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 federal grand jury in Montana has indicted two men accused of killing about 3,600 birds, including bald eagles and golden eagles, and selling them on the black market.
Republican presidential candidate Vivek Ramaswamy tried to sway Iowa voters during Wednesday night's CNN Republican presidential town hall in Des Moines.
A judge says Donald Trump’s 2020 election interference case in Washington will be put on hold while the former president further pursues his claims that he is immune from prosecution.
The Supreme Court on Wednesday said it will hear an appeal that could upend hundreds of charges stemming from the Capitol riot, including against former President Donald Trump.
The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and its officials signaled that they expect to make three quarter-point cuts to their benchmark rate next year.
