“The Treasury has a cash pile of well over $1 trillion, which will allow the government to quickly disburse money in line with the sweeping new law, including direct checks to millions of Americans that are expected to start hitting bank accounts in the coming week. That robust rainy-day fund was built last year by then-Treasury Secretary Steven Mnuchin, who preemptively cranked up the pace of government borrowing, unsure of how and when Congress might mandate further relief measures.
So, despite concerns that markets will be flooded with new U.S. government debt to pay for the rescue package, the Treasury Department might not have to change its borrowing plans much at all to fund the legislation signed into law”
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““There are enormous implications for everyone else, but the Treasury was out in front of this nine months ago,” said Lou Crandall, chief economist at research firm Wrightson ICAP.
The advance moves by the Trump team are proving to be key to limiting turbulence in government debt markets from such massive spending. Bond yields have already been inching up in recent months due to brighter prospects for the economy”
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“The planning by Mnuchin also demonstrates that, even as Republicans now balk at the price tag of Biden’s rescue package, the Trump administration itself was prepared for the possibility that the economy would need another big infusion of cash to fully emerge from the pandemic.”
“His son Don Jr. who had addressed the crowd earlier, condemned the rioters on Twitter shortly after 2 p.m. Trump took quickly to Twitter, too — before his staff could urge him to alter his message. But instead of urging rioters to stop, he blasted Pence for blocking Biden’s victory. A few minutes later, he tweeted his support of the Capitol Police and asked rioters to “stay peaceful.””
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“Former New Jersey Gov. Chris Christie repeatedly tried to get in touch with Trump. House Minority Kevin McCarthy, one of the president’s closest allies, called Trump and “begged” Trump to put out a stronger statement. Kellyanne Conway, a former aide who remains close to the president, called the White House after the D.C. mayor’s office asked her help getting Trump to call up the National Guard.
Inside the White House, there was paralysis. Trump’s son-in-law and de facto chief of staff Jared Kushner was flying back from the Middle East. Several aides, including Trump’s daughter and senior adviser, Ivanka Trump, urged the president to say more. Press secretary Kayleigh McEnany considered whether to hold a briefing but didn’t. Instead, at 4:17 p.m., Trump released a video. “Go home,” he told the rioters before reassuring them that “We love you.””
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“Trump, still fuming about Pence’s decision not to interfere with the certification, never called his vice president. Pence had been forced to hide with his family in the Capitol while rioters chanted that they wanted to hang him. Later, Trump expressed frustration to Meadows and other aides that Pence had gotten credit for deploying the National Guard and coordinating with other government officials on the overall response, but it would be days before the two men spoke directly.”
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“even as authorities struggled to regain control of the Capitol and the city imposed a 6 p.m. curfew, Trump tweeted again: “These are the things and events that happen when a sacred landslide election victory is so unceremoniously & viciously stripped away from great patriots who have been badly & unfairly treated for so long. Go home with love & in peace. Remember this day forever!” An hour later, Twitter slapped his account with a temporary suspension.”
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“For the increasingly isolated president, the pile-on didn’t stop with the steady stream of resignations. When the deaths of five people during the riots were confirmed—including Capitol Police officer Brian Sicknick—the right-leaning editorial board at the Wall Street Journal, a Rupert Murdoch-owned newspaper, called for Congress to impeach and remove Trump if he declined to “take personal responsibility and resign.”
The stinging indictment by a newspaper Trump had read religiously for decades was more upsetting to him than the flood of administration officials springing for the exits, according to one senior administration official. That was the point Trump began seriously discussing with aides what more he could say to spare himself further humiliation. Kushner and others suggested a televised address from the Oval Office, but the president didn’t like that idea. Several allies gently prodded him to publicly apologize to Pence, despite his notorious refusal to show contrition.
“You would think the news that five people died in a riot of your own making would scare you straight, but no, it was when one of his favorite media outlets turned on him that he finally realized the trouble he was facing,” said a Republican close to the White House.
Other Republican allies urged Trump to attempt a do-over with a more conciliatory and straightforward message. Realizing the treacherous legal waters he had waded into, Trump agreed. At around 7:30 that evening, Trump released a video through the White House, more straightforwardly conceding the election and asking “healing and reconciliation” for the nation. He never uttered Biden’s name. In many ways, it was the speech that most members of Trump’s inner circle, including his wife and Kushner, had wanted him to make in the days after Biden was declared president-elect by the bulk of Washington.”
