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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2 mins ago - World

Trump announces new Iran sanctions in effort to maintain international arms embargo

Photo: Anna Moneymaker-Pool/Getty Images

President Trump signed an executive order on Monday that would impose sanctions on any person or entity that contributes to the supply, sale, or transfer of conventional arms to or from Iran or is engaged in providing training and financial support related to those weapons.

Why it matters: The executive order is the first step by the Trump administration to put teeth into its claim that international sanctions on Iran were restored over the weekend, one month after the U.S. initiated the "snapback" process under a United Nations Security Council resolution.

Exclusive: Conservative group launches $2M Supreme Court ad

Screengrab of ad, courtesy of Judicial Crisis Network.

The Judicial Crisis Network is launching a $2.2 million ad campaign to put pressure on vulnerable Senate Republicans in battleground states to support a quick confirmation when President Trump announces his Supreme Court nominee.

The big picture: "Follow Precedent," previewed by Axios, is one of the first national and cable television ads to run following Justice Ruth Bader Ginsberg's death Friday.

Updated 17 mins ago - Politics & Policy

CDC says it mistakenly published guidance about COVID-19 spreading through air

CDC Director Robert Redfield. Photo: Anna Moneymaker/Pool/Getty Images

The CDC has removed new guidance that acknowledged airborne transmission of the coronavirus, posting in a note on its website that the guidance was only a draft and had been published in error.

Why it matters: The initial update — which was little noticed until a CNN story was published Sunday — had come months after scientists pushed for the agency to acknowledge the disease was transmissible through the air. The CDC previously said that close person-to-person contact was the bigger concern, and the language has been changed back to erase the warning about airborne transmission.