Treasury Secretary Steven Mnuchin. Photo: Eitan Abramovich/AFP/Getty Images

For the second straight year, the Treasury Department will have to borrow $1 trillion to pay for the government's growing budget deficit, a consequence of juiced government spending and smaller revenues as a result of the late 2017 tax cuts, Bloomberg reports.

The big picture: Treasury borrowing surpassed $1 trillion during President Obama's first term as government spending soared amid the stimulus to combat the 2008 financial crisis, but it has steadily declined in the years since, settling down to $519 billion in 2017 before nearly doubling last year.

Go deeper: U.S. borrowing spiked 84% in 2018 to nearly $1 trillion

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Updated 30 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

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  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: How to help save 130,000 livesFDA approves Gilead's remdesivir as treatment How the pandemic might endMany U.S. deaths were avoidable.
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  5. World: Spain and France exceed 1 million cases.
46 mins ago - Health

Fauci: Trump hasn't been to a COVID task force meeting in months

Photo: Drew Angerer/Getty Images

President Trump has not attended a White House coronavirus task force meeting in “several months,” NIAID director Anthony Fauci told MSNBC on Friday.

Why it matters: At the beginning of the pandemic, the task force, led by Vice President Mike Pence, met every day, but in the "last several weeks," members have held virtual meetings once a week, Fauci said, even as the number of new cases continues to surge in the country.

1 hour ago - Health

How to help save 130,000 lives

People wear face masks outside Grand Central Terminal in New York City. Photo: Noam Galai/Getty Images

Nearly 130,000 fewer people will die of COVID-19 this winter if 95% of Americans wear face masks in public, according to research published Friday.

Why it matters: “Increasing mask use is one of the best strategies that we have right now to delay the imposition of social distancing mandates," Dr. Christopher Murray of the University of Washington told the N.Y. Times.