Federal tax revenues, federal spending, and the federal deficit all increased more in the first quarter of fiscal 2024 than in the first quarter of fiscal 2023, the report said. monthly financial report It was released on Thursday.
In the first quarter of fiscal year 2023 (October-December 2022), the federal government collected a total of $1,025,553 million, spent $1,446,963 million, and had a deficit of $421,410 million. It was accounted for.
Adjusting these numbers for dollar inflation in December 2023 (using the Bureau of Labor Statistics' inflation calculator), the total tax would be $1,059,930,800,000. The amount spent was $1,495,466,980,000. and a deficit of $435,536,180,000. (Related: Federal debt increases by $6.2 trillion under Biden administration – $47,462 per household)
Total tax collections for the first quarter of fiscal year 2024 (October to December 2023) were $1,107,574 million, which was $47,643.2 million more than the inflation-adjusted tax collections for the first quarter of fiscal year 2023. .
Federal spending in the first quarter of fiscal year 2024 amounted to $1,617,515 million, which was $122,048,020,000 more than spending in the first quarter of fiscal year 2023, adjusted for inflation.
— Terrence P. Jeffrey (@TerryJeffrey) July 28, 2023
The federal deficit for the first quarter of fiscal year 2024 was $509,941 million, an increase of $74,448.2 million from the deficit for the first quarter of fiscal year 2023, adjusted for inflation.
The Department of Health and Human Services led all federal agencies in spending $376.986 billion in the first quarter of fiscal year 2024, according to Table 3 of the monthly financial report.
The Social Security Administration spent $366.335. Total interest on Treasury debt securities was $288,011 million. Spending on defense and military programs was $226,783 million.
Personal income taxes were the largest source of federal revenue in the first quarter of fiscal year 2024, amounting to $525.09 billion. Social security contributions and retirement taxes amount to $377,189 million. Corporate taxes were $149,934 million.
Federal tax revenues for the first quarter of the fiscal year hit a record high in fiscal year 2022, reaching $1,157,301,010,000 as of December 2023. Federal spending in the first quarter of the fiscal year reached its peak in fiscal year 2021, at $1,620,756.82 million in December 2023 dollars. The federal deficit peaked in the first quarter of 2009, at $707,957.77 million in December 2023 dollars.
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