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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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Updated 6 mins ago - Health

Betsy DeVos: Schools that don't reopen shouldn't get federal funds

Education Secretary Betsy DeVos told "Fox News Sunday" that public schools that don't reopen in the fall should not get federal funds, and that the money should be redirected to families who can use it to find another option for their children.

Why it matters: The Trump administration is engaged in a full-court press to reopen schools this fall, despite warnings from some public health officials that the coronavirus outbreak is out of control in many states and that it will be difficult for many schools to reopen safely.

Adam Schiff: "Republicans won't stand up for the rule of law"

House Intelligence Chair Adam Schiff (D-Calif.) criticized Republicans for not speaking out against President Trump's commutation of Roger Stone's prison sentence, pointing out on ABC's "This Week" that Stone was convicted for lying to a GOP-led committee.

The big picture: Sens. Mitt Romney (R-Utah) and Pat Toomey (R-Penn.) are the only Republican senators who have condemned the move, with Romney calling it "unprecedented, historic corruption" and Toomey noting that Stone was "duly convicted" by a jury.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 12,745,734 — Total deaths: 565,782 — Total recoveries — 7,023,260Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 3,248,220 — Total deaths: 134,815 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds.