The deficit at the federal agency responsible for rescuing failed US corporate pension schemes has more than doubled to over $23bn (€17.8m) this year, as it struggles to cope with corporate bankruptcies, particularly in the airline sector.

The Pension Benefit Guaranty Corporation said in a statement that as of September 30, it had just $39bn in assets on hand to cover $62.3bn in pension liabilities, leaving it with a deficit of $23.3bn.