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.
David Daley, author of the book 'Unrigged: How Americans Are Battling Back to Save Democracy,' joins Cheddar News to discuss redistricting battles taking place across the U.S.
Andrew Cuomo is reportedly planning his comeback. According to the Wall Street Journal, the former New York governor and his aides are considering how to make his first public appearance since he abruptly resigned last August amid sexual harassment allegations. Jake Lahut, politics reporter for Insider, joined Cheddar's Opening Bell to discuss Cuomo's potential return to politics.
The pressure is on for UK Prime Minister Boris Johnson - after his closest aides handed in their resignations this week.
It comes after a report found that 16 parties had taken place at Downing Street while Covid lockdown protocols were in place in the region. Ari Aramesh, Attorney & National Security/Foreign Policy Analyst joined Cheddar's Opening Bell to discuss.
President Biden has ordered about 3,000 U.S. troops to Eastern Europe as Russia refuses to back off its pressure on Ukraine. The deployments to Poland, Germany, and Romania are a show of support to NATO allies concerned about a potential Russian invasion of Ukraine. This is in addition to the 8,500 troops put on high alert. David Tafuri, former Obama campaign foreign policy advisor and former State Department official, joined Cheddar to discuss what this move means for U.S.-Russia relations.
After tennis player Peng Shuai made an explicit sexual assault allegation toward a former Chinese government official, she disappeared from the public eye. Her recent reappearance with the IOC alongside a Chinese Olympic committee official raised eyebrows and renewed concerns for her safety. Asian affairs expert Gordon Chang, author of "The Coming Collapse of China," joined Wake Up With Cheddar to discuss Peng Shuai's retraction and the various human rights controversies swirling at the Beijing games. "It's clear that the IOC was working with Beijing to make sure that she did not express herself freely," Chang said. "So really this is the IOC being complicit in these mechanisms of control over Peng."
The opening ceremony of the 2022 winter Olympics has kicked off at the Beijing national stadium. 150,000 spectators are in attendance for the games inside the 'closed loop' system separating Olympic personnel from the public. Cheddar News spoke with Brian Cazenueve, Sports Illustrated contributor, to share the highlights you may have missed and much more.
The Biden Administration is set to revise federal rules to address potential security risks from foreign-owned apps, mainly Tiktok. This comes after the White House opted not to pursue a forced shutdown of the Chinese-owned video sharing platform. Under these new rules, federal oversight would be expanded to explicitly include apps that could be used by foreign adversaries to steal or otherwise obtain data. Senior Fellow at the Foundation for Defense of Democracies, Craig Singleton, joined Cheddar to discuss more.
Although this week's weather is predicted to be less severe than the 2021 storm, Texans are preparing for the worst - stocking up on supplies and emptying shelves in grocery stores, once again. Some Texans still have not recovered from last year's tragedy, and are heading into the next few weeks with anxiety for what's to come. Leslie Beyer, CEO of the Houston-based energy workforce & technology council, joins Cheddar News to discuss if the Texas grid will fail again.
