00:00 Speaker A
Well, it’s likely President Donald Trump will get that big, beautiful tax bill. He is looking for, but markets haven’t really celebrated as the president may have hoped for. Yahoo finances, Rick Newman, joins us now with this week’s rendition of Trump Onamics. Rick?
00:28 Rick
Hey, guys. Uh, so, yeah, Trump is on his way to getting this bill. I mean, I think the hardest step was getting, uh, the tax bill through the house where there were the most divisions and the most difficulty getting, uh, Republicans to pass it with that narrow majority they have. So there’re gonna be some changes in the Senate, but, um, most of the betting is that there will be a signed bill, uh, by by let’s call it late summer. Um, Trump should be celebrating this as a big win. Markets generally like lower taxes, but that’s not what the narrative is in the market market this week at all. Obviously, as you guys have been discussing, uh, the big question is what’s happening in the bond market. And in the bond market is just simply unhappy with what’s happening in the Trump economy for reasons that you guys have been talking about. There’s too much federal borrowing. This tax bill is just going to add to that. We’ve got new questions about whether treasury, uh, securities are going to remain a safe haven investment during times of trouble. That has not so much been the case lately. So this seems like something that could, um, be a pretty unwelcome cloud over Trump’s first year in office. And at some point, the the the national debt, which is more than 36 trillion dollars right now, this is going to be unsustainable. And, you know, is the debt crisis here? Maybe this is it. Maybe the house is not going to come crashing down all at once. Maybe it starts with cracks in the foundation, leakage, uh, and then things start to get shakier. But we may be at at the debt crisis, and this is going to be more important for Trump to handle. And I’m not aware that he has any playbook for it at all.
03:09 Speaker A
On that happy note, Rick, have a great weekend.
03:15 Rick
You too, guys. See you.