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.
The Supreme Court has sidestepped a case against Google that might have allowed more lawsuits against social media companies.
News 12 reporter Tara Rosenblum sat down for an exclusive interview with Robert F. Kennedy Jr. who announced his campaign for the 2024 Democratic presidential nomination in April.
Montana has become the first state to enact a complete ban on TikTok. Republican Gov. Greg Gianforte signed the legislation Wednesday and it is scheduled to take effect next January.
The Supreme Court says that Illinois can, for now, keep in place a new law that bars the sale of certain semiautomatic guns and large-capacity magazines.
North Carolina's Republican-led House passed a 12-week abortion law, overriding Gov. Roy Cooper's veto.
Black people are disproportionately denied aid from state programs that reimburse victims of violent crime.
President Joe Biden is declaring he's confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive.
Florida is banning gender affirming care for minors among a series of anti-LGBTQ+ bills signed by Republican Gov. Ron DeSantis. DeSantis chose a Christian school Wednesday to sign the bills.
An unknown man managed to slip undetected inside the home of White House national security adviser Jake Sullivan, according to two people familiar with the incident. The U.S. Secret Service is investigating.
Legislation banning most abortions after 12 weeks of pregnancy is becoming law in North Carolina after the state’s Republican-controlled General Assembly successfully overrode the Democratic governor’s veto.
