President Trump’s address to congress: Clearer guidance? - Nomura
|Research Team at Nomura notes that the US President Donald Trump will address a joint session of Congress today at 9:00 pm EST and they expect Trump to lay out priorities for the repeal and replacement of the Affordable Care Act (ACA or “Obamacare”).
Key Quotes
“We expect Trump to call for a substantial increase in defense spending that will be offset by cuts elsewhere in the Federal budget, in particular, in so-called non-defense discretionary spending.”
“Trump also said that his speech will include a major infrastructure initiative, although it is not yet clear how an infrastructure program would be financed.”
“We do not expect Trump to provide additional details on tax reform.”
“Whatever the Trump administration proposes, the primary barriers to becoming law will be in Congress, and it could take several months to gain clarity about the crucial issues, such as the size and composition of the fiscal stimulus.”
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