The first date was when CNBC investigators Rick Santelli went on a rant — from the floor of the Chicago Mercantile Exchange – about authorities spending and the harmful resultant debt it was creating for the nation.
The second date was, effectively on Monday, when the Trump White House and key Democratic and Republican leaders in Congress agreed to a two-year budget deal that further unraveled the spending strictures put in place by tea party Republicans in 2011 and suspended the debt ceiling through July 2021 — and, in practical phrases, well into 2022.
In a large piece for the National Review, Brian Riedl writes of Monday’s deal:
“This serves a fitting conclusion of the Budget Control Act — the crown jewel of the 2011 ‘tea-party Congress.’ The decade-long shredding of those hard-fought budget constraints mirrors the shredding of Republican credibility on fiscal duty.”
Correct. The deal, which still must be permitted by both House of Congress after which signed into legislation by President Donald Trump, is a form of ultimate death throe of a movement that has been limping along — mortally wounded however still, in some way, breathing — ever since Trump emerged on the political scene.
In contrast to lots of his rivals for the 2016 presidential nomination — Jeb Bush, Ted Cruz — Trump never expressed any actual concern about the rising deficits (and debt) within the nation, nor did he appear terribly concerned about its potential impacts on the economy either now or in the future.