The White House is sending out mixed signals on how it wants to handle Puerto Rico's $74 billion in municipal debt, which has become an even more pressing issue in the aftermath of Hurricane Maria. And the confusion pushed Puerto Rico benchmark bond prices even lower.

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Data: S&P Dow Jones Indices; Chart: Andrew Witherspoon / Axios
  • President Trump on Tuesday to Fox News: "You know, they owe a lot of money to your friends on Wall Street, and we're going to have to wipe that out. You can say goodbye to that."
  • White House OMB Director Mick Mulvaney on Wednesday to Bloomberg: "We are not going to pay off those debts. We are not going to bail out those bondholders."

Why it matters: Puerto Rico officials have said the government could shut down at the end of October if Congress doesn't provide billions of dollars in emergency funding. But the long-term recovery needs would be much different were Puerto Rico's debt to be wiped out, as Trump initially suggested.

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 7 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.