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“what was on Trump’s mind was the PGA’s decision to cut ties with him — an embarrassing development the golf-obsessed president had awoken to that morning. Overnight, board members of the PGA had voted to cancel Trump’s Bedminster, N.J. golf club as the site for its 2022 championship. He was angrier about this loss of prestige than the riot.”
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“At 6:30 p.m., shortly after Pelosi signed the article of impeachment, Trump released a lengthy video statement — written by Stephen Miller, Scavino and attorneys, including Cipollone. Delivered in his flat Teleprompter voice, the statement didn’t mention the historic rebuke of his behavior, but it did, for the first time, unequivocally urge his supporters to shun political violence. It was something Kushner had been pushing for a couple days.”
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“as problems persisted with statewide Covid-19 vaccine rollouts and the U.S. death count crept closer to 400,000, Trump didn’t appear to weigh in — publicly or privately. Nor did he seem interested when the Labor Department released new data showing the first net decline in U.S. employment since the spring and staggering job losses across the food and beverage and hospitality industries. One top economic official who continued to work out of the White House said it had been two weeks since he last saw the president.”
“On President Donald Trump’s final full day in office, Senate Majority Leader Mitch McConnell blamed him by name for the riot that occurred at the US Capitol on January 6.
“The mob was fed lies. They were provoked by the president and other powerful people, and they tried to use fear and violence to stop a specific proceeding of the first branch of the federal government which they did not like,” McConnell said Tuesday on the Senate floor.
McConnell has reportedly privately expressed interest in purging Trump from the Republican Party, but this was his sharpest public rebuke yet of a president he stood by through an impeachment, a disastrous pandemic response, and a never-ending string of scandals.”
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“While it’s good that McConnell is now willing to call out Trump by name, it’s not like he’s blameless. For one, even though the Trump campaign and its allies were unable to produce any evidence of large-scale fraud, McConnell didn’t recognize Biden’s victory until December 15, when he delivered remarks on the Senate floor congratulating the president-elect and Vice President-elect Kamala Harris on their victory.”
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“The bottom line is the departing president is no longer useful to the soon-to-be minority leader in particular, and establishment Republicans more broadly, who received little help from Trump as their party lost two Senate runoffs earlier this month and thus majority control of the chamber. There are no more tax cuts or conservative judges to be had. On the contrary, McConnell has self-interested incentives for speaking out against a president who has heaped scorn on him, not to mention directly endangered his personal safety.
McConnell tossing Trump under the bus on the president’s way out of the White House is a remarkable thing — but it doesn’t mean he’s turned over a new leaf. Instead, he’s already tried to sabotage Biden by refusing to hold a single confirmation hearing for his nominees during the transition period. With President Trump out of the picture, McConnell is likely to resume the role he had when he was minority leader during the early Obama years: obstructing a Democratic president at every turn.”
“President Trump has ended his term in office in a very appropriate way for him — by handing out pardons to some of his close associates and supporters for corruption crimes.
Perhaps the most notable of these pardons was the one given to Steve Bannon, Trump’s former campaign CEO and White House chief strategist, announced late Tuesday night. Bannon was awaiting trial on fraud charges — specifically, he was charged with defrauding donors to a crowdfunding campaign promising to build a wall on the US-Mexico border. Yes, that means Trump pardoned Bannon for allegedly defrauding Trump’s own supporters.
The clemency grant list released by the White House early Wednesday morning also included Elliott Broidy, a wealthy Republican donor, lobbyist, and former RNC finance committee member who had pleaded guilty to violating the Foreign Agents Registration Act in October. It included three former Republican members of Congress and a former Democratic mayor of Detroit, all of whom were charged with corruption crimes. Celebrity rappers Lil Wayne and Kodak Black also made the cut, as did dozens of lesser-known people (including some who seem to have genuinely deserved clemency).
Trump has now pardoned two of his campaign chiefs (the other being Paul Manafort), in addition to his first national security adviser (Michael Flynn), his longtime political guru (Roger Stone), and the first two members of Congress to endorse his 2016 campaign (former Reps. Chris Collins and Duncan Hunter).
In recent months, Trump considered going even further — he mused about offering “preemptive pardons” to people who haven’t even been charged with crimes, like his attorney Rudy Giuliani and several of his children, as well as a dubiously legal “self-pardon.”
These haven’t materialized. The big picture, though, is that Trump has brazenly used the pardon power to shield his associates from consequences for criminal wrongdoing in a way no president has for decades.”
“While Trump’s Operation Warp Speed program provided incentives for private companies to speed vaccine development and did directly help Moderna develop an effective vaccine, it’s not necessarily the case that vaccines wouldn’t be available today had it not been for Trump. The first FDA-approved coronavirus vaccine was developed by Pfizer last year without any direct help from the federal government.
