The GOP is the new party of big government

"The anxiety that has gripped the market this week appeared to escalate [yesterday] just as President Trump and lawmakers were setting the government up for annual budget deficits that would routinely exceed $1 trillion," AP's Josh Boak and Paul Wiseman report.

Why it matters: "The higher that deficits rise, the more likely it is that interest rates will surge, too, and undercut corporate profits, stock prices, consumer spending and the overall economy."

Data point of the day: 'The Committee for a Responsible Federal Budget ... estimates that the government funding deal would cause the 2019 deficit to balloon to $1.2 trillion, with trillion dollar deficits to continue 'indefinitely.'"

How it's playing ... N.Y. Times: "Republicans Learn to Love Deficit Spending They Once Loathed ... Once Deficit Hawks, Republicans Open the Money Spigot."