Democratic leaders are facing new and mounting pressure not to cut a quick deal to reopen the federal government, following their party's sweeping victories in yesterday's elections.

• "There would be hell to pay if Senate Democrats don't let events play out," one House Democrat told Axios' Andrew Solender. "We had a huge night last night, and striking a weak deal in the immediate aftermath would be a self-own."
• Liberal grassroots groups — which have held significant sway over Senate Democrats' shutdown maneuverings — echoed that message today.

🩺 Democrats still haven't clearly articulated what specific concessions would be considered good enough to end the shutdown.

• But momentum is building against one option — an agreement for a Senate vote on extended health care subsidies.
• "If it's just a piece of legislation that passes the Senate ... then it becomes a meaningless gesture," Sen. Bernie Sanders said today as he crashed Senate Minority Leader Chuck Schumer's press conference to argue against a deal without firm guarantees on health care.

🛟 "Democrats throwing [Republicans] a rope in exchange for nothing would be political self-sabotage," talking points making the rounds through congressional offices today said.

Wall Street bonuses are expected to grow for the second consecutive year, Axios' Madison Mills writes from new estimates by Johnson Associates, a consulting firm.

• Record trading revenue from most of the major banks + the continued bull market + interest rate cuts that could spur more dealmaking = higher year-end bonuses across the financial services industry.

💼 Yes, but: Despite the pay increases, hiring is "generally muted across industry," according to the report.

• AI and other technology-led reductions could shrink employment in the industry by 10%–20% in the next three to five years.

1. ⚖️ President Trump's tariffs seemed to be in jeopardy today at the Supreme Court. Some of the conservative justices suggested that the far-reaching taxes may have exceeded Trump's legal authority. Go deeper.
2. 🏛️ In an "eerily silent" and "uncomfortable" meeting, Trump told Senate Republicans they'll "get killed" and be viewed as "do-nothing Republicans" if they don't eliminate the filibuster. Go deeper.
3. 🍕Apollo Global Management withdrew its $2.1 billion takeover bid for Papa Johns — a sign of weakening consumer demand for restaurants and fast-casual food. Go deeper.

Look up at the night sky tonight and you'll see the biggest, brightest supermoon of 2025.

• The moon is at the point in its orbit that's closest to Earth, and it's a full moon.