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Michael Cohen. Photo: Yana Paskova/Getty Images

Michael Cohen entered a plea deal with federal prosecutors on Tuesday after being charged with eight counts related to tax fraud, making false statements to a financial institution, excessive campaign contributions, and unlawful corporate contributions.

One key detail, per the New York Times: "The plea agreement does not call for Mr. Cohen to cooperate with federal prosecutors in Manhattan, but it does not preclude him from providing information to the special counsel, Robert S. Mueller III, who is examining the Trump campaign’s possible involvement in Russia’s interference in the 2016 campaign."

What they're saying

Michael Avenatti, the lawyer of Stormy Daniels, said in an appearance on MSNBC that Cohen's plea deal vindicates his client and said he will be using Cohen as a witness against Trump in their case. "The likelihood of me getting a deposition of the president of the United States just went through the roof."

Lanny Davis, Michael Cohen's attorney, said on Twitter that Trump should be implicated for paying off two women with the intent of influencing the election. "If those payments were a crime for Michael Cohen then why wouldn't they be a crime for Donald Trump?"

The spokesperson for House Speaker Paul Ryan (R-Wis.) told reporters that the charges Cohen is facing appear to be "serious" and that he would "need more information than is currently available" to give an opinion.

House Minority Leader Nancy Pelosi (D-Calif.) said in a statement that both Cohen's plea deal and the conviction of Paul Manafort shows "the rampant corruption and criminality" in the Trump administration as well as the campaign he ran.

Senate Intel Committee Chairman Richard Burr (R-N.C.) and Vice Chairman Mark Warner (D-Va.) issued a joint statement saying the committee has "no insight" into Cohen's plea agreement but still hoped for an appearance from Cohen before the committee.

Go deeper: Read the Cohen plea deal

Go deeper

53 mins ago - Politics & Policy

Scoop: Biden plan expected to include at least $500B for climate

Photo: Stephanie Keith/Bloomberg via Getty Images

The White House is privately telling lawmakers the climate portion of President Biden's roughly $2 trillion social spending plan is "mostly settled" and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.

Why it matters: A pricetag of $500-555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn't far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.

1 hour ago - World

U.S. presses Gulf countries to help resolve Sudan coup crisis

Jake Sullivan briefs the press. Photo: Chip Somodevilla/Getty

The Biden administration has asked its partners in the Gulf and elsewhere to press the Sudanese generals who carried out a coup on Monday to release captives including Prime Minister Abdallah Hamdok and to reinstate the civilian government, White House National Security Adviser Jake Sullivan said in a press briefing on Tuesday.

Why it matters: The U.S. has limited influence over coup leader Gen. Abdul Fattah al-Burhan and other military leaders, many of whom have close ties to Saudi Arabia and the United Arab Emirates.

Higher prices are the new norm, with no end in sight

Illustration: Aïda Amer/Axios

Companies are making money at record rates thanks in part to customers who are willing to pay higher prices.

Why it matters: In order to keeping that corporate profitability streak going, shoppers should expect sticker prices to stay high or become more expensive well into 2022. Fewer promotions and shallower discounts will also become the norm as inventory levels remain low.

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