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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.

Go deeper

26 mins ago - Health

Johnson & Johnson says booster shot increases efficacy of COVID vaccine

Syringes and a vial of the Johnson and Johnson COVID-19 vaccine in French Polynesia on Sept. 8. Photo: Jerome Brouillet/AFP via Getty Images

Johnson & Johnson said in a press release Tuesday a global study showed that the protection offered by its coronavirus vaccine was strengthened by a booster shot.

Why it matters: While J&J has not formally applied for authorization to offer booster shots to the general public, it said it has shared the results of the study with the Food and Drug Administration and plans to share it with the World Health Organization and other health regulators.

1 hour ago - World

U.K. prosecutors charge third person in poisoning of former Russian spy

Emergency services members in biohazard encapsulated suits encasing the poisoning scene in a tent in Salisbury, England, in March 2018. Ben Stansall/AFP via Getty Images

U.K. prosecutors said they had enough evidence to charge Denis Sergeev, a member of the Russian military intelligence service, in the 2018 Salisbury nerve agent attack against a former Russian spy, according to AP.

Why it matters: Sergeev is the third person to face charges for the nerve agent attack against Sergei Skripal and his daughter, Yulia, both of whom survived.

2 hours ago - Technology

Scoop: More boycotts coming for Facebook

Illustration: Sarah Grillo/Axios

Leaders of the Stop Hate For Profit social media boycott group are discussing whether to organize another campaign against Facebook in light of an explosive investigative series from the Wall Street Journal, Common Sense CEO Jim Steyer tells Axios.

The intrigue: Sources tell Axios that another group, separate from the Stop Hate For Profit organization, is expected to launch its own ad boycott campaign this week.