Illustration: Aïda Amer/Axios

The U.S. government's budget deficit is projected to top $1 trillion in 2020, according to the latest Congressional Budget Office report released Tuesday.

The big picture: If the projections pan out, this would be the first time since 2012 the deficit hit $1 trillion. In 2020, deficits are expected to increase from 4.6% of GDP to 5.4% in 2030 — growing to the highest sustained levels since World War II, according to the report.

  • 2017's tax cuts and a notable uptick in new spending are among the reasons for widening the deficit.

By the numbers: The CBO expects the federal government will spend $4.6 trillion in the 2020 fiscal year and bring in $3.6 trillion in tax revenue.

  • If current laws on taxes and spending remain unchanged, debt held by the public will jump to 98% by the end of 2030 — up from 79% of the GDP in 2019.
  • The economy is anticipated to expand by 2.2% in 2020, per the CBO's report, falling short of the Trump administration's 3% goal.
  • Total debt held by the U.S. government is also estimated to swell from roughly $18 trillion in 2020 to $31 trillion by 2030.

Reality check via the Washington Post: "The CBO report shows that tax collections are weaker than they would be without the 2017 Republican tax law, which permanently locked in lower rates for many corporations while creating temporary reductions for households."

What it means: If federal debt continues to rise at this pace, interest payments to foreign debt holders will increase and U.S. household incomes will decline.

Go deeper: National debt surpasses record $23 trillion

Go deeper

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When MLB teams arrived at the ballpark this weekend for the first summer workouts of 2020, the comforting sounds of baseball brought smiles to players' faces.

Between the lines: Even the loudest crack of the bat couldn't mask the eerie silence or distract from the ever-present coronavirus threat.

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A group of 239 scientists in 32 countries is calling for the World Health Organization to revise its recommendations to account for airborne transmission as a significant factor in how the coronavirus spreads, the New York Times reports.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 11,294,859 — Total deaths: 531,419 — Total recoveries — 6,078,552Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 2,839,917 — Total deaths: 129,676 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.