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Photo: Chris Kleponis/Pool via Getty Images

The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budget Office, partially due to Trump's tax cuts as well as increased national spending.

Between the lines: Axios' Jonathan Swan has reported that there has been an ongoing tussle between debt-loving President Trump and his penny-pinching Budget Director Mick Mulvaney. Mulvaney has been privately pushing Trump to get more aggressive about cutting spending, but debt and deficits have, so far, only ballooned under Trump.

By the numbers:

  • Spending is up by $143 billion (4%) from last year.
  • 2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.
  • Revenue from individual income taxes, however, grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.
  • The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Vaccines: U.S. ahead of pace on vaccines.
  2. Health: Lessons for trapping the next pandemic.
  3. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  4. Politics: Harris breaks tie as Senate proceeds with lengthy debate on COVID relief bill — Republican governor of West Virginia says there's no plan to lift mask mandate.
  5. World: Canada vaccine panel recommends 4 months between doses — In AstraZeneca spat, EU fights hard for a vaccine its hardly using.
Dave Lawler, author of World
2 hours ago - World

In AstraZeneca spat, EU fights hard for a vaccine it's hardly using

Macron, Merkel and European Council President Charles Michel (R) at a summit in October. Photo: Yves Herman/Pool/AFP via Getty

Italy on Thursday blocked the export of 250,000 AstraZeneca doses to Australia, becoming the first EU country to exercise an export ban due to a vaccine shortfall in the bloc.

Why it matters: The controversial step exposes multiple major challenges to distributing vaccines — even among the world’s richest countries.

Dave Lawler, author of World
2 hours ago - World

Global freedom continues steady decline: report

The global erosion of democracy has continued for a 15th consecutive year, according to an annual report from Freedom House.

Zoom in: The report calls particular attention to India, which slipped from “free” to “partly free” due to the government's “scapegoating of Muslims” and “crackdown on critics.” Prime Minister Narendra Modi is, according to the report, “driving India itself toward authoritarianism.”

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