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Monthly Federal Spending Tops $400 Billion for 1st Time

CNS News editor-in-chief Terry Jeffrey wrote on Thursday, "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."

He continued by writing:

"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.

"In August 2012, the Treasury spent $392,408,410,000 in constant 2017 dollars.

"As the Treasury was spending a record $428,894,000,000 in June it was taking in approximately $338,660,000,000 in taxes—thus, running a deficit for the month of $90,233,000,000.

"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.

"Last year in June, the federal government spent $323,320,000,000—or $328,303,590,000 in constant 2017 dollars. The record $428,894,000,000 that the federal government spent this June is $100,590,410,000 more (in constant 2017 dollars) than last June’s spending.

"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."

Jeffrey concluded by reporting on how CBO's explanation of "the massive increases in Education and HUD spending during the month," writing:

“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.

CBO also noted the impact of July beginning 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.'"

Based on spending and revenues of the first nine months of FY 2017, the federal government is headed towards annual revenues of $3.336 trillion and spending of $4.056 trillion in FY 2017, and a deficit of $720 billion.

Growls readers are encouraged to take a few minutes to write or call their Congressional representatives. Ask them to justify the fiscal insanity occurring in the federal government. Contact information is available at the Library of Congress' Congress.gov. Taxpayers living in Virginia's Arlington County can contact:

  • Senator Mark Warner (D) -- write to him or call (202) 224-2023
  • Senator Tim Kaine (D) -- write to him or call (202) 224-4024
  • Representative Don Beyer (D) -- write to him or call (202) 225-4376

And ask for a written response. And tell them ACTA sent you.

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