WASHINGTON — The federal government posted a record budget deficit in February, pushing the overall deficit for the first five months of the budget year up 39 per cent from a year ago.
The Treasury Department says in its monthly report that the deficit hit an all-time high for February of $234 billion. That surpasses the old February deficit record of $232 billion set in 2012, the last year the deficit for the year topped $1 trillion. For the first five months of this budget year, the deficit totals $544.2 billion.
In its new budget sent to Congress last week, the administration is projecting that this year’s deficit will total $1.09 trillion and will remain above $1 trillion for the next four years.
Martin Crutsinger, The Associated Press