The federal government set a new monthly record deficit of $232 billion in February and has notched a total of $581 billion in the first five months of the fiscal year, according to the Treasury Department’s official count released Monday.February’s record is $8 billion more than the previous monthly record, set in February 2011, and came chiefly because of a drop in individual income tax receipts.The overall deficit remains on pace to top $1 trillion this year for the fourth year in a row — but is down slightly from its pace last year, chiefly because of higher corporate tax receipts and estate and gift taxes, which topped $5 billion. At this point in fiscal 2011, just $54 million had been collected in gift and estate taxes.
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