Awash in Red Ink: U.S. Posts Record $3.1T 2020 Budget Deficit

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 ended on Sept. 30 was three times the size of last year’s deficit of $984 billion. It was also $2 trillion higher than the administration had estimated in February, before the pandemic hit.

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Commentary: Trump, Reagan, and Big Government

Ronald Reagan, Donald Trump

by Jeffery Rendall   As I strolled through the excellent and memory-provoking exhibits at the Ronald Reagan Presidential Library (in Simi Valley, CA) the other day I was struck by how similar President Donald Trump’s approach to today’s politics is to the way Ronald Reagan handled the subject a half…

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