In this Aug. 3, 2020, file photo dark clouds and heavy rain sweep over the U.S. Capitol in Washington. (AP Photo/J. Scott Applewhite, File)
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 Biden administration released an environmental analysis Tuesday that outlined two ways that seven Western states and tribes reliant on the over-tapped Colorado River could cut their use, but declined to publicly take a side on the best option.
Manhattan District Attorney Alvin Bragg filed a federal lawsuit against Rep. Jim Jordan on Tuesday, accusing the Republican of a “transparent campaign to intimidate and attack” him over his prosecution of former President Donald Trump.
Nashville’s governing council voted Monday to send Justin Jones straight back to the Legislature four days after he was expelled for his role in a protest on the state House floor.
The Justice Department is calling a Texas court ruling that would halt approval of the most commonly used method of abortion in the U.S. "extraordinary and unprecedented."
