The federal government spent a record $6,551,872,000,000 in fiscal 2020, which was an increase of $2,044,283,520,000—or 45.4 percent—from the previous record of $4,507,588,480,000 in constant September 2020 dollars that it spent last year.
While spending that record $6,551,872,000,000 in fiscal 2020, total federal tax collections actually declined from $3,509,701,320,000 (in constant September 2020 dollars) in fiscal 2019 to $3,419,955,000,000 in fiscal 2020.
The gap between the decreased total tax collections in fiscal 2020 and record federal spending resulted in a record federal deficit of $3,131,917,000,000.
Note: the stimulus packages accounted for much of that deficit. Thus far, $2.4 Trillion.
(H/T: CNSNews)
