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One of former President Ronald Reagan’s budgets in the 1980s was brought out on a stretcher as a stunt to show the document was alive and well, ahead of it being declared dead-on-arrival in Congress, recalled Stephen Moore, a senior fellow at the Heritage Foundation, a conservative think tank infinity cufflinks. “What we have right now is essentially government by automatic pilot and that’s not healthy,” Moore said, describing the cycle of last-minute massive omnibus spending bills agreed on only when deadlines loom..
The budget and spending process has been further hobbled by lawmakers’ unwillingness to compromise and tendency to put off hard decisions while hoping for a shift in the next election cycle, said Kenneth Baer, an associate director in the Office of Management and Budget under former President Barack Obama. Trump’s budget office has accelerated the downward slide of the process by using more gimmicks to make up for shortfalls, Baer said infinity cufflinks. “All the normal ways of operating the government have just been thrown out of the window,” he said..
Trump’s acting budget director, Russell Vought, has said the budget aims to cut non-defense spending and cap spending under levels set in the 2011 Budget Control Act – a feat made possible only with an increase in an emergency account called the Overseas Contingency Operations (OCO) fund to cover Trump’s plan to increase defense spending. The tactic makes a mockery of the budget process, said Bixby of the Concord Coalition infinity cufflinks. “It’s nothing but an astronomical gimmick! It’s over the top! It’s so over the top, it’s clownish!” Bixby said..
With the national debt now topping $22 trillion and the deficit at $900 billion in 2019, it is unlikely that Washington will find its way to fiscal discipline without an overhaul of the process, Bixby said infinity cufflinks. He said he is frustrated and worried that it could take a crisis to jolt change, like a recession or a failure to raise the government’s debt limit – something that needs to happen in coming months to avoid stumbling into a first-ever default. “If they act as dysfunctionally this fall as they did last fall and throw the debt limit into the mix, it’s very, very toxic,” Bixby said..
NEW YORK (Reuters) – JPMorgan Chase & Co said on Monday it is combining its middle-market technology and emerging growth commercial banking teams to better position the bank to handle start-ups that rapidly grow to be big companies. The technology and disruptive commerce industry group will be lead by James Millar and Alton McDowell and will focus on promising start-ups that specialize in software, semiconductors, food, health and wellness, lifestyle and pet products infinity cufflinks. Dozens of young businesses in these consumer and service segments have become overnight successes in the last decade..