The federal government spent a record $3,727,014,000,000 in the first ten months of fiscal 2019 (October through July).
The previous record was set in the first ten months of FY 2009, when the Treasury spent $3,576,745,930,000 (in constant June 2019 dollars, adjusted using the Bureau of Labor Statistics inflation calculator).
Terence P. Jeffrey at CNS News reported that “According to Table 3 in the Monthly Treasury Statement, the Department of Health and Human Services spent the most of any federal agency in the first ten months of fiscal 2019 ($1,005,897,000,000), the Social Security Administration spent the second most ($915,775,000,000), and the Department of Defense-Military Programs spent the third most ($540,435,000,000).”
Total federal revenues in the same time frame totaled to just $2,860,202,000,000, leaving the government with a deficit of $866,812,000,000.
Rachel Kookogey is a contributor to TheRichValdes.com
Follow on Twitter @rach_kookogey
H/T: CNS News