U.S. Treasury Secretary Steve Mnuchin. Photo: Chip Somodevilla/Getty Images

The federal deficit hit $342 billion for the first two months of fiscal year 2020, according to new Congressional Budget Office estimates.

The big picture: The annual deficit is forecast to average $1.2 trillion a year between 2020 and 2029, about 4.4% to 4.8% of gross domestic product, according to the CBO. Meanwhile, the national debt exceeded $23 trillion in November.

By the numbers: Between October and November, individual and payroll tax revenues increased by about 4%, or roughly $17 billion, while corporate tax receipts rose by 14%, or about $1 billion.

  • Government spending increased by 6% to $813 billion during those two months. Part of those expenditure came from a 7% increase in government programs like Social Security and Medicare.
  • Department of Defense spending also rose by 7%, or $8 billion. Department of Education spending climbed by 25%, or $3 billion.

Go deeper: U.S. budget gap hits $134.5 billion, up 34% in a year

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:30 a.m. ET: 11,304,534 — Total deaths: 531,659 — Total recoveries — 6,111,195Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 2,841,124 — Total deaths: 129,689 — 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.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineNew Jersey gov. wants national face mask requirement
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
3 hours ago - Sports

Sports return stalked by coronavirus

Tampa Bay Rays left fielder Austin Meadows bumps elbows Friday during a workout at Tropicana Field. Photo: Kim Klement/USA Today Sports via Reuters

When MLB teams arrived at the ballpark this weekend for the first summer workouts of 2020, the comforting sounds of baseball brought smiles to players' faces.

Between the lines: Even the loudest crack of the bat couldn't mask the eerie silence or distract from the ever-present coronavirus threat.

4 hours ago - Health

239 scientists call on WHO to recognize coronavirus as airborne

People walk at the boardwalk in Venice Beach. Photo: Apu Gomes/AFP via Getty Images

A group of 239 scientists in 32 countries is calling for the World Health Organization to revise its recommendations to account for airborne transmission as a significant factor in how the coronavirus spreads, the New York Times reports.

The big picture: The WHO has said the virus mainly spreads via large respiratory droplets that fall to the ground once they've been discharged in coughs and sneezes. But the scientists say evidence shows the virus can spread from smaller particles that linger in air indoors.