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Photo: Zach Gibson / Getty Images

Deputy Attorney General Rod Rosenstein's approval last year of an application to an intelligence court to extend surveillance of former Trump associate Carter Page is a key component of the Republican memo on alleged FISA abuses, per The New York Times. The classified document at the heart of the #ReleaseTheMemo controversy claims that the Justice Department failed to inform a FISA court that the unverified Steele dossier formed at least part of the basis of the application.

Why it matters: The news could set up a showdown between the White House and DOJ over the next week as the House Intelligence Committee moves to declassify the memo for a public release — a move branded "extraordinarily reckless" by a top DOJ official.

Go deeper

Dion Rabouin, author of Markets
Updated 1 hour ago - Economy & Business

Our make-believe economy is here to stay

Illustration: Eniola Odetunde/Axios

The Federal Reserve and global central banks are remaking the world's economy in an effort to save it, but have created something of a monster.

Why it matters: The Fed-driven economy relies on the creation of trillions of dollars — literally out of thin air — that are used to purchase bonds and push money into a pandemic-ravaged economy that has long been dependent on free cash and is only growing more addicted.

Mike Allen, author of AM
2 hours ago - Politics & Policy

Why Trump may still fire Barr

Photo: Jabin Botsford/The Washington Post via Getty Images

Attorney General Barr may be fired or resign, as President Trump seethes about Barr's statement this week that no widespread voter fraud has been found.

Behind the scenes: A source familiar with the president's thinking tells Axios that Trump remains frustrated with what he sees as the lack of a vigorous investigation into his election conspiracy theories.

Mike Allen, author of AM
2 hours ago - World

Scoop: Trump's spy chief plans dire China warning

Xi Jinping reviews troops during a military parade in Beijing last year. Photo: Thomas Peter/Reuters

Director of National Intelligence John Ratcliffe on Thursday will publicly warn that China's threat to the U.S. is a defining issue of our time, a senior administration official tells Axios.

Why it matters: It's exceedingly rare for the head of the U.S. intelligence community to make public accusations about a rival power.