National debt

Puerto Rico's unlikely financial bounceback

Puerto Rico was the poorest and most struggling part of America even before Hurricane Maria hit in September 2017. Its bonds had been in default for over a year, and were trading at around 60 cents on the dollar before the hurricane knocked them down to a low of less than 23 cents in December 2017.

Data: FactSet; Chart: Chris Canipe/Axios

Today, those bonds are back to their pre-hurricane levels, and Puerto Rican debt has proven to be 2018's top bond investment.

U.S. budget deficit grew by $113 billion in fiscal year 2018

Trump and Mnuchin
Photo: Nicholas Kamm/AFP via Getty Images

The U.S. budget deficit grew by $113 billion in fiscal year 2018, driven by tax cuts and increased federal spending on defense, Medicaid, Social Security and disaster relief, reports CNBC.

The big picture: The total deficit for FY 2018 came in at $779 billion, or 3.9% of U.S. GDP, and was the largest of any year since 2012. In a statement, Office of Management and Budget Director Mick Mulvaney said that "America's booming economy will create increased government revenues," but warned that Congress should be wary of the "dire consequences" of irresponsible spending.

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