By Terence P. Jeffrey | May 12, 2021 | 6:33pm EDT
(Photo by Chip Somodevilla/Getty Images)
(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 se
Feds Run Massive Budget Deficit, Treasury Dept. Reveals
May 13th 2021, 1:18 pm
Federal Reserve makes all of this borrowing and spending possible by backstopping the bond market and monetizing the debt.
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The US government ran another huge budget deficit in April. The shortfall came in at $225.58 billion, running the total budget deficit through the first seven months of fiscal 2021 to a record $1.9 trillion, according to the Treasury Department’s Monthly Treasury Statement.
That compares with a $1.5 trillion deficit through the first seven months of fiscal 2020, which included the first round of stimulus checks in April 2020.
Some mainstream media outlets spun the April numbers as good news. Last month’s deficit was significantly smaller than the $660 billion shortfall Uncle Sam ran in March as it passed out billions of dollars to Americans. But the US government continues to spend wildly and run up massive debt.
By Terence P. Jeffrey | April 26, 2021 | 12:15am EDT
(Photo by Chip Somodevilla/Getty Images)
(CNSNews.com) - Federal taxes, spending and the federal deficit all set records in the first six months of fiscal 2021 (October through March), according to the Monthly Treasury Statement.
Federal taxes climbed to a record $1,703,949,000,000 in the October-through-March period, while federal spending climbed to $3,410,194,000,000.
The gap between the record federal tax collections and the record federal spending in the October-through-March period resulted in a record federal deficit of $1,706,245,000,000.
When the October-through-March deficit numbers for previous fiscal years are adjusted for inflation into constant March 2021 dollars, the second-highest deficit for the first six months of the fiscal year was in 2009. That year, the October-through-March deficit hit $1,191,458,980,000 in constant March 2021 dollars.
By Terence P. Jeffrey | April 26, 2021 | 12:15am EDT
(Photo by Chip Somodevilla/Getty Images)
(CNSNews.com) - Federal taxes, spending and the federal deficit all set records in the first six months of fiscal 2021 (October through March), according to the Monthly Treasury Statement.
Federal taxes climbed to a record $1,703,949,000,000 in the October-through-March period, while federal spending climbed to $3,410,194,000,000.
The gap between the record federal tax collections and the record federal spending in the October-through-March period resulted in a record federal deficit of $1,706,245,000,000.
When the October-through-March deficit numbers for previous fiscal years are adjusted for inflation into constant March 2021 dollars (using the Bureau of Labor Statistics inflation calculator), the second-highest deficit for the first six months of the fiscal year was in 2009. That year, the October-through-March deficit hit $1,191,458,980,000 in
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