The federal deficit hit $234 billion in February, according to new data from the Treasury Department, a record for a one-month time period.
According to Bloomberg, the previous monthly record was set seven years ago, at $231.7 billion.
Total spending was $401 billion in February while the government took in $167 billion.
For the fiscal year to date, the budget deficit is up 39% compared to the same period a year ago.
The expanding deficit comes as the Congressional Budget Office is projecting a shortfall of $897 billion for the full fiscal year, or 4.2% of gross domestic product.
That’s up from $779 billion in fiscal 2018.
The CBO sees trillion-dollar deficits beginning in fiscal 2022.
Five months into the fiscal year, which began in October, the deficit has already surpassed a half-trillion dollars, reaching $544 billion.
The record deficit comes as the government paid back more corporate taxes than it took in, losing $669 million.
Overall, corporate taxes for the year were down $14.3 billion in comparison to the same period last year.
The GOP tax law, which went into effect last January, has been projected to cost $1.9 trillion over a decade.
Spending, in the meantime, was up by $145.6 billion in comparison to the same five-month period last year, following a bipartisan agreement to boost both defense and nondefense discretionary spending.
The Congressional Budget Office has warned that rising deficits mean that the national debt is on track to hit 93 percent of GDP in a decade, the highest level since just after World War II.
Last month, the debt surpassed $22 trillion for the first time in the nation’s history.