Happy Leap Year! Governement Sets Another Record Deficit for February 2012

Katie Pavlich
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Posted: Mar 08, 2012 2:11 PM

The politicians in Washington D.C. just can't stop spending your money. In another "historic" event for the Obama administration, February 2012 will go on record as the largest February deficit ever according to the Congressional Budget Office.

The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.

The CBO’s figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

Senate Democrats passed day 1000 without a budget weeks ago. The problem with not having a budget: government doens't know how much it should be spending.