America’s debt pile and the case for tax cuts will be flashpoints inside the new administration
It is groundhog day in Washington. In recent years, brinkmanship has repeatedly erupted whenever Congress has tried to raise the debt ceiling — usually because rightwing voices have threatened a government shutdown unless their demands were met. Here we go again. This week Mike Johnson, the Republican Speaker of the House of Representatives, tried to pass a stop-gap debt ceiling deal with a $6.
This issuance was piddling in size, but was a symbolic poke in the eye for Washington — not least because the yield was similar to that on US bonds. The second dividing line in Mar-a-Lago is over tax. Trump has repeatedly pledged to make his 2017 Tax Cuts and Jobs Act, with its huge income and estate tax breaks, permanent. That would create a bonanza for wealthy Americans, including the dozen-odd billionaires in his top team.
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