Trump’s Impeachment Thwarts Biden’s Plan for His First 100 Days
The expression “first 100 days” began to sink into political use since Franklin D. Roosevelt’s presidency. At that time, the president had to rebuild an economy devastated by the scourge of the Great Depression.
Starting this Wednesday, once Biden is sworn in as president of the country, he will have to show off his decades of experience behind the Senate’s scenes.
The legacy left by the Republican Donald Trump now threatens Biden’s ambitious goals. In his first 100 days as president, Trump used some thirty decrees to undo part of Obama’s achievements.
Trump’s second impeachment trial collides with the Democrat’s inauguration. As well as immediate priorities, including confirming his cabinet, negotiating his ambitious $1.9 trillion stimulus, and managing the pandemic.
Without the prior consent of the 100 senators who make up the Upper House, Trump’s impeachment for inciting insurrection could begin at 1 pm EST on January 20. That is just one hour after Biden is scheduled to take office. Provided that the House of Representatives Speaker, Nancy Pelosi, sends the article before January 19.
After that, only with the same consent of the entire Senate will allow the House to create two tracks. One will confirm Biden’s cabinet and his legislative agenda. Meanwhile, the other will process Trump’s impeachment trial. Some Republican senators have already shown their opposition to this process. The alternative will force Democrats to prioritize.
Trump’s Legacy: Nearly $7.8 trillion in US public debt
The pandemic’s impact will mark the last year of outgoing President Donald Trump in the White House. The health crisis and subsequent economic collapse closed last year with the worst job destruction since 1939. Meanwhile, another 140,000 jobs were destroyed in December alone, and retail sales fell by 0.7%.
To deal with this situation, the massive public outlay, in the form of two stimulus packages, one for just over $2 trillion and the other for around $900 billion, significantly increased the country’s debt. However, even before the Covid-19, the Republican Administration had already put the government’s leverage on an upward path.
During Trump’s four years, the national debt has increased by almost $7.8 trillion to a total of $27.7 trillion.
The Congressional Budget Office estimates that the US government closed last year with a deficit of $3.3 trillion, about 16% of the GDP. Even though it is expected to decline considerably in the current year, it will continue to hover around 9% of the GDP.
The CBO estimates that, by 2023, the deficit will decline to 4.9% as expenditures related to the pandemic decline and the economy improves.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.