In total, the U.S. spent $2.574 trillion, which marks an 8 percent increase over last year. The government also ran a $531 billion deficit from October through April, that’s a 38 percent increase over the the $385 billion deficit over the same period last year.
The federal government has spent more real money in the first seven months of this fiscal year than any other year in U.S. history, according to the latest monthly statement by the Department of Treasury. The previous record was set in 2011, when the U.S. was recuperating from the Great Recession.
U.S. President Donald Trump speaks to members of the media as he returns to the White House after spending the weekend in Florida March 24, 2019 in Washington, DC. Alex Wong/Getty Images The president passed a $1.5 trillion tax bill his first year in office and sent Congress a record-breaking $4.75 trillion budget proposal in March. President Trump’s interim chief of staff Mick Mulvaney said in April that his administration was “spending a bunch of money on stuff we’re not supposed to.”
Late last week, the International Monetary Fund released a report highlighting their concern over growing debt in the United States. The IMF’s five-year projections found the U.S. among just four advanced-economy countries with projected debt increases in the next few years.
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