US heading for trillion-dollar record deficit

The US is on track to post an all-time high annual shortfall of $1tn (€764bn) or more after it was revealed that the government ran a record budget deficit in November.

In just the first two months of the budget year that started on October 1, the deficit totalled $401.6bn billion dollars (€305bn), nearly matching the record gap of $455bn (€345bn) posted for all of last year, according to Treasury Department data.