Total deficit spending will increase by $11.7 trillion over the next 10 years, including an additional $1.58 trillion because of changes like the GOP tax law and the omnibus spending bill, according to a new report released by the Congressional Budget Office. Annual deficit spending will top $1 trillion by 2020.

Expand chart
Data: Congressional Budget Office; Chart: Chris Canipe/Axios

Between the lines: Republicans have spent nearly a decade campaigning on fiscal restraint. Now, with total GOP control of Congress and the presidency, revenues have been cut while spending has increased — the opposite of fiscal conservatism and a sore spot with many GOP voters.

Other takeaways from CBO:

  • The national debt will be nearly equal to the size of the Gross Domestic Product by 2028.
  • Debt will be even greater if temporary policies are extended, like individual tax cuts and current discretionary funding levels.
  • Between 2018 and 2028, both actual and potential real output is projected to grow at an average annual rate of 1.9 percent.

Go deeper

Boeing's one-two punch

Illustration: Aïda Amer/Axios

The grounding of Boeing’s 737 MAX was the worst crisis in the plane-maker’s century-long history. At least until the global pandemic hit.

Why it matters: Wall Street expects it will be cleared to fly again before year-end. Orders for what was once the company’s biggest moneymaker were expected to rebound after the ungrounding, but now the unprecedented slump in travel will dash airlines’ appetite for the MAX and any other new planes, analysts say — putting more pressure on the hard-hit company.

New downloads of TikTok, WeChat to be blocked in U.S. on Sunday

Illustration: Sarah Grillo/Axios

The Commerce Department issued Friday an order blocking new downloads of WeChat and TikTok in the U.S. as of Sept. 20.

The state of play: President Trump has been in a standoff with TikTok, threatening to ban the app if its Chinese owner, ByteDance, does not relinquish control to a U.S. company. A deal is in the works with the American tech company Oracle, but would need to go through before Sunday to prevent TikTok from being ousted from app stores.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 30,211,680 — Total deaths: 946,710— Total recoveries: 20,551,632Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 6,676,410 — Total deaths: 197,655 — Total recoveries: 2,540,334 — Total tests: 91,546,598Map.
  3. Politics: Trump vs. his own administration on virus response.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.