US Budget Deficit Reaches $1.15 Trillion in First Five Months of Fiscal Year

The US budget deficit has reached $1.15 trillion in the first five months of the fiscal year. The Treasury Department reported the deficit for February alone was $307 billion. The gap for the fiscal year, which began October 1, is 17% larger than the previous year, adjusted for calendar differences. The increasing cost of Medicare and servicing government debt contributed to the widening shortfall.