The Crash Will Be Violent - David Stockman

According to Speaker Ryan, they are not going to even take up tax reform until they dispose of the GOP's Obamacare "repeal and replace" pledge, but even Trump now says that may take until next year.

Likewise, any corporate tax reform that does happen will be done on a roughly deficit neutral basis, meaning that the average effective corporate tax rate is not going to change much at all.

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What will be coming soon, however, is the mother of all debt ceiling crises -- an eruption of beltway dysfunction that will finally demolish the notion that Trump is good for the economy and the stock market... the cash balance has run down from a peak of about $450 billion to just $304 billion as of last Friday. Unless reversed soon, this means that the Treasury will run out of cash by perhaps July 4th rather than Labor Day. After that, all hell will break loose.