US federal govt registers $203.5b deficit in Feb

WASHINGTON - US federal government registered a budget deficit of $203.5 billion in February, the Department of Treasury figures revealed on Wednesday.

The monthly budget deficit in February narrowed compared to $232 billion posted the same month a year ago.

The federal government raked in a revenue of $122.8 billion in February, up 19 percent from the level of February 2012. It registered outlays of $326.4 billion, down 2.6 percent from February 2012, said the department.

The budget gap for the first five months of the 2013 fiscal year, which began on October 1, 2012, totaled $494 billion, down 15 percent from $581 billion in the first five months of 2012 fiscal year.

Due to the ballooning entitlement spending, waning government revenue and massive spending on wars in Iraq and Afghanistan,US federal government's budget deficit has surpassed $1 trillion for four consecutive years under Obama's watch.