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 charges in the indictment, made by a Manhattan grand jury, center on payments made during the 2016 presidential campaign to silence claims of an extramarital sexual encounter.
Oil companies offered a combined $264 million for drilling rights in federal waters in the Gulf of Mexico on Wednesday in a sale mandated by last year’s climate bill compromise.
Adidas is withdrawing its challenge to a Black Lives Matter trademark application featuring three parallel stripes, two days after it contested the image with the U.S. Trademark Office.
The state of Arkansas sued TikTok and Facebook parent Meta on Tuesday, claiming the social media companies were misleading consumers about the safety of children on their platforms and protections of users' private data.
Russia’s top security agency arrested an American reporter for the Wall Street Journal on espionage charges, the first time a U.S. correspondent was put behind bars on spying accusations since the Cold War. The newspaper denied the allegations against Evan Gershkovich.
North Carolina residents can now buy a handgun without getting a permit from a local sheriff. The Republican-controlled state House on Wednesday overrode the Democratic governor’s veto.
Longtime Starbucks CEO Howard Schultz is facing sharp questioning before the Senate Health, Education, Labor and Pensions Committee where he is defending the company’s actions during an ongoing unionizing campaign.
Credit Suisse violated a plea agreement with U.S. authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes, U.S. lawmakers said Wednesday.
