On The Money: Trump calls decision on reopening economy biggest of his life | IG finds Treasury handled House request for Trump tax returns properly | Federal deficit jumps to $743B in March

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THE BIG DEAL—Trump calls decision on reopening US the biggest of his life: President Trump on Friday described the decision on when and how to reopen the country as the most difficult one he’s had to make in his life, reflecting the conflict between concerns about the economy and public health during the coronavirus outbreak.

• Trump has appeared eager to relax social distancing guidelines recommended by the White House coronavirus task force in order to get Americans back to work, and some officials have suggested in recent days that businesses could prepare to reopen as early as May. 
• But public health experts, including the U.S. surgeon general, have warned about the risk of reopening the country too early.
• That could set up a nightmare scenario in which COVID-19 again surges in communities and overwhelms hospitals.

“I don’t know that I’ve had a bigger decision. But I’m going to surround myself with the greatest minds,” Trump told reporters at a White House press briefing. “Not only the greatest minds, but the greatest minds in numerous different businesses, including the business of politics and reason.”

The Hill’s Morgan Chalfant and Brett Samuels tell us more about the path ahead.

How to reopen a $20-trillion economy: Trump, when asked what metrics he would use to come to a final conclusion, pointed at his head, making clear he felt the burden will rest on his shoulders.

But the president is also planning to convene a taskforce of advisors focused exclusively on figuring out when social distancing restrictions can be lifted and normal economic activity restored.

Trump teased the new group at a White House press briefing, saying he would dub it the “Opening Our Country Council.” The members would be announced Tuesday, he said.

The formation of the group was expected, with reported members including Treasury Secretary Steven Mnuchin, White House chief of staff Mark Meadows and Trump’s daughter and senior adviser Ivanka Trump, as well as several private-sector figures.

LEADING THE DAY

IG finds Treasury handled House request for Trump tax returns properly: The Treasury Department’s inspector general office found that the department “properly” processed House Democrats’ request for President Trump’s tax returns when it refused to turn over the documents to the Ways and Means Committee.

In a memo, the IG also said it found Treasury Secretary Steve Mnuchin’s supervision of the process to be consistent with the department’s rules. 

The memo said it found Treasury’s receipt, processing and responses to the request and subpoenas from House Ways and Means Committee Chairman Richard Neal (D-Mass.) “to be consistent with Treasury’s general process for handling Congressional correspondence.”

What it means: The report is another blow to House Democrats, who’ve subpoenaed for Trump’s tax returns and insist that the Treasury Department must hand them over. The Hill’s Naomi Jagoda explains why and how Democrats are responding.

Federal deficit jumps to $743 billion in March: The federal deficit for fiscal year 2020 rose to $743.6 billion in March, 7.6 percent higher than at the same point last year, according to Treasury Department data released Friday.

The increase does not reflect the $2.2 trillion coronavirus emergency relief package that President Trump signed into law on March 27.

Treasury still projects the annual deficit will amount to just under $1.1 trillion. The fiscal year ends on Sept. 30.

Washington’s responses to the pandemic, however, are expected to triple or even quadruple the federal deficit as tax revenues plummet, safety net spending increases and emergency measures pump cash into a devastated economy. The Hill’s Niv Elis breaks down the data here.

GOOD TO KNOW

• President Trump said Friday the U.S. would reduce its oil production to move forward with a tentative deal limiting global output, part of an effort by the administration to address sinking prices affecting American oil producers.
• The Treasury Department and IRS announced Friday that they have launched a web tool to help ensure that people who are not typically required to file tax returns receive and track their coronavirus relief payments.
• Sens. Sherrod Brown (D-Ohio) and Josh Hawley (R-Mo.) are asking the Treasury Department to ensure that the coronavirus recovery checks are protected from private debt collectors.
• The renewable energy industry and environmental groups on Friday wrote a letter to Congress highlighting difficulties it’s facing and warning of steep layoffs.

Recap the week with On The Money:

• Monday: Trump officials struggle to get relief loans out the door | Dow soars more than 1600 points | Kudlow says officials ‘looking at’ offering coronavirus bonds
• Tuesday: Senate aims to quickly approve more small-business aid | Dems seek conditions on new funds for small-business loans | Pelosi says next round of relief will top $1T
• Wednesday: Mnuchin, Schumer in talks to strike short-term relief deal | Small businesses struggling for loans | Treasury IG sends Dems report on handling of Trump tax returns
• Thursday: Trump officials lay groundwork for May reopening | More than 6M file for jobless benefits | Fed launches $2T in economic relief | Dems, Mnuchin in talks over next aid deal