Federal Spending Will Top $4T for First Time This Year

Both the Congressional Budget Office and the White House Office of Management and Budget project that federal spending will top $4 trillion for the first time in fiscal 2017, which began on Oct. 1, 2016 and will end on Sept. 30.

In its “Update to the Budget and Economic Outlook: 2017 to 2027” published last week, CBO projected that total federal spending in fiscal 2017 will hit $4,008,000,000,000.

That is up from the approximately $3,853,000,000,000 that CBO and OMB say the federal government spent in fiscal 2016. CNS

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