The U.S. Treasury plans to borrow more than twice as much as previously anticipated in the third quarter, assuming a deal to lift the debt ceiling holds. The department expects to issue $433 billion in net marketable debt from July through September to help finance a budget gap that’s widening after Congress passed $1.5 trillion in tax cuts. —David E. Rovella

Here are today’s top stories

President Donald Trump once said he would eliminate the $22 trillion national debt, but now he’s set to approve a budget that will help usher in trillion-dollar annual deficits. 

Mexico’s interest rates are too high for a slowing economy, President Andres Manuel Lopez Obrador said in an interview, though he added that he respects the central bank’s freedom to set them independently.

Uber is cutting a third of its marketing department as its CEO seeks to address perceptions that the ride-hailing business is slowing.

Old ties to accused sex-trafficker Jeffrey Epstein aren’t the only problem facing Victoria’s Secret, Bloomberg Businessweek reports. In the age of #MeToo, the brand is increasingly out of step with consumers.

India’s newest billionaire is a former school teacher who developed an education app that’s helped create a $6 billion company in seven years.

The Athletic, a sports-news subscription service launched in 2016, said it has reached more than 500,000 subscribers.

What’s Lorcan Roche Kelly thinking about? The Bloomberg cross-asset editor is considering the future of lithium mining. Expected future demand has led to huge increases in mining and a drop in prices. Already, producers are talking of cut backs and investors are becoming worried about who will survive the price drop. All of which means we will probably see headlines in a few years about lithium prices surging to record highs.

What you’ll need to know tomorrow

• Get ready for a huge week of economic news.
• Citigroup is planning to fire hundreds of traders.
• Europe is about to find out how bad its economy has become.
• Boris Johnson issued an EU ultimatum as the pound plummeted. 
• Bloomberg Opinion: Congress has dangerous plans for the 401(k). 
• Trump’s loyalist pick for intelligence chief faces a hard road. 
• The elite club that rules the diamond world is showing some cracks.

What you’ll want to read tonight 

The $70,000-a-Year Liberal Arts College Lives

Americans are drowning in $1.6 trillion of student loans while Democratic presidential candidates propose free public colleges. The number of high school graduates is falling, more parents expect their kids to borrow money if they want a degree and Trump’s immigration policies threaten a steady stream of full-tuition paying foreign students. So why hasn’t the incredibly expensive liberal arts college died yet? 

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