President Trump's promise to make permanent cuts to payroll taxes if re-elected will deplete the Social Security and Medicare trust funds they finance, Senate Minority Leader Chuck Schumer (D-N.Y.) said Sunday on ABC's "This Week".

Driving the news: President Trump Saturday signed an executive order deferring payroll taxes for Americans earning less than $100,000 a year, and floated eliminating the tax altogether for those Americans if he is re-elected. It's unclear if Trump has the authority to suspend payroll taxes by executive action.

What they're saying: "The president said if elected, I will forgive all this. That depletes money out of the Social Security and Medicare trust funds. If you're a Social Security recipient or Medicare recipient, you better watch out if President Trump is re-elected," Schumer said.

The other side: Treasury Secretary Steven Mnuchin claimed on "Fox News Sunday" that Trump "in no way wants to harm those trust funds," and that they'd simply be reimbursed from the Treasury Department's General Fund.

The big picture: Schumer declined to say whether the executive orders that Trump signed are illegal, but criticized them as "unworkable, weak and far too narrow." He called on Republicans to return to the negotiating table.

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Trump unveils health care vision, but offers little detail

President Trump in Charlotte, North Carolina. Photo: Brian Blanco/Getty Images

President Trump outlined his ambitions for health care policy in a North Carolina speech Thursday, promising "the highest standard of care anywhere in the world," before signing an executive order guaranteeing protections for pre-existing conditions and then pledging to ban surprise medical bills.

Reality check: The only reason that pre-existing conditions protections, which are guaranteed under the Affordable Care Act, are at risk is because a Trump-backed lawsuit against the law is pending before the Supreme Court. Trump's executive order offers few details, and executive orders in and of themselves don't change policy. The order "simply declares it's national policy to protect coverage of people with preexisting conditions," Politico writes.

Mary Trump claims in lawsuit that the president and his siblings "swindled" her inheritance

Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

President Trump's niece filed a lawsuit on Thursday alleging that the president and other family members "swindled her" out of an inheritance worth tens of millions, per the suit filed with New York's Supreme Court.

The big picture: Mary Trump's lawsuit, filed two months after her memoir portrayed her uncle as a dangerous sociopath, references a massive 2018 New York Times investigation that found the Trump family reportedly engaged in dubious tax schemes, including outright fraud, in the 1990s.

Trump unveils plan to expand loans for Black business owners, Juneteenth pledge

President Trump unveiled what he calls the "Black Economic Empowerment — Platinum Plan," at a campaign event in Atlanta, Georgia on Friday, promising to secure more lending for Black-owned businesses if elected for a second term.

Why it matters: With national polls showing the president lagging behind Joe Biden with Black voters, Trump's plan also includes a proposal to make Juneteenth — the commemoration of the end of slavery in the U.S. — a federal holiday.