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Photo: Mark Wilson/Getty Images

The Treasury Department says the U.S. budget deficit has increased to $738.6 billion in the first 8 months of the fiscal year — up $206 billion from the same time last year, according to a report from the Congressional Budget Office.

Why it matters: The deficit has continued to grow under President Trump as a result of Republican tax cuts and increased government spending, reports Bloomberg. Even increased customs revenue stemming from tariffs — which Trump falsely insists is being paid for by China — has failed to bridge the widening gap. The deficit is expected to reach $897 billion by the end of the year.

Go deeper... Chart: How the U.S. budget deficit has fluctuated since the 1980s

Go deeper

15 mins ago - Politics & Policy

Scoop: Hundreds of Biden staffers receive COVID vaccine

Screenshots of an email inviting White House staff to receive the COVID-19 vaccine, obtained by Alayna Treene/Axios

A week into the job, President Biden's White House medical team has administered the coronavirus vaccine to several hundred staffers — and aims to vaccinate all in-person staff over the next few weeks, officials tell Axios.

Why it matters: The new administration is ramping up steps to protect President Biden and all staff working inside the White House complex. The administration is also requiring daily employee COVID tests and N95 masks at all times.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.