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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

Updated 19 mins ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of Trump loyalist Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

DOJ: Capitol rioter threatened to "assassinate" Alexandria Ocasio-Cortez

Supporters of former President Trump storm the U.S. Captiol on Jan. 6. Photo: Kent Nishimura / Los Angeles Times via Getty Images

A Texas man who has been charged with storming the U.S. Capitol in the deadly Jan. 6 siege posted death threats against Rep. Alexandria Ocasio-Cortez (D-N.Y.), the Department of Justice said.

The big picture: Garret Miller faces five charges in connection to the riot by supporters of former President Trump, including violent entry and disorderly conduct on Capitol grounds and making threats. According to court documents, Miller posted violent threats online the day of the siege, including tweeting “Assassinate AOC.”