Feds Post Largest Monthly Budget Deficit In US History

The Washington Post reports:

The U.S. government posted the largest monthly budget deficit in American history in February, hitting a dramatic milestone as tax revenue lag and spending levels continue to skyrocket. The government spent $234 billion more than it brought in through tax receipts last month, much more than the deficit levels hit during the global financial crisis.

Senior Treasury Department officials said the ballooning deficit was largely because of huge spending increases that the White House and Congress agreed to in the past two years, as defense spending and money for other programs went up sharply. But tax receipts are effectively flat since last year, an unusual phenomenon during a growing economy.

That’s because the 2017 GOP tax-cut law has not led to the huge increase in tax revenue that President Trump, Treasury Secretary Steven Mnuchin and many GOP lawmakers had promised would eventually occur.