February Budget Deficit Sets All-Time Record

Meredith Jessup | March 11, 2010 9:13 AM

You can't say Barack Obama hasn't brought to change to Washington. Last month under his watch, the federal government racked up the largest monthly deficit EVER--keeping the country on track to top last year's record for the full year.

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.