Photo: Joe Sohm/Visions of America/Universal Images Group via Getty Images


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

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.

What to expect from the final debate of the 2020 election

Trump and Biden at the first debate. Morry Gash-Pool/Getty Image

Watch for President Trump to address Joe Biden as “the big guy” or “the chairman” at tonight's debate as a way of dramatizing the Hunter Biden emails. Hunter's former business partner Tony Bobulinski is expected to be a Trump debate guest.

The big picture: Trump's advisers universally view the first debate as a catastrophe — evidenced by a sharp plunge in Trump’s public and (more convincingly for them) private polling immediately following the debate.