Deficit Watch: U.S. Government On Course to Borrow Most Money Since 2008 Financial Crisis (Bloomberg)
Meanwhile: Trump Administration Mulls a Unilateral $100 Billion Tax Cut for the Rich (New York Times)
Economy Watch: Morgan Stanley Says Correction Worse Than February Building, as Cyclical Stocks Fall Behind (Bloomberg)
U.S. Spy Agencies: North Korea Working on New Missiles (Washington Post)
Cynthia Nixon Sings Michael Bloomberg’s Praises (New York Post)
Most Read on the Bloomberg Terminal (Last 8 Hours):
Tencent’s $143 Billion Rout Is World’s Biggest as Tech Sinks (Bloomberg)
Amazon Fortune Revealed: Bezos’ Parents Could Be Worth Billions (Bloomberg)
In best case scenario, a $245K investment in son’s firm in 1995 has returned 12,000,000%.
Headlines from around the world.
The National (UAE): Saudi King Holidays in Still- Unbuilt Mega City NEOM
Best of late night.
“How was everyone’s weekend? Mine was great, I was down in South Carolina, really relaxing – no internet. They don’t have it there yet.”
— Stephen Colbert
On President Trump’s lawyer, Rudy Guiliani, arguing on CNN and elsewhere that collusion is not a crime:
“Wow, they are really moving the goal posts on this. First it was, ‘Russia didn’t interfere in the election,’ then it was, ‘O.K., they did, but nobody on the Trump team met with them.’ Then it was ‘O.K., they did, but it was just about adoptions.’ Then it was, ‘O.K., they offered us dirt on Hillary, but there was no collusion.’ And now we’re at, ‘Collusion is not a crime.’ What’s next? ‘O.K., collusion’s a crime, but it’s just a little crime.’ And then it’ll be, ‘Since when are crimes illegal? If crimes are illegal, take me away!’”
— Stephen Colbert
“The new ‘Mission Impossible’ won the box office this weekend, bringing in over $60 million. They’ve already come up with the plot for the next ‘Mission Impossible’: getting Rudy Giuliani to stop talking.”
— Jimmy Fallon
For more best of late night from the New York Times, click here.