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Data: Federal Reserve; Chart: Axios Visuals

Credit card delinquency rates in Q1 hit the highest level since 2012, with total household debt rising to nearly $14 trillion.

What it means: Torsten Slok, chief economist at Deutsche Bank Securities, warns that creeping delinquency rates, and the "associated increase in interest rates on credit cards and auto loans will begin to weigh on consumer spending." While consumers are taking on more debt, Fed data also shows that delinquency rates on mortgages are at their lowest level since 2006, despite housing debt rising to $9.7 trillion in the first quarter.

Go deeper: Signs of credit crisis grow

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Updated 4 mins 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.

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.

28 mins ago - Health

Coronavirus testing czar: Lockdowns in hotspots "should be on the table"

The Trump administration's coronavirus testing coordinator Adm. Brett Giroir said on ABC's "This Week" that "everything" — including the "stringent lockdowns" that many governors implemented in March and April — should be "on the table" in states where new infections are skyrocketing.

Why it matters: President Trump said in June that the U.S. "won't be closing down the country again" — a view shared by many Republicans who believe that the economic damage caused by stay-at-home orders was too great to justify a second round of lockdowns.