The U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.During the month, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.
At the same, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.
That $1.0528 trillion in spending for March equaled 8.2 times the $128.179 in net federal tax revenue for the month.
The lion's share of this federal spending went to redeem Treasury securities that had matured during the month--most of which were short-term Treasury bills that have terms of one-year or less.
In fact, during March the Treasury redeemed $705.3 billion in Treasury securities of which $623.9 billion were short-term bills with a term of one year or less.
Wow... just wow. And people somehow think we can keep this level of spending up.