The last federal budget was signed into law in September 2007 for fiscal year ’08 by George W Bush. Since then, congress has facilitated nine consecutive years of continuing resolutions, debt ceiling increases and Omnibus spending bills.
President Obama never spent a single day in office with a budget. Not one day. The current Paul Ryan initiated CR/Ominibus spending package ends on April 1st, 2017. [Not coincidentally the same due date for President Trump’s statutorily required first budget proposal, which would take effect October 1st 2017 for fiscal year 2018.]
Regardless of Trump’s budget proposal, and as a direct consequence of the CR/Omnibus approach, congress is going to have to pass another CR spending bill, to fund government operations from April 1st through the end of the fiscal 2017 year (Sept. 30th). Remember, Ryan/McConnell created this financial mess.
Now, get this, today:
(Via Bloomberg) President-elect Donald Trump’s race to enact the biggest tax cuts since the 1980s went under a caution flag Monday as Senate Majority Leader Mitch McConnell warned he considers current levels of U.S. debt “dangerous” and said he wants any tax overhaul to avoid adding to the deficit.
“I think this level of national debt is dangerous and unacceptable,” McConnell said, adding he hopes Congress doesn’t lose sight of that when it acts next year. “My preference on tax reform is that it be revenue neutral,” he said.
During a news conference, McConnell also poured cold water on the idea of a massive stimulus package, effectively laying out markers on taxes and spending that that could cramp Trump’s ambitions. (read more)
Yeah… ROFLMAO Senator McConnell needs to read a book, quick. Or at least spend $250, buy a vowel and find himself a clue… Seriously, I’m not kidding. Having looked deeply, bigly, into the constructs of how Trump budgets his corporation spending, we offer the following consideration:
What Mitch McConnell doesn’t realize is he’s not dealing with a politician; THIS IS TRUMP. The guy who picks up the unused nails on construction sites Trump. On time and under budget Trump. Businessman Trump.
Have you been watching all Trump’s landing teams?… Have you noted the expediency of the Trump cabinet heads?… Wait until Ryan/McConnell see the scale of the budget reductions within the Trump proposal.
Never before in the modern history of congress has the legislative body been the branch of government asking for higher expenditures than the executive branch. Watch what happens this year.
My spidey senses are telling me there’s going to be a rather unusual infrastructure bond program. It would not surprise me to find Trump proposing a way to expedite $4 trillion in off shore corporate liquid assets getting repatriated, by offering a bond conversion with a zero to 5% income tax rate (basis), if the corporations repatriate the funds via Trump federal infrastructure bonds.
This alone funds the Trump infrastructure bill, and simultaneously initiates the southern border wall construction.
Those federal infrastructure bonds (containing repatriated revenues) could then be traded on the markets (returning capital to the bond holder – ie. the original off shore holding), allowing stock reinvestment, dividend payment or capital ependiture. Just a spidey sense, a gut prediction, but very Trumpesque.
Don’t be surprised when this is the first time an executive office budget is challenged by the swamp people for NOT spending enough money. We’ll be watching, closely.
Be careful what you wish for Mitch…. you just might get it!