Photo: Paul Zinken/picture alliance via Getty Images

More than half of federal spending will soon be dedicated to seniors, according to the latest estimates from Congress’ official budget scorekeeper.

Why it matters: That spending will be driven largely by the steadily rising cost of health care. And futzing around the edges of the system won’t change that trend.

Between the lines: Medicare and Social Security alone cost the federal government roughly $1.3 trillion last year, according to the Congressional Budget Office’s latest estimates.

  • CBO expects those two programs to reach $2.7 trillion by 2029.
  • Throw in a handful of other programs that Congress funds each year, and federal spending on people over 65 is expected to account for more 10% of the total U.S. economy in a decade.
  • Once you subtract the money the government spends on interest payments on the debt, programs for seniors would take up 50% of all remaining spending.

Aging baby boomers and rising health care costs are the main drivers of that spending. Per-person health care costs "are projected to grow faster than the economy over the long term," CBO said.

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Updated 38 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 19,172,505 — Total deaths: 716,327— Total recoveries — 11,608,417Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 4,902,692 — Total deaths: 160,394 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Trump floats executive action even if stimulus deal is reached.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus.
  6. World: Africa records over 1 million coronavirus cases.

General Motors tries to revive incendiary lawsuit vs. Fiat Chrysler

Illustration: Eniola Odetunde/Axios

General Motors is trying to revive an incendiary lawsuit against Fiat Chrysler Automobiles with explosive new allegations including bribes paid from secret offshore bank accounts and a union official acting as a double agent between the two automotive giants.

Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

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Cuomo says all New York schools can reopen for in-person learning

Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.