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SUBJECT: Another record monthly deficit for the Maobama admin
Submitted by
Bucket from OKLAHOMA on
I tell ya, the boy does excel at spending money.
NEW YORK (CNNMoney.com) -- The United States dropped a record $220.9 billion further into the red in February, the Treasury Department reported Wednesday.
The shortfall was up from the previous record $193.9 billion shortfall in February last year.
It's the 17th straight month that the U.S. government has posted deficits. The last time the government posted a monthly surplus was in September 2008, when the government reduced the deficit by $45.7 billion.
The cumulative deficit for fiscal 2010, which started in October, reached $651.6 billion, up from $589.8 billion in the same period the year before. The Obama administration is forecasting that the deficit will hit $1.56 trillion this year.
Spending increases overshadow revenue boost: Wednesday's announcement came as little surprise to economists, who expected the deficit for February to total $222 billion, according to a consensus compiled by Briefing.com.
Receipts totaled $107.5 billion, up from $87 billion in February last year and outlays totaled $328.4 billion, up from $281 billion.
Despite the government's record losses, the year-over-year boost in revenue during February is at least one hopeful sign that the economy is faring better, said Robert Bixby, executive director for the Concord Coalition, a federal budget watchdog group. It was the first time since April 2008 that the government posted higher revenue when comparing monthly data year-over-year.
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MikeF from FLORIDA says it's not his fault
And since it's not his fault maybe it shouldn't be his responsibility.
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