During FY2018, the federal government spent $4.11 trillion, up $127 billion or 3.2% vs. FY2017 spending of $3.99 trillion. Spending increased for all major categories and was mainly driven by higher spending for Social Security, net interest on the debt, and defense. Spending as % GDP fell from 20.7% GDP to 20.3% GDP, equal to the 50-year average. Also during FY2018, the federal government collected approximately $3.33 trillion in tax revenue, up $14 billion or less than 1% versus FY2017. Primary receipt categories included individual income taxes ($1,684B or 51% of total receipts), Social Security/Social Insurance taxes ($1,171B or 35%), and corporate taxes ($205B or 6%). Corporate tax revenues declined by $92 billion or 32% due to the Tax Cuts and Jobs Act. FY 2018 revenues were 16.4% of gross domestic product (GDP), versus 17.2% in FY 2017. Tax revenues averaged approximately 17.4% GDP over the 1980-2017 period. Tax revenues in 2018 were about $275 billion below the CBO January 2017 forecast for 2018, indicating tax revenues would have been considerably higher (and deficits lower) in the absence of the tax cuts.