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 was fined $5,000 on Friday after a disparaging social media post about a key court staffer in his New York civil fraud case was allowed to linger on his campaign website after the judge ordered it deleted.
Lawyer Kenneth Chesebro pleaded guilty to a felony on Friday just as jury selection was getting underway in his trial on charges accusing him of participating in efforts to overturn Donald Trump’s loss in the 2020 election in Georgia.
Republicans dropped Rep. Jim Jordan on Friday as their nominee for House speaker, making the decision during a closed-door session after the hard-edged ally of Donald Trump failed badly on a third ballot for the gavel.
Canada has removed 41 of its diplomats from India as tensions rise between the two nations.
Mitt Romney said he believes right-wing media is the reason for the radicalization of the GOP party.
An Army private who fled to North Korea before being returned home to the United States last month has been detained by the U.S. military, two officials said Thursday night, and is facing charges including desertion and possessing sexual images of a child.
Israel bombarded Gaza early Friday, hitting areas in the south where Palestinians had been told to seek safety, and it began evacuating a sizable Israeli town in the north near the Lebanese border, the latest sign of a potential ground invasion of Gaza that could trigger regional turmoil.
The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, and discouraged people there from getting home loans.
Israel pounded the Gaza Strip with airstrikes on Thursday, including in the south where Palestinians were told to take refuge, and the country's defense minister told ground troops to “be ready” to invade, though he didn’t say when.
Addressing the nation from the Oval Office, President Joe Biden has made his case for major U.S. backing of Ukraine and Israel in a time of war.
