And to the extent the fate of Harvey victims and markets were subjugated in his mind to his own approval ratings, the interests of his party were simply pushed aside altogether. Which apparently surprised a lot of Conservatives although I’m not sure why. Was anyone in the GOP really under the impression that Donald Trump cares one way or another about conservatism? Give me a break.
The bottom line is that between another powerful hurricane approaching the U.S. mainland, U.S. markets catching up with their global counterparts in terms of pricing in North Korea after the long weekend, the DACA decision which portends more bickering in Washington, and the looming debt ceiling debate (with the specter of a technical default showing up in today’s decidedly poor 4-week bill auction), it was death by a thousand cuts.
“A contraction of federal spending of this magnitude, the risk of default, sovereign reputational risk, and negative consequences for confidence and private sector behavior would likely push the economy into a recession if the situation persisted.”