The federal government spent a record $3,355,970,000,000 in the first nine months of fiscal 2019 (October through June),according to the Monthly Treasury Statement released today.
Prior to this fiscal year, the most the federal government had ever spent in the October-through-June period was in fiscal 2018, when the Treasury doled out $3,199,795,700,000 in constant June 2019 dollars. Before last year, the most the federal government had ever spent in the first nine months of the fiscal year was in fiscal 2009, when it spent $3,176,577,910,000.
Fiscal 2009 was the year that President George W. Bush signed the Troubled Asset Relief Program legislation to bailout failing banks and President Barack Obama signed the American Recovery and Reinvestment Act, his economic stimulus plan.
Total federal tax revenues in the first nine months of fiscal 2019 hit $2,608,855,000,000. That was more than the $2,582,688,760,000 in total tax revenue (in constant June 2019 dollars) that the Treasury collected in the first nine months of fiscal 2018, but less than the record $2,626,410,840,000 (in constant June 2019 dollars) that the Treasury collected in total tax revenues in the first nine months of fiscal 2015.
The difference between the $2,608,855,000,000 in total taxes collected in the first nine months of this fiscal year and the record spending of $3,355,970,000,000 left the government with a deficit of $747,115,000,000.
Table 3 of the Monthly Treasury Statement, which summarizes federal receipts and outlays for the current fiscal year to date, indicated the Department of Health and Human Services cost the most money, accounting for $901,867,000,000 in federal spending in the first nine months of the fiscal year. The Social Security Administration cost the second most, accounting for $822,993,000,000 in federal spending during the period.
The Department of Defense and military programs were third, accounting for $487,770,000,000 in federal spending.
The combined $1,724,860,000,000 the federal government spent on HHS and the Social Security Administration during the first eight months of the fiscal year equaled 51.4 percent of the record total of $3,355,970,000 in federal spending during the period.