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National

The White House is preparing for Tuesday's debt ceiling showdown with House Speaker Kevin McCarthy (R-Calif.) by fortifying its red lines, isolating vulnerable Republicans and staffing up for a war of attrition.

Why it matters: McCarthy believed that passing his debt ceiling bill against the odds would force President Biden to come to the negotiating table. After briefly regrouping, the White House opted to grant the coveted face-to-face meeting — while pairing it with a sharp escalation in rhetoric.

Driving the news: White House spokesman Andrew Bates circulated a memo Monday claiming GOP spending cuts would "supercharge the fentanyl crisis" by cutting thousands of agents from the Drug Enforcement Agency, FBI and Border Patrol.

It's the latest in a barrage of White House attacks highlighting cuts that could affect stated Republican priorities — with policing and veterans' benefits emerging as two of the most potent themes.

The White House is specifically targeting vulnerable House Republicans, releasing an analysis that found a total of 618,960 veterans live in the 18 GOP House districts Biden won in 2020.

What's next: There's no indication that strategy will change after Biden meets with McCarthy and other congressional leaders at 4pm ET Tuesday.

The White House already has announced Biden will deliver a debt ceiling speech Wednesday in the Hudson River Valley — in a district Biden won in 2020 but now is represented by Rep. Mike Lawler (R-N.Y.), who won by less than 1 percentage point in the midterms.

Rob Friedlander, most recently communications director for the Office of Management and Budget, has been detailed to a special advisory role focused on debt ceiling messaging, Politico reported today.

What they're saying: "There is no Plan B," National Economic Council deputy director Bharat Ramamurti told CNN on Monday.

"Our plan is for Congress to act to address the debt limit without conditions, just like they have done 78 times in the past. Just like they did three times under President Trump, even as they were adding $8 trillion to the deficit."

Yes, but: Republicans' leverage has increased substantially since the last time McCarthy and Biden met, 96 days ago.

43 out of 49 Republican senators sent a letter to Senate Majority Leader Chuck Schumer (D-N.Y.) on Saturday expressing support for the House GOP's efforts — and stressing that a "clean" debt ceiling bill would not pass the Senate.

The White House has been frustrated by its lack of support from "establishment Republicans, the business lobby and nonpartisan budget hawks" that traditionally have warned against the dangers of default, the Washington Post reports.

Top Biden Cabinet officials, including Treasury Secretary Janet Yellen, have begun personally calling CEOs in recent days to urge them to pressure Republicans — a new sign of potential skittishness.

The bottom line: Something may need to break for either side to back down.

"This fault line in the financial system is set to become an earthquake as the X-date approaches," Moody's chief economist Mark Zandi warned.

"There will be action only when donors and constituents, angry at their evaporating wealth, pound on lawmakers’ doors."

Biden battens down the hatches

Biden speaks with Treasury Secretary Janet Yellen and other members of his Investing in America Cabinet last week. Photo: Alex Wong/Getty Images

Debt ceiling

Politics & Policy

The New York judge in the hush-money criminal case against Donald Trump issued a protective order Monday that limits what evidence the former president can share publicly.

Why it matters: Trump, who's running for president again, is barred from posting on social media about the case after his previous comments led prosecutors to demand limits. 

Trump, who is the first president in U.S. history to be impeached twice and face criminal charges, pleaded not guilty last month to 34 felony counts of falsifying business records related to the hush-money case in New York. He also faces other legal challenges.

Driving the news: Acting New York Supreme Court Justice Juan Merchan issued the protective order to limit Trump’s ability to publicly discuss evidence in the case, brought by Manhattan District Attorney Alvin Bragg.

Trump cannot disseminate information about the case on "any news or social media platforms," including Truth Social, Facebook, Instagram, WhatsApp, Twitter, Snapchat and YouTube "without prior approval from the Court," per the order.

State of play: Prosecutors at Trump's historic arraignment last month cited "significant concern" about the effects of his social media posts on jurors and witnesses at the trial.

In particular, they singled out Trump’s post warning of "death and destruction" over the case and his attacks against Bragg.

Prosecutors asked for a protective order that would prevent Trump from sharing discovery materials on social media or sharing them with third parties. 

Merchan, who presided over the arraignment, agreed at the time with Trump lawyer Todd Blanche that the former president has the right to free speech, but disagreed "that certain language is justified by frustration." 

The judge instructed both sides to "refrain from making statements that are likely to incite violence and civil unrest." 

Of note: Merchan has not issued a gag order and noted at Trump's arraignment that the prosecution did not request one and he would not have granted it even if Bragg had asked for it.

Trump's court drama sets up primary collision

How Trump could talk himself into a gag order

Manhattan DA office won't "be intimidated" in Trump probe

Judge places limits on Trump's social media posts about hush-money case

Trump can't share details on the case "without prior approval from the Court," the N.Y. judge ruled.

Former President Donald Trump speaks at a campaign rally on April 27, in Manchester, New Hampshire. Photo: Spencer Platt/Getty Images

Donald Trump

Dallas

Axios Dallas

San Antonio

Axios San Antonio

The victims of the Allen Premium Outlets shooting include a security guard, an engineer from India, and two elementary school students.

