U.S. Sets $223 Billion Deficit Record

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Early figures indicate the federal government has set a new spending record with the largest budget deficit ever for one month -- $223 billion in February, according to The Washington Times.

That number is far bigger than the federal deficit for the entire year of 2007, which was $163 billion. The budget deficit for 2011 is estimated to be at $1.65 trillion.

The U.S. Senate will vote on Tuesday on proposals to cut spending. However, Democrats have rejected GOP-backed cuts of less than $10 billion.

"We've all done the math and we all know how these votes will turn out. Neither proposal will pass, which means neither will reach the president's desk as written. We'll go back to square one and back to the negotiating table," Senate Majority Leader Harry Reid, D-Nev., said.

So far, there have been no signs of progress regarding budget negotiations.

President Barack Obama has pledged to cut the deficit by more than $1 trillion over the next 20 years.

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