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Your Guide to Washington and the World’s 2024 US Election Means
Well, this is, uh, something.
President Donald Trump suggests that Elon Musk’s government efficiency team discovered fraud while investigating data at the US Treasury Department, possibly leading the US to ignore some payments did.
“There may be issues. We’re reading about it at the Treasury,” Trump told reporters in the Air Force on Sunday on his way to the Super Bowl. It was not immediately clear whether he was talking about US government debt or the payments processed through the Treasury Department.
“That can be an interesting issue, because many of them may not be counted,” he said. “So we may be in less debt than we thought.”
Trump did not elaborate on the issues Musk found. Mask’s so-called government efficiency seeks access to Treasury payment data, but Mask’s statement on social media is primarily concerned with payments to contractors and beneficiaries, not bondholders. It’s there.
The White House did not respond immediately to detailed requests. The Treasury also did not immediately respond to requests for comment.
That’s Trump’s attempt to restore America’s credibility to that Alexander Hamilton state. . . interesting. However, this is so wild that we tend to assume and expect that the market will shrink it as another brain limb from the regime that will start and end the war within 24 hours.
Not because Treasury Secretary Scott Bescent is likely to be surprised by this, but just days after he and President Trump both said they were “concentrating” the Treasury yields for 10 years. After all, the roll call of those who tried and failed to play a restraint role in Trump is longer than a bad year.
No, this will probably be ignored and neglected. Because it is a real, sustainable proposal that the US government can selectively default some of its sovereign debts – not to mention “many”, it will be quick and serious, as it will cause a financial crisis. Deaf tariff tantrums look ridiculous in comparison.
