Feb 13, 2019

U.S. budget deficit spikes 42% in first three months of fiscal year

Treasury Secretary Steve Mnuchin. Photo: Mandel Ngan/AFP via Getty Images

The U.S. budget deficit totaled $318.9 billion in the first quarter of the 2019 fiscal year, a 41.8% increase from the same period last year, according to data released by the Treasury Department.

Why it matters: The nonpartisan Congressional Budget Office projects that the deficit will keep growing and surpass $1 trillion by 2022, in part due to President Trump's tax cuts and increased government spending. Bloomberg's Katia Dmitrieva notes that the new deficit data "will likely fan concerns over America’s growing national debt," which surpassed $22 trillion for the first time this week.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6 p.m. ET: 5,885,490— Total deaths: 363,031 — Total recoveries — 2,468,011Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 1,743,235 — Total deaths: 102,686 — Total recoveries: 406,446 — Total tested: 15,646,041Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.

Trump says he spoke with George Floyd's family

President Trump in the Rose Garden on May 29. Photo: Win McNamee/Getty Images

President Trump told reporters on Friday that he had spoken with the family of George Floyd, a black resident of Minneapolis who died after a police officer knelt on his neck on Monday.

Driving the news: Former Vice President Joe Biden said via livestream a few hours earlier that he, too, had spoken with Floyd's family. The presumptive Democratic presidential nominee implored white Americans to consider systemic injustices against African Americans more broadly, Axios' Alexi McCammond reports.

Former Minneapolis police officer in custody

A man rides a bicycle up to a law enforcement checkpoint today in Minneapolis. Photo: Scott Olson/Getty Images

The people of Minneapolis who took to the streets to protest got results Friday afternoon, but the nation will still enter the weekend on edge.

Why it matters: It's hard to imagine fired police officer Derek Chauvin being arrested so quickly on third-degree murder charges without this week's protests.