This is already a historic record for a budget deficit, and we still have 7 months to go.
Lower tax revenue and massive government spending on the bank bailout pushed the federal deficit to $765 billion in the first five months of the budget year, well on its way to hitting the Obama administration's projection of a record annual imbalance of $1.75 trillion.
The Treasury Department also said Wednesday that the February deficit reached $192.8 billion. That's a record for the month and up 10 percent from a year ago, but below analysts' expectations of $205.7 billion.
With seven months left in the current budget year, which ends Sept. 30, the deficit already has shattered last year's record annual gap of $454.8 billion.
The red ink this year also will reflect the $787 billion economic stimulus package that Congress passed last month in an effort to jump-start an economy in the grips of the worst recession in decades. None of that spending is included in the February figures.