Behind the Curtain: Santa & Grinch

President Trump's first 296 days of his second term, while precedent-shattering, are producing a lot more one-off, giveth-or-taketh-away deals than actual new U.S. laws.

Why it matters: It's the Santa and Grinch presidency, in which almost every day reveals a new promise to give something of financial value to a nation, group or individual — or take it away. But rarely do these transactions cement new laws.

• This reality reflects Trump's improvisational and dealmaking impulses. But it also means that a lot of what he does will be easily reversible.

The last few days show the pattern: Trump, increasingly vocal about affordability after the Democratic romp in Tuesday's elections, called for two actions — tariff rebate checks and 50-year mortgages.

• Both were in-the-moment ideas, tossed out by the president on social media, that don't require new laws.

Zoom in: On Truth Social on Saturday afternoon, Trump floated the idea of a 50-year mortgage to improve housing affordability. Bill Pulte, the powerful director of the Federal Housing Finance Agency (FHFA), then tweeted: "Thanks to President Trump, we are indeed working on The 50 year Mortgage — a complete game changer." Rep. Marjorie Taylor Greene (R-Ga.) argued on X that the idea would "ultimately reward the banks, mortgage lenders and home builders while people pay far more in interest over time."

• Then on Truth Social on Sunday morning, Trump said: "A dividend of at least $2000 a person (not including high income people!) will be paid to everyone." (An idea he's floated on and off since July, without any concrete plans.)
• In a real-time reflection of Trump improv, Treasury Secretary Scott Bessent told George Stephanopoulos shortly thereafter on "This Week": "I haven't spoken to the president about this yet ... [T]he $2,000 dividend could come in lots of forms ... [I]t could be just the tax decreases that we are seeing on the president's agenda." (Trump later clarified that it would, in fact, be a direct payment to people.)

Reality check: The Supreme Court might nullify the tariffs, in part because he didn't get them signed into law.

• Herein lies the downside to Trump's approach: Anything not codified by law can be easily undone by the courts — or by Democrats when they win back the White House.

The intrigue: These measures can also be undone by Trump himself, if the winds shift the right way. Auto companies, for instance, now get a partial refund for the tariffs that Trump imposed on the industry.

Another case in point: Trump has pushed for lower prescription drug prices — not by seeking legislation, but by directly pressuring pharmaceutical companies, including last week's Oval Office announcement that they'll reduce the price of GLP-1 weight loss drugs.

• He has attacked health insurance companies in recent days and over the weekend called for Americans to receive cash directly with which to buy health insurance.
• But he hasn't engaged in negotiations with congressional Democrats over extending Affordable Care Act subsidies that currently help millions afford insurance — the core of the shutdown fight.

The bottom line: Almost all of Trump's astonishing expansions of precedent-stretching presidential power flow not from law, or even congressional approval. It's just Trump doing what he wants ... to whoever he wants ... when he wants.

• Axios' Tal Axelrod, Ben Berkowitz, Courtenay Brown and Neil Irwin contributed reporting.

Correction: This version removes an outdated GovTrack tally that was from Trump's first term, not this term.

• Go deeper: "The resistance revitalized."