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The federal government is running up its credit bill again.The deficit rose to 9 billion in fiscal year 2018, up 17% from last year, according to final figures released Monday by the Treasury Department. That's the largest number since 2012, when the country was still spending massively to stimulate an economy struggling to recover.Government receipts were flat this year from last year. Corporate tax collections fell billion, or 22%, due to the Republican-backed tax cut. But that drop was more than offset by increased revenues from individual and self-employment taxes. The fiscal year ended September 30.Spending rose 3% over the previous year, fueled in part by increases to the defense budget agreed upon in September 2017 as part of a deal between Republicans and Democrats to head off a government shutdown. Social Security and interest on the federal debt also contributed to the increase.The Committee for a Responsible Federal Budget, a think tank that warns of the dangers of rising debt levels, said the deficit could reach trillion as soon as next year. That would still be below a high of .4 trillion reached in 2009, but in a vastly different economy."Those elected to Congress this year will face stark and difficult choices to put the debt on a downward path and protect our nation's social programs from insolvency," said Maya MacGuineas, the group's president. "It's no longer a problem for the future."The White House has steadfastly defended its policies, arguing that the yawning gap is a reason to cut deeper into social programs to balance out increases to the military budget. It's a long way from the Republican stance under President Barack Obama, when the GOP-led House demanded about trillion in budget cuts over 10 years in exchange for a debt ceiling increase, leading to years of painful automatic reductions to federal spending.White House budget director Mick Mulvaney, a notable debt hawk while he was a congressman, said the numbers underscored a need to cut spending."The president is very much aware of the realities presented by our national debt," Mulvaney said in a statement. "America's booming economy will create increased government revenues — an important step toward long-term fiscal sustainability. But this fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending."His comments echoed remarks by Treasury Secretary Steven Mnuchin last week in an interview with CNN suggesting that Democrats' resistance to cutting government spending on education, health care and other social programs was to blame for deficit increases."People are going to want to say the deficit is because of the tax cuts. That's not the real story," Mnuchin told CNN. "The real story is we made a significant investment in the military which is very, very important, and to get that done we had to increase non-military spending."Not many non-military spending categories increased, however. Outlays for the departments of Housing and Urban Development, Transportation, Energy and Education all decreased, while Health and Human Services and Veterans Affairs increased slightly. The Agriculture Department saw a 7% bump from last year.The deficit figure is?in line with what the Congressional Budget Office, the official government scorekeeper of federal fiscal policy, projected earlier this month. In June, the CBO projected that the deficit would rise to 9.5% of GDP in 2018.Also in June, the federal debt — which aggregates annual deficits over time — stood at 78% of gross domestic product, the highest level since right after World War II. Updated figures were not immediately available on Monday.As interest rates rise, servicing that ballooning debt could pose challenging. Treasury spent 2 billion last year paying interest, up 14% from the year before. That's more than the cost of Medicaid, food stamps, and the department of Housing and Urban Development combined. But it is smaller as a percentage of GDP than it has been historically.In late September, the House passed a bill that would extend individual tax cuts that are currently are slated to end in 2025, at a cost of 1 billion over a 10-year window. 4260

The clock is ticking for restaurants across the country that are starving for cash and desperate for another round of aid from the federal government, as an estimated 16,000 restaurants have already closed since the COVID-19 outbreak began.For Kari Kuelzer, who owns Grendel's restaurant in Cambridge, Massachusetts, the burden of keeping her small business open in particularly heavy. This dive bar located just blocks away from Harvard University was first opened by her parents in 1971 and has been a fixture for both students, locals and tourists who visit the area.But without another round of federal aid, Kuelzer is uncertain what the future of Grendel's looks like."The dominoes are going to fall. Without some kind of support, some kind of stimulus, all facets of the economy are going to struggle and it’s needless," she said while standing in the kitchen of Grendel's.Like restaurant owners around the country, this 50-year-old business owner has tried to get creative, from outdoor screened-in pods for dining to a new line of to-go cocktails and trail mix. Kuelzer knows, though, mixed drinks aren’t going to keep her afloat forever."We need more forgivable loans," she said.Politicians in Washington are at a stalemate over another round of funding, something especially troubling to Kuelzer, who saw an immediate impact from those first round of stimulus checks."The moment people started getting their unemployment stimulus checks, we saw an uptick in business,” she recalled. “The minute it went away, we saw it fall down.”Sean Kennedy with the National Restaurant Association says Congress needs to step in to help the nation's restaurants that employ nearly 15.6 million people across the country."The restaurant industry is in a unique challenge. We were the first to shut down and we’ll be the last to recover,” Kennedy said. “What’s clear is we need a more long-term, far-reaching approach from the federal government or restaurants are going to survive.”Historically, restaurants have the lowest amount of cash on hand compared to any industry in the country. Most restaurants only have enough cash to get by for 16 days, and nationwide, more than 100,000 restaurants have had to shut down for a second time."We’ve lost more jobs and more revenue than any of industry. That needs to be an alarm bell," Kennedy said.As for restaurant owners like Kuelzer, she'll keep trying to reinvent a recipe for survival, knowing her family's legacy is on the line."We really will need to have some assurances; we’ll get some government assistance," she said. 2576

