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US budget deficit hits record $3 trillion through 11 months

Budget Deficit
Posted at 6:38 AM, Sep 13, 2020
and last updated 2020-09-13 06:38:21-04

WASHINGTON -- 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.