ABC News’ Matthew Jaffe reports: One day before President Obama is set to sign an executive order establishing a new bipartisan commission to address the nation’s debt, the Treasury Department announced that the government racked up a $42.6 billion deficit in January.
Over the course of the month the government took in a total of $205 billion in receipts but spent $248 billion in outlays. The resulting $42.6 billion deficit for the month was slightly less than the $46 billion shortfall predicted by the non-partisan Congressional Budget Office.
However the total shortfall for the fiscal year thus far now stands at $430.7 billion, higher than last year’s $395.8 billion deficit at this time – and last year ended with a record $1.42 trillion of red ink. The Obama administration has predicted that the government will conclude this year with a $1.56 trillion deficit.