Axios

President Trump's proposal to send adult U.S. citizens $5,000 dividend checks would require congressional approval, House Speaker Mike Johnson (R-La.) said on Sunday.

Why it matters: Trump and his top officials claim they can send the checks without Congress — even with the prospect of them costing upward of $1.3 trillion.

Americans are facing a rising tab as a multi-decade borrowing binge collides with a spike in energy prices caused by the Iran war.

The big picture: Long-term interest rates are surging, as are consumer prices.

• It's a toxic mix of near-term inflation pressures and years of fiscal imbalance.