Tax Revenues and Spending Break Records in January

Tax Revenues and Spending Break Records in January

( – From October 2019 through January 2020, the Federal government broke records for the amount of tax money collected and the amount spent.

That’s according to the Monthly Treasury Statement released by the Department of Treasury.

Tax revenues for fiscal year 2020 totaled $1.179 trillion. The previous record set in 2018 was $1.172 trillion.

In spite of the record tax revenue, it also broke records for spending with a total of $1.568 trillion. So far this fiscal year, the federal government is running a deficit of $389 billion.

Leading all federal agencies in spending was the Department of Health and Human Services at $444 billion. The second was the Social Security Administration at $380 billion in spending. The third was the Department of Defense at $237 billion.

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