More bad news, courtesy of Time:
The Treasury Department said Monday that the deficit grew by $232 billion in February. That increased the imbalance through the first five months of the budget year to $581 billion, or 9 percent less than the same period in fiscal 2011.
The Obama administration expects the deficit will reach $1.3 trillion when the budget year ends on Sept. 30. That would nearly match last year’s gap. The government ran a record deficit of $1.41 trillion in 2009 and a $1.29 trillion gap in 2010.
