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Photo: Chip Somodevilla/Getty Images

The Second Circuit Court of Appeals granted President Trump an emergency stay Monday after the president lost a key court ruling over his tax returns, reports Bloomberg.

The state of play: A New York federal judge ruled earlier in the day that Manhattan's district attorney could subpoena 8 years of the president's personal and corporate tax returns from his longtime accounting firm, Mazars USA.

  • The Second Circuit's stay means that those documents will not have to be immediately handed over, pending an "expedited review" by a court panel.
  • The case involves an untested legal argument from Trump's lawyers, which posited that the Constitution protects presidents from criminal investigations while in office.

The big picture, via Axios' Zach Basu: Manhattan District Attorney Cyrus Vance's office subpoenaed Trump's tax returns last month as part of its investigation into hush money payments made to Stormy Daniels during the 2016 election.

  • A federal investigation into the payments resulted in Trump's former personal lawyer Michael Cohen pleading guilty to campaign finance violations, and it "effectively concluded" in July with no further charges.
  • Vance's office opened a new investigation last month into whether the Trump Organization falsely listed its reimbursement of Cohen for the $130,000 payment to Daniels as a legal expense, which would be illegal under New York law.

Worth noting: This is at least the third time Trump has sued to block the release of his tax returns. Earlier this year, the president filed a lawsuit against House Democrats and the state of New York over a law that would permit tax officials to turn over Trump's state tax returns.

Go deeper

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden readies massive shifts in policy for his first days in office.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.
  6. World: WHO team arrives in China to investigate pandemic origins.
Dave Lawler, author of World
6 hours ago - World

Alexey Navalny detained after landing back in Moscow

Navalny and his wife shortly before he was detained. Photo: Kirill Kudryavtsev/AFP via Getty

Russian opposition leader Alexey Navalny was detained upon his return to Moscow on Sunday, which came five months after he was poisoned with the nerve agent Novichok. He returned despite being warned that he would be arrested.

The latest: Navalny was stopped at a customs checkpoint and led away alone by officers. He appeared to hug his wife goodbye, and his spokesman reports that his lawyer was not allowed to accompany him.

Mike Allen, author of AM
8 hours ago - Politics & Policy

Biden's "overwhelming force" doctrine

President-elect Biden arrives to introduce his science team in Wilmington yesterday. Photo: Kevin Lamarque/Reuters

President-elect Biden has ordered up a shock-and-awe campaign for his first days in office to signal, as dramatically as possible, the radical shift coming to America and global affairs, his advisers tell us. 

The plan, Part 1 ... Biden, as detailed in a "First Ten Days" memo from incoming chief of staff Ron Klain, plans to unleash executive orders, federal powers and speeches to shift to a stark, national plan for "100 million shots" in three months.