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Photo: Nicholas Kamm/AFP via Getty Images

The Second Circuit Court of Appeals on Wednesday ruled in favor of a lower court decision that would force President Trump to comply with a subpoena from Manhattan District Attorney Cy Vance for eight years of his financial records.

What's next: Trump is expected to attempt appealing the decision in the Supreme Court, per the New York Times, although Vance has agreed to not enforce a subpoena for 12 days as long as the president's lawyers move quickly.

  • The Supreme Court ruled this summer that presidents are not immune from investigation, denying Trump the sweeping grant of presidential power he had asked for to fight against prosecutors accessing his records.

The bottom line: An explosive New York Times report released last month, which included more than two decades' worth of tax-return data, laid bare allegations that Trump paid $750 in federal income taxes in 2016 and 2017, and has over $300 million in personal debt obligations coming due in the next four years.

Read the filing.

Go deeper

Democrats fret about Garland for attorney general

Judge Merrick Garland. Photo: Bill O'Leary/The Washington Post via Getty Images

If Joe Biden picks Merrick Garland to be his attorney general, he could cost his party control of one of the most important judicial appointments in America — and many Democrats do not want the president-elect to take that chance.

How it works: Biden still hasn't named his choice to lead the Justice Department, and if he taps Garland, it would open up his seat on the D.C. Circuit Court of Appeals. If Democrats don’t win both Georgia Senate runoff seats next month, Majority Leader Mitch McConnell would almost surely prevent the president-elect from filling it.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.

The Biden protection plan

Joe Biden announces his first run for the presidency in June 1987. Photo: Howard L. Sachs/CNP/Getty Images

The Joe Biden who became the 46th president on Wednesday isn't the same blabbermouth who failed in 1988 and 2008.

Why it matters: Biden now heeds guidance about staying on task with speeches and no longer worries a gaffe or two will cost him an election. His staff also limits the places where he speaks freely and off the cuff. This Biden protective bubble will only tighten in the months ahead, aides tell Axios.

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