The near-term outlook for the US economy isn’t terrible, but assuming that growth is destined to accelerate sharply due to Trump administration policies looks challenged in the wake of last week’s failed efforts to repeal Obamacare. The question is whether the White House and Republicans in Congress can find legislative success by pivoting to tax reform? The stakes are high because another failure would deal a hefty and perhaps fatal blow to the notion that the so-called Trump bump for the economy is still plausible.
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