Treasury Department

AP Photo/Carolyn Kaster)

WASHINGTON — 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.

AP Photo/Carolyn Kaster)

WASHINGTON — The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits.

AP Photo/Bradley C. Bower, File

WASHINGTON — Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people.

Al Drago/Pool via AP

WASHINGTON — Government watchdogs are warning that a legal determination by the Trump administration could severely limit their ability to oversee more than $1 trillion in spending related to the coronavirus pandemic.

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Updated 5/4/20, 12:40 p.m.

WASHINGTON — The economic paralysis triggered by the coronavirus pandemic is forcing the U.S. Treasury to borrow far more than it ever has before — $2.99 trillion in the current quarter alone.

Martin Falbisoner / CC BY-SA 3.0 / Wikimedia Commons

WASHINGTON — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record.