Seemingly reassuring conservatives, especially his fiscally hawkish former Tea-Party member Budget Director, President Trump warned that America's "[spending] was out of control," as officials gathered to discuss the budget, adding that there is "enormous work to do on the national debt."
While stocks did not blink, Trump's comments definitely angled more fiscal hawk than free-spending deficit dove.
There is a "moral duty" to taxpayers, President Trump says at White House budget lunch, "we must do a lot more with less."
"Our budget is absolutely out of control" he added, and in the future "will reflect our priorities."
The hiring freeze for non-essential workers will remain.
"We have enormous work to do on the national debt"
There will be "no more wasted money, we will spend in a careful way."
Additionally, President Trump confirmed that the Obamacare plan was "moving very well" and would be undertaken before the tax plan.
Notably swap spreads are definitely showing concerns about the looming debt ceiling deadline as the Treasury cash balance begins to fall...