The federal government spend a staggering $6.8 trillion in fiscal year 2021 and borrowed about 40 cents on every dollar, the Treasury Department announced Friday.
The $6.8 trillion is by far a record, topping the $6.6 trillion spent in 2020, when the government began dealing with the coronavirus pandemic.
But tax revenue has also rebounded, with the government collecting a record $4 trillion, up from $3.4 trillion in 2020 and $3.5 trillion in 2019.
That helped slim the deficit from the $3.1 trillion posted in 2020 to $2.8 trillion in 2021.
Before the pandemic, the most the government had ever spent in a 12-month fiscal year was $4.4 trillion.
Congress has opened the federal spending spigot over the last two years to pump money into everything from student loan support to rental assistance to shipping cash straight to states and localities to boost their budgets.
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