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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.

3 hours ago - Technology

TikTok drives new nostalgia economy

Illustration: Shoshana Gordon/Axios

Older brands, trends and technologies are making a comeback as younger consumers desperately chase slower, less chaotic times.

The big picture: TikTok's algorithm makes it easy for flashback items to resurface and quickly go viral both on its platform and eventually on other social networks.

Updated 6 hours ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport to "drop off some members" and were due to travel to another destination when the gang struck in Port-au-Prince, Haitian security officials said, per the NYT.