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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

Biden's pick to lead major banking regulator drops out

Saule Omarova, nominee for Comptroller of the Currency, at a confirmation hearing on Nov. 18. Photo: Anna Moneymaker/Getty Images

President Biden's pick to head one of the country's most powerful banking regulators is dropping out of consideration for the post, according to a statement from Biden that accepted the withdrawal.

Why it matters: Saule Omarova, nominated to lead the Office of the Comptroller of the Currency, faced a tough path to confirmation — with opposition from Republicans and moderate Democrats.

Judge temporarily blocks Biden vaccine mandate for federal contractors

President Biden delivers remarks at the White House on Dec. 6 in Washington, D.C. Photo: Chip Somodevilla via Getty Images

A federal judge on Tuesday temporarily blocked President Biden's vaccine mandate for federal contractors nationwide.

Why it matters: It's the latest setback in the Biden administration's rollout of COVID vaccine requirements. Federal judges in two states temporarily barred the administration from enforcing mandates for millions of workers last week.

Biden threatens Putin

Photo: Kremlin Press Office/Handout/Anadolu Agency via Getty Images

In a video call that lasted for just over two hours on Tuesday, President Biden warned Russian President Vladimir Putin that if Russia invades Ukraine the U.S. will impose unprecedented sanctions and provide additional weaponry to the Ukrainians, national security adviser Jake Sullivan said.

Why it matters: Russia's military activity on the border with Ukraine has triggered alarms from the U.S. and its European allies of a potential large-scale Russian invasion in early 2022. Sullivan said Biden made clear to Putin that, "things we did not do in 2014, we are prepared to do now."