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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

2 hours ago - Health

Pfizer coronavirus vaccine safe, effective in children, company says

Photo by Mario Tama/Getty Images

Pfizer and BioNTech's coronavirus vaccine is safe and effective in children ages 5 to 11, albeit at a lower dose than adults receive, the companies said in a press release announcing results from a pediatric trial.

Why it matters: The trial results are a much-needed source of hope for families with elementary school-aged children, who currently aren't eligible for a vaccine.

The pandemic made our workweeks longer

Illustration: Annelise Capossela/Axios

The average American's workweek has gotten 10% longer during the pandemic, according to a new Microsoft study published in Nature Human Behaviour.

Why it matters: These longer hours are a key part of the pandemic-induced crisis of burnout at U.S. firms — and workers are quitting in droves.

Mike Allen, author of AM
2 hours ago - Economy & Business

Airbnb CEO Brian Chesky to herald "travel revolution"

Expand chart
Data: TSA. Chart: Jared Whalen/Axios

Airbnb CEO Brian Chesky will argue this week that the world is undergoing a "travel revolution," in which some parts of the industry stay shrunk but the sector ultimately comes back "bigger than ever."

Why it matters: Chesky, who faced the abyss when the world shut down last year, foresees a significant shift in how people move around, with more intentional gatherings of family, friends and colleagues — even if routine business travel is never what it once was.