Feb 10, 2018

Big federal deficits could limit future U.S. policy

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"The last seven weeks amount to a sea change in United States economic policy. The era of fiscal austerity is over, and the era of big deficits is back," the N.Y. Times' Neil Irwin writes.

Why it matters: In the long run, "The bigger costs of a high national debt may come in how much flexibility policymakers have to respond to a future recession or crisis. If the United States finds itself in a major war or a deep recession, its starting point in terms of debt load will be much higher than it was at the onset of the Iraq War or the 2008 financial crisis."

What to expect for now:

  • "In the short run, expect some of the strongest economic growth the country has experienced in years."
  • "In the medium run, there is now more risk of surging inflation and higher interest rates."

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,365,004— Total deaths: 76,507 — Total recoveries: 292,467Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 369,069 — Total deaths: 11,018 — Total recoveries: 20,003Map.
  3. Trump administration latest: Peter Navarro warned White House colleagues in late January about the massive potential risks from the coronavirus.
  4. Federal government latest: The public wants the federal government, not states, in charge of coronavirus — Testing capacity is still lagging far enough behind demand.
  5. States update: New York death toll surged to its highest one-day total as state predicts a plateau in hospitalizations.
  6. 2020 update: Wisconsin Supreme Court blocks the governor's attempt to delay in-person primary voting until June.
  7. What should I do? Pets, moving and personal health. 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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Cuomo projects plateau in hospitalizations as coronavirus deaths surge

As the New York death toll surged to its highest one-day total on Tuesday, Gov. Andrew Cuomo projected that the state is reaching a plateau in coronavirus hospitalizations due to strict social distancing measures.

The big picture: Daily ICU admissions, intubations and the three-day hospitalization rate have all decreased, Cuomo said Tuesday. The daily death toll jumped by 731 to 5,489 — the "largest single-day increase" — but Cuomo cautioned that number of deaths is a "lagging indicator" due to the length that most critical patients are in the hospital for.

Go deeperArrow45 mins ago - Health

Kayleigh McEnany replaces Stephanie Grisham as White House press secretary

Photo: Scott W. Grau/Icon Sportswire via Getty Images

Trump campaign spokeswoman Kayleigh McEnany is replacing White House press secretary Stephanie Grisham, who will return to the East Wing as First Lady Melania Trump's chief of staff, according to two sources familiar with the situation. The news was first reported by CNN and the New York Times.

Why it matters: Grisham will leave after nine months without ever having held a formal press briefing.

Go deeperArrowUpdated 1 hour ago - Politics & Policy