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Photo: Yana Paskova/Getty Images

Michael Cohen is in trouble. NBC's report that federal investigators "monitored" the phone lines of President Trump's longtime personal lawyer [NBC initially said Cohen was wiretapped] — and intercepted a call between Cohen and the White House — is the latest in a string of reports that reveal the broad scope of the federal government’s investigation.

Why it matters: Things are closing in, rapidly, on Michael Cohen. The repercussions will be felt heavily in the White House, as Cohen, Trump's "fix it" lawyer, is heavily intertwined in Trump’s professional, political, personal, legal and family life. He is, as Axios' Mike Allen put it, "the man with secrets few others hold."

How things unraveled
  • Last year, Cohen was drawn into Mueller's Russia investigation for his contacts with Russians during Trump's 2016 presidential campaign.
  • In February, Cohen said he paid Stormy Daniels, the adult film star alleging she had an affair with Trump, $130,000 during the Trump campaign with his own funds.
  • Last month, federal investigators raided Cohen's office, hotel room, and home, and took records and payments relating to Stormy Daniels' case as well as communications between Trump and Cohen.
  • Last night, Trump's new lawyer, Rudy Giuliani, told Fox's Sean Hannity that the president had actually repaid Michael Cohen for his $130,000 payment to Daniels, despite Trump previously denying any knowledge of the arrangement.
  • In a string of early morning tweets, Trump also admitted to reimbursing Cohen for the $130,000 payment.
  • And today, two sources "with knowledge of the legal proceedings involving Cohen" told NBC that the federal government "monitored" Cohen's phone lines in the weeks leading up to their raids on his office, hotel room, and home in early April.
What we don't know
  • It's still unclear what Cohen is being investigated for. Following last month's raids, The Washington Post reported that Cohen "is under federal federal investigation for possible bank fraud, wire fraud and campaign finance violations," citing three people with knowledge of the case.
View from the White House
  • Giuliani told the Washington Post's Robert Costa that "when he read NBC report, he was furious. 'If they picked up the president, they would have had to notify him.' Said if true, wld be a 'mockery' of attorney-client privilege and 'gov't misconduct.'"
  • And what a former Trump campaign official told Mike Allen last month still rings true: “The guys that know Trump best are the most worried. People are very, very worried. Because it’s Michael [effing] Cohen. Who knows what he’s done?"

Editor's note: NBC News reported today that Trump lawyer Michael Cohen's phone was wiretapped in the weeks prior to the FBI raid. They later corrected their story on air, noting that federal authorities were “monitoring” Cohen's phone calls but not listening to them as previously reported. This story has been updated to reflect that correction.

Go deeper

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.