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Expand chart
Data: FRED and U.S. Department of the Treasury; Chart: Naema Ahmed/Axios

The federal deficit is now 17% higher than it was at the end of the last fiscal year, according to figures the Treasury Department released this week — but that just begins to tell the story of all the red ink we've been building up. Here's how the deficits have grown, shrunk, and grown again over the last 58 years.

Why it matters: Senate Majority Leader Mitch McConnell said in an interview with Bloomberg that the deficits are "driven by the three big entitlement programs" — Social Security, Medicare, and Medicaid — and most budget experts agree that entitlement programs drive most of the spending in the federal budget. But the latest increase also provides evidence that the new tax cuts could be making the deficits worse, as the Congressional Budget Office said they would.

Go deeper

5 mins ago - World

China crosses 1 billion vaccinations, with 500 million in one month

Expand chart
Data: Our World in Data; Chart: Danielle Alberti/Axios

China has now administered 1 billion doses of coronavirus vaccines — 500 million of them in just the past month. That's half of the global total during that period.

The big picture: China's vaccine rollout started slowly, due in part to a low sense of urgency and also to the fact that the government was focusing on exporting doses.

54 mins ago - Sports

Raiders player becomes first active in NFL to come out as gay

Photo: Julio Aguilar via Getty Images

Las Vegas Raiders player Carl Nassib becomes the first active NFL player in history to come out as gay on Monday.

Driving the news: Nassib said he was coming out now because "representation and visibility are so important" and he will be donating $100,000 to the Trevor Project, a suicide prevention service for LGBTQ youth in the U.S.

Airlines, unions want DOJ to prosecute unruly passengers

Photo: Nicolas Economou/NurPhoto via Getty Images

A coalition of airline industry partners asked the Justice Department on Monday to begin prosecuting disruptive passengers.

Why it matters: Increased political divisions and conflict over pandemic guidelines have led the Federal Aviation Administration to take some form of enforcement action over 400 times in the first five months of 2021, compared to 146 in all of 2019, according to the coalition.