Washington ? The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year.

The rising deficit reflects increased government spending because of the recession, and billions of dollars spent on bailouts for banks and other troubled companies.

The Treasury Department reported Wednesday that the red ink so far this year totals $991.9 billion. The administration is projecting the deficit for the budget year that began Oct. 1 will total a record $1.84 trillion. That would be more than four times the amount of last year’s record deficit.

As a share of the overall economy, the deficit this year would be the highest since 1945, when the government was borrowing heavily to win World War II.