[Ed. – Unfortunately, when the smoke of the election season clears, these shocking stats will remain.]
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.
Prior to this fiscal year, the most the federal government ever spent through August was the $4,209,743,000,000 it spent (in constant August 2020 dollars) in fiscal 2019.
The largest deficit the federal government had ever run through August before this fiscal year was the $1,659,890,630,000 deficit (in constant August 2020 dollars). …