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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

Go deeper

In photos: Twin Cities on edge after Daunte Wright shooting

Police officers form a line as they face off with demonstrators protesting the death of Daunte Wright outside the Brooklyn Center police station on April 12 in Brooklyn Center, Minnesota. Photo by Scott Olson/Getty Images

There were tense scenes in the Twin Cities suburb of Brooklyn Center Monday night, after demonstrators defied a 7 p.m. curfew to protest for a second night the fatal police shooting of Daunte Wright.

The big picture: The curfew was announced following a night of protests and unrest over the killing of Wright, 20, during a traffic stop Sunday. Following peaceful protests and a daytime vigil, police again deployed tear gas during clashes with protesters Monday night, according to reporters on the scene.

Japan to release Fukushima water into sea

People near storage tanks for radioactive water at the Fukushima Dai-ichi nuclear power plant in Okuma, Fukushima Prefecture, Japan, in 2020. Photo: Tomohiro Ohsumi/Getty Images

Japan's government on Tuesday announced plans to release more than 1 million metric tons of contaminated water from the destroyed Fukushima nuclear plant into the Pacific Ocean following a treatment process.

Why it matters: While the Biden administration has said Japan appears to have met globally accepted nuclear safety standards, officials in South Korea, China and Taiwan, local residents, those in the fishing industry and green groups oppose the plans, due to begin in about two years, per the Guardian.

In photos: Life along the U.S.-Mexico border

Children at the border of the Puerto de Anapra colonia of Ciudad Juárez, Mexico, hang on a border fence and look to Sunland Park, N.M. Photo: Russell Contreras/Axios

Axios traveled to McAllen and El Paso, Texas, and Ciudad Juárez, Mexico, to see how the communities are responding to an increase of migrants from Central America.

Of note: The region in South and West Texas are among the poorest in the nation and rarely are the regions covered in depth beyond the soundbites and press conference. Axios reporters Stef Kight and Russell Contreras walked the streets of McAllen, El Paso, Texas, and Ciudad Juárez to record images that struck them.