Source: WSJ

The U.S. government ran its largest ever monthly budget deficit in February as the country's fiscal year-to-date deficit ballooned more than 10% to a record of $651.60 billion.

The government's February budget deficit totaled $221 billion, the U.S. Treasury said in its monthly budget statement released Wednesday. The government in February 2008 ran a budget deficit of nearly $194 billion.

February marks the 17th consecutive month in which the U.S. has posted a budget deficit. The country has posted a budget deficit for 43 of last 56 Februarys.

Still, the government saw its receipts increase in February on a year-over-year basis for the first time in nearly two years. An increase in corporate tax collections coupled with lower refunds to individual taxpayers drove receipts to $107.52 billion in February 2010 compared with $87.31 billion in February 2009.

Government outlays also rose in February because of spending on home-buyer and other tax-credit programs enacted as part of a 2009 stimulus package. Outlays in February stood at $328.43 billion, up from $281.17 billion in the same month a year earlier.

The government had more outlays in February 2010 than it has in any other February on record.

The U.S. February deficit came in below the Congressional Budget Office's estimate of $223 billion. The CBO projected the year-to-date budget deficit would hit $655 billion. The Treasury said it plans to release budget data for March on April 12.