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Government runs deficit for 40th straight month

(WASHINGTON TIMES) — The federal government ran a deficit for the 40th straight month in January, according to the latest estimate from Congress’ scorekeeper, continuing a record streak that dates back to the end of the George W. Bush administration and covers every month President Obama has been in office.

The Congressional Budget Office said the government ran a deficit of about $27 billion in January — but that actually represents some good news. It is the second-lowest monthly deficit in Mr. Obama’s three years in office.

The CBO said tax revenues were up compared with last year, and, more important, spending was down $13 billion in January compared with the same month in 2011, chiefly because of lower spending on the federal student loan program.