Sec. Pompeo and Sec. Mnuchin were two of the Cabinet secretaries who held exploratory discussions with staff about the 25th amendment last night, per three sources familiar with the matter (1/)
There were several roadblocks raised:
- the legal process would take more than a week
- there's not clarity on which officials could vote
- there was a worry it would incite more violence on the far right, creating greater risk in the long-term (2/)
"The general plan now is to let the clock run out,” said one former senior administration official aware of the discussions. “There will be a reckoning for this president, but it doesn’t need to happen in the next 13 days.” (3/)
Officials said the hope was that those closest to POTUS could be his "better angels" and convince him to embrace a detente for the next 12 days. That appears to have worked, judging by the Twitter video posted tonight. (4/)
And while there's still a wave of resignations underway, there's also an effort to maintain a smooth transition process for the incoming admin. Chris Liddell, I'm told, will stay. And Chao's not leaving till 1/11 bc she's meeting with Buttigieg team tomorrow, per sources. (5/)
Several WH and agency aides used the following words to describe the mood among staffers: "Disgusted," "appalled," "shocked" after the Capitol siege. (6/)
But others are non-plussed: There's also a faction within the WH of harder-line advisers (McEntee, Scavino, Miller) who believe the images of the Capitol yesterday were an "exaggerated" byproduct of "left-wing media," per an official. (7/7)
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BREAKING: This morning, Pres. Trump and VP Pence held an investor call with Wall Street heavyweights to discuss the markets, the Federal Reserve, and economic reopening.
Major investors and executives on the call included:
- Dan Loeb, Third Point
- Steve Schwarzman, Blackstone
- Robert Smith, Vista Equity
- Jeff Sprecher, ICE/NYSE
- Paul Tudor Jones, JUST Capital
Discussed on the call, per a source close to the president: What the Fed can do to keep parts of the debt markets, in particular, from "seizing up."
NEW: Just spoke to two investment bank executives about the health of corporate balance sheets and whether clients are rushing to get capital. Thread below.
Energy, travel, airline suppliers and industrial clients are reaching out to see where they can get additional money -- this means tapping existing credit facilities, increasing them, and taking out new bridge loans (1-3yr terms).
For companies, like Boeing, wanting to access existing revolving loans, there is ample room.
One exec said at his bank, only 3-4% of committed loans have been drawn down.
At another bank, an executive estimated about 10%.
THREAD: Spoke to USDA Sec. Sonny Perdue on his way out of the @CNBC studio. Below are some highlights from our (brief) conversation /1
@CNBC Perdue says he was surprised by how weak US soybean exports have been after harvest this year, citing China not living up to its purchase commitments and Brazil and Argentina "trying to infringe on our market time here."
@CNBC Perdue says the restored tariffs on US imports of steel and aluminum from Brazil and Argentina are "to some degree" tied to that dynamic.