Latest Government budget deficits News

Ohio State athletics director Gene Smith answers questions during a news conference, Tuesday, Dec. 4, 2018, in Columbus, Ohio. Ohio State's athletic department will cut 25 jobs, furlough hundreds of other employees and ask coaches and others to take 5% pay cuts to help grapple with a projected $107 million budget deficit due to the COVID-19 pandemic, athletic director Gene Smith said Wednesday, Sept. 23, 2020. (AP Photo/Jay LaPrete)

Budget shortfall forces deep cuts in Ohio St sports program

Sep. 23, 2020 2:51 PM EDT

COLUMBUS, Ohio (AP) — Ohio State's athletic department will cut 25 jobs, furlough hundreds of other employees and ask coaches and others to take 5% pay cuts to help grapple with a projected $107 million budget deficit due to the COVID-19 pandemic, athletic director Gene Smith said Wednesday. Some of that...

Kansas Relays to be postponed from 2021 date due to COVID-19

Sep. 16, 2020 7:49 PM EDT

LAWRENCE, Kan. (AP) — The Kansas Relays, one of the longest-running track and field events in the country, will be postponed in the spring as the University of Kansas tries to deal with a massive budget shortfall caused by the coronavirus pandemic. The school said in announcing its decision Wednesday that...

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)

US budget deficit hits record $3 trillion through 11 months

Sep. 11, 2020 10:39 PM EDT

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 has cost...

FILE - In this April 29, 2020 file photo, a sign displaying the size of the national debt is displayed along an empty K Street in Washington.  The Congressional Budget Office has warned that the government this year will run the largest budget deficit, as a share of the economy, since 1945, the year World War II ended. Next year, the federal debt — made up of the year-after-year gush of annual deficits — is forecast to exceed the size of the entire American economy for the first time since 1946.  (AP Photo/Andrew Harnik, File)

AP Explains: US debt will soon exceed size of entire economy

Sep. 5, 2020 11:06 AM EDT

WASHINGTON (AP) — The U.S. government's war against the coronavirus is imposing the heaviest strain on the Treasury since America's drive to defeat Nazi Germany and imperial Japan three-quarters of a century ago. The Congressional Budget Office has warned that the government this year will run the largest...

FILE - In this Aug. 3, 2020, file photo dark clouds and heavy rain sweep over the U.S. Capitol in Washington. The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday, Sept. 2. (AP Photo/J. Scott Applewhite, File)

Budget deficit to hit record $3.3T due to virus, recession

Sep. 3, 2020 12:13 AM EDT

WASHINGTON (AP) — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expenditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said. The spike in the deficit means that...

Treasury Secretary Steven Mnuchin is sworn in before the House Select Subcommittee on the Coronavirus Crisis during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington (Nicholas Kamm/Pool via AP)

Budget deficit to hit record $3.3T due to virus, recession

Sep. 2, 2020 3:14 PM EDT

WASHINGTON (AP) — The federal budget deficit is projected to hit a record $3.3 trillion as huge government expeditures to fight the coronavirus and to prop up the economy have added more than $2 trillion to the federal ledger, the Congressional Budget Office said Wednesday. That’s more than triple...

Federal budget deficit to hit record $3.3 trillion due to COVID-19 costs, recession

Sep. 2, 2020 2:12 PM EDT
WASHINGTON (AP) — Federal budget deficit to hit record $3.3 trillion due to COVID-19 costs, recession.
Vice President Mike Pence salutes as he speaks on the third day of the Republican National Convention at Fort McHenry National Monument and Historic Shrine in Baltimore, Wednesday, Aug. 26, 2020. (AP Photo/Andrew Harnik)

AP FACT CHECK: Pence presses a distorted case on economy

Aug. 27, 2020 12:09 AM EDT

WASHINGTON (AP) — Vice President Mike Pence and fellow Republicans pressed a distorted case Wednesday that President Donald Trump took over a moribund economy from Barack Obama and supercharged it. That's not what happened. Speakers at the Republican National Convention also hailed Trump for protecting the...

President Donald Trump joins first lady Melania Trump on stage after her speech to the 2020 Republican National Convention from the Rose Garden of the White House, Tuesday, Aug. 25, 2020, in Washington. (AP Photo/Evan Vucci)

AP FACT CHECK: GOP taps distortions to heap praise on Trump

Aug. 26, 2020 12:11 AM EDT

WASHINGTON (AP) — Eric Trump echoed falsehoods of his father, Melania Trump credited her husband with a dubious religious first, and the president's economic adviser wholly distorted the conditions Donald Trump inherited as Republicans stepped up to praise him at their national convention Tuesday. Crucial...

President Donald Trump speaks at a news conference in the James Brady Press Briefing Room at the White House, Thursday, Aug. 13, 2020, in Washington. (AP Photo/Andrew Harnik)

Trump's suggestion to eliminate payroll tax doesn't add up

Aug. 13, 2020 8:42 PM EDT

WASHINGTON (AP) — President Donald Trump’s push to cut Social Security payroll taxes for the rest of the year — and even arguing for a permanent cut — would do little to bolster the coronavirus-battered economy in the short term and could destabilize long-term funding for benefits that...