Record Government Deficits Continue In U.S.

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The U.S. federal government budget deficit was roughly $198.16 billion in March.  The Treasury’s report showed it to be the second highest deficit so far this fiscal year behind the $231.7 billion from February which was a record.  Spending was about $30 billion higher than the March report a year ago and appears to be a record for any March in the past.

Collections (government tax revenues) came in at $171.2 billion while spending reached $369.4 billion.  The good news is that tax receipts were about $20 billion higher than the March from a year ago.

Spending was on benefits and stimulus accounting, and was also apparently increased because April 1 fell on a Saturday.  As far as what the deficit is for the year starting in October, this year’s deficit currently stands at about $778.99 billion.

Politicians can talk about tax receipt plans and initiatives until the end of days.  Until government spending normalizes to a much lower level and until the government payrolls become far less bloated, these deficits are going to continue.

At 4:00 PM EST today the U.S. Debt Clock registered at roughly $15.644939 trillion.

JON C. OGG