Spending bill language omits border wall funding, sanctuary cities crackdown

[HAPPY2BME]

Republican and Democratic lawmakers forged a $1.07 trillion spending package that would fund the government through the end of September, but does not include some of President Trump’s cornerstone promises including funding for a border wall or funding cuts to sanctuary cities.

The proposed legislation has no funding for Trump’s oft-promised wall along the U.S.-Mexico border, but does set aside $1.5 billion for border security measures such as additional detention beds.

Trump said at nearly every campaign stop last year that Mexico would pay for the proposed 2,000-mile border wall, a claim Mexican leaders have broadly rejected. The White House sought nearly $1.4 billion in taxpayer dollars for the wall and related costs in the spending bill, but Trump later relented and said the issue could wait until September.

With language about the border wall omitted, Democratic leaders praised the effort.

Democratic votes will be needed to pass the measure even though Republicans control both the White House and Congress. The minority party has been actively involved in the talks, which appear headed to produce a lowest common denominator measure that won't look too much different than the deal that could have been struck on Obama's watch last year.

http://www.foxnews.com/politics/2017/05/01/spending-bill-language-omits-border-wall-funding-sanctuary-cities-crackdown.html

[HAPPY2BME]

David Stockman has a stern message for investors: They're living in a fantasy land about Trump.

 In a recent interview on CNBC's "Futures Now," the former director of the Office of Management and Budget under President Reagan said that "Wall Street is totally misreading Washington," and President Trump's promises of tax reform will be "dead before arrival."

The president is "essentially a 70-year old kid in a candy store who wants one of everything: More for defense, veterans, border walls, law enforcement, infrastructure and 'phenomenal' tax cuts, too—without the inconvenience of paying for any of it," said Stockman.

Of the proposed tax bill announced this week, he said, "It's a wonderful fantasy…but there's no way to pay for the $7.5 trillion cost of the main features."

'Total calamity'

 Stockman expects a "constant fiscal crisis and stalemate" in D.C., which will ultimately delay the "good stuff," like a tax cut, from ever happening.

Of Trump's first 100 days in office, Stockman again referred to the White House as a "pop up store giving out candy before the 100th day to say they've accomplished something." Adding, "this isn't a serious plan, it can't be done. And I think it's only indicative of the huge trouble that's brewing down there in the beltway."

Despite Trump's somewhat tumultuous first few months in office, the stock market has been resilient. The S&P 500 Index is up 11 percent since the election and 5 since the inauguration, the third best performance under a new administration since World War 2. On Friday, the S&P traded within 1 percent of its all-time high.

Eventually, however, Stockman expects the drama in D.C. to trickle into equities, sparking a significant pullback.

"I don't know what the stock market is thinking but if they have faith in a giant fiscal stimulus and tax cut then it's a delusional faith that's going to be badly disappointed and I think fairly soon," he added.

http://www.cnbc.com/2017/04/29/david-stockman-trumps-tax-plan-is-dead-on-arrival-and-wall-st-is-delusional.html

[HAPPY2BME]

Congressional negotiators have reached an agreement on a gap budget to operate the federal government through September 30th, the end of fiscal year 2017.

According to some summary information the bridge spending bill is $1.070 trillion for the remaining five months of fiscal year 2017.

The budget allows for $1.5 billion for border security, but does not direct funds specifically for the U.S. Mexico border wall.  Additionally the budget provides $15 billion for military spending.  The National Institutes of Health will gain $2 billion toward medical research and community development grants, and extends health insurance benefits for coal miners.

The catchall spending bill was required because there is no annual budget in place and congress has not operated with a federal budget since fiscal year 2008.  President Trump has proposed a fiscal year 2018 budget and congress will be debating that spending proposal over the summer.  Fiscal Year 2018 begins October 1st.

New York Times report HERE

[HAPPY2BME]

Conservatives fume over 'complete' spending concession to Democrats