To be clear — Trump deserves some credit for the fact that multiple vaccines were developed so quickly. As my colleague Dylan Scott reported last October, the federal government’s multibillion-dollar investment in helping companies like Moderna and Johnson & Johnson develop vaccines no doubt helped the country get to a point where there is finally some light at the end of the tunnel. Biden has acknowledged this, saying in December that “I think that the [Trump] administration deserves some credit, getting this [vaccine effort] off the ground, Operation Warp Speed.”
But vaccines don’t do much good if there’s no plan to get them into arms, and this is where Trump really fell short. As was the case when the US struggled to ramp up coronavirus testing infrastructure in the early days of the pandemic, the Trump administration’s plan for vaccine distribution did little more than pass the buck to under-resourced states. Trump’s failure to plan for the “last mile” resulted in episodes where unused vaccines were thrown out in the weeks before Biden took office.”
“It appears likely, moreover, that the GOP-controlled judiciary will be a thorn in Biden’s side. Trump-appointed Justice Neil Gorsuch, for example, is already laying the groundwork to strip federal agencies of much of their power to regulate after Biden takes office, and Gorsuch almost certainly has the five votes he needs to make this happen.
The Republican Party dominates the federal judiciary in no small part due to six years of work by outgoing Senate Majority Leader Mitch McConnell. When Justice Antonin Scalia died nearly a year before President Barack Obama left office, McConnell announced almost immediately that Obama’s Supreme Court nominee would get the cold shoulder from a Republican Senate. When Justice Ruth Bader Ginsburg died shortly before the 2020 election, McConnell ensured that her conservative replacement, Amy Coney Barrett, would be confirmed just days before the nation voted to cast Trump out of office.
During the final two years of Obama’s presidency — the only two years of his presidency that Republicans controlled the Senate — McConnell imposed a near-total blockade on new appointments to the federal courts of appeals (often referred to as “circuit” judges). The result was that now-outgoing President Donald Trump got to fill nearly all of the judicial vacancies that came open during his presidency, plus nearly all of the appellate court seats Obama should have filled in his final two years.
Although Obama served for twice as long as Trump, there are currently 53 active circuit judges appointed by Trump and only 50 appointed by Obama. (Obama’s judicial confirmations also got off to a fairly slow start, though they picked up considerably once the Senate changed its rules in 2013 to make it easier to confirm judges.)”
“The most successful terrorist campaign in American political history took place after the Civil War.
Ex-Confederate soldiers and ordinary Southerners unwilling to give up on white supremacy formed a series of violent cells aimed at undermining Reconstruction. Their attacks, the most infamous of which were lynchings of recently freed Black people, aimed to disrupt racially egalitarian governments and impose costs on the North for continuing to occupy Southern land. The violence increased after Reconstruction ended, working to intimidate local Black populations while Southern states created new regimes that would render them second-class citizens.”
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“We do not actually need a huge spike in far-right violence for it to be politically impactful. The mere threat of future violence can poison a democracy.”
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“If more moderate Republicans are afraid to speak up, extremists will increasingly speak for the party. The more the extremists speak for the party, the more they will push Republicans voters to the far right and embolden violent far-right actors, further intimidating moderate voices from speaking out.
This is one key difference from the political dynamics of the 1970s. Back then, no significant faction of the Democratic Party was aligned with the violent radicals. Today, large sections of the far right see themselves as acting on behalf of or in conjunction with the Trumpist forces in the Republican Party. In footage of Capitol Hill mobbers ransacking the Senate floor, one attacker justifies his actions by saying “[Ted] Cruz would want us to do this.”
“There seem to be enough guns, political support, and rhetorical space to sustain at least some degree of mobilization by violence-curious radicals,” says Paul Staniland, a political scientist at the University of Chicago. “It’s a lot easier to unleash carnage than to pack it back away.””
“President Donald Trump’s declaration on March 2, 2018, that a trade war with China would be “good and easy to win” remains one of the defining moments of his four years in the White House.
That’s only because of how wrong the claim turned out to be. It deserves to live on in infamy alongside George W. Bush’s “mission accomplished” speech and Barack Obama’s “if you like your doctor, you can keep your doctor” promise. Like those, it oversold a complex, messy policy as simple and straightforward. Trump naturally took that presidential hubris to another level, and he paired it with unprecedented policy naivety. If winning a trade war were as simple as tweeting victory into existence with fake statistics, faulty economics, and the veneer of toughness, Trump likely would have succeeded. Unfortunately, that didn’t work.”
