Photo: Win McNamee/Getty Images

In a speech at the Oxford Union on Wednesday, acting White House chief of staff Mick Mulvaney acknowledged it's hypocritical of the Republican Party to criticize deficits under the Obama administration and ignore them under President Trump, the Washington Post reports.

Why it matters: The deficit has ballooned under the Trump administration and is expected to surpass $1 trillion in 2020, despite Trump's promise on the 2016 campaign trail to eliminate the national debt in eight years.

  • Mulvaney, who was known as a fiscal hawk in Congress and served as acting director of the Office of Management and Budget under Trump, called the growing deficit "extraordinarily disturbing."
  • Trump's 2021 budget proposes $4.6 trillion in deficit reduction, but it would take 15 years to balance.

Other highlights:

  • On climate change: Mulvaney acknowledged that climate change is occurring, but claimed there's a debate about its causes. “We take the position in my party that asking people to change their lifestyle dramatically, including by paying more taxes, is simply not something we are interested in doing."
  • On impeachment: Mulvaney claimed Trump froze military aid to Ukraine because the country had a corruption problem and because of lack of burden sharing with Europe — despite former national security John Bolton writing in his book that it was to pressure Ukraine to investigate the Bidens. He also joked about the infamous press conference in which he admitted a "quid pro quo" occurred, calling it a mistake.
  • On his acting status: "It’d be a $20,000 pay cut to take the job," Mulvaney said, brushing off concerns that he's never been appointed permanently. "A life expectancy of a chief of staff is roughly 18 months. Generally speaking, this job does not last that long. ... Who knows how much longer I’m going to last?”

Go deeper: Former chief of staff John Kelly unloads on Trump

Go deeper

NYT: Trump paid $750 in federal income taxes in 2016 and 2017

Photo: Chip Somodevilla/Getty Images

The New York Times has obtained more than two decades worth tax-return data from Trump and the companies that make up his business, writing in an explosive report that the documents "tell a story fundamentally different from the one [the president] has sold to the American public."

Why it matters: The Times' bombshell report, published less than seven weeks before the presidential election, lays bare much of the financial information Trump has long sought to keep secret — including allegations that he paid $750 in federal income taxes in 2016 and 2017, and has over $300 million in personal debt obligations coming due in the next four years.

Updated 13 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:00 p.m. ET: 32,945,376 — Total deaths: 995,608 — Total recoveries: 22,786,066Map.
  2. U.S.: Total confirmed cases as of 6:00 p.m. ET: 7,105,604 — Total deaths: 204,724 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: 3 states set single-day coronavirus case records last week — New York daily cases top 1,000 for first time since June.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

How Trump, Biden plan to score at Tuesday's debate

Illustration: Sarah Grillo/Axios

President Trump has been practicing with flashcards and prepping with former New Jersey Gov. Chris Christie before Tuesday's presidential debate.

Behind the scenes: Top aides tell Axios he's been testing his attacks on the campaign trail for weeks, seeing what ignites his crowds or falls flat. One of the biggest themes Trump plans to drive home is his "tough guy" persona, which advisers see as an advantage with voters in key states.