Record Federal Deficit in February

From the CBO's monthly budget review:

Receipts in February 2012 were about $5 billion (or 5 percent) lower than those in February 2011, CBO estimates. The decline resulted primarily from an increase of $25 billion (or 47 percent) in refunds of individual income taxes. Roughly three-quarters of that increase stemmed from shifts in the timing and recording of refunds and from the additional day in February this year: A delay in processing refunds caused some to be paid in February that would, in past years, have been disbursed in January; February 2012 included one more business day than February 2011; and some refund payments that ordinarily would have been recorded in March were reported at the end of February. . . .

Here is the reference to this being a record amount.



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