The U.S. government posted the largest monthly budget deficit in American history in February, hitting a dramatic milestone as tax revenue lags and spending levels continue to skyrocket.
The government spent $234 billion more than it brought in through tax receipts last month, much more than the deficit levels hit during the global financial crisis.
Senior Treasury Department officials said the ballooning deficit was largely due to huge spending increases that the White House and Congress agreed to in the past two years, as defense spending and money for other programs went up sharply. But tax receipts are effectively flat since last year, an unusual phenomenon in a growing economy.