Federal taxes, spending and the federal deficit set records in the first seven months of fiscal year 2021 (October to April), according to the monthly statement of the Treasury.
Federal tax revenue reached a record $ 2,143,134,000,000 for the period, while federal spending rose to $ 4,074,970,000,000, resulting in a federal deficit of $ 1,931,836,000,000.
This is the first time federal spending has exceeded $ 4 trillion in the first seven months of a fiscal year.
When historic October-to-April tax revenues are adjusted for April 2021 dollar inflation (using the Bureau of Labor Statistics’ inflation calculator), the second-highest tax revenue for the October-to-April period came in fiscal year 2018. That year the Treasury collected $ 2,139,718,130,000 in total tax revenue (in constant dollars April 2021) in the first seven months of the fiscal year.
When the October-April spending numbers are adjusted to the April 2021 dollars, the second highest spending during that period came in fiscal 2020, when the Treasury spent $ 3,465,062,860,000.
When the October-to-April deficit numbers are adjusted to the April 2021 dollars, the second-highest deficit also came in fiscal 2020, when the federal government posted a deficit of $ 1,542,920.68,000.