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Good morning,

We begin today with a major Times investigation into President Trump's finances during his business career. We're also covering Iran's partial withdrawal from the 2015 nuclear deal and a deadly school shooting in Colorado.

By Chris Stanford

Donald Trump in 1990 at his Taj Mahal casino in Atlantic City, which opened that year with over $800 million in debt.  Ángel Franco/The New York Times

A decade of red ink for Donald Trump

Mr. Trump has long promoted his business prowess, but 10 years of tax information obtained by The Times paints a far bleaker picture of his deal-making abilities and financial condition. From 1985 to 1994, Mr. Trump's core businesses — largely casinos, hotels and retail space in apartment buildings — lost more than $1 billion.

Year after year, Mr. Trump appears to have lost more money than nearly any other individual American taxpayer, and the losses enabled him to avoid paying income taxes for eight of the 10 years. Here are five takeaways from our investigation.

How we know: The Times did not obtain Mr. Trump's actual tax returns, which he has refused to release, but received the information from someone who had legal access to it. The information does not cover the tax years at the center of an escalating battle between the Trump administration and Congress.

Response: A lawyer for Mr. Trump, Charles Harder, said that The Times's statements "about the president's tax returns and business from 30 years ago are highly inaccurate." He cited no specific errors but said that "I.R.S. transcripts, particularly before the days of electronic filing, are notoriously inaccurate."

The Daily: In today's episode, our reporters discuss the investigation.

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Juan