May 19, 2019

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

The U.S. budget deficit grew 77% in the first 4 months of the 2019 fiscal year (beginning Oct. 1) from the year prior, driven by sweeping tax cuts passed at the end of 2017 and increased federal spending.

Data: Factset; Chart: Naema Ahmed/Axios

The big picture: President Trump is acting true to history. Every Republican president since Reagan has left office with a budget deficit higher than the one he inherited. Clinton and Obama, by contrast, left office with smaller deficits.

By the numbers: If you look at the breakdown of Treasury receipts in fiscal 2018, almost every category went up, year-on-year. Individual income tax receipts, for instance, rose by 6%, or $96 billion.

  • The exception is corporate income taxes. They totaled $297 billion in fiscal 2017, and just $205 billion in fiscal 2018. That's a decline of $92 billion, or 31%.

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America's future looks a lot like Nevada

Illustration: Sarah Grillo/Axios

Today's Nevada caucus will foreshadow the future of American politics well beyond 2020.

Why it matters: The U.S. is in the midst of a demographic transformation, and the country's future looks a lot like Nevada's present. Today's results, in addition to shaping the 2020 race, will help tell us where politics is headed in a rapidly changing country.

Coronavirus spreads to more countries, and U.S. ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. Meanwhile, Italy reported its first virus-related death on Friday.

The big picture: COVID-19 has now killed at least 2,359 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 13 hours ago - Health