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 is officially backing Rep. Jim Jordan of Ohio, the pugnacious House Judiciary Committee chairman and longtime Trump defender, to succeed Kevin McCarthy as House speaker.
Some U.S. lawmakers are calling on social media platforms X, Facebook and Instagram to explain why they aren't imposing new labels on deceptive AI-generated political advertisements that could fake a candidate's voice or actions.
U.K. Prime Minister Rishi Sunak on Wednesday proposed raising the legal age that people in England can buy cigarettes by one year, every year until it is eventually illegal for the whole population and smoking will hopefully be phased out among young people.
A man illegally brought a loaded handgun into the Wisconsin Capitol, demanding to see Gov. Tony Evers, and returned at night with an assault rifle after posting bail, police said Thursday.
Michael Whitaker, who was nominated by President Biden to lead the FAA, was grilled by a Senate committee on how he would handle current situations with the agency.
