Can Trump Succeed Where Mnuchin and Cohn Have Flopped?

Can Trump Succeed Where Mnuchin and Cohn Have Flopped?

U.S. Treasury Secretary Steven Mnuchin smiles during the 2017 Institute of International Finance (IIF) policy summit in Washington
REUTERS/Yuri Gripas
By The Fiscal Times Staff

President Trump met with members of the Senate Finance Committee Monday and is scheduled to attend Senate Republicans’ weekly policy lunch and make a personal push for the tax plan on Tuesday. Will he be a more effective salesman than surrogates in his administration?

Politico’s Annie Karni and Eliana Johnson report that both Democrats and Republicans say Mnuchin and chief economic adviser Gary Cohn have repeatedly botched their tax pitches, “in part due to their own backgrounds” as wealthy Goldman Sachs alums. “House Speaker Paul Ryan earlier this month asked the White House not to send Mnuchin to the Hill to talk with Republican lawmakers about the bill, according to two people familiar with the discussions — though Ryan has praised the Treasury secretary’s ability to improve the legislation itself,” Karni and Johnson write.

EU Finance Ministers Warn Mnuchin About Tax Plan

By The Fiscal Times Staff

The finance ministers of Europe’s five largest economies — Germany, France, the U.K., Italy and Spain — warned that the Republican tax plan could have “a major distortive impact” on international trade and may violate international treaties. "The inclusion of certain less conventional international tax provisions could contravene the U.S.'s double taxation treaties and may risk having a major distortive impact on international trade," the ministers wrote in a letter to Mnuchin.

Trump’s Plans for Welfare Reform Will Hit Health Care, Housing and Veterans

iStockphoto
By The Fiscal Times Staff

Politico reports: “The White House is quietly preparing a sweeping executive order that would mandate a top-to-bottom review of the federal programs on which millions of poor Americans rely. And GOP lawmakers are in the early stages of crafting legislation that could make it more difficult to qualify for those programs. … The president is expected to sign the welfare executive order as soon as January, according to multiple administration officials, with an eye toward making changes to health care, food stamps, housing and veterans programs, not just traditional welfare payments.”

It’s Official: No Government Shutdown – for Now

iStockphoto/The Fiscal Times
By The Fiscal Times Staff

President Trump signed a short-term continuing resolution today to fund the federal government through Friday, December 22.

Bloomberg called the maneuver “a monumental piece of can kicking,” which is no doubt the case, but at least you’ll be able to visit your favorite national park over the weekend.

Here's to small victories!

Greenspan Has a Warning About the GOP Tax Plan

Alan Greenspan
REUTERS/Kevin Lamarque
By Michael Rainey

The Republican tax cuts won’t do much for economic growth, former Federal Reserve Chair Alan Greenspan told CNBC Wednesday, but they will damage the country’s fiscal situation while creating the threat of stagflation. "This is a terrible fiscal situation we've got ourselves into," Greenspan said. "The administration is doing tax cuts and a spending decrease, but he's doing them in the wrong order. What we need right now is to focus totally on reducing the debt."