WASHINGTON – The government ran the largest-ever budget deficit for a single month in February. The shortfall kept this year’s annual deficit on pace to end as the biggest in U.S. history.
The widening deficit reflects the impact of the tax-cut package President Barack Obama and congressional Republicans brokered in December. As a result, the nonpartisan Congressional Budget Office in January raised its estimate for the annual deficit from $1.1 trillion to $1.5 trillion. It said the tax cuts would add $400 billion to this year’s gap. The budget year ends Sept. 30 …. more