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
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[...] 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 [...]
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[...] February 2010: Largest Budget Deficit in American History … [...]
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[...] 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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[...] The federal government doesn’t have to. So it’s easy for Obama, who has the ability to run up record deficits to hire tens of thousands of new federal employees, to fault cash-strapped state [...]
[...] straight years of Trillion Dollar Plus deficit spending with no end to the spending spree in sight. February 2010: Largest Budget Deficit in American History | CentristNet But of course last years February deficit was surpassed once again with a new one month RECORD. [...]
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[...] has run up the largest budget deficits in history; the Obama administration ran up more red ink in just one month (February 2010) than the Bush administration ran up in an entire year (all of 2007).In the 2008 [...]
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