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“Trump deserves some credit for reorienting America’s economic and foreign policies to recognize the threat posed by the Chinese Communist Party to freedom around the world. But his approach—which amounted to little more than levying higher taxes on $460 billion of imports and forcing Americans to foot the bill—was an abject failure.”
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“China, of course, did retaliate. It drastically reduced agricultural imports from the United States. In 2017, the last year before the trade war began, China imported more than $19 billion in American farm goods, which fell to $9 billion in 2018 and rebounded weakly to $13 billion in 2019. Exports to other countries have been unable to make up the difference, leaving American farmers in the lurch.
The Trump administration responded by spending more than $28 billion in new farm subsidies to mitigate the totally predictable mess it made. By the end of 2020, federal payments accounted for one-third of all American farm income—as Trump’s trade war bailout was piled atop existing subsidies. Rolling back those payments will be politically difficult for future administrations, so they might be here to stay.”
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“During his first week in office, Trump signed an executive order withdrawing the United States from the Trans-Pacific Partnership (TPP), a proposed 12-nation trade agreement that was a work-in-progress holdover from the Obama administration. In 2018, Trump launched his trade war by nonsensically declaring that steel and aluminum imports from places like Canada and Europe were somehow threats to U.S. national security.
All of that made a difficult confrontation with China more complicated than it otherwise would have been. A go-it-alone strategy was meant to project America’s toughness but a multilateral approach that lowered tariffs on imports from countries that compete with China would have been more effective.
Ironically, Trump also left America less capable of standing up to China in other ways—the president was reportedly hesitant to condemn China’s takeover of Hong Kong and was unwilling to speak out against China’s abuse of Uighurs because doing so might hurt trade negotiations.”
“When a Missouri-based power tool manufacturer was facing the prospect of higher costs due to new tariffs on imported saw blades, it turned to friends in high places for help—including Sen. Josh Hawley (R–Mo.).
Hawley has been an outspoken supporter of President Donald Trump’s destructive trade policies. In fact, he’s suggested that the president should have done more to dismantle the system of global trade. But Hawley was one of four members of Missouri’s congressional delegation to sign onto a letter sent in September 2019 asking the U.S. trade representative to grant a special exemption for SM Products, which is based in Kansas City.”
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“The tariff costs facing SM Products were also hitting many other American manufacturers since much of American manufacturing is dependent on the ability to import low-cost inputs from China and elsewhere. But while some companies were able to find members of Congress willing to lobby on their behalf before the unelected board of trade officials who get to decide which tariff exemptions to grant and which requests to ignore, most other American businesses were less fortunate.”
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“Once the tariffs were in place, the Trump administration set up a murky, confusing process for companies to request exemptions. It was, and is, a system that almost seems designed to be exploited by politically connected firms and individuals. Indeed, right from the start of the Trump trade wars, some major American steel manufacturers appeared to be exercising undue influence over the exemption process. Members of Congress have warned that the process lacks “basic due process and procedural fairness” and that it could be “abused for anticompetitive purposes.” After two years, the government’s own data suggest that’s exactly what has happened.”
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“businesses that could afford to do so started hiring lobbyists to navigate the new tariff regime. The amount of money spent on lobbying work related to tariffs increased 900 percent as the trade war was getting started.”
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“Most businesses, however, can’t afford to hire lobbyists and don’t have easy access to a sitting senator. They just have to pay the tariff bill.
These are all unintended but completely expected consequences of Trump’s trade war and his poorly thought-through plan to use higher tariffs as a cudgel against China. Not only did Trump’s trade policies run directly counter to his promises to “drain the swamp” by creating opaque bureaucracies that can decide the fates of small businesses all over the country, but they actually created incentives for the swamp to get even swampier.
In the warped reality the trade war helped to create, a company in Kansas City might not succeed or fail based on the quality of the power tools it is manufacturing, but on whether its owners know the right men in Washington.”
“The Interior Department said on Monday it had completed its environmental review for a massive wind farm off the coast of Massachusetts, a key step toward final approval of the long-stalled project that will play a prominent role in President Joe Biden’s effort to expand renewable energy in the U.S.
The completion of the review is a breakthrough for the U.S. offshore wind industry, which has lagged behind its European counterparts and the U.S. onshore industry that has grown rapidly, even during the pandemic. It also marks a key acceleration for the Biden administration that has advocated renewables growth on public lands and waters.”
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“The project had suffered repeated delays under the Trump administration.”