The Monthly Treasury Statement data is showing the federal government breaking all previous records in regards to the amount of money it is both collecting and spending.
From October 2019 through January 2020 has acquired $1,178,800,000,000 in taxes.
These records being broken were set the previous year and are part of a long tradition of increased taxes and a swelling of federal government programs.
The spending data being reported is that the federal government spent $1,567,985,000,000 during the same first four months of the 2020 fiscal year.
CNS News reported on the report this week.
That was up $116,800,410,000 from the $1,451,184,590,000 (in constant December 2019 dollars) that the federal government spent in the first four months of fiscal 2019.
Before fiscal 2019, the record for federal spending in the first four months of the fiscal year had been set in fiscal 2009. That year in October through January, the federal government spent $1,423,253,530,000 (in constant December 2019 dollars). Part of the spending at the beginning of that fiscal year was driven by the Troubled Asset Relief Program, which President George W. Bush signed into law at the beginning of October 2008 to bail out insolvent banks.
In the first four months of this fiscal year—while collecting a record $1,178,800,000,000 and spending a record $1,567,985,000,000—the federal government ran a deficit of $389,185,000,000.
The Department of Health and Human Services led all federal agencies in spending in the first four months of fiscal 2020 with outlays of $443,759,000,000. The Social Security Administration was second with $380,623,000,000 in spending. The Defense Department and Military Programs was third with $237,702,000,000.
The Monthly Treasury Report is prepared and verified by a combination of the Fiscal Bureau, Treasury Department, and data collected from bank transactions. The intention is to provide information about federal government operations to businesses that rely on the government as a customer.
These accounting reports by Federal departments and their payment officers combined with the daily reports from the Federal Reserve banks reveal a massive government spending an enormous amount of energy in many directions.