(CNSNews.com) - Federal taxes, federal spending and the federal deficit all set records in the first five months of fiscal 2021 (October through February), according to the Monthly Treasury Statement released today.
Federal taxes hit a record $1,436,334,000,000 for the October-through-February period; and federal spending hit a record $2,482,988,000,000. That resulted in a record deficit of $1,046,654,000,000.
This is the first time that the federal deficit has ever exceeded a trillion dollars in the first five months of the fiscal year.
When the historical deficit numbers for the October-through-February period are adjusted for inflation into constant February 2021 dollars, the second highest deficit for that period was 2010, when the federal government ran an October-through -February deficit of $790,715,410,000 in constant February 2021 dollars.
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WNU Editor: President Biden has already indicated that the spending/taxes/deficits will not stop .... Here Come Trillions More: Biden Will Unveil "Next Phase" Of COVID Response On Thursday (Zero Hedge).
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