Photo: Bloomberg Creative Photos/Getty Images

The U.S. budget deficit hit $356.6 billion in the first quarter of fiscal year 2020, up 11.8% compared to the same period the previous year, Bloomberg reports.

Why it matters: The deficit, which President Trump pledged in 2016 to eliminate within eight years, is on pace to exceed $1 trillion by the end of 2020. The U.S. has not seen $1 trillion annual deficits since the three years that followed the 2008 financial crisis, per the New York Times.

Details: The federal government spent the most on national defense, Medicare and social security, all of which rose from the prior fiscal year. Spending for Medicare and social security is expected to continue rising as the aging population grows.

  • Increases in those categories obscured higher receipts from corporate income taxes, which grew 23% to $65 billion, and individual taxes, which were up 3% at $385 billion.
  • Tariffs implemented by President Trump on China and other countries also brought in $21 billion from U.S. importers, up almost 20% from the same period last year, per Bloomberg.

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

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Trump campaign goes all in on Pennsylvania

Trump poster in Scranton, Pennsylvania. Photo: Robert Nickelsberg/Getty Images

The president's campaign is placing more importance on Pennsylvania amid growing concern that his chances of clinching Wisconsin are slipping, Trump campaign sources tell Axios.

Driving the news: Pennsylvania, which has 20 electoral votes, twice Wisconsin's number, actually has been trending higher in recent public and internal polling, a welcome development for the campaign.

Inside Biden's Supreme Court strategy

Joe Biden enters the hall at the National Constitution Center. Photo: Roberto Schmidt/AFP via Getty Images

Joe Biden’s closing argument will shift to a dominant emphasis on health care, turning the looming Supreme Court fight into a referendum on coverage and pre-existing conditions, officials tell Axios.

Why it matters: Biden aides believed they were winning when the race was about the coronavirus pandemic. Now they plan to use the Supreme Court opening as a raucous new field for a health care fight, returning to a theme that gave Democrats big midterm wins in 2018.

RBG death shifts social media conversation

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Ruth Bader Ginsburg-related social media interactions dwarfed all other topics this week — a departure from a run of weeks where, other than the coronavirus, violence in cities was the dominant storyline.

The big picture: In just two days, there were 41 million interactions (likes, comments or shares) on stories about the late Supreme Court justice, according to exclusive NewsWhip data.