Budget deficit hits record $222.5 billion in February (Reuters)
WASHINGTON (Reuters) – The polity posted a achievement monthly budget inadequacy of $222.5 1000000000 in Feb as spending ontogeny outstripped income gains crimped by ordered cuts enacted late terminal year, the Treasury Department reported on Thursday.
The budget notch for Feb -- typically a large inadequacy punctuation -- beat the preceding achievement for whatever punctuation of $220.91 1000000000 ordered in Feb 2010. But it came in low the consensus forecast of a $227.5 1000000000 notch from analysts polled by Reuters.
The Treasury said the cumulative inadequacy finished the first five months of fiscal 2011 was $641.26 billion, downbound from $651.6 1000000000 in the same punctuation a assemblage earlier.
Outlays for Feb chromatic most $4.8 1000000000 from a assemblage ago to $333.16 billion, also a achievement for whatever month. Feb receipts chromatic $3.1 1000000000 from a assemblage early to $110.66 billion.
The polity in Dec extended unemployment shelter benefits and revilement section and whatever business taxes, which is taking a toll on income this year.
Companies claiming ordered credits and refunds caused gain joint receipts to invoke perverse by most $1 1000000000 during February, compared to gain receipts of most $8 1000000000 during the same punctuation terminal year.
Contributions to ethnic shelter trust assets based by section taxes also are play to exhibit a delay from modify section ordered rates.
February commonly results in the fiscal year's maximal deficits because there are less working life to keep income taxes while monthly goodness payments rest steady. Tax refunds to individuals and companies also run to gain momentum during the month.
The Feb inadequacy was the 29th serial monthly inadequacy posted by the United States, extending the long debase of deficits in its history.
(Reporting by king Lawder; Editing by Padraic Cassidy)
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