The federal government spend a staggering $6.8 trillion in fiscal year 2021 and borrowed about 40 cents on every $1, the Treasury Department announced Friday.
The $6.8 trillion is by far a record, topping the $6.6 trillion spent in 2020, when the government began dealing with the coronavirus pandemic.
But tax revenue has also rebounded, with the government collecting a record $4 trillion, up from $3.4 trillion in 2020 and $3.5 trillion in 2019.
That helped slim the deficit from the $3.1 trillion posted in 2020 to $2.8 trillion in 2021.
Before the pandemic, the most the government had ever spent in a 12-month fiscal year was $4.4 trillion.
Congress has opened the federal spending spigot over the last two years to pump money into a variety of things, including student loan support, rental assistance and shipping cash straight to states and localities to boost their budgets.