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 52 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 11,137,846 — Total deaths: 526,156 — Total recoveries — 6,003,824Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 2,809,108 — Total deaths: 129,509 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: America's exceptionally uneventful Fourth of July ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
1 hour ago - Health

U.S. coronavirus infections hit record highs for 3 straight days

Illustration: Aïda Amer/Axios

The U.S. has reached new highs in single-day coronavirus infections for three consecutive days this week, per data from Johns Hopkins and the COVID Tracking Project.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 2 hours ago - Politics & Policy

Colorado police chief fires officers who reenacted Elijah McClain's death

LaWayne Mosley, father of Elijah McClain, wears a t-shirt with is son's picture on it during a press conference in Oct. 2019. Photo: Andy Cross/MediaNewsGroup/The Denver Post via Getty Images

Interim Aurora, Colo., police chief Vanessa Wilson fired two officers for reenacting the death of 23-year-old Elijah McClain and a third officer for commenting on the photo that captured the "despicable act," The Washington Post reports.

Why it matters: McClain died in the summer of 2019 after police officers held him in a chokehold and paramedics used a sedative, ketamine. People have been protesting McClain's death recently after the police killing of George Floyd revitalized the movement against police brutality.