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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.