US Spends 90% More Than It Collects In First 7 Months Of Fiscal 2021 | WHAT REALLY HAPPENED

US Spends 90% More Than It Collects In First 7 Months Of Fiscal 2021

With "base effect" all the rage this month, moments ago we also got the 1-year anniversary of the Covid crash in the US budget deficit dataset when the Treasury reported the April government revenue and spending. And while the data in isolation wasn't pretty, it was absolutely stellar compared to last April's blowout $738 billion deficit.

Last month, the US collected $439.2BN in receipts, a solid improvement to the $267.6BN in March and 81.6% higher than the $241.9BN in receipts collected last April when the US economy was in freefall. Of note: $7.2BN of the money collected by the Treasury included $7.2BN in Fed remittances from "profits" on the Fed's QE.

Outlays, while ugly at $664.8BN, were also an improvement compared to the $927.2BN the US spent in March when it funded the latest Biden fiscal stimulus, and down 32.2% from the $979.9BN last April when the Trump admin unleashed the first stimulus.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA