Axios

Michelle Obama addressed why she skipped President Trump's second inauguration during the latest episode of the former first lady's podcast that was released Wednesday.

The big picture: She was speaking on "IMO with Michelle Obama and Craig Robinson," which she hosts with her brother about how she's been working on saying "no" to people and overcoming worries that she needed to do more.

Sen. Dick Durbin's (D-Ill.) retirement is setting off a once-in-a-decade leadership fight for Senate Democrats.

Why it matters: Durbin, 80, has been the Senate Democratic whip since 2005. Whoever replaces him becomes the instant front-runner to replace Senate Democratic leader Chuck Schumer down the road.

The trade war with China is "unsustainable" in its current form, Treasury Secretary Scott Bessent said Wednesday, though there were mixed messages from the administration about whether the U.S. would move unilaterally to reduce tariffs.

Why it matters: As recession worries grow, the Trump administration is signaling intentions to tamp down trade tensions with China, which have threatened to all but shutter commerce between the world's two largest economies.

President Trump on Wednesday said he might call Federal Reserve chair Jerome Powell to press for an interest rate cut.

Why it matters: Financial markets slumped when they feared Trump might fire Powell and threaten the Fed's independence, and rallied when he said he had "no intention" of doing so.

Rep. Jan Schakowsky (D-Ill.) has told colleagues she plans to retire rather than seek reelection to a 15th term in Congress, two House Democrats familiar with the matter told Axios.

Why it matters: It could be the first in what some House Democrats expect will be a wave of retirements among their older members amid a sustained effort to oust Democrats' most senior lawmakers.

Elon Musk and Treasury Secretary Scott Bessent got into a shouting match within earshot of President Trump and senior White House officials last week, Axios' Marc Caputo scoops.

• "It was two billionaire, middle-aged men thinking it was WWE in the hall of the West Wing," one witness said of the argument last Thursday. (Bessent's net worth is actually $520 million.)

🤬 Details: The two were fighting about the IRS. The New York Times first reported Friday that Bessent and Musk had a disagreement over who should lead the IRS. But their chest-to-chest clash has not been reported previously.

A slim majority of Americans trust that judges' decisions are impartial — and a bigger majority say the White House should abide by those rulings, Axios' Sareen Habeshian writes from new Pew Research Center polling.

• 78% of Americans overall believe the Trump administration would have to stop implementing policies that judges say are illegal. That includes 91% of Democrats and 65% of Republicans.

Go deeper.

1. 🇺🇦 President Trump accused Ukrainian President Volodymyr Zelensky of standing in the way of peace, after Zelensky rejected Trump's proposal to recognize Crimea as Russian territory. "We are very close to a Deal, but the man with "no cards to play" should now, finally, GET IT DONE," Trump wrote on Truth Social. Go deeper.
2. 🏛️ Sen. Dick Durbin (D-Ill.) will retire at the end of his term — likely setting off a fierce Democratic primary for his seat. Go deeper. Rep. Jan Schakowsky (D-Ill.) also announced that she won't run again, which could be the beginning of a wave of retirements among House Democrats.
3. 📈 The Official Trump meme coin was up nearly 50% today following reports that the top 220 holders will get to have dinner with President Trump. Go deeper.

Pope Francis' body is carried through St. Peter's Square to St. Peter's Basilica at the Vatican today. He will lie in state for three days.

• Below, cardinals walk through St. Peter's Square ahead of the coffin.

A coalition of 12 states sued the Trump administration on Wednesday over what they called "illegal tariffs."

Why it matters: The attorneys general are seeking a court order to block President Trump from being able to enact the tariffs, claiming that he lacked the authority to set them.

Health Secretary Robert F. Kennedy Jr. is launching a disease registry to track Americans with autism.

Why it matters: Advocacy groups and experts have called Kennedy's characterization of autism as a "preventable disease" unfounded and stigmatizing.

The Official Trump meme coin is up nearly 50% Wednesday on news that its biggest holders get to have dinner with Donald Trump, the President of the United States.

Why it matters: The big question everyone had about this crypto token was whether or not buying it would offer privileged access to the president, and now we have an answer.

A Trump administration budget proposal that calls to strike a number of programs from the federal health bureaucracy would also seek to eliminate funding for specialized crisis services for LGBTQ+ youth.

The big picture: The national 988 Suicide & Crisis Lifeline's LGBTQ+ Youth Specialized Services has received more than 1.2 million crisis contacts since 2022. Scrapping the program, advocates say, would put young people at risk.

Sen. Dick Durbin's (D-Ill.) announcement Wednesday that he is retiring rather than running for reelection in 2026 is likely to set off a fierce Democratic primary for his seat.

Why it matters: Durbin himself predicts that "at least a dozen" candidates will jump into the race, with at least three House Democrats and the state's lieutenant governor all eyeing bids.

Elon Musk and Treasury Secretary Scott Bessent got into a heated shouting match in earshot of President Trump and other officials in the White House last week during a dispute about the IRS, two witnesses and three sources briefed on the matter tell Axios.

• "It was two billionaire, middle-aged men thinking it was WWE in the hall of the West Wing," one witness said of the argument last Thursday. (Bessent's net worth is actually $520 million.)

Why it matters: The clash — with both men in each other's face — showed how much Musk's personality and style have rankled some senior administration officials since he began running roughshod through agencies with DOGE.

Viewers across the U.S. are getting ready for the next Pope to be announced by binge watching the fictional drama "Conclave."

Why it matters: The Oscar-award-winning film that depicts how the Catholic Church chooses its leader has seen a massive spike in daily viewership since Pope Francis died earlier this week.

A majority of Americans disapprove of President Trump's handling of the economy, particularly his trade policies, per two new polls out Wednesday.

Why it matters: Over 10 years in and around public office, and despite all the other controversies surrounding him, one issue where people have consistently given Trump the benefit of the doubt was in his handling of economic affairs.

• Not anymore.

An overwhelming majority of Americans believe the Trump administration should follow court orders, though they don't necessarily believe judges are fair in deciding cases, a Wednesday poll from Pew Research Center found.

The big picture: The administration has already defied court orders in its aggressive push to deport immigrants — often with little or no due process — setting up a constitutional clash between two equal branches of the government.

The Department of Education announced this week that it will start referring student loan borrowers in default to debt collection.

Why it matters: After a five-year penalty pause, the 5.3 million borrowers in default could see their wages garnished if they don't resume payments.

Here's what to know:

Sen. Dick Durbin (D-Ill.), the Senate Democratic whip, announced his retirement on Wednesday.

Why it matters: Durbin's retirement will kick off one of the first open leadership contests in a decade, continuing a generational change in the Senate Democratic caucus.

Most American adults report having heard or read some false claims about measles or the measles, mumps, rubella (MMR) vaccine, according to a new poll out Wednesday.

The big picture: Misinformation about the virus and its treatment remains prevalent, and many are uncertain of the truth as the U.S. grapples with persistent outbreaks. As of last week, some 800 confirmed cases were reported across 25 states, according to the Centers for Disease Control and Prevention.

Treasury Secretary Scott Bessent on Wednesday said the Trump administration would leverage its power to "push" the International Monetary Fund and the World Bank in a new direction.

Why it matters: Bessent's comments offer the strongest hint yet of the White House's intention to try to nudge the groups to align better with the Trump agenda.

About 200 university presidents and chancellors signed onto a Tuesday letter denouncing the Trump administration's "coercive use of public research funding."

Why it matters: Dissent to President Trump's higher education threats is slowly growing.

Pennsylvania Gov. Josh Shapiro (D) recounted in a Wednesday essay the chilling moment earlier this month when he realized an arsonist had set fire to the governor's residence while he and his family were asleep.

The big picture: A suspect in the attack was arrested earlier this month. He allegedly told police he would've beaten Shapiro with a hammer if he encountered him.

There are growing signs that Trump-aligned forces are ready to go to war with House Republicans if they attempt to pass large Medicaid spending cuts.

Driving the news: New polling from a top Trump campaign pollster shared exclusively with Axios has found the Medicaid program is popular among all voters, including those who cast their ballot for Trump — yet another sign of the political peril of cutting it.

President Trump got a scare from CEOs and markets on Monday. On Tuesday, he blunted some of his sharpest threats — signaling a softer stance on China and retreating from fiery rhetoric targeting the Fed.

Why it matters: The president is resolute in his goal of reshaping the economy. But he's sensitive to the movement of the markets and the pleas of powerful corporate leaders and investors who fear the worst from his sweeping efforts.

President Trump's penchant for chaos — overload the media, public and government with disorienting action and controversial figures — is mass-producing ... chaos, everywhere.

Why it matters: As Trump's 2.0 administration approaches its first 100 days, his less leaky, less back-stabby White House is starting to look more like the first-term one, with a surge in infighting and embarrassing public revelations.

Voice of America workers who were placed on leave or fired should return to work and the Trump administration must restore funding to the VOA and other U.S. government-funded news outlets, a federal judge ruled on Tuesday.

Why it matters: The ruling effectively halts the Trump administration's plan to gut the VOA and its parent, the government-funded U.S. Agency for Global Media (USAGM).