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There's a lot packed into this 46-second clip of Rep. Mick Mulvaney, the conservative Republican nominated to run Trump's OMB, being confronted over Trump's promise to balance the budget while cutting taxes and refusing to cut entitlements. It neatly summarizes the fiscal clash that seems inevitable between the White House and the Hill.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

The key exchange:

Corker: "Mr. Trump did say some things during the campaign that I wish he had not said. They're totally unrealistic, make no sense whatsoever. And I just wonder if your sense that when you talk with him about the five levers and when you talk with him about the fact that it's impossible for us to balance the budget with 31% of our spending being discretionary without dealing with these other programs, do you think he understands that?"
Mulvaney: "I have to imagine the President knew what he was getting when he asked me to fill this role."
Corker: "So you think he understands that we have to deal with all of these issues?"
Mulvaney: "I'd like to think it's why he hired me."

Why this matters: Trump's pledges don't add up — a fact colorfully acknowledged by the staunch Trump ally, Tennessee Sen. Bob Corker. Mulvaney, one of the chief fiscal hawks in the House, knows this all too well, and his relationship with Trump could prove contentious if the President favors deficit spending.

Go deeper

2 hours ago - Health

NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) on Monday announced a new COVID vaccine mandate for all private companies.

Why it matters: De Blasio, speaking on MSNBC's "Morning Joe," said the "first-in-the-nation measure" will go into effect starting Dec. 27. It will apply to approximately 184,000 businesses.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent. 

5 hours ago - Health
Axios Investigates

Documents reveal the secrecy of America's drug pricing matrix

Illustration: Aïda Amer/Axios

American businesses spend hundreds of billions of dollars a year on prescription drugs, and the bills keep getting bigger. But some of the companies promising to help rein in those costs prevent employers from looking under the hood.

Why it matters: Documents provided to Axios reveal a new layer of secrecy within the maze of American drug pricing — one in which firms that manage drug coverage for hundreds of employers, representing millions of workers, obscure the details of their work and make it difficult to figure out whether they're actually providing a good deal.