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 GOP-dominated Iowa Senate passed a bill that would loosen the state's child labor laws.
House Speaker Kevin McCarthy has unveiled a sweeping package that would raise the nation’s debt limit by $1.5 trillion into next year.
The Florida Board of Education has approved a ban on classroom instruction on sexual orientation and gender identity in all grades.
The Supreme Court is deciding whether women will face restrictions in getting a drug used in the most common method of abortion in the U.S. while a lawsuit continues.
New supervisors leading Disney World’s revamped governing body say they had good intentions about collaborating with the company after they were appointed by Florida Gov. Ron DeSantis.
President Joe Biden signed an executive order on Tuesday that contains more than 50 directives to increase access to child care and improve the work life of caregivers.
Supreme Court justices seemed in broad agreement that businesses can’t cite minor costs or hardships to reject requests from workers who need schedule or other accommodations because of their religious practices.
Fox and Dominion Voting Systems have reached a $787 million settlement in the voting machine company’s defamation lawsuit.
House Speaker Kevin McCarthy pledged Monday to pass legislation to raise the nation's debt ceiling — but only on condition of capping future federal spending increases at 1% — as he lashed out at President Joe Biden for refusing to engage in budget-cutting negotiations to prevent a debt crisis.
U.S. Rep. George Santos, the New York Republican whose lies about his background and wealth helped propel him into office, announced Monday that he's running for reelection.
