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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.

Go deeper

Mike Allen, author of AM
Nov 12, 2020 - Politics & Policy

Scoop: Trump eyes digital media empire to take on Fox News

Photo: Cheriss May/NurPhoto via Getty Images

President Trump has told friends he wants to start a digital media company to clobber Fox News and undermine the conservative-friendly network, sources tell Axios.

The state of play: Some Trump advisers think Fox News made a mistake with an early call (seconded by AP) of President-elect Biden's win in Arizona. That enraged Trump, and gave him something tangible to use in his attacks on the network.

Off the Rails

Episode 2: Barbarians at the Oval

Photo illustration: Sarah Grillo/Axios. Photo: Jim Watson/AFP/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 2: Trump stops buying what his professional staff are telling him, and increasingly turns to radical voices telling him what he wants to hear.

President Trump plunked down in an armchair in the White House residence, still dressed from his golf game — navy fleece, black pants, white MAGA cap. It was Saturday, Nov. 7. The networks had just called the election for Joe Biden.

Fringe right plots new attacks out of sight

Illustration: Aïda Amer/Axios

Domestic extremists are using obscure and private corners of the internet to plot new attacks ahead of Inauguration Day. Their plans are also hidden in plain sight, buried in podcasts and online video platforms.

Why it matters: Because law enforcement was caught flat-footed during last week's Capitol siege, researchers and intelligence agencies are paying more attention to online threats that could turn into real-world violence.