By Vincent Del Giudice
The U.S. budget deficit widened to a record in February as the government boosted spending to help revive the economy.
The excess of spending over revenue increased to $221 billion last month, compared with a shortfall of $194 billion in February 2009, according to Treasury Department figures released today in Washington. The figures show the deficit this year will likely surpass the record $1.4 trillion in the fiscal year that ended in September.
Mounting deficits underscore the challenges facing President Barack Obama and Congress as they seek to preserve the recovery, spur job growth and overhaul the health-care system. The loss of 8.4 million jobs in the last two years has been limiting tax revenue, while stimulus efforts such as the first- time homebuyer credit have added to expenses.
Continue reading U.S. Posts Record Budget Deficit of $221 Billion