Reuters logo
Feb budget gap balloons to record $175.56 bln
March 12, 2008 / 6:06 PM / in 10 years

Feb budget gap balloons to record $175.56 bln

WASHINGTON (Reuters) - The U.S. government turned in a $175.56 billion budget deficit for February, a record for any month, as federal spending grew but a slowing economy caused receipts to fall 12.1 percent from a year earlier, the U.S. Treasury said on Wednesday.

Treasury Secretary Henry Paulson speaks on Capitol Hill in Washington February 13, 2008. The U.S. government turned in a $175.56 billion budget deficit for February, a record for any month, as federal spending grew but a slowing economy caused receipts to fall 12.1 percent from a year earlier, the U.S. Treasury said on Wednesday. REUTERS/Yuri Gripas

The February deficit soundly beat the previous all-time single-month deficit of $119.99 billion in February 2007 and also exceeded Wall Street economists’ consensus estimate of a $160.0 billion deficit in a Reuters poll.

February receipts fell to $105.72 billion from $120.31 billion in February 2007, the Treasury said as both corporate and individual income tax payments slowed.

February outlays grew to $281.29 billion, a record for February, from $240.30 billion in February 2007, the Treasury said.

Reporting by David Lawder; Editing by Neil Stempleman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below