Federal revenue from taxes, fees, and other charges totaled $3.42 trillion, a one percent decline from the 2019 fiscal year, due to the contraction of the economy as the pandemic and measures to fight its spread took hold. Most of the shortfall occurred after March, when large parts of the economy were brought to a halt in an attempt to arrest the spread of coronavirus.
The Trump administration’s budget, authored months prior to the pandemic, had projected revenues of $3.7 trillion, $286 billion higher than what the government collected.
Spending rose 47 percent to $6.5 trillion, largely due to the four pandemic relief bills passed by Congress in March that authorized an aggregate of $2.4 trillion in spending. The largest of these, the CARES Act, came with a $1.7 trillion price tag.