The Treasury Department reported yesterday that the February deficit totaled $220.9 billion--a full 14 percent higher than the previous record set in February of last year. In addition, the first five months of this budget year have run up deficit totals of $652.6 billion--levels of red ink more than 10 percent higher than one year ago.
The Obama administration is forecasting the 2010 budget deficit to hit an all-time high of $1.56 trillion and remain above the $1 trillion mark for 2011, too.
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