Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.