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Annual Government Spending Approaches Historic Territory
NextGov: Even before the COVID-19 pandemic forced the federal government into emergency spending mode, agencies—including the Defense Department—were on pace to blow past the single-year discretionary spending record of $598 billion set in fiscal 2019.
As of Aug. 5, the federal government has obligated $438 billion in spending, with agencies expected to unload almost $200 billion more before the close of the 2020 fiscal year on Sept. 30, according to a Bloomberg Government analysis. The government typically spends about one-third of all money appropriated by Congress in its fourth quarter—July, August and September—since most money unspent is returned to the Treasury.
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