National debt

Argentina's Mauricio Macri has the country in a "Macrisis"

Photo: Mario De Fina/NurPhoto via Getty Images

Argentine President Mauricio Macri came to office as a pragmatic businessman who was going to save Argentina's government and economy from socialism. As this year's presidential election approaches, socialism isn't looking so bad.

What's next? Investors are beginning to fear the worst — that Macri will lose this year's election to former President Cristina Fernandez de Kircher, who defaulted on the country's sovereign debt in 2014, which was issued as partial compensation for the previous default in 2001.

U.S. deficit swells to $691 billion in first half of 2019

President Trump and Republicans during an event at the White House celebrating the passage of his tax bill in 2017.
President Trump and Republicans celebrating the passage of his tax bill in 2017. Photo: Alex Wong/Getty Images

The Treasury Department revealed in a budget report on Wednesday that the country’s deficit grew to $691 billion in the first half of the 2019 fiscal year — beginning Oct. 1, 2018 — compared with the $600 billion in the comparable period last year, Reuters reports.

The big picture: The national debt passed $22 trillion, the most ever — $2 trillion of which has been accrued since Trump took office.

Go deeper: The national debt has soared past $22 trillion, but does it even matter?

Editor's note: This story has been corrected to show the deficit grew to $691 billion, not grew by $691 billion and the link to last year's tax cuts has been removed because tax receipts were up.