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.
Katie Barlow, media editor at SCOTUSblog, joins Cheddar Politics to reflect on what happened at the Supreme Court in 2021 and what may be in store for 2022.
Gerren Keith Gaynor, managing editor of politics and Washington correspondent at The Grio, joins Cheddar Politics to discuss the progress President Biden made on his policy agenda in 2021, and what remains to be done in 2022.
Ayman Mohyeldin, host of MSNBC Original Podcast 'American Radical,' joins Cheddar News to discuss how the podcast chronicles a woman's path to the insurrection.
Following the attack on the Capitol last year, several major corporations promised to no longer pour funds into the campaigns of Republican lawmakers who supported the January 6 insurrection. But not all have stood firm on their word. Among those that did keep to their promise were Nike, American Express, and Walgreens.
Rep. Annie Kuster (D-N.H. 2nd District) joined Cheddar's "Between Bells" to reflect on the January 6 insurrection and her personal experience in the Capitol when rioters attempted to overtake the House chamber. "What I now understand to be true is that the mob of rioters had reached the third floor and was literally in the hallway running toward us as we ducked into the elevator," she told Cheddar. Kuster recalled the fear she felt, wondering what might have happened if the insurrectionists crossed paths with her group. Kuster noted that she has since received therapy to help cope with the traumatic event. "A thousand acts of courage saved our life and saved our democracy," she said.
Andy Kroll, Washington bureau chief at Rolling Stone, joined Cheddar's Baker Machado to discuss the anniversary of the January 6 insurrection and how it could impact upcoming elections. Kroll talked about whether or not Trump's influence will aid Republicans in the midterms and how it could be a setup for the former president to run in the 2024 presidential election. "This day has become really almost a kind of cause for Republican base voters," he said. "And you're going to see that fueling some turnout, you're going to see that fueling, even, candidates running for office in these midterm elections."
According to a recent analysis from ProPublica and the Wall Street Journal an analysis of Facebook posts, internal company documents, and interviews reveal key evidence about the social media giant's role in January 6 insurrection. National Reporter at ProPublica Craig Silverman, joined Cheddar to discuss more.
AT&T and Verizon have agreed to delay activating their 5G services for two weeks after Airlines for America, a lobbying group that represents American, Delta, and other airlines, filed a petition last week with the FCC to stop the deployment of 5G in the U.S. over concerns that the network can interfere with certain systems on airplanes. President Biden spoke out about it, saying it would avoid further delays and cancellations of flights. Light Reading 5G and Mobile Strategies Director Mike Dano joined Cheddar News' Closing Bell to discuss.
On a day where the Dow and Russell 2000 each closed more than 3% lower, Melissa Armo, founder and owner of The Stock Swoosh, says Wednesday's big sell-off could extend into after-hours trading. She joined Cheddar News' Closing Bell for more.
The new year has just gotten underway, but the clock is already ticking for the Democratic-led Congress to pass bills regulating big tech. Evan Greer, Director for Fight For the Future, joins Cheddar News to explain why Democratic lawmakers would want to push legislation now, and what a Republican takeover would mean for the industry.
