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.
Carter, at age 98 the longest-lived American president, had a recent series of short hospital stays, but has now “decided to spend his remaining time at home with his family," said The Carter Center in a statement.
Environmental Protection Agency Head Michael Regan made a stop in East Palestine, Ohio, to speak with residents who continue to raise concerns about the health and safety of their town.
A new study predicts that rising energy costs that have followed in the wake of Russia's war with Ukraine could push millions of people around the globe into extreme poverty.
Five former Memphis police officers pleaded not guilty Friday to second-degree murder and other charges in the violent arrest and death of Tyre Nichols,
A special grand jury that investigated efforts by then-President Donald Trump and his allies to overturn his election loss in Georgia says it believes some witnesses committed perjury, and it recommends that prosecutors seek charges.
China said Wednesday it will take measures against U.S. entities related to the downing of a suspected Chinese spy balloon off the American East Coast.
