House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell (Screen Capture)

(CNSNews.com) - Both the Congressional Budget Office and the White House Office of Management and Budget project that federal spending will top $4 trillion for the first time in fiscal 2017, which began on Oct. 1, 2016 and will end on Sept. 30.

In its “Update to the Budget and Economic Outlook: 2017 to 2027” published last week, CBO projected that total federal spending in fiscal 2017 will hit $4,008,000,000,000.

That is up from the approximately $3,853,000,000,000 that CBO and OMB say the federal government spent in fiscal 2016.

In President Donald Trump’s fiscal 2018 budget proposal, the OMB estimates that federal spending in fiscal 2017 will hit $4,062,000,000,000.

The $4,008,000,000,000 the CBO estimates the federal government will spend this fiscal year equals $33,805 for each of the 118,562,000 households the Census Bureau estimated were in the United States as of March.

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.