Federal Deficit Hits Record Height

The Treasury Department announced that the budget deficit reached $220.9 billion in February.
Federal Deficit Hits Record Height
Updated:

The Treasury Department announced that the budget deficit reached $220.9 billion in February. That is 14 percent higher than last February’s deficit.

Deficits normally peak in February, because the government issues certain business tax refunds in that month.

The Obama administration defended the red ink as necessary to get the economy rolling again, and said creating jobs was its highest priority. Government revenues as well as spending were up.