Mar 22, 2019

The federal budget posted a record monthly deficit in February

Photo: Brendan Smialowski/Getty Images

The U.S. posted its largest monthly budget deficit on record in February with a gap of $234 billion, breaking the previous $231.7 billion mark set in February 2012, Bloomberg reports.

The big picture: According to Treasury data released Friday, the deficit for the first five months of this fiscal year jumped to $544.2 billion — a 40% increase from the 2018 fiscal year — as corporate and individual tax revenues declined following President Trump's $1.5 trillion tax cut package.

Go deeper: U.S. budget deficit grew by $113 billion in fiscal year 2018

Go deeper

Coronavirus fuels historic drop in gasoline demand

Reproduced from EIA; Chart: Axios Visuals

The amount of gasoline American drivers are consuming dropped to levels not seen in more than 25 years, government data shows.

Driving the news: When most of us are staying home and not driving, this is one of the most predictable—but nonetheless still staggering—upshots of the unfolding coronavirus crisis.

Mark Cuban opens door to 2020 run

Photo: Axios Events

Businessman and Dallas Mavericks owner Mark Cuban revived talk of an improbable 2020 presidential bid during an Axios virtual event on Friday.

  • "Everything's a reset right now," Cuban told Axios CEO Jim VandeHei from Dallas. "If this would would've been a month ago, I would have said absolutely not. But obviously things are crazy, things are changing. So I'll keep an open mind. But I seriously doubt it."

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 1,066,706 — Total deaths: 56,767 — Total recoveries: 223,697Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 258,214 — Total deaths: 6,605 — Total recoveries: 9,408Map.
  3. Business latest: Mark Cuban criticizes "arrogant" 3M on respirator production — The wartime mobilization effort to produce ventilators and medical supplies got started too late.
  4. Politics latest: Lawmakers on both sides of the aisle are worried about the difficulties of delivering the $2.2 trillion in stimulus aid.
  5. Jobs update: The U.S. lost 701,000 jobs in March, but the new report doesn't reflect the height of the virus' impact on the economy.
  6. World update: About half of the deaths worldwide are in Italy and Spain, with fatalities exponentially increasing across Europe.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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