Federal Spending Set Record During Shutdown

By Terence P. Jeffrey | January 24, 2018 | 11:59am EST
House Minority Leader Nancy Pelosi and House Speaker Paul Ryan (Screen Capture)

(CNSNews.com) - Federal spending for the fourth Monday in January set a record of $16,596,000,000 for that day in January even though the federal government was shut down, according to the Daily Treasury Statement.

The House of Representatives did not pass the current short-term continuing resolution to fund the government and end the latest shutdown until 6:09 p.m. Eastern Time on Monday. That was after the close of the business day in Washington, D.C., which made Monday the one federal-government business day effected by the lastest shut down. (The other two days of the shut down were a Saturday and a Sunday.)

But the $16,596,000,000 that the federal government spent on Monday--when it was shut down--was more in constant inflation-adjusted dollars than the federal government has spent before on the fourth Monday in January, according to the Daily Treasury Statements (going back to 1998) that are posted on the website of the Treasury Department’s Bureau of the Fiscal Service.

The second highest federal spending on a fourth Monday in January came on Monday, Jan. 26, 2009—six days into Barack Obama’s presidency. On that Monday, the federal government spent $14,667,000,000 in constant December 2017 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).

The third highest federal spending on a fourth Monday in January came on Monday, Jan. 24, 2011, when the government spent $13,761,140,000 in constant December 2017 dollars.

In 1998, the earliest year for which the Bureau of the Fiscal Service has posted Daily Treasury Statements online, the federal government spent $7,725,230,000 on the fourth Monday of January (Jan. 26, 1998) in constant December 2017 dollars.

Although the federal government spent a record $16,596,000,000 on the fourth Monday in January this year—and even though the federal government was shut down that day—the federal government did not run a deficit on that day.

That is because it brought in $17,117,000,000 in tax revenue.

That was not a record for tax revenue for the fourth Monday in January. On Jan. 23, 2018—the fourth Monday in January of last year—the federal government brought in $17,117,000,000 in tax revenue in constant December 2017 dollars.

The largest expenditure the federal government made on Monday—when it was shut down—was $3,746,000,000 in “marketplace payments,” which are subsidies for health insurance plans purchased on the Obamacare exchanges.

The second largest expenditure was $1,971,000,000 for Medicare and other Centers of Medicare and Medicaid Services expenses.

The third largest was $1,764,000,000 spent on Department of Education programs.

The fourth was $1,505,000,000 for payments to Defense vendors. The fifth was $1,050,000 for Medicaid. The sixth was to $875,000,000 to payoff federal debt that had matured. The seventh was $697,000,000 in grants made by the Department of Health and Human Services.

And the eighth was $492,000,000 for food stamps (Supplemental Nutrition Assistance Program).

The $17,117,000,000 in tax revenue the government brought in Monday when it was shutdown included $16,677,000,000 in withheld income and employment taxes, $274 million in individual income taxes, $60 million in corporation income taxes, $46 million in railroad retirement taxes, $34 million in excise taxes, and $26 million in unemployment taxes.

The federal spending numbers cited in this story come from the “Total Withdrawals (excluding transfers)” line of Table II (“Deposits and Withdrawals of Operating Cash") in the Daily Treasury Statement. The federal tax revenue numbers come from the “Total” line in Table IV (“Federal Tax Deposits”).

Here is the table from the Daily Treasury Statement for Monday, Jan. 22, 2018, itemizing the things the federal government spent money on that day:

Here is the table from the Daily Treasury Statement for Monday, Jan. 22, 2018, showing the tax revenue the federal government collected that day:

 

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