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Illustration: Aïda Amer/Axios

It is a fact President Trump had a consequential first two years: a huge tax cut, two Supreme Court justices and lots of regulations eliminated.

But it is also a fact that he did this in the kind of political environment all presidents dream of but few ever got: full control of government in peaceful and prosperous times. His job now is not just harder — it’s exponentially harder.

  • He shifts from a compliant Republican Congress to a stubbornly divided one.
  • Thanks to his tax cuts, deficits are shooting past $1 trillion annually, providing little wiggle room for new spending programs.
  • The era of cheap money is over. He can kvetch about the Fed all he wants — rates are going up.
  • The market went from roaring to rude, and most think a recession is coming our way.
  • The Mueller investigation is a threat and nuisance.
  • Congressional subpoenas and public hearings are hell.

Trump is already seeing the perils of his new reality:

  • He threatened a government shutdown and promised to take full ownership of it.
  • Democrats are planning a flurry of investigations come January.
  • Even routine tasks (for him) like finding a new chief of staff are harder.

Be smart: Trump faces all these headwinds as he ramps up a re-election campaign for a race in which the path to victory and margin for error are as slim and elusive as any in a lifetime.

Go deeper:

Go deeper

2 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

The week markets went wild

Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.