President Trump speaks during a "Keep America Great" rally in Dallas, Tex. on Oct. 17. Photo: Nicholas Kamm/AFP via Getty Images

The U.S. Treasury is reporting a 26% increase from the 2018 budget deficit to $984 billion for the fiscal year 2019, the highest it's been in 7 years, the AP reports.

Why it matters: Revenue dropped thanks to the 2017 tax cut and the federal budget that tacked on billions of dollars in spending for the military and other programs, serving as a contrast from President Trump's campaign promises to cut wasteful spending.

What to watch: Forecasts from both the White House and the Congressional Budget Office indicate the deficit will exceed $1 trillion in the current budget year, the AP notes.

  • CBO estimates the deficit will remain above $1 trillion during the next 10 years.

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Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Coronavirus surge is sinking consumer confidence

Data: Hamilton Place Strategies, CivicScience; Chart: Axios Visuals

The rise in coronavirus cases in certain parts of the U.S. is stunting confidence across the country, a crop of new reports show.

Driving the news: After stalling during the previous two-week period, overall economic sentiment declined for the first time in two months, according to the Economic Sentiment Index, a biweekly survey from data firm CivicScience and Hamilton Place Strategies (HPS).

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage."
  2. Health: Mask mandates help control the rise in coronavirus hospitalizations. Hospitals face a crush.
  3. Business: Coronavirus testing is a windfall. Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Putin mandates face masks.

The GOP's monstrous math problem

Illustration: Sarah Grillo/Axios

Republicans, win or lose next week, face a big — and growing — math problem.

The state of play: They're relying almost exclusively on a shrinking demographic (white men), living in shrinking areas (small, rural towns), creating a reliance on people with shrinking incomes (white workers without college degrees) to survive.