CNS: Federal Spending Tops $6 Trillion for First Time; Deficit Tops $3 Trillion for First Time
Federal spending has topped $6 trillion for the first time in any fiscal year in the nation’s history and the federal deficit has topped $3 trillion for the first time, according to the Monthly Treasury Statement for August that was released today.
There is still another month left in fiscal 2020, which runs through the end of September.
As of the end of August according to the Treasury, the federal government had spent a record $6,054,175,000,000. At the same time, total federal revenues were $3,046,786,000,000—leaving the federal government with a record deficit of $3,007,390,000.
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WNU Editor: If someone told me at the beginning of this year that at the end of this year the US would be spending $6 trillion ending with a $3 trillion dollar deficit .... I would say that they were crazy.
Update: This is going to balloon the US deficit even more .... The coming wave of defaults (The Hill).
