(CNSNews.com) – The federal government spent a record $1,923,752,000,000 in the first four months of fiscal 2021 (October through January), according to the Monthly Treasury Statement.
At the same time, the government collected $1,188,021,000,000 in total tax revenues—resulting in a record October through January deficit of $735,732,000.
Unlike federal spending, federal tax collections were not a record for the October through January period. The $1,188,021,000,000 the Treasury collected was only the fourth highest federal tax collections for the first four months of the fiscal year. Federal tax collection were greater (in constant January 2021 dollars) in the first four months of fiscal 2016 ($1,191,585,090,000), fiscal 2018 ($1,193,105,700,000) and fiscal 2020 ($1,195,300,490,000).
The $735,732,000,000 deficit for the October through January period in this fiscal year exceeded the $729,719,660,000 (in constant January 2021 dollars) deficit that occurred in the October through January period in fiscal year 2009. Until now, that was the largest October-through-January deficit in the nation’s history.
The Department of Health and Human Services spent the most of ($476,271,000) any federal department in the first four months of the year.
The Social Security Administration spent the second most ($391,317,000). The Department of Defense-Military Programs spent the third most ($245,923,000).