According to Wiktionary, an idiomatic expression suggesting five meanings of our current situation:
- To decline rapidly
- To feign a knockout in order to lose intentionally (boxing)
- To lose or fail intentionally
- To pretend to fall so as to deceive an opponent or referee (boxing or football)
- To fall suddenly and significantly (prices, hopes, fortunes, etc.)

Attribution: The stockmarket took a deep plunge by Bruce Plante, PoliticalCartoons.com
IMHO, meanings 2-4 are the likely and demented intentions of the man in the WH.