Federal Budget Deficit Sets a Record

The U.S. Government ran up the largest monthly deficit in history in February and last month was the 17th consecutive month of deficits. For 2009, the fiscal year budget deficit was $1.4 trillion.

The Treasury Department reported today that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.

The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, yielding three straight years of $1 trillion-plus deficits.

The government's monthly budget report showed the record $220.9 billion deficit for February reflected outlays of $328.4 billion and revenues of $107.5 billion. The February receipts marked the first time that revenues are up compared with the same month a year ago since April 2008. Revenues had fallen for 21 straight months as the recession cut into both individual and corporate income tax payments.

Ironically, today the Senate passed a $149 BILLION bill to extend unemployment benefits and a myriad of other congressional buffoonery items and is sending it over to Nancy Pelosi and the House of Bungling Representatives. The Congressional Budget Office notes some savings as a result of this bill and reports that it will add on $97 BILLION to the federal deficit.

Grandpa is trying his best on behalf of all grandchildren however,

the insanity and continued fiscal irresponsibility wears me down.

Grandpa will not quit!