The U.S. government has spent a lot so far this year, as federal outlays outpace revenue collections.
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Outlays during the first seven months of fiscal 2019 were $2.574 trillion, an 8 percent increase from the same period a year earlier. It also marks a record for the timeframe.
The largest portion of money between October and April went to Social Security, at $599 billion, followed by national defense – $397 billion. Medicare ($365 billion), income security ($336 billion) and health-related expenses ($334 billion) also made up a large share of expenditures.
For the year, the Office of Management and Budget predicts outlays will total more than $4.5 trillion, which would be a record. In 2018, spending was $4.1 trillion.
So far in fiscal 2019, revenues have increased 2 percent to $2.04 trillion. The largest source of revenue was individual income taxes, which generated more than $1 trillion, increasing 2.5 percent from the same period last year. Social insurance and retirement made up the second largest source of revenue, at $722 billion, followed by corporate income taxes ($113 billion.)
Tariff collections accounted for nearly $40 billion in revenue, and the Trump administration increased tariffs on $200 billion worth of goods from China on Friday. The White House is also weighing implementing new tariffs on another $300 billion worth of goods as trade talks between the world’s two largest economies stall.
Overall, the budget deficit jumped 38 percent during the period covering October to April, to $531 billion.