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Kevin Burbach / AP

Now that Republicans are in charge: True-blue deficit hawks are worried about having too much faith in right-leaning reforms to boost economic growth. "You're not going to be able to grow your way out of this one," Oklahoma Republican Tom Cole argued to the Wall Street Journal Sunday. Cole has data on his side: Government debt is set to rise steeply over the next ten years, even absent new spending initiatives and tax cuts proposed by the Trump Administration.

The German export engine is losing steam: Deutsche Bank argues that an aging population and an influx of immigrants will force down the famously high savings rate in Germany, and help begin the process of lowering its overall trade surplus. This would be music to the White House's ears, but the U.S. is also facing similar demographic trends. Expect Germany to maintain its trade surplus with America, and remain on the Trump Administration's list of unfair traders.

Tiffany benches CEO: Tiffany announced the dismissal of its CEO Frederic Cumenal on Sunday after less than two years on the job, and just weeks after reporting disappointing holiday sales. The move is the latest of several high profile leadership changes in the luxury retail sector of late, and shows that even America's most valuable luxury brands are struggling as consumers shift more of their purchases online.

Go deeper

Democrats to take up immigration reform next week

Biden in the Oval Office in January. Photo: Chip Somodevilla/Getty Images

The House will vote on two immigration bills next week, including one to protect undocumented immigrants who came to the U.S. as children, Majority Leader Steny Hoyer (D-Md.) said Tuesday on a call with the Democratic caucus.

Why it matters: This is likely the only realistic shot the Biden administration has at this point to pass immigration reform.

Scoop: Biden briefing calls for 20,000 child migrant beds

President Biden, during a virtual meeting with Mexican President Andrés Manuel López Obrador. Photo: Anna Moneymaker-Pool/Getty Images

A briefing scheduled for President Biden this afternoon outlines the need for 20,000 beds to shelter an expected crush of child migrants crossing the U.S.-Mexico border, Axios has learned.

Why it matters: The rapid influx of unaccompanied children is building into the administration's first new crisis. A presentation created by the Domestic Policy Council spells out the dimensions with nearly 40 slides full of charts and details.

FBI director: Jan. 6 Capitol attack was domestic terrorism

The FBI views the Jan. 6 Capitol siege as an act of domestic terrorism, director Christopher Wray testified in his opening statement Tuesday before the Senate Judiciary Committee.

Why it matters: The FBI's designation of the attack as domestic terrorism puts the perpetrators "on the same level with ISIS and homegrown violent extremists," Wray said.