Federal Spending, Budget Deficit Hit New Records

The Federal government spent a record amount of money in the first quarter of fiscal year 2020 — last October through December — and chalked up a record spending deficit, leaving American taxpayers on the hook for more goods and services than ever before.

CNS News reports that Federal spending easily topped one trillion last quarter, with the U.S. government spending a whopping $1,163,090,000,000 — nearly $1.2 trillion — in the first quarter of 2020, besting its previous first quarter record, $1,115,081,800,000, by an astounding $48,008,200,000.

The Federal budget deficit grew significantly, too, putting the nation on track for its first trillion dollar budget deficit since the Obama Administration, according to Fox Business.

“The U.S. budget deficit through the first three months of this budget year is up 11.8 percent from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years,” the outlet reported Monday. “In its monthly budget report, the Treasury Department said Monday that the deficit from October through December totaled $356.6 billion, up from $318.9 billion for the same period last year.” (Read more from “Federal Spending, Budget Deficit Hit New Records” HERE)

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