Government budget deficits

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)
January 19, 2021 - 10:44 am
WASHINGTON (AP) — Janet Yellen, President-elect Joe Biden's choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion pandemic relief plan, rejecting Republican arguments that the measure is too big given the size of U.S...
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FILE - This Aug. 24, 2020 file photo shows Treasury Secretary Stephen Mnuchin at the White House in Washington. The U.S. government’s deficit in the first three months of the budget year was a record-breaking $572.9 billion. The Treasury Department reported Wednesday, Jan. 13, 2021 that with three months gone in the budget year, the deficit was $216.3 billion higher than the same October-December period a year ago. (AP Photo/J. Scott Applewhite, File)
January 13, 2021 - 1:05 pm
WASHINGTON (AP) — The U.S. government's deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal with the COVID-19 pandemic surged while revenue declined. The Treasury Department reported Wednesday...
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FILE - In this Nov. 5, 2020, file photo President Donald Trump speaks at the White House in Washington. (AP Photo/Evan Vucci, File)
December 23, 2020 - 6:10 pm
WASHINGTON (AP) — Words matter. But numbers tell stories, too. Presidential historians and others will plumb them as they assess President Donald Trump’s legacy, Trump's presidency is reflected in a broad range of numbers representing everything from the U.S. death toll during the coronavirus...
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FILE - This March 5, 2013, file photo, shows Trinidad Drilling rigs near Highway 59 outside of Douglas, Wyo. Congressional Republicans say they are against providing additional coronavirus aid to state and local governments because they claim it would “bail out” states run by Democrats. But the pandemic-induced tax drop-off is hitting Democratic and Republican states alike. Among states hit hard are those led by Republicans, including energy-dependent Alaska, North Dakota and Wyoming, and tourism-heavy Florida. (Leah Millis/The Casper Star-Tribune via AP, File)
December 13, 2020 - 12:08 pm
No “blue state bailout" is a rallying cry for many congressional Republicans as attempts to provide more federal aid to a nation stricken by an ever-worsening coronavirus pandemic remain stuck in neutral. Yet it's not just Democratic states asking for help amid plunging tax revenue, rising...
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Treasury Secretary Steven Mnuchin testifies before a Congressional Oversight Commission hearing on Capitol Hill in Washington, Thursday Dec. 10, 2020. (Sarah Silbiger/The Washington Post via AP, Pool)
December 10, 2020 - 2:57 pm
WASHINGTON (AP) — The U.S. government's deficit in the first two months of the budget year ran 25.1% higher than the same period a year ago as spending to deal with the COVID pandemic soared while tax revenues fell. The Treasury Department reported Thursday that with two months gone in the budget...
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FILE - This Aug. 24, 2020 file photo shows Treasury Secretary Stephen Mnuchin at the White House in Washington. The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday, Nov. 12 that the federal government ran up a record October deficit of $284.1 billion, nearly double the red ink of a year ago. (AP Photo/J. Scott Applewhite, File)
November 12, 2020 - 3:03 pm
WASHINGTON (AP) — The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday that the federal government ran up a record October deficit of $284.1 billion, double the red ink of the same month a year ago, as revenues...
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FILE - In this Sept. 1, 2020 file photo, Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing on Capitol Hill in Washington. The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. The Trump administration reported Friday, Oct. 16, that the deficit for the budget year that ended on Sept. 30 was three times the size of last year's deficit of $984 billion. (Graeme Jennings/Pool via AP, File)
October 16, 2020 - 11:44 am
WASHINGTON (AP) — The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. The Trump administration reported Friday that the deficit for the budget year that...
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A family takes group portrait, Thursday, Oct. 8, 2020, outside of the White House in Washington. (AP Photo/Jacquelyn Martin)
October 08, 2020 - 1:27 pm
WASHINGTON (AP) — New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled by coronavirus relief spending that pushed the tally of red ink to three times that of last year. The Congressional Budget Office...
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Australia's Treasurer Josh Frydenberg is photographed outside The Treasury in Canberra, Monday, Oct. 5, 2020. The Australian government will reveal a big spending financial blueprint for the next few years that will drive business investment and job creation while repairing pandemic damage to the economy. (Mick Tsikas/AAP Image via AP)
October 06, 2020 - 2:22 am
CANBERRA, Australia (AP) — The Australian government on Tuesday announced plans to cut income taxes, create jobs for young people and stimulate business investment with a raft of pandemic measures that would create a record 214 billion Australian dollar ($153 billion) deficit in the current fiscal...
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FILE - In this April 29, 2020 file photo, a man wearing a mask to protect against coronavirus, waits to cross the street as a digital sign displays groups of people walking above another sign displaying the size of the national debt along an empty K Street in Washington. 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, Sept. 11. (AP Photo/Andrew Harnik, File)
September 11, 2020 - 7:38 pm
WASHINGTON (AP) — 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...
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