US Gov't Sets Largest Deficit in History

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The federal government has recorded its worst monthly deficit in history.

The Congressional Budget Office revealed this week that the U.S. government ran up a $229 billion deficit in February.

The country borrowed 42 cents for every dollar it spent, creating the largest monthly debt ever seen.

This is also the 41st straight month that the government has run a deficit.

So far this fiscal year, the government has spent about $1.5 trillion, but has only generated about $869 billion in revenue.

Last year, President Barack Obama sparred with Congress on how to cut government spending.

He released his budget last month, and it showed the government averaging $1 trillion yearly deficits for the rest of the decade.

House Republicans are working on their own budget, while Senate Majority Leader Harry Reid, D-Nev., doubts his chamber will write a budget this year.

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