Washington, March 11 - The Treasury Department today reported a record deficit for the month of February as well as a record high deficit for the first five months of the fiscal year.
The February deficit totaled $192.8 bln, up 10% from the same month one year ago, but still below the $205.7 bln deficit economists were expecting. The milder increase in the deficit may require less borrowing and curb some Treasury supply.
Revenues fell 17% compared to one year ago to $87.3 bln, while outlays totaled $280.1 bln in the month, essentially unchanged from the $281.3 bln outlays reported in February 2008.
The deficit for the first five months of the fiscal year 2009 totaled a record $764.5 bln, well exceeding the deficit recorded for all of 2008. Outlays for the fiscal year to date totaled $1.6 trln while receipts totaled $860.9 bln.
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