US Budget Deficit Grows in February

The US Treasury Department reported today that the budget deficit for the month of February totaled $231.7 billion, up from $222.5 billion in February 2011. The deficit for the first five months of the 2012 fiscal year totals $580.8 billion, some $60 billion lower than for the same period a year ago.

The US budget deficit is on its way to another $1 trillion deficit in this fiscal year, but the projection from the Congressional Budget Office calls for an annual deficit this year of $1.08 trillion compared with $1.29 trillion a year ago. The deficit in fiscal year 2010 totaled $1.41 trillion.