(CNSNews.com) – Real monthly federal spending topped $400 billion for the first time in June, when the Treasury spent a record $428,894,000,000, according to the Monthly Treasury Statement released today.
Prior to June, the record for federal spending in a single month was held by March 2017, when the Treasury spent approximately $392,816,000,000.
In August 2012, the Treasury spent $392,408,410,000 in constant 2017 dollars
As the Treasury was spending a record $428,894,000,000 in June it was taking in approximately $338,660,000,000 in taxes—thus, running a deficit for the month of $90,233,000,000.
So far in fiscal 2017 (which began on Oct. 1, 2016 and will end on Sept. 30, 2017), the Treasury has brought in $2,507,820,000,000 in taxes and spent $3,030,903,000,000—running a deficit of $523,082,000,000.
Last year in June, the federal government spent $323,320,000,000—or $328,303,590,000 in constant 2017 dollars. The record $428,894,000,000 that the federal government spent this June is $100,590,410,000 more (in constant 2017 dollars) than last June’s spending.
The dramatic increase in spending from last June to this June was driven by increases in spending by the Departments of Education, Housing and Urban Development and Health and Human Services. It was also helped by the fact that the first day of July fell on a Saturday rather than a business day.
In June 2016, the Department of Education spent $12,096,000,000 and by that point in fiscal 2016, it had spent $59,457,000,000. This June, the Department of Education spent $45,691,000,000 and so far this fiscal year, it has spent $90,206,000,000.
This year’s June Department of Education spending is $33,595,000,000 more than last year’s.
In June 2016, the Department of Housing and Urban Development spent $3,294,000,000 and up to that point in fiscal 2016, it had spent $20,169,000,000. This June, Housing and Urban Development spent $24,443,000,000, and so far this fiscal year, it has spent $49,498,000,000.
This year’s June Housing and Urban Development spending is $21,149,000,000 more than last year’s.
In June 2016, Health and Human Services spent $87,030,000,000 and up to that point in fiscal 2016, it has spent $792,492,000,000. This June, HHS spent $113,925,000,000 and so far this fiscal year it has spent $823,914,000,000.
In its own analysis of federal spending for June, the Congressional Budget Office explained the massive increases in Education and HUD spending during the month.
“Outlays for the Departments of Education and Housing and Urban Development increased by $33 billion and $21 billion respectively, because of upward revisions to the estimated net subsidy costs of loans and loan guarantees issued in prior years,” said CBO.
CBO also noted the impact of July beginning on a Saturday.
“Because July 1 fell on a weekend this year, certain payments scheduled for that date were instead made in June,” said CBO. “If not for that shift, the deficit in June 2017 would have been about $44 billion lower.”
(First reported by CSN News)http://www.cnsnews.com/news/article/terence-p-jeffrey/monthly-federal-spending-tops-400b-first-time (July 15, 2017)
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