A reflection of the U.S. Capitol Building dome. Photo: Jabin Botsford/The Washington Post via Getty Images

"Poised to Balloon to $1 Trillion, U.S. Deficit Fuels Fear of Crisis," N.Y. Times' Thomas Kaplan reports.

Why it matters: "The fear among some economists is that rising deficits will drive up interest rates, raise borrowing costs for the private sector, tank stock prices and slow the economy, which would only drive the deficit higher."

What's new: "The national debt, which has exceeded $21 trillion, will soar to more than $33 trillion in 2028 ... By then, debt held by the public will almost match the size of the nation’s economy, reaching 96 percent of gross domestic product, a higher level than any point since just after World War II and well past the level that economists say could court a crisis."

N.Y. Times Quote of the Day ... Keith Hall, director of the Congressional Budget Office, which said the annual federal budget deficit is set to widen significantly, topping $1 trillion in 2020:

The longer you wait the more draconian the measures have to be to fix the problem.

Go deeper: CBO: GOP policies add nearly $1.6 trillion to deficit.

Go deeper

Updated 19 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. EST: 32,356,829 — Total deaths: 984,813 — Total recoveries: 22,278,696Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m EST: 6,997,468 — Total deaths: 203,147 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.

Florida fully lifts coronavirus restrictions on restaurants

Photo: Don Juan Moore/Getty Images

Florida Gov. Ron DeSantis (R) announced Friday the state will completely reopen its economy, allowing restaurants to operate at full capacity and barring localities from ordering businesses to close.

Why it matters: The state became one of the world's epicenters for the virus in July, forcing DeSantis to pause its first round of reopening.

3 hours ago - Economy & Business

Eyeing the end of gas-powered cars

Illustration: Eniola Odetunde/Axios

Gasoline-powered cars may be going the way of the woolly mammoth, even if it will take decades to replace them and seems hard to fathom today.

The big picture: Internal combustion engines (ICEs) have powered automobiles for more than 100 years. But the shift to electric vehicles, slow to materialize at first, is now accelerating due to tightening government policies, falling costs and a societal reckoning about climate change.

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