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The federal deficit exceeded $1 trillion in the first 11 months of fiscal year 2019, the Congressional Budget Office (CBO) said in a report published Monday.

The big picture: The deficit is $168 billion more than for the same period in the previous fiscal year. The growing deficit has been driven by mandatory spending in areas including Social Security and Medicare, President Trump's tax cuts, and bipartisan agreements to increase spending in areas such as defense — which contributed toward overall federal government spending increasing 7%.

  • The current deficit of $1.068 trillion is expected to be reduced when quarterly tax payments are paid in September.
  • Trump's tariffs on imported goods from China contributed toward the federal government’s revenue increasing 3% in the first 11 months of the 2019 fiscal year, along with other sources such as individual income and payroll taxes and corporate taxes.

Between the lines: Per Axios' Jim VandeHei, Trump "promised in a 2016 interview, with the WashPost's Bob Woodward and Robert Costa, to wipe out the national debt in 8 years. Instead, he's increased the deficit and inflated the debt by trillions."

Go deeper: Chart: How the U.S. budget deficit has fluctuated since the 1980s

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Natural gas pipeline project cancelled after Supreme Court victory

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Dominion Energy announced Sunday it has agreed to sell its natural gas transmission and storage network to Warren Buffett's Berkshire Hathaway in a deal valued at $10 billion, including the assumption of debt.

Why it matters: The deal comes as Duke Energy Corp. and Dominion Energy announced they are canceling their plans for the $8 billion Atlantic Coast Pipeline following a Supreme Court ruling. The ruling removed major hurdles for the companies, but "recent developments have created an unacceptable layer of uncertainty and anticipated" for the project.

Trump campaign "strongly" encourages face masks at outdoor rally

Photo: Jabin Botsford/The Washington Post via Getty Images

The Trump campaign will be providing face masks and hand sanitizer for all attendees at an upcoming rally Saturday in Portsmouth, New Hampshire.

  • The campaign said in an email on Sunday that attendees are "strongly encouraged" to wear the masks.

Why it matters: The campaign's first coronavirus-era rally in Tulsa, Oklahoma, was notable for its lack of masks.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 11,317,637 — Total deaths: 531,729 — Total recoveries — 6,111,910Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,852,807 — Total deaths: 129,718 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity — Houston mayor warns about hospitals
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Former Trump official Tom Bossert says face masks “are not enough”
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: Sports return stalked by coronavirus
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.