Good morning. The discovery of DNA’s double-helix structure, Neil Armstrong’s first steps on the Moon, the unveiling of the first-ever iPhone – today we have an announcement to share on par with all those.

Well, maybe not on that level – but we’re pretty excited about it.

We’ve teamed up with theSkimm, The GIST, and Girlboss to give you a chance to level up your tech collection and win a free iPad Pro. Here’s how to enter:

1. Just click this link.
2. Enter your email…
3. … then kick back, relax, and go to your happy place (ex: sipping mai tais on a Mexico beach watching Emily in Paris on your new iPad Pro, you cultured person, you).

The contest will be ending soon, so don’t dilly-dally. Enter here for free.

Now, NEWS.

🚀⏰ Ready, Set, Go: Today’s news should be about a 4.29-minute read.

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"Life can only be understood backwards; but it must be lived forwards."

–Søren Kierkegaard (1813-1855)

This fiscal year, the US federal deficit is expected to roughly double from 2022 to reach $2 trillion, according to new projections from the nonpartisan Committee for a Responsible Federal Budget.

The organization says the elevated deficit compared to the previous fiscal year can’t be pinned on any single reason, but rather a combination of several factors:

• Increased payments on existing debt. The US national debt currently sits at just under $33 trillion, with total interest payments projected to reach $612 billion in FY 2023 – a figure $136 billion higher than last year that also represents 2.3% of America’s overall GDP.
• Lower federal tax revenue across the board. This includes $278 billion less revenue from annual or quarterly tax returns so far this fiscal year, driven partially by a significant drop in revenue from capital-gains taxes after stocks soared in 2021 but dipped in 2022.
• Higher inflation and elevated interest rates. An increase in prices over the past year has contributed to a $130 billion annual bump in federal spending on Social Security, while the Fed’s interest rate hikes have led to $100 billion in reduced earnings for the central bank (which gives its profits to the US Treasury).

📸 Big picture: The federal government has spent more money than it takes in each year since 2001, including record-setting deficit levels in 2020 ($3.1 trillion) and 2021 ($2.8 trillion).

Over the long term, consistent US deficits lead to increasingly higher interest costs on the national debt. Spending in that area is currently projected to become the single largest line item in the federal budget by 2051, surpassing Social Security, Medicare, Medicaid, etc.

📊 Flash poll: In your opinion, how should the US government deal with its rising national debt?

Raise taxes

Cut spending

Print more bonds/money to cover interest

Some combination of the above

Nothing needs to be done

Other/unsure

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🇪🇸⚽ The coach of the Spanish women's national soccer team was fired weeks after their World Cup victory. The Spanish soccer federation didn’t mention any specific reason for the dismissal of Coach Jorge Vilda, but said the move was part of structural changes promised in response to backlash from federation President Luis Rubiales’ non-consensual kiss of a women’s national soccer team member while celebrating the World Cup win. Last month, members of the women’s national team and dozens of other athletes published a statement refusing to play for Spain while "the current leaders" of the federation remain. Vilda will be replaced by assistant coach Montse Tomé, the first-ever woman to lead the Spanish team.

🇨🇳🍿 Women in China go to the movies more often than men, a new survey found. While women account for less than 49% of the overall Chinese population, they represent 52% of monthly moviegoers in the country, according to Morning Consult. The polling org found female audiences in China are just as interested in sci-fi and action films as males, and also attend more romantic comedies and musicals than the opposite gender.

🇨🇺🇷🇺 Cuba uncovered a human trafficking ring sending its citizens to fight for Russia in Ukraine. The announcement from Cuba’s foreign ministry late Monday came days after local media in Miami reported that Cubans as young as 19 had been duped into traveling to Russia for fake contractor jobs, then conscripted into Russia’s army upon arrival and taken to Ukraine. Russia, which has strong political ties with Cuba and doesn’t require visas for its immigrants, is a popular destination for many Cuban workers and families.

Yesterday, a new law very creatively called Local Law 18 went into effect in New York City. And it’s set to heavily impact the city’s short-term housing/apartment rental market, leading Airbnb to refer to the new law as a “de facto ban” on the company.

Local Law 18 stipulates that:

• No more than two paying guests can stay in a short-term rental (defined as less than 30 days) at a time, no matter the size.
• Hosts must be physically present while their properties are being rented.
• Hosts and visitors must leave every door inside the dwelling unlocked, so occupants can access the entire unit.

The new law is already having an impact. Short-term rentals, or “illegal hotels” as NYC officials refer to them, have technically been illegal in the city this whole time – but the law was difficult to enforce.

Local Law 18 flips that on its head, putting the onus on short-term rental platforms (Airbnb, Vrbo, etc.) to remove illegal listings, in addition to requiring landlords to submit their units for approval prior to receiving any short-term rent money. There’s no requirement or potential liability for renters.

• As of August 28, the city office responsible for granting short-term rental permits had received 3,250 applications, putting the stamp of approval on 257 of those. Before Labor Day, 10,000+ “entire apartment/home” Airbnb listings in NYC offered availability for bookings shorter than the one-month threshold.

