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.
