US Government Has Already Borrowed Nearly $1 Trillion Barely Halfway Through the Year

The United States government has borrowed $747 billion for this fiscal year according to the latest monthly statement by the Treasury.

June brought in $334 billion with $342 billion spent. Giving the month a very tiny deficit of just $8 billion, but for the year the picture is very different.

US government income and spending, July 2019

As we can see above, $1.3 trillion was paid to the government in income taxes this fiscal year so far which runs from October.

Another close to $1 trillion was paid in social security taxes, with corporate taxes brining in $164 billion.

Sin excise taxes on tobacco and the like brought in $71 billion. While miscellaneous, that presumably being fines for say speed driving and licenses, brought in $59 billion.

Custom duties, or tariffs, have brought in…

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