Photo: Alex Wong/Getty Images

The U.S. budget deficit hit $747.1 billion over the first nine months of the fiscal year, a 23% increase from the same point in 2018, Bloomberg reports.

Why it matters: The deficit has been widening as the country approaches its debt limit — which Congress has not moved to raise thus far. Per Bloomberg, the Bipartisan Policy Center earlier this week warned that there is a "significant risk" for a breach of the debt ceiling in September, revising its prior prediction of October or November.

By the numbers, per the Treasury Department:

  • Federal spending hit $3.36 trillion in the span from October to June — a 6.6% year-over-year jump.
  • Meanwhile, revenue rose by 2.7% to $2.61 trillion.

The state of play: While President Trump's tariffs provided a small uptick in revenue, that influx was washed away by increased federal spending spending and the administration's tax cuts.

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

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1 hour ago - World

China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 13,048,249 — Total deaths: 571,685 — Total recoveries — 7,215,865Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,353,348— Total deaths: 135,524 — Total recoveries: 1,031,856 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Houston mayor calls for two-week shutdownCalifornia orders sweeping rollback of open businesses — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Education: Los Angeles schools' move to online learning could be a nationwide tipping point.

House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.