By Martin Crutsinger
The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday.
The ocean of red ink is a product of the government's massive spending to try to cushion the impact of a coronavirus-fueled recession that has cost millions of jobs.
The deficit from October through August is more than double the previous 11-month record of $1.37 billion set in 2009. At that time the government was spending large sums to get out of the Great Recession triggered by the 2008 financial crisis.
With one month to go in the 2020 budget year, which ends Sept. 30, the deficit could go even higher. The Congressional Budget Office is forecasting the deficit this year will hit a record of $3.3 trillion. However, the government often runs surpluses in September so it is possible the final figure for this year could come in just under $3 trillion.
That would still put the deficit well above last year's imbalance of $984 billion. The previous record deficit for a fiscal year was $1.4 trillion in 2009 in the aftermath of the financial crisis.
With concerns about misinformation spreading online, European Union officials want to more closely regulate artificial intelligence, and they're asking the world's biggest tech companies for help.
Sens. Elizabeth Warren, Ron Wyden, Ed Markey, and Mazie Hirono sent a letter to top officials at Twitter expressing their concerns over the platform's privacy policy.
The world's largest cryptocurrency exchange Binance and its founder Changpeng Zhao are accused of misusing investor funds, operating as an unregistered exchange and violating a slew of U.S. securities laws in a lawsuit filed by the SEC.
A top EU official said companies should roll out the technology to recognize AI-generated content and "clearly label[s] this to users."
With the rail industry relying on longer and longer trains to cut costs, the Biden administration is handing out $570 million in grants to help eliminate many railroad crossings in 32 states.
A judge ruled that the Tennessee law restricting drag performances in public or where children are present is unconstitutional.
The United States Postal Service (USPS) said more than 5,300 postal employees were attacked by dogs while delivering mail in 2022. To spread awareness of this problem, the agency has launched a public service campaign called National Dog Bite Awareness Week.
It took a unilateral step Sunday to support the sagging cost of crude after two earlier cuts by other OPEC+ countries failed to push prices higher.
Nurse practitioners, who provided care for many trans adults, are now barred from providing transition-related care in the state.
Democratic lawmakers worry that damage has been done to safety net programs and it'll be difficult to unravel that in the years ahead as Republicans demand further cuts.
