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The economy could complicate Trump’s re-election

As the U.S. economy starts to flash warning signs, President Trump’s early attempts to supercharge it are faltering — and may not even have worked as well as we thought. That could be a problem next year.

• The federal budget deficit is growing faster than expected as Mr. Trump’s spending and tax cut policies require more borrowing. It’s now expected to hit $1 trillion for the 2020 fiscal year.

• The sugar rush of corporate tax cuts is fading: U.S. companies are buying back their own shares at the slowest pace in 18 months, the WSJ reports, calling it “a potential sign of more volatility.”

• And the Labor Department reported that employers added a half-million fewer jobs in 2018 and early 2019 than previously reported, “the latest evidence that the economy got less of a jolt from President Trump’s tax cuts than it initially appeared,” Ben Casselman of the NYT writes.