Federal budget deficit spiked to $215 billion in February, largest in six years

The U.S. government had a $215 billion budget shortfall in February as revenues into the government’s coffers fell and outlays increased.  That compared with a budget deficit of $192 billion in the same month last year and a budget surplus of $49 billion the previous month.

The deficit for the fiscal year, which began in October, was $391 billion, compared to a deficit of $351 billion in the same period of fiscal 2017.

A combination of tax cuts passed by the Trump administration late last year and an increase in government spending agreed in early February are set to add to the nation’s budget gap with $1 trillion annual deficits on the horizon.

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