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.
A bill that would try to abolish the Internal Revenue Service (IRS) and eliminate federal income tax was reintroduced on Tuesday by Georgia Republican Rep. Buddy Carter.
The Justice Department is reviewing a batch of potentially classified documents found in the Washington office space of President Joe Biden’s former institute.
The House passed the chamber's rules package with all but one Republican vote while all GOP members voted for its first bill, which would strip funding from the IRS.
At the top of Kevin McCarthy’s to-do list as he begins his role as House Speaker is adopting a new rules package for the chamber when it convenes Monday evening.
Brazilian authorities were vowing to protect democracy and preparing to mete out punishment Monday after thousands of ex-President Jair Bolsonaro’s supporters stormed Congress, the Supreme Court and presidential palace then trashed the nation’s highest seats of power.
