Adam Liptak and Jim Rutenberg for the NYT:

Although there is no explicit prohibition in the Constitution against indicting a president, the Justice Department has long taken the position that sitting presidents are not subject to criminal prosecution.

That would suggest that the extraordinary admissions and accusations from Michael D. Cohen, President Trump’s former lawyer and fixer, will not result in criminal charges against Mr. Trump while he is in office. Mr. Cohen admitted to arranging payments to women to buy their silence about what they said were affairs with Mr. Trump, and he said Mr. Trump instructed him to pay the money to influence the election.

If all of that is true, Mr. Trump committed serious crimes.