New York (CNNMoney.com) - The United States dropped a record $220.9 billion further into the red in February, the Treasury Department reported Wednesday.
The shortfall was up from the previous record $193.9 billion shortfall in February last year.
It's the 17th straight month that the U.S. government has posted deficits. The last time the government posted a monthly surplus was in September 2008, when the government reduced the deficit by $45.7 billion.
The cumulative deficit for fiscal 2010, which started in October, reached $651.6 billion, up from $589.8 billion in the same period the year before. The Obama administration is forecasting that the deficit will hit $1.56 trillion this year.
Thank You, President Obama and Congress. Your efforts are certainly paying off for our Chinese friends.
Does anybody think John McCain would have done better job?
ANOTHER PRESIDENTIAL FIRST!!
Why isn't the media giving him credit for all his hard work?
Aren't we all so proud!! But he's good at breaking the records, wait till next month, and the next month ect. We all know that he will continue to outspend himself
"HE WANTS TO BE THE 6 TRILLION DOLLAR MAN!!"
His place in history in front of Madoff
And no plan to do anything about it...that is the real tragedy. A budget with unsustainable levels of red ink as far as the eye can see.
@ Term Limits
Minor correction. The CBO doesn't call Obamacare "spending neutral," it calls it "deficit neutral." Obamacare still involves giant sums of new, additional spending, consuming an ever greater portion of the GDP with higher taxes.
Of course, you'd have to be insane or a Democrat to believe that Obamacare will also be "deficit neutral."
NObama could not run a kool-aid stand in the desert with help,NEVER had a job(what is a community organizer-another name for Chicago thug maybe)surrounds himself with Chicago cronies and shadow boxes in the dark.He is a complete failure and must go.
Four and The Door – March 10th, 2010 3:59 pm ET
'This will be good... How do you blame the last administration for a record deficit in February 2010?!?!'
Answer: The disasterous and plain dumb stupid economical politics of the previous administration HAD TO BE DEALT WITH the way they were by the current administration. ask any (non-libertarian of course, libertarians are die hard believer in less taxs and less government interference no matter what is the situation to be dealt with) respected economist about how he/she would have dealt with the recession/economic crisis that the current administration inheritted from the previous one.
It won't be an unanimity, of course, but the majority of them will say that, as bad as they are in the long term (no way that it can be denied), the policies practiced by the current administration were the ones that they would have prescribed.
I don't know what makes me angrier, the fixed economy or the stimulus that saved our colective butts. Republicans whine about how government doesn't work and then get elected and prove it. Thank God there are Democrats around to fix things. You should be grateful there are smart people/grown ups around to cleanup the mess.
Spend/Spend/Spend & Spin/ Spin /Spin what a disaster we have ,do not blame me,I knew better.He is a slick talking salesman with NO product for the money anf yet still you NObama lovers can not get enough of him.You NObama sheep follow him on to the slaughter house.
If the President decided to stop spending, the economy would go into a free for all tomorrow.......People think that 10.2 unemployment, or 9.7 unemployment is bad.......well, if not for the stimulus (787 billion, basically a trillion ), which is the current money continuing to be spent, unemployment would be on record at 20+ percent..........
All you fools who think that Obama wants to spend just to spend..are hilarious........He is doing what is needed.......Really and truly do you think that the first minority (half whote and half black), would want to destroy America?????
Here's the truth we are playing a balancing act right now........There is a strategic point in which the spending will stop, and tackling the deficit will begin.........This is the easy part..........All you whiners get ready for many tough decisions to come to deal w/ the deficit........
One last thing........A bit of history........In the midst of the Great Depression, Herbert Hoover decided that government would cut spending, and balance the budget......And so they did.......HOWEVER, the economy deflated.......and a run on every private financial system in America ensued.........you know the rest of the story......FDR came into power, and did what was needed to keep America afloat......and NOW, that's what Obama is doing...........
NObama is a self centered egotistical socialist wanna be dictator.He wants to make a name for himself and he will-the POTUS that brought America to its knees.Soon we will not be able to pay the interest on these debts.
Deficits under Bush were 300 to 400 billion a year with the highest being 500 billion plus in 2008. This is 221 billion for just Feb. 2010.
We were in a recession in 2008 and it was only 500 and some billion for the whole year. The economy is growing now and in one month the spending out paced revenue by almost half of the worst Bush on year deficit. This is what happens when you put progressives in charege of the check book and credit cards.
Obama and the Democrats say this is all Bush's fault. The CBO says different. Based on Obama's new 3.8 trillion budget the CBO projects deficits that average 980 billion a year for the next ten years. The CBO says if we were still under the last Bush budget the deficits would average 600 billion a year. Not good, not good at all.
So what does Obama do? He piles on another 380 billion a year. Instead of working to reduce the 600 billion a year deficits, Obama makes it far worse.
Obama is not telling the truth when he says all of his new spending will bring about economic prosperity. The truth is for the next ten years Obama' s plan will on average increase spending by 380 billion more a year than the any increase in revenue from economic growth.
Deficits of 600 billion are bad but no where near as bad as 980 billion.
And the out years keep getting worse as time goes on. 940 billion in 2017, 1 trillion in 2018, 1.15 trillion in 2019 and 1.25 trillion in 2020.
All Obama's big spending plan is going to do it bankrupt America.
50% pay zero,the other 50% must pay ALL.With NObama and his Obamamoney,soon we just will not have enough tax payers to pay off his debt and support the 50% of non payers.
@ reality check...John McCain, a one eyed cat, a reality star, a second grader from Mississippi, etc. could do better than Obummie. All we need is someone that will listen to the American people. Listening is easy. Following directions is easy. Thinking you know everything is dangerous. Obummie couldn't pass economics 101, national security 101, or real life 101.
This guy could not sell watermelon on the side of the rd if errrrrrrrrrrrrrrrr. Sorry dan rather all ready said that. Obama is much bigger threat than Osama, he is hurting every single person in this country, there grand kids and great grand kids. He makes Jimmy Carter look like George Washington