Despite taking in a record $3.25 trillion in tax revenue, federal government spending also grew to record levels of around $3,7 trillion.
Though improved slightly, the spending deficit is still well over $400 million annually.
According to the Washington Times:
“After several years of GOP-imposed constraints the federal government opened the spending floodgates again in 2015, setting a new record with outlays of $3.688 trillion in the just-ended fiscal year.
But the annual take from taxes grew even faster, hitting a record $3.249 trillion, to help lower the annual deficit to just $439 billion — the lowest rate of President Obama’s tenure, and lower than the hole President George W. Bush left in his last full year in office.”
