Trump tax bill fails in House panel

The vote failed in the Budget Committee, 16-21.

There is a strong belief in markets that they will twist the right arms in order to get it through when it matters. As it stands, this is putting the US on the path to another 1 or 1.5 percentage point increase in the deficit, or above 7% of GDP.

The votes against it want to cut Medicaid, which looks like the battle ground at the moment.

It looks like there won’t be another vote today.

This article was written by Adam Button at www.forexlive.com.