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 new piece of legislation could legalize gay marriage in Navajo Nation.
The allegation of India’s involvement in the killing of a Sikh Canadian is based on surveillance of Indian diplomats in Canada, including intelligence provided by a major ally, a Canadian official familiar with the matter told The Associated Press on Thursday.
With House Speaker Kevin McCarthy's latest funding plan in ruins and lawmakers leaving town for the weekend, there's no endgame in sight as hard-right Republicans push dangerously closer to a disruptive federal shutdown.
A judge rejected Hunter Biden's request to attend his next court hearing virtually.
Free Covid tests are making a return thanks to the federal government.
The Biden administration said it's allowing about 100,000 Venezuelan migrants already in the U.S. to work and live legally in the country.
The U.S. sent two prototype drone ships to Japan to start testing surveillance and possible attacks against China.
A judge rejected Hunter Biden's request to appear virtually at his next court hearing.
House Republicans clashed with Attorney General Merrick Garland on Wednesday, accusing him and the Justice Department of the “weaponization” of the department's work in favor of President Joe Biden 's son Hunter.
The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year.
