Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation’s History – By Terence P. Jeffrey (CNS News) / Dec 11 2019
(CNSNews.com) – The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Despite collecting that record amount in taxes, however, the federal government still ran a deficit of $343,360,000,000 during October and November because it spent $814,012,000,000 in those two months.
That was the second-highest federal spending in the October-November period in the history of the United States. The only time the federal government spent more in the first two months of the fiscal year was in fiscal 2009 (October and November of 2008), when Congress enacted the Troubled Asset Relief Program (TARP) to bailout insolvent banks.
That year the federal government spent $861,137,350,000 in constant November 2019 dollars. (Dollar values in this story were adjusted into constant November 2019 values using the Bureau of Labor Statistics inflation calculator.)
The record $470,706,000,000 that the federal government collected in taxes in the first two months of fiscal 2020 was up $2,644,750,000 from the $468,061,250,000 (in constant November 2019 dollars) that it spent in the first two months of fiscal 2019.