WASHINGTON (AP) – The Treasury Department says that the U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year. 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 was more than double the previous 11-month record of $1.37 trillion 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.
By MARTIN CRUTSINGER
AP Economics Writer