+Dive deeper: Regulations pertaining to short-term rentals have been increasingly popping up in major metro areas.

💬 Quoted… "Once an incident is reported, a human moderator will then fact-check the information before taking action."

• Bumble has unveiled new community guidelines taking aim at those who ghost (👻) or no-show IRL meets with other users. This action is now classified as bullying and abusive conduct under the updated policies, and subject to enforcement action.

🎭💰 Stat of the Day: In an SEC filing yesterday, Warner Bros. Discovery said it expects to earn $500 million less than previously expected this year due to the ongoing writers and actors strikes, which have entered their 18th and 9th weeks, respectively. And it’s not just WBD who’s feeling the pain – the US economy is projected to lose at least $5 billion as a result of the Hollywood strikes.

🤔 Did You Know?... André the Giant, who was listed at 7’4’’ and 520 lbs, once drank 156 beers in a single sitting, according to fellow pro wrestlers Mike Graham and Dusty Rhodes. Do not try this at home (unless you’re a character on It’s Always Sunny).

📰 Worth a Read: Where do fonts come from? This one business, mostly → (The Hustle)

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• ☝️ A ship missing since the late 1800s was recently discovered at the bottom of Lake Michigan by the Wisconsin Historical Society; the wreck is reportedly so well-preserved that the crew’s possessions are still intact onboard the ship.

BUSINESS & MARKETS

in partnership with Life Atlas

• 💰 US markets closed down across the board (S&P: -0.4%; Dow: -0.6%; Nasdaq: -0.1%).
• 🚫✈️ All departing United Airlines flights were briefly paused nationwide after the airline experienced a computer system issue. | 💼 Meta’s return-to-office mandate went into effect yesterday; employees are now required to be working from a company office three days/week.
• 💍📉 Rough diamonds inserted into one- or two-carat solitaire bridal rings popular in the US have experienced a sharp price drop, per a new Bloomberg report; this decrease is being mainly driven by demand for lab-grown diamonds (a topic we covered last week🙃).

*From our partners: 🗻🥳 Become your best self with Life Atlas, a goal-setting program from productivity expert Steven Lawson (featured in Fortune, Inc., and more) that removes distractions and helps you find fulfillment. Save $100 on Life Atlas with code DONUT.

SPORTS, MEDIA & ENTERTAINMENT

in partnership with Upway

• 🎶 The Rolling Stones are releasing their first studio album since 2005, called Hackney Diamonds.
• 💔 Joe Jonas and Sophie Turner are filing for divorce after four years of marriage, per court filings obtained by TODAY.
• 🏀 Team USA reached the semifinals of the FIBA World Basketball Cup after beating Italy 100-63 yesterday morning; their next game is scheduled for Friday.

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SCIENCE, SPACE & EMERGING TECH

• 🪲 Invasive plant and animal species cost the global economy at least $423 billion in damages each year, per a new UN report which examined data from 49 countries.
• ❄️🪸 A team of US scientists successfully cryopreserved and revived pieces of adult coral for the first time, per a new peer-reviewed study published in Nature Communications.
• 🐋 An Alabama high school student and her teacher discovered the fossilized remains of a 34-million-year-old whale while digging at her family’s farm.

MISCELLANEOUS

• 📝🏥 The Biden administration announced a first-of-its-kind law that regulates staffing levels at US nursing homes; an estimated 75% of nursing homes will need to increase their staff numbers under the new law.
• 🏛️ Senate Minority Leader Mitch McConnell (R-KY) showed no signs of stroke or seizure in brain scans following the most recent of two episodes of freezing up in public, McConnell’s doctor said yesterday.
• ⚖️ Proud Boys leader Enrique Tarrio was sentenced to 22 years in prison for his actions during the January 6 assault on the US Capitol two years ago; it marks the longest sentence handed down in a January 6 case thus far.

CLICKBAIT

• 🤗 There are 3 types of friendships – here’s why you need them all.

This bus ⬆️ parks on the curb every Saturday in Brooklyn, New York, near the end of the local subway line.

Operated by Brooklyn Community Services, it provides free showers, restrooms, toiletries, and clothing to anyone who needs it. 

🚌 Behind the mission: Ramona Sargeant is the woman *ahem* driving the shower bus' entire operation. She's made it her goal to help as many homeless individuals as possible, regardless of their story or struggles.

• “Even if you don’t use shelters, you still need a shower and clean clothes – we fill that gap," she told the Canarsie Courier.

What are the top 5 films of all time according to IMDb user ratings?

(keep scrolling for the answers)

👆 Check out the referral prizes you can get, just for introducing people you know to little old us. 

What to do: Copy your unique link below, then send it to anyone who you think would like the DONUT. Once you hit each milestone, you'll get an email with a link to claim your prize. (Pro tip: there's no need to ration points, you're entitled to a prize at each tier.)

Start referring.👇

1. The Shawshank Redemption (1994)
2. The Godfather (1972)
3. The Dark Knight (2008)
4. The Godfather Part II (1974)
5. 12 Angry Men (1957)

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