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.
The Supreme Court on Thursday allowed construction to resume on a contested natural-gas pipeline that is being built through Virginia and West Virginia.
Lawyers for Donald Trump met Thursday with members of special counsel Jack Smith's team ahead of a potential indictment over the former president's efforts to overturn the results of the 2020 election, according to a person familiar with the matter.
The U.S. is concealing a longstanding program that retrieves and reverse engineers unidentified flying objects, a former Air Force intelligence officer testified Wednesday to Congress. The Pentagon has denied his claims.
President Joe Biden’s son Hunter's plea deal on two tax charges fell apart on Wednesday, at least temporarily, after the federal judge hearing his case expressed concern over a related agreement on a more serious gun possession charge.
