Update: As expected, President Trump's lawyer Jay Sekulow has confirmed that they will appeal the ruling.
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Some potentially bad news for the President this afternoon after a federal judge ruled the Democrat-led House Oversight and Government Reform Committee have the power to demand Trump's tax records from his accounting firm, Mazars USA LLP.
As Bloomberg reports, U.S. District Judge Amit Mehta in Washington - an Obama appointee - rejected Trump’s claim that Congress wasn’t entitled to the documents because they weren’t intended for a legitimate legislative purpose.
“It is simply not fathomable that a Constitution that grants Congress the power to remove a President....would deny Congress the power to investigate him for unlawful conduct..even without formally opening an impeachment inquiry”
In a 41-page-long opinion, Mehta found that "President Trump cannot block the subpoena to Mazars."
"Courts must presume Congress is acting in furtherance of its constitutional responsibility to legislate and must defer to congressional judgments about what Congress needs to carry out that purpose."
Adding that, pointing to investigations conducted by the committee while it was under Republican control, the House Oversight panel's "broad investigative power is not new,"
"This court is not prepared to roll back the tide of history...
...it is not for the court to question whether the Committee’s actions are truly motivated by political considerations..."
The ruling is likely to be appealed.