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President Donald Trump returns to the White House Monday after his vacation in Bedminster, NJ (Alex Brandon / AP).

According to an executive who was involved in today's decision to disband President Trump's top outside business board, the CEOs decided they "couldn't justify the capital they were spending, hoping that this guy can function in a somewhat mature and statesmanlike way."

Trump used a tweet to preemptively shut down his top two business councils as soon as word leaked about the coming snub by the members of the President's Strategic and Policy Forum, chaired by Blackstone CEO Steve Schwarzman.

The executive told me: "Everyone knew, going in, that this was the way the guy was. They were just hoping that if he got the right people and decisionmaking processes in place, he could grow into the job. He proved he has no capability to do that." Yesterday's presser about Charlottesville was the last straw.

Why it matters … Axios CEO Jim VandeHei just told Nicolle Wallace on MSNBC: "Today is an awful day for the presidency – an awful day. … Hedid have those business leaders, who he needs: He's about to do tax reform! He's about to ask them to spend money, to spend political capital, to spend time to go get tax reform done."

  • "Now he has a massive public rebuke, in a way that we have not seen at any point in the Trump reign. So there's no way for them to spin it. And I think it gets worse: These CEOs are under so much pressure – internally, at home – in their own households."

Go deeper: Full recap on Trump's councils shutting down.

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Go deeper

40 mins ago - Health

Treasury begins dispersing $350 billion in COVID relief funding to states and localities

Treasury Secretary Janet Yellen. Photo: Tasos Katopodis/UPI/Bloomberg via Getty Images

The U.S. Treasury on Monday began giving state and local governments access to $350 billion in emergency funding from the American Rescue Plan, the department announced Monday.

Why it matters: Though the money is aimed at helping state, local, territorial and tribal governments recover from the pandemic's economic fallout, the administration will generally give them wide latitude on how they can use the funds.

Game developers break silence around salaries

Illustration: Annelise Capossela/Axios

Developers are sharing their salaries on Twitter under the hashtag #GameDevPaidMe to encourage pay transparency in their industry.

The big picture: The hashtag started circulating last year, but has returned periodically as developers fight for better working conditions. Salary sharing is a way to equalize the field. By removing the secrecy, as well as the stigma, around discussing pay, workers have more power to advocate for themselves when negotiating salaries and raises.

1 hour ago - World

Jerusalem crisis: Hamas fires rockets, Israel begins military campaign

Palestinian protesters and an Israeli police officer near the Damascus Gate. Photo: Amir Levy/Getty Images

Days of tension in Jerusalem escalated into an exchange of fire on Monday, as Hamas fired dozens of rockets toward Israel and the Israeli military responded with strikes of its own and said it was preparing for a military operation that could last several days.

Why it matters: This is the first time Hamas has fired rockets at Jerusalem since 2014, and it's the most serious escalation between the Israelis and Palestinians in many months. It comes during the most sensitive days on the calendar — the last days of Ramadan and the Jerusalem Day commemoration on Monday — and as political crises roil both the Israeli and Palestinian governments.