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.
Former President Donald Trump's two sons, Eric and Donald Jr., are set to take the stand in the ongoing civil fraud trial against Trump and his companies. Trump Jr. is expected to testify Wednesday.
The Supreme Court will hear arguments about whether a California man is able to trademark the phrase 'Trump too small.' The phrase appears to mock former President Donald Trump and suggests the GOP front-runner is 'too small' for office.
Former president Donald Trump's two sons, Eric and Don Jr., are set to take the stand in the ongoing civil fraud trial against Trump and his companies.
More than 50 local officials signed onto a letter Tuesday calling on the Environmental Protection Agency to help municipal governments cut food waste in their communities.
After more than three weeks of siege, the first Palestinians — dozens of dual passport holders and seriously injured — were allowed to leave Gaza, where Israeli airstrikes pounded a refugee camp for the second day Wednesday.
The nation's top military and diplomatic leaders urged an increasingly divided Congress on Tuesday to send immediate aid to Israel and Ukraine, arguing at a Senate hearing that broad support for the assistance would signal U.S. strength to adversaries worldwide.
