The U.S. government just achieved its highest monthly deficit ever, going into the red $229 billion in February, according to Fox News.
In a preliminary analysis, the Congressional Budget Office reported that February 2012 broke the previous monthly deficit record of $223 billion from last year, according to the article. The CBO attributed part of the shortfall to a decrease in revenue, mostly because of a $25 billion rise in income tax refunds as a result of disbursement timing issues.
Delays in processing pushed refund payments, that should have been distributed in January, to February, according to the CBO. Also, the extra day in February this year allowed for additional refunds to be allocated during the month that otherwise would have been distributed in March.
For the first five months of the fiscal year, the federal government has a deficit of $578 billion, according to CBO projections. The projected deficit for 2012 is forecast to exceed $1 trillion.
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