Federal tax revenues hit a record $2,143,134,000,000 for the period while federal spending climbed to $4,074,970,000,000, resulting in a federal deficit of $1,931,836,000,000.
This is the first time that federal spending has exceeded $4 trillion in the first seven months of a fiscal year.
When the historical October-through-April tax revenues are adjusted for inflation into April 2021 dollars (using the Bureau of Labor Statistics inflation calculator), the second-highest tax revenues for the October-through-April period came in fiscal 2018. That year the Treasury collected $2,139,718,130,000 in total tax revenues (in constant April 2021 dollars) in the first seven months of the fiscal year.
When the October-through-April spending numbers are adjusted into April 2021 dollars, the second-highest spending during that period came in fiscal 2020, when the Treasury spent $3,465,062,860,000.
When the October-through-April deficit numbers are adjusted into April 2021 dollars, the second-highest deficit also came in fiscal 2020, when the federal government ran a deficit of $1,542,920,68,000.