Great news: Monthly federal spending tops $400 billion for first time

Great news: Monthly federal spending tops $400 billion for first time
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[Ed. – To put this in perspective, the entire proposed 2017 defense budget (proposed in the spring of 2016 by former SECDEF Ashton Carter) was $583 billion.  Although a defense budget could never be agreed on, as with most years in the Obama administration, the Pentagon’s 2017 spending is on track to run about $590 billion through 30 September, on continuing resolutions.]

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. …

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.

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