Federal spending tops $6 trillion annually for first time

As of the end of August according to the Treasury, the federal government had spent a record $6,054,175,000,000. At the same time, total federal revenues were $3,046,786,000,000—leaving the federal government with a record deficit of $3,007,390,000.

Prior to this year, the most the federal government ever spent was the $4,209,743,000,000 it spent (in constant August 2020 dollars) in fiscal 2019.

The largest deficit the federal government had ever run before this year was the $1,659,890,630,000 deficit (in constant August 2020 dollars) it ran in fiscal 2009, during the last recession.