After months of anti-spending rhetoric and nasty confrontations with the Democrats, President Trump took another huge u-turn on Thursday after “meeting with Democratic Congressional leaders on Thursday morning.”
Reuters News reports that “President Trump embraced the idea on Thursday of ending the need for periodic raises of the ceiling on U.S. debt by Congress, again siding with Democrats a day after stunning fellow Republicans by striking a deal with the opposition party on the debt limit and federal spending.”
This marks a major shift for the President, who until now has shown little desire for any bi-partisan solutions on major issues such as healthcare or deregulation.
“For many years, people have been talking about getting rid of debt ceiling altogether, and there are a lot of good reasons to do that,” Trump told reporters. “It complicates things, it’s really not necessary.”
This decision can have massive ramifications on the economy, as President Trump may prove to be more flexible on debt policy, which in turn made the markets worried about the “potential for a default.” As a result, the markets could be set for a downward turn if this unlikely alliance’s plans come to fruition.
You may be interested
Job Hiring is Picking Up as Employers and Consumers Gain ConfidenceLamont J - March 29, 2021
The recent government stimulus for small and medium-sized businesses, personal stimulus checks, and declining Coronavirus cases, are all great news…
Fed Could Maintain 0% Interest Rate Until 2024Adam R - March 26, 2021
The Federal Reserve is holding its target interest rate in a range of 0.00% - 0.25%, even while the economy…