President Barack Obama's government has run up the largest budget deficit in American history in February of 2010
As shown in a little-noticed release from the Treasury Department today, the Obama Administration has run up the largest budget deficit in American history in February of 2010, a whopping total of $220.9 Billion in just one month. February 2010’s unprecedented total is more than most year-long budget deficits in American history, including 2007’s year-long total of $161 Billion. AP reports in this historic monthly deficit:
WASHINGTON (AP) — The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year’s record for the full year.
The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.
The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.
The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year’s $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits.
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The government’s monthly budget report showed the record $220.9 billion deficit for February reflected outlays of $328.4 billion and revenues of $107.5 billion. The February receipts marked the first time that revenues are up compared with the same month a year ago since April 2008. Revenues had fallen for 21 straight months as the recession cut into both individual and corporate income tax payments.
As President Obama and Congressional Democrats continue with their primary focus on passing Obamacare, considering the attendant increased government spending included therein, February 2010 may not have the record for largest monthly deficit in American history for very long.
Tags: American History, Annoucement, Ap Reports, Barack Obama, Budget Deficit, Budget Deficits, Budget Report, Congressional Democrats, Corporate Income Tax, Five Months, Flood, Government Budget, Income Tax Payments, Monthly Budget, Outlays, Primar, Receipts, Recession, Red Ink, Treasury Department, Trillion
[...] news via CentristNet. (Yes, I know personifying responsibility for the deficit in the president's hands alone is [...]
[...] Obama Administration has run up the largest budget deficit in American history in February of 2010, a whopping total of $220.9 Billion in just one month. February 2010’s [...]
His campaign slogan should have been Hope, Change, Bankruptcy.
I’m glad to see there is appreciation for these people that are recipients, these people have a major role in the operation
[...] February 2010: Largest Budget Deficit in American History … [...]
[...] February 2010: Largest Budget Deficit in American History … [...]
[...] Before that outrage was even digested we learned that the president spent so much of our money that he created the largest one month deficit in history $220 billion IN ONE MONTH. [...]
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