What Next?
As we send this out late Friday, we know only that Congress and the White House are playing a game of killer chicken in which the outcome for fiscal stimulus is awesomely uncertain.  If none comes from Congress, the President seems set to issue executive orders carving unprecedented holes in the Constitution’s once-sacrosanct delegation of tax policy to the House, but what Mr. Trump does will determine whether it stands at least a chance.  What doesn’t seem to stand a chance is Congress’ ability to craft the laws still needed to keep the U.S. Government functioning.  Even if some sort of compromise is reached between Congress and the White House, an armed truce will prevail only until early September.

AL081020.pdf