This afternoon, the Treasury Department announced that in February the U.S. ran a record-breaking budget deficit of $222.5 billion.
MarketWatch reports:
The U.S. government posted a budget deficit of $222.5 billion in February, the largest monthly deficit on record, the Treasury Department reported Thursday. The government spent about $333 billion in the month and took in about $110 billion. Compared to February 2010, corporate tax receipts were 69% lower. On the spending side, the U.S. spent 29% more than a year ago on interest on the U.S. debt.
Running a deficit this high has its consequences. Click here to see our new fact sheet that shows how government overspending and debt can lead to higher taxes and cost of living, dampened economic growth and fewer jobs, less flexibility and a crushing burden on future generations.
