According to press reports, the federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released this morning. Matt Drudge does us the service of linking to an October 5, 2007, story that reported that the “Congressional Budget Office estimated … that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic product.”
In other words, the FY 2007 deficit for the year was $62 billion lower than the deficit for last month. And to make matters worse, President Obama, rather than reining in federal spending, is adding mightily to it.
On the fiscal side of things, Barack Obama is turning out to be a record-setter, though not in the way he or we had wanted.