Congressional Budget Office

"Probably Nothing..."

Yesterday we warned of the growing anxiety in short-term Treasury-Bill markets over the looming debt-ceiling. Today, the tension has worsened with the 10/19 bill now up a shocking 13bps in 3 days leaving the curve extremely inverted around the potential debt-ceiling deadline.

What The Senate's Healthcare Fiasco Means For Trump Policies: Goldman Explains

Looking at last night's Senate fiasco, Goldman writes that while Congress may still pass a health bill, "it just won't be this one" and notes that the "enactment of much more narrowly-focused health legislation is still possible this year, in light of problems facing the individual insurance market for 2018." And in terms of near-term catalysts, all eyes now turn to the debt ceiling debate due in September...

House GOP Unveils 2018 Budget: Here Are The Highlights

On Tuesday morning, House Republicans released a fiscal 2018 budget plan on Tuesday that could pose a major new political test for President Donald Trump's legislative agenda by combining tax reform with controversial spending cuts. Here are the highlights.

White House Reveals Budget Deficit Will Be $250 Billion Greater Due To "Mistake"

The budget deficit for President Trump's first two years in office will be nearly $250 billion higher than initially estimated, hitting $702 billion in fiscal 2017, due to what appears to have been a calculation mistake: a shortfall in tax collections and a mistake in projecting military healthcare costs, according to budget chief Mick Mulvaney.

Is This The Generation That Is Going To Financially Destroy America?

"Nobody can pretend that what we have today is the kind of limited federal government that our founders intended.  When federal spending accounts for more than 20 percent of GDP, it is hard to argue that we haven’t moved very far down the road toward socialism. "

Frontrunning: June 27

  • Stocks, dollar ease as central bank officials take center stage (Reuters)
  • Euro surges on Draghi comments, dollar slips (Reuters)
  • Yuan Surges in Afternoon Trade Amid Talk PBOC Supported Currency (BBG)
  • U.S. threatens Syria, says Assad is planning chemical weapons attack (Reuters)
  • Google Gets Record $2.7 Billion EU Fine for Skewing Searches (BBG)

Italy Bank Bailouts Send European, Global Stocks Higher; Gold Flash Crashes

S&P futures point to a higher open following gains in Asia but mostly Europe, where stocks are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb's activist campaign of the world's biggest food company, Nestle