One month ago, when looking at the latest US Treasury income and spending, or as it is better known, deficit, data we found something shocking: the last months of the Biden admin were marked by spending unlike anything ever seen before, in fact, spending in the first six months of fiscal 2025 surpassed even the crisis 2020 and 2021 when the US injected trillions into the economy.
Then Elon Musk’s DOGE came on the scene… and thing changed quickly.
Earlier today the Treasury published its revenue and spending report for the month of March, the first month when DOGE was fully operational, and the results were interesting. As shown in the chart below, in March total US government receipts were $368 billion, while spending totaled $528 billion.