The FDA has given the final go-ahead to Pfizer-BioNTech's coronavirus vaccine.Shots will begin in a few days after the decision, but initial doses will be scare and rationed to health workers and nursing home residents and staff first. Enough vaccinations for the general population isn't expected until spring, prompting experts to urge the public to continue using face coverings and physically distance through the winter.Authorization had been expected Saturday morning, after an advisory panel recommended approval of the vaccine Thursday evening. According to reports, the agency was working to move it up to Friday evening.Friday morning, President Donald Trump lashed out at the Food and Drug Administration and its commissioner, Dr. Stephen Hahn, for not moving faster. Trump tweeted the FDA “is still a big, old, slow turtle. Get the dam vaccines out NOW, Dr. Hahn @SteveFDA. Stop playing games and start saving lives!!!” 939

The cost of the Justice Department's ongoing investigation into Russia's interference in the 2016 election is now roughly million, according to a new report filed Friday by the special counsel's office.Friday's accounting provided the latest figures covering only the period for April 2018 through September 2018, with special counsel Robert Mueller listing direct expenditures of nearly .6 million.Another roughly .9 million was reported as costs for the work of other Justice and FBI officials who have assisted the investigation but are not under Mueller's direct control. According to the report, those investigation costs would have been incurred "irrespective of the existence of the (special counsel's office)."The department previously reported .7 million in direct and indirect costs from May through September 2017, and  million from October 2017 through March 2018 -- bringing the total from all three reports over the life of the investigation to just over million. Of that amount, only .3 million is the special counsel's direct expenditures.Since taking control of the Russia probe in May 2017, Mueller has advanced on multiple fronts to investigate any links between the Russian government and the Trump campaign, along with other crimes arising from the investigation.To date, the investigation has yielded charges against 36 people or entities. Seven people have pleaded guilty to various charges, including President Donald Trump's first national security adviser, Michael Flynn, former campaign chairman Paul Manafort, former deputy campaign chairman Rick Gates and former campaign foreign policy adviser George Papadopoulos.Meanwhile, Trump and his allies have relentlessly attacked Mueller and the probe as a waste of money.Trump took aim at the cost of the investigation last month, offering a grab-bag of different numbers Mueller had allegedly spent, untethered to the facts.On November 27, 2018 he tweeted: "now ,000,000 Witch Hunt continues and they've got nothing but ruined lives."Then 48 hours later, he tweeted criticizing the "witch hunt" for "wasting more than ,000,000." 2182

The first round of the NFL Draft got underway Thursday evening and Oklahoma quarterback Baker Mayfield was selected as the first overall draft pick by the Cleveland Browns. Mayfield will likely take over as Cleveland's starting quarterback in the fall after the Browns finished the 2017 season with a winless 0-16 record. Mayfield was a three-year starter at Oklahoma after starting one season for Texas Tech. He threw for 131 touchdowns over his four collegiate years, which is fourth all time in NCAA Division I history. According to most NFL Draft experts, five college quarterbacks will likely be selected in the first round on Thursday. The group includes USC's Sam Darnold, Oklahoma's Baker Mayfield, Wyoming's Josh Allen, UCLA's Josh Rosen and Louisville's Lamar Jackson.  807