Monthly federal spending rose to an all time high in June, marking the first time ever the Treasury spent over $400 billion.
The Treasury released their monthly statement Thursday, showing the US spent $428,894,000,000 in June, easily outstripping the previous record of $392,816,000,000 from March 2017. The Treasury recorded taking in $338,660,000,000 in taxes, running a deficit of $90,233,000,000.
The Congressional Budget Office has attributed the exorbitant spending to increases to the budgets of the Departments of Education, Health and Human Services, and Housing and Urban Development.
In June of 2016, the Departments of Education and Housing and Urban Development spent little more than $15 billion combined. In 2017, they spent $45 and $20 billion respectively.
“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.
HHS increased spending as well, jumping from $87 billion in June of 2016 to $113 billion this June.
Despite evident increases, the CBO says the huge numbers are also artificially inflated by the poor timing of the beginning of July falling 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.”
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.
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