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.



A family takes group portrait, Thursday, Oct. 8, 2020, outside of the White House in Washington. (AP Photo/Jacquelyn Martin)


© Provided by Associated Press
A family takes group portrait, Thursday, Oct. 8, 2020, outside of the White House in Washington. (AP Photo/Jacquelyn Martin)

The Congressional Budget Office released the unofficial 2020 figures Thursday, saying the deficit equaled 15% of the U.S. economy, a huge gap that was the largest since the government undertook massive borrowing to finance the final year of World War II.

The government spent $6.6 trillion last year and borrowed 48 cents of every dollar it spent, CBO said. The numbers amount to a 47% increase in spending, led by $578 billion for the Paycheck Protection Program for smaller businesses, and a $443 billion

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The federal deficit for 2020 is believed to have hit a record-smashing $3.1 trillion in 2020, well over double the highest deficit on record, according to an estimate by the Congressional Budget Office released Thursday.

The official figures from the Treasury Department are expected later this month.

Even before the pandemic, the deficit was on track to exceed $1 trillion for the only time since the four-year period following the Great Recession. The fiscal response to that economic downturn led to the previous record deficit of $1.4 trillion in 2009, but that number steadily declined until the mid-2010s.

Since President TrumpDonald John TrumpFive takeaways from the vice presidential debate Harris accuses Trump of promoting voter suppression Pence targets Biden over ISIS hostages, brings family of executed aid worker to debate MORE took office, the deficit has grown dramatically on the back of unfunded tax cuts and increased spending on

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The monthly deficit in U.S. goods trade with all other countries set a record high in August at more than $83 billion.

Trump has blamed the trade deficit on bad trade deals negotiated by his predecessors and unfair trade practices by other countries, but most economists disagree with that explanation.

“We have almost an $800 billion a year trade deficit with other nations,” Trump said in November 2017, after returning from his first trip to Asia as president. “Unacceptable. We are going to start whittling that down and as fast as possible.”

In those 2017 comments, Trump seemed to be referring to just the goods trade deficit while ignoring the surplus the U.S. enjoys in services trade. The combined goods and services deficit in 2017 was $514 billion, reflecting a nearly $800 billion goods deficit as well as a $286 billion services surplus. This year, the goods trade deficit is

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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 year.

Treasurer Josh Frydenberg announced his annual budget plans for the year that started on July 1, with economic forecasts based on an assumption that a COVID-19 vaccine will be available next year.

But the Treasury Department has warned that economic realities could be “substantially different” from its forecasts without a vaccine.

Net debt will increase to 703 billion Australian dollars ($503 billion), or 36% of gross domestic product, at the end of the current fiscal year and peak at 44% of GDP in mid-2024 when debt will exceed 966 billion Australian dollars ($691 billion).

“This is a heavy burden, but a necessary one

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STORRS, Conn. (AP) — Budget cuts, furloughs and more state aid will be needed to address coronavirus-related losses in revenue at the University of Connecticut, the school’s chief financial officer said Wednesday.

The school estimates it will end the fiscal year next June with a deficit of $76 million, finance chief Scott Jordan told the board of trustees. That could jump to about $109 million should the school be forced to close early by a resurgence of the virus, he said.

The school will ask the state Legislature for an additional $28 million to help close the budget gap, Jordan said. The university hopes to make up the rest through mitigation efforts including a hiring freeze, program cuts and forcing nonunion managers to take furlough days.


“Every department at the university has had to scale back their efforts and find savings, either through delays in hiring or elimination of positions,

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scaffolding in front of a bridge: A worker stands on scaffolding at a construction site for a new residential complex in Sydney


© Reuters/DAVID GRAY
A worker stands on scaffolding at a construction site for a new residential complex in Sydney

By Swati Pandey

SYDNEY (Reuters) – Australia’s conservative government will need to embark on a more aggressive spending plan to power the country’s virus-stricken economy and boost employment when it unveils its budget next week, Deloitte Access Economics said on Monday.

Deloitte forecast a budget deficit of A$198.5 billion for the current financial year-ending June 2021, A$14 billion higher than the Treasury forecast in July, assuming no new fiscal policies are announced on Oct.6.

That would be the highest since records began post-World War Two. Other economists, including AMP, expect 2020/21 budget deficit to surpass A$200 billion, from an estimated A$85.3 billion last year.

“Australia’s defence against the virus has been world class so far. But challenges are mounting,” Deloitte Access Economics wrote in a note.

Families and businesses are set

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a large passenger jet sitting on top of a runway: Photograph: Darren England/AAP


© Provided by The Guardian
Photograph: Darren England/AAP

Australia’s federal budget deficit is tipped to reach an extraordinary $200bn, but the Morrison government should be prepared to go even deeper into the red to support the economic recovery, a new report from Deloitte Access Economics has said.

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As the government made a series of pre-budget announcements – including hundreds of millions of dollars to extend funding for domestic airlines – Deloitte also predicted unemployment would remain high for years.

Joblessness is tipped to rise from 7.9% this financial year to 8% the following year before easing to 6.8% in 2022-23, showing the scale of the challenge facing the Coalition as it crafts policies for next week’s budget.

The government has acknowledged austerity policies could hamper the economic recovery and, in a shift in its fiscal strategy, said it would delay any attempt to achieve surpluses until after unemployment

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The Eastern Conference finals aren’t over yet, but the end may be close.

Technically, the Boston Celtics can still rally back from a 3-1 deficit to the Miami Heat, and unlike many 3-1 deficits, the road to a winner-take-all Game 7 actually exists. Jayson Tatum is probably the best player in the series. Kemba Walker and Jaylen Brown aren’t far behind. Gordon Hayward was built in a lab to help beat a zone, which is Miami’s only viable defense given their man-to-man struggles against the Celtics.

The Celtics need be solid. Move and drive the ball, don’t turn it over, value possessions and crank out one win at a time without looking too far into the future to realize how difficult the task ahead of them may be.

The task, however, feels exceedingly tall, especially in light of Game 4 — the latest in a series of disappointing outings by

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The Eastern Conference finals aren’t over yet, but the end may be close.

Technically, the Boston Celtics can still rally back from a 3-1 deficit to the Miami Heat, and unlike many 3-1 deficits, the road to a winner-take-all Game 7 actually exists. Jayson Tatum is probably the best player in the series. Kemba Walker and Jaylen Brown aren’t far behind. Gordon Hayward was built in a lab to help beat a zone, which is Miami’s only viable defense given their man-to-man struggles against the Celtics.

The Celtics need be solid. Move and drive the ball, don’t turn it over, value possessions and crank out one win at a time without looking too far into the future to realize how difficult the task ahead of them may be.

The task, however, feels exceedingly tall, especially in light of Game 4 — the latest in a series of disappointing outings by

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Unisys Corp.’s

finance chief is weighing a bond sale in the coming months to reduce the company’s substantial pension deficit.

The technology-services company’s unfunded pension obligations stood at 236%—or $1.75 billion—of its market capitalization of $740 million at the end of 2019. That’s the highest ratio among the 100 largest defined-benefit pension plans owned by U.S. companies, according to actuarial consulting firm Milliman Inc.

Under defined-benefit plans, companies promise to pay out fixed sums to retirees, sometimes over decades. Low interest rates have made it difficult for some companies in recent years to achieve the investment returns needed to match their obligations to retirees.

Unisys’s investors are increasingly pushing the company to resolve its pensions deficit, Chief Financial Officer Mike Thomson said. “We’ve been getting more external pressure,” Mr. Thomson said. “We probably spend 70% of our dialogue with analysts and investors answering questions about the pension and 30% talking

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