this fiscal year was individual income taxes, which gave the federal government $704,399,000,000. The second largest source was social insurance and retirement taxes, which gave the federal government $532,202,000,000.
The biggest channel of federal spending was the Department of Health and Human Services, which spent $591,592,000,000 in October through February. The second biggest channel of federal spending was the Social Security Administration, which spent $490,259,000,000. The third largest channel was the Department of the Treasury, which spent $450,540,000,000 during the period—including $191,993,000,000 in interest on the federal debt and $258,547,000,000 on “other” expenses.
The historical tax, spending and deficit numbers in this story were adjusted for inflation into February 2020 dollars using the Bureau of Labor Statistics inflation calculator.