Federal Taxes, Spending, Deficit Set Records in First Half of FY2021

Federal tax receipts, spending and the federal deficit all set records in the first six months of fiscal 2021 (October through March), according to the U.S. Treasury Department’s monthly statement. Federal tax revenues climbed to a record $1.7 trillion in the October-through-March period, while federal spending climbed to $3.41 trillion. This fiscal year’s October-through-March spending was up 42% compared to the previous year. 4/26/2021