Spending and Deficit Set All-Time Records: Feds Spent $3.3 Trillion Through April While Running $1.48 Trillion Deficit

By Terence P. Jeffrey | May 13, 2020 | 6:18pm EDT
(Photo by Doug Mills-Pool/Getty Images)
(Photo by Doug Mills-Pool/Getty Images)

(CNSNews.com) - The federal government has spent more money and run a larger deficit in the first seven months of fiscal 2020 (October through April) than in any previous year, according to the data published today in the Monthly Treasury Statement.

In fact, in the month of April alone, the federal government spent more money than it ever has before in a single month and ran up a larger deficit that it has before in a single month.

In the first seven months of the fiscal year, the federal government spent a record $3,326,683,000,000 while bringing in only $1,845,379,000,000 in total receipts—thus running a record deficit of approximately $1,481,303,000,000.

In the month of April alone, the federal government spent a record $979,714,000,000 while bringing in only $241,863,000,000—thus running a deficit for the month of $737,851,000,000.

Prior to this fiscal year, the most the federal government ever spent in the first seven months of the fiscal year was in fiscal 2019, when it spent $2,582,177,990,000 in constant April 2020 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).

Also prior to this fiscal year, the largest deficit the federal government ever accumulated in the first seven months of the fiscal year was in 2011, when it ran a deficit of $991,668,870,000 in constant April 2020 dollars.

The $979,714,000,000 that the federal government spent this April was the most it has ever spent in any single month in any year. August 2017 ranks No. 2 for federal spending. That year the Treasury disbursed $448,913,900,000 in constant April 2020 dollars.

The $737,851,000,000 deficit that the Treasury amassed in the month of April alone also set a record. February 2010 ranks No. 2 for deficit spending. That month the federal government ran a deficit of $261,319,440,000 in constant April 2020 dollars.

The $1,845,379,000,000 in total taxes the Treasury collected from October through April was the smallest total tax collections in in the first seven months of a fiscal year in seven years. The last time the Treasury collected fewer taxes in the first seven months of the fiscal year was in 2013, when it collected $1,767,838,000,000 (in constant April 2020 dollars) from October through April.

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

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