Investigative Group
The Federal Government Spent $1 Trillion in First 2 Months Of FY2024
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The federal government spent $1,058,839,000,000 in the first two months of fiscal year 2024 — October and November — according to the Monthly Treasury Statement.
At the same time, according to the MTS, it collected $678,264,000,000 in taxes — thus running a two-month deficit of approximately $380,576,000,000.
According to the U.S. Census Bureau’s “Population Clock,” the United States had a total population of approximately 335,856,435 as of November 15. The $1,058,839,000,000 in federal spending in the first two months of this fiscal year equaled approximately $3,152 for each of those people.
Last year, the federal government spent $907,020,000,000 in the October-November period, according to the MTS. When that is adjusted for inflation from November 2022 dollars to November 2023 dollars (using the Bureau of Labor Statistics inflation calculator), it equals $935,475,670,000.
That is still $123,363,330,000 less than this year’s October-November spending of $1,058,839,000,000 was.
The Department of Health and Human Services — which includes the Medicare and Medicaid programs — led all federal departments and agencies during October and November with $241.511 billion in spending, according to Table 3 in the MTS.
The Social Security Administration placed second with $239.138 billion in outlays.
Gross interest on Treasury Debt Securities was third at $168.849 billion in outlays.
The Department of Defense was fourth at $149.709 billion.
Individual income taxes were the largest source of federal receipts during the first two months of the fiscal year, hitting $346.801 billion.
Social insurance and retirement taxes ranked second with $236.257 billion in revenues during the period.
Excise taxes brought in $14.954 billion; customs duties brought in $13.199 billion; estate taxes brought in $6.871 billion; and miscellaneous receipts accounted for $4.262 billion.
The full federal fiscal year runs from Oct. 1 through Sept. 30.
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