March Madness: U.S. Gov’t Spent More Than Eight Times Its Monthly Revenue | CNSnews.com

 

The U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.

During the month, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.

At the same, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.

That $1.0528 trillion in spending for March equaled 8.2 times the $128.179 in net federal tax revenue for the month.

For some historical perspective, the total federal spending amount for the entire year of 1988 was $1.06 trillion.  The total debt of the US in 1982 was $1.1 trillion.

March Madness: U.S. Gov’t Spent More Than Eight Times Its Monthly Revenue | CNSnews.com

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