Record Government Deficits Continue In U.S.

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