Oct 25, 2019

U.S. annual budget deficit widens to $984 billion, hitting 7-year high

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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Updated 12 mins ago - Politics & Policy

George Floyd protests: What you need to know

Police block protesters at a rally on May 30 outside the state house on the fourth straight day of demonstrations against the death of George Floyd. Photo: Megan Jelinger/Anadolu Agency via Getty Images

Protests over the death of George Floyd and other police-related killings of black men spread across the U.S. Saturday, amid tense standoffs with police in several cities.

The big picture: Floyd's fatal run-in with police is the latest reminder of the disparities between black and white communities in the U.S. and comes as African Americans grapple with higher death rates from the coronavirus and higher unemployment from trying to stem its spread.

U.S. cities crack down on protests against police brutality

Photo: Megan Jelinger/Anadolu Agency via Getty Images

Major U.S. cities have implemented curfews and called on National Guard to mobilize as thousands of demonstrators gather across the nation to continue protesting the death of George Floyd.

The state of play: Hundreds have already been arrested as tensions continue to rise between protesters and local governments. Protesters are setting police cars on fire as freeways remain blocked and windows are shattered, per the Washington Post. Law enforcement officials are using tear gas and rubber bullets to try to disperse crowds and send protesters home.

Trump to invite Russia and other non-member G7 countries to summit

President Trump at Cape Canaveral, Florida, on Saturday. Photo: Saul Martinez/Getty Images

President Trump told reporters on Saturday evening he would postpone the G7 summit to September and expand the meeting to more nations that are not members of the Group of 7.

Details: Trump said he would invite Russia, South Korea, Australia and India to the summit, according to a pool report. "I don’t feel that as a G7 it properly represents what’s going on in the world. It’s a very outdated group of countries," he said.