Illustration: Sarah Grillo/Axios

States expect Medicaid enrollment to jump by 8.4% in fiscal year 2021, compared to 6.3% growth in fiscal year 2020, according to a new KFF brief. This growth is expected to be primarily driven by enrollment.

The big picture: The program is serving as a safety net for the millions of Americans who have lost access to their employer health insurance during the pandemic.

  • But states are already facing enormous budget shortfalls as a result of the economic downturn, and increased Medicaid costs will only make the problem worse.

Between the lines: "To reduce Medicaid spending during economic downturns, states typically turn to provider rate and benefit restrictions, however, with providers facing revenue shortfalls and enrollees facing increased health risks due to the pandemic, these methods to control costs may not be as viable," the authors write.

Go deeper: Medicaid will be a coronavirus lifeline

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U.S. federal deficit soars to record $3.1 trillion in 2020

Trump and Mnuchin participate in a briefing at the White House. Photo: Drew Angerer/Getty Images

The U.S. budget deficit hit a record $3.1 trillion in the 2020 fiscal year, according to data released Friday by the Treasury Department.

Why it matters: The deficit — which measures the gap between what the government spends and what it brings in through taxes and other revenue streams — illustrates the massive impact the coronavirus pandemic has had on the economy.

Updated 48 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.

Biden has huge cash advantage over Trump as Election Day nears

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month, as campaigning enters the final stretch ahead of Election Day on Nov. 3.