Federal Spending Hits Highest Level Since Bank Bailout and Obama Stimulus
(Worthy News) – The federal government spent $1,822,712,000,000 in the first five months of fiscal 2019, the most it has spent in the first five months of any fiscal year since 2009, which was the fiscal year that outgoing President George W. Bush signed a $700-billion law to bailout the banking industry and incoming President Barack Obama signed a $787-billion law to stimulate an economy then in recession.
At the same time that federal spending was hitting this ten-year high, federal tax revenues in the first five months of the fiscal year were hitting a four-year low of $1,278,482,000,000.
According to the Monthly Treasury Statement for February, the Treasury spent $1,822,712,000,000 in the five months from October 2018 through February 2019, the first five months of the federal fiscal year. [ Source: CNS News (Read More…) ]