(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).