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.
People around the world are demonstrating, attending conferences and enjoying artistic events to mark International Women’s Day.
Oklahoma voters will decide Tuesday whether to make the state one of the most conservative to green light cannabis use for adults.
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Boy Meets World star Ben Savage has officially announced his plans to run for Congress in the seat currently occupied by Rep. Adam Schiff, D-Burbank, who is now running for the seat of outgoing U.S. Sen. Dianne Feinstein.
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Gov. Josh Shapiro says Norfolk Southern has pledged several million dollars to cover the cost of the response and recovery in Pennsylvania after last month’s derailment.
Federal agriculture officials are proposing a new rule that would clarify the meaning of meat labels that say foods are “Made in the USA.”
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Senate Intelligence Committee Chair Mark Warner, D-Va., has introduced a bill setting down a plan for banning foreign technology such as video-sharing app TikTok.
