The U.S. budget deficit has already surpassed last year's total figure, growing to $866.8 billion in just the first 10 months of the fiscal year, according to Treasury Department data reported by Bloomberg.

By the numbers: The deficit is up 27% from the same period last fiscal year, which begins in October. Spending has continued to outpace revenue, with a 3% rise of revenue overshadowed by an 8% jump in spending. President Trump's tariffs have nearly doubled revenue from customs duties to $57 billion, but the modest increase has been dwarfed by increased spending on defense and health care, per CNBC.

The big picture: As Bloomberg Sarah McGregor writes, "Republican tax cuts, increased federal spending and an aging population have contributed to the fiscal strains, though the GOP says tax reform enacted last year will spur economic growth and lift government revenue."

  • The two-year budget deal struck by Trump and Democrats will authorize further increases in defense and domestic spending, much to the frustration of deficit hawks in Congress.
  • The Congressional Budget Office has projected the deficit to surpass $1 trillion by 2022.

Go deeper ... Chart: How the U.S. budget deficit has fluctuated since the 1980s

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Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 p.m. ET: 33,495,373 — Total deaths: 1,004,314 — Total recoveries: 23,259,632Map.
  2. U.S.: Total confirmed cases as of 8 p.m ET: 7,186,527 — Total deaths: 205,895 — Total recoveries: 2,809,674 — Total tests: 103,155,189Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.
  7. Work: United States of burnout — Asian American unemployment spikes amid pandemic

Misinformation thrives on social media ahead of presidential debate

Joe Biden speaking in Wilmington, Delaware, on Sept. 27. Photo: Roberto Schmidt/AFP via Getty Images

A baseless conspiracy theory that Joe Biden would wear an electronic device in his ear during the first presidential debate on Tuesday went viral on social media hours before the event.

Why it matters: The conspiracy originated on social media before appearing in a text message sent by President Trump’s re-election campaign to supporters. It was then regurgitated by media outlets like Fox News and New York Post, who cited the Trump campaign, throughout the day, according to NBC News.

Amy Coney Barrett says Trump offered her nomination 3 days after Ginsburg's death

Barrett speaks after being nominated to the US Supreme Court by President Trump in the Rose Garden of the White House. Photo:; Olivier Douliery/AFP

Amy Coney Barrett said in a questionnaire released by the Senate Judiciary Committee Tuesday that President Trump offered her the Supreme Court nomination on Sept. 21, five days before he announced the pick to the public.

Why it matters: According to the questionnaire, Trump offered Barrett the nomination just three days after Ruth Bader Ginsburg died, suggesting that the president knew early on that Barrett was his pick. Minutes after offering Barrett the nomination, however, Trump told reporters that he had not made up his mind and that five women were on the shortlist.