Tribulation

Federal Spending Sets Record. $2.6 Trillion + Deficit of $530 Billion. This is just for the first seven months of fiscal year 2019. Does anyone have an extra nickel to loan the US government? They promise to pay it back, if they can ever agree as to ‘when.’ The Debt bomb is ticking.

Federal Spending Sets Record

May 12, 2019 by IWB

(CNSNews.com) – The federal government spent $2,573,708,000,000 in the first seven months of fiscal 2019 (October through April), setting an all-time record for real federal spending in the first seven months of a fiscal year, according to data published in the Monthly Treasury Statements.

Prior to this fiscal year, the most that the federal government had ever spent in the first seven months of a fiscal year was in fiscal 2011, when it spent $2,476,257,690,000 in constant April 2019 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).

Federal spending in the first seven months of this fiscal year exceeded the previous record by $97,450,310,000.

At the same time that the Treasury was spending the most it has ever spent in the first seven months of a fiscal year, it also ran a deficit of $530,870,000,000.

With April 15 as the deadline for filing tax returns, the month of April is ordinarily a boom time for federal tax collections—and this year was no exception. The Treasury collected $535,545,000,000 in total taxes during the month compared to $228,811,000,000 in March and $167,265,000,000 in February.

But even with the April boost in tax revenue, this fiscal year’s real total tax revenues, real individual income tax revenues, and real corporation income tax revenues have lagged behind last year’s numbers.

In the first seven months of this fiscal year, the Treasury collected $2,042,838,000,000 in total taxes. In the first seven months of last year, it collected $2,047, 528,550,000 (in constant April 2019 dollars).

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