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Is federal spending 50% higher than pre-COVID levels? [1]

['Tom Kertscher', 'Wisconsin Watch', 'More Tom Kertscher', 'Fact Checker', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img']

Date: 2024-09-20 20:09:02+00:00

Wisconsin Watch partners with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. Read our methodology to learn how we check claims.

Yes.

Fiscal 2024 federal spending, as projected by the nonpartisan Congressional Budget Office, is $6.94 trillion — 56% higher than the $4.45 trillion in fiscal 2019.

Republican Eric Hovde said spending is “50% higher than pre-COVID levels.” He is running in the Nov. 5, 2024, election against U.S. Sen. Tammy Baldwin, D-Wis.

Annual outlays remain well above fiscal 2019. That’s largely because $4.65 trillion in federal funds was spent in response to the COVID-19 pandemic. Federal outlays increased from $4.45 trillion in 2019 to $6.55 trillion in 2020 and are projected to be $6.94 trillion in 2024.

Besides COVID-19, higher outlays are also due to inflation and spending packages such as the Inflation Reduction Act and the Infrastructure Investment and Jobs Act during the Biden administration, as well as rising Social Security and Medicare costs.

Spending is up, but revenue is too, by 47% in 2024 compared with 2019.



This fact brief is responsive to conversations such as this one.



Sources

Congressional Budget Office: An Update to the Budget and Economic Outlook: 2024 to 2034

River Channel: 2024 Western Wisconsin Journal: U.S. Senate Candidate Eric Hovde (R)

USA Spending: The Federal Response to COVID-19

Congressional Budget Office: Historical Budget Data February 2024

Google Docs: OMB federal outlays

Wisconsin Watch: Have prices increased 40-50% since Donald Trump left office?

McKinsey: The Inflation Reduction Act: Here’s what’s in it

Cherry Bekaert: Are You Ready to Capitalize on the Infrastructure Bill?

Wisconsin Watch: Did the US spend $6T last year compared with $4T four years ago?

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[1] Url: https://wisconsinwatch.org/2024/09/federal-spending-wisconsin-hovde-baldwin-covid-budget/

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