Investigative Group

The Federal Government Spent $1 Trillion In First 2 Months Of FY2024

(Photo by Anna Moneymaker/Getty Images)

Daily Caller News Foundation logo
Font Size:

The federal government spent $1,058,839,000,000 in the first two months of fiscal year 2024 — October and November — according to the Monthly Treasury Statement.

At the same time, according to the MTS, it collected $678,264,000,000 in taxes — thus running a two-month deficit of approximately $380,576,000,000.

According to the U.S. Census Bureau’s “Population Clock,” the United States had a total population of approximately 335,856,435 as of November 15. The $1,058,839,000,000 in federal spending in the first two months of this fiscal year equaled approximately $3,152 for each of those people.

Last year, the federal government spent $907,020,000,000 in the October-November period, according to the MTS. When that is adjusted for inflation from November 2022 dollars to November 2023 dollars (using the Bureau of Labor Statistics inflation calculator), it equals $935,475,670,000.

That is still $123,363,330,000 less than this year’s October-November spending of $1,058,839,000,000 was.

The Department of Health and Human Services — which includes the Medicare and Medicaid programs — led all federal departments and agencies during October and November with $241.511 billion in spending, according to Table 3 in the MTS. (RELATED: Federal Debt Increased $2.45 Trillion Since Thanksgiving 2022 — $7,304 For Every Person In US)

The Social Security Administration placed second with $239.138 billion in outlays.

Gross interest on Treasury Debt Securities was third at $168.849 billion in outlays.

The Department of Defense was fourth at $149.709 billion.

Individual income taxes were the largest source of federal receipts during the first two months of the fiscal year, hitting $346.801 billion.

Social insurance and retirement taxes ranked second with $236.257 billion in revenues during the period.

Excise taxes brought in $14.954 billion; customs duties brought in $13.199 billion; estate taxes brought in $6.871 billion; and miscellaneous receipts accounted for $4.262 billion.

The full federal fiscal year runs from Oct. 1 through Sept. 30.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact