[Swiftwater Gazette] Stockman: "After March 15 Everything Will Grind To A Halt"

Ed kroposki kroposki at att.net
Mon Feb 27 07:17:12 EST 2017

 Stockman:"After March 15 Everything Will GrindTo A Halt"  http://www.zerohedge.com/news/2017-02-26/stockman-after-march-15-everything-will-grind-halt  “ReaganAdministration White House Budget Director David Stockman says financial painis a mathematical certainty. Stockman explains, “I think we are likely to havemore of a fiscal bloodbath rather than fiscal stimulus.  Unfortunately for Donald Trump, not only didthe public vote the establishment out, they left on his doorstep theinheritance of 30 years of debt build-up and a fiscal policy that’s been reallyreckless in the extreme.  People wouldlike to think he’s the second coming of Ronald Reagan and we are going to havemorning in America.  Unfortunately,I don’t think it looks that promising because Trump is inheriting a mess thatpales into insignificance what we had to deal with in January of 1981 whenI joined the Reagan White House as Budget Director.”  Stockmansays, ““Ithink what people are missing is this date, March 15th 2017.  That’s the day that this debt ceiling holidaythat Obama and Boehner put together right before the last election in Octoberof 2015.  Thatholiday expires.  The debt ceiling willfreeze in at $20 trillion.  It will thenbe law.  It will be a hard stop.  The Treasury will have roughly$200 billion in cash.  We are burningcash at a $75 billion a month rate.  Bysummer, they will be out of cash.  Thenwe will be in the mother of all debt ceiling crises.  Everything will grind to a halt.  I think we will have a governmentshutdown.  There will not be Obama Carerepeal and replace.  There will be no taxcut.  There will be no infrastructurestimulus.  Therewill be just one giant fiscal bloodbath over a debt ceiling that has to beincreased and no one wants to vote for.”        


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