Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
In lengthy public comments at a Cabinet meeting on Monday, President Trump railed against media criticism of his decision — which he has since walked back — to hold next year's G7 summit at his Doral resort in Miami.
"I don't know if you know it — George Washington, he ran his business simultaneously while he was president. There weren't too many really rich presidents, but there were a few. They ran their business. Hey, Obama made a deal for a book. Is that running a business? I'm sure he didn't even discuss it while he was president. Yeah, yeah. He has a deal with Netflix. When did they start talking about that? That's only a couple of examples. ... I don't think you people with this phony emoluments clause — and by the way, I would say that it's cost me anywhere from $2 billion to $5 billion to be president. And that's OK.
Why it matters: Throughout his presidency, Trump has faced allegations that he and his family have abused the office of the presidency to enrich themselves. His G7 decision drew bipartisan scrutiny at a time when Trump needs Republicans in Congress to remain loyal as he weathers an impeachment inquiry.
Reality check: The emoluments clause of the Constitution is not "phony."
- It states: "No Title of Nobility shall be granted by the United States: And no Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State."
- In December, a federal appeals court in Virginia will hear an emoluments case brought by the state of Maryland and the District of Columbia that alleges Trump has profited from the presidency with the Trump International Hotel in Washington, D.C.
- Trump's claim on Monday that the presidency has cost him anywhere from $2 billion to $5 billion is impossible to verify because he has not followed the modern presidential tradition of releasing his tax returns.
Go deeper: Mulvaney says Trump was "honestly surprised" at level of backlash over G7 decision