The federal government spent $6.6 trillion in fiscal year 2020 — or $19,962 per person.
Medicare, Social Security, defense and veterans, debt interest, support to businesses, plus assistance like stimulus checks and unemployment insurance accounted for 73% of spending. This includes funding distributed to states.
The federal government made $2.6 trillion in funds available to respond to COVID-19 and spent $1.6 trillion of that in fiscal year 2020.
Over $1 trillion of the funds were spent on small business loans, unemployment compensation, and stimulus checks. In comparison, 2009’s American Recovery and Reinvestment Act cost an estimated $831 billion.
State and local tax revenue in the first three quarters of 2020 was 1.9% lower than the same three quarters in 2019. State and local governments account for an average of 46% of government spending, a quarter of which consists of funds transferred from the federal government.
Federal revenue decreased 3% in fiscal year 2020.
Revenue was equivalent to 16% of GDP, lower than the 18% annual average since 1980.