Photo: Ting Shen/Xinhua via Getty

The federal government reached a record monthly deficit of $737.9 billion in April, the Treasury Department said Tuesday.

The big picture: April is traditionally a month of budget surpluses, with tax filings rolling in, but the coronavirus pandemic instead widened the gap last month. The previous record monthly deficit was $235 billion.

  • The Congressional Budget Office estimates that spending to ward off a recession amid COVID-19's fallout will carry the deficit for the fiscal year to $3.7 trillion.
  • The deficit for this year, which began Oct. 1, has already hit $1.48 trillion.

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Cory Booker: Racial wealth gap is the "American wealth gap"

Sen. Cory Booker. Photo: Axios

Sen. Cory Booker (D-N.J.) wishes the racial wealth gap would also be known as the "American wealth gap," he said at an Axios virtual event on Wednesday.

What he's saying: "[W]hen you have large poverty concentrated disproportionately among African Americans, it actually leads to the deficit of us all," he said, pointing to the economic disparity caused by Black entrepreneurs not having the same access to capital as their white peers.

Dave Lawler, author of World
22 mins ago - World

U.S.-brokered ceasefire collapses in Nagorno-Karabakh

Volunteer fighters in Stepanakert, the capital of Nagorno-Karabakh. Photo: Aris Messinis/AFP via Getty Images

A U.S.-brokered ceasefire between Armenia and Azerbaijan in the disputed territory of Nagorno-Karabakh crumbled within hours on Monday, leaving the month-old war rumbling on.

Why it matters: Nearly 5,000 people have been killed, according to Vladimir Putin’s rough estimate, including more than 100 civilians. Between 70,000 and 100,000 more are believed to have fled the fighting.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.