The big picture: The Texas Department of Public Safety is leading the investigation, with help from Allen police and the FBI.

Eight people were killed by the gunman, who was fatally shot by a police officer.

The latest: Six people remained hospitalized as of Monday morning. Three of them were in critical condition.

The Cho family celebrated their son William's sixth birthday just days before the shooting and were at the Allen outlets to exchange some clothes he had received. William survived the shooting, but his parents and 3-year-old brother, James, didn't.

"An afternoon that should have been filled with light, love and celebration unfortunately was cut short by another mass shooting," a GoFundMe page to help the family says.

Sofia was in second grade and Daniela was in fourth grade. Wylie Independent School District described them as "rays of sunshine" in an email to parents on Monday.

Their mother, Ilda, was also shot and remained in critical condition on Monday, according to the district's email.

A GoFundMe page has been set up for the family.

The 26-year-old engineer, whose father is a district judge in India, was living out her dream of working in the U.S. and looking forward to her birthday later this month, per the Indian Express.

She was out shopping with a friend on Saturday when they were shot. The friend survived and remains in the hospital, per WFAA.

The 20-year-old from Farmersville worked at the outlets as a security guard. His grandmother described him on Facebook as a "beautiful soul" with goals for the future.

The 32-year-old was the last victim to be identified publicly. He lived in Dallas.

This story will be updated as more information becomes available.

Remembering the victims of the Allen mall shooting in Texas

The victims include a security guard, an engineer from India, and two elementary school students.

Two people look at a memorial to those killed at the Allen Premium Outlets mall...lots of flowers and ribbon and a Texas flag

A memorial to the shooting victims at the Allen Premium Outlets mall. Photo: Joe Raedle/Getty Images

Mass shootings

Closer

Axios Closer

Meat prices are losing their sizzle even as commodity and labor costs are rising in a double whammy for meat packers.

Why it matters: Meat price hikes were eye-popping earlier in the pandemic, casting a spotlight on food processors that capitalized on the sudden surge.

Driving the news: Tyson Foods' stock closed down 16.4% Monday after the company cut its sales forecast on declining demand for pork and beef, and said its costs are rising.

"Market conditions remain very challenging," CEO Donnie King said on an earnings call.

State of play: Tyson's average prices declined 10.3% and 5.4% for pork and beef, respectively, in the company's most recent quarter, compared with a year earlier.

And now chicken prices are coming under pressure, too.

What they're saying: "Commodity prices for most fresh chicken cuts are much lower than last year, with boneless breast meat, tenders and wings down more than 50%," King warned.

He noted that even where the company is not fully exposed to commodity markets, like in its value-added products and prepared foods segment, "we are not immune to their dynamics" and that the effects will show up on "a lag."

Between the lines: Input prices — such as the cost of feed, grain, livestock and wages — have been eating away at Tyson's bottom line.

The company swung from a $829 million profit a year ago to a $97 million loss for the period.

"The quarter was disappointing as it's clear the macro environment is not in favor of protein processors," CFRA Research analyst Arun Sundaram wrote Monday as he cut his target price on Tyson's stock from $65 to $59.

What to watch for: The consumer price index will be released Wednesday and the producer price index will be released Thursday, telling us how things changed in April.

Signs "point to further disinflation of consumer food prices," Bank of America economists Stephen Juneau and Michael Gapen wrote in a research note.

Go deeper: What an El Niño could mean for food prices

What an El Niño could mean for food prices

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Tyson Foods stock sinks as demand wanes, costs rise

Tyson Foods' stock closed down 16.4% Monday after the company cut its sales forecast.

Illustration of a hot dog with mustard in the shape of dollar signs.

Tyson Foods

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Senior U.S. and Chinese officials discussed the importance of stabilizing bilateral relations on Monday after recent events derailed efforts to repair ties. 

Why it matters: It's the first known meeting between China's Foreign Minister Qin Gang and U.S. Ambassador to China Nicholas Burns since the U.S. downed a suspected Chinese spy balloon in February. 

Catch up quick: China suspended several cooperation channels with the U.S. after then-U.S. House Speaker Nancy Pelosi visited Taiwan last August.

The tensions somewhat eased last November when President Biden and Chinese leader Xi Jinping met at the G20 summit and pledged to improve cooperation.

But the rift widened again over the spy balloon incident, with U.S. Secretary of State Antony Blinken postponed his scheduled trip to Beijing and China declining a U.S. request for a call between U.S. Defense Secretary Lloyd Austin and Chinese Defense Minister Wei Fenghe. 

China says stabilizing relations with U.S. is "top priority"

U.S.-China relations have plunged to historic lows in recent years.

Axios

Monday's top stories

Biden battens down the hatches

Judge places limits on Trump's social media posts about hush-money case

Remembering the victims of the Allen mall shooting in Texas

Tyson Foods stock sinks as demand wanes, costs rise

China says stabilizing relations with U.S. is "top priority"

The West's uphill battle to sanction Russian diamonds

Biden advisers brief Israel's Netanyahu on Saudi talks

Private equity's looming bankruptcy boom

China races ahead of U.S. on AI regulation

The food fight in the White House: Biden's diet

4-day school weeks are gaining steam, but students are suffering

What we know about the Texas mall shooting