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President Trump handed Nancy Pelosi and Chuck Schumer the deal of the century this morning.

One top Republican described the move to me as the legislative equivalent of giving an entire stockpile of weapons to Democrats and inviting them to take the entire Republican Party hostage. Republicans are in a state of shock.

Sources inside and close to leadership have used the full range of expletives in text messages reacting to what Trump did this morning. I've yet to speak to a White House official who can convincingly explain Trump's logic.

Here's what Trump did:

He ignored the pleas of his own Treasury Secretary Steven Mnuchin, and of Republican leaders Paul Ryan and Mitch McConnell, and he sided with the Pelosi-Schumer plan to combine Hurricane Harvey relief funding with extending the debt limit and funding the government, both for three months. (GOP leaders wanted to extend the debt limit for 18 months.)Republican leadership sources say Democrats were bluffing and would never follow through on their threat to oppose a longer-term debt ceiling increase.Why this matters: Hurricane Harvey gave Republican leadership a rare opportunity to take the most controversial and politically toxic item — the debt ceiling — off the table for the rest of this Congress. Trump has blown up that opportunity.

When the debt ceiling and government funding bills expire in December, Democrats will have all the leverage, because Republicans can't pass a CR or debt ceiling without Democratic votes.That will also force Republicans to support a funding bill that legalizes the protection of illegal immigrants who were brought to the U.S. as children (the DACA program that Trump says he'll end in six months if Congress doesn't act.)

A top Republican close to leadership captures the prevailing sentiment on Capitol Hill today: "Dems bluffed their way into total victory."

Go deeper

8 mins ago - Health

J&J CEO "absolutely" confident in vaccine distribution goals

Johnson & Johnson CEO Alex Gorsky said Monday that he is "absolutely" confident that the company will be able to meet its distribution goals, which include 100 million doses by June and up to a billion by the end of 2021.

Driving the news: J&J is already in the process of shipping 3.9 million doses this week, just days after the FDA issued an emergency use authorization for the one-shot vaccine. Gorsky said he expects vaccines to be administered to Americans "literally within the next 24 to 48 hours."

Dion Rabouin, author of Markets
41 mins ago - Economy & Business

Clash of the central bankers

Photo Illustration: Eniola Odetunde/Axios. Photos: Bloomberg, Samuel Corum (Stringer)/Getty Images

While Fed chair Jerome Powell is brushing off the seismic rise in government bond yields and a corresponding decline in stock prices, a group of central bankers in the Pacific are starting to take action.

Driving the news: Bank of Japan governor Haruhiko Kuroda told parliament on Friday the BOJ would not allow yields on government debt to continue rising further above the BOJ's 0% target.

Biden expresses support for Amazon workers' union vote in Alabama

Photo: Joe Raedle/Getty Images

President Biden expressed support for a union vote by Amazon warehouse workers in Alabama in a two-minute video posted on Twitter Sunday, though he did not name the tech giant specifically.

Why it matters: A vote by workers at the Bessemer, Ala., warehouse to join the Retail, Wholesale and Department Store Union would make the facility the first Amazon warehouse to unionize in the U.S., per NPR. The election will run through March 29.

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