The U.S. just posted its biggest monthly budget deficit in history
It was wider than the $215 billion recorded in February 2018, as spending rose 8% while receipts climbed 7%. Previously, the largest monthly deficit was $231.7 billion in February 2012.
What happened: Total spending was $401 billion in February while the government took in $167 billion. While the $234 billion deficit in February was largest ever for a month, probably better way to look at it is rolling 12-month average. Still is amazing that deficit widening while economy expanding. pic.twitter.com/bqRUKkoe2U
The expanding deficit comes as the Congressional Budget Office is projecting a shortfall of $897 billion for the full fiscal year, or 4.2% of gross domestic product. That’s up from $779 billion in fiscal 2018. The CBO sees trillion-dollar deficits beginning in fiscal 2022.
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