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Jan 20 • 4 tweets • 3 min read
I asked @rohangrey & @NathanTankus — 2 of the leading theorists behind the “Mint the $1 Trillion Coin” idea — about some of the concerns I’d been hearing from those close to the White House about their plan Their responses, shared w/ permission, are worth reading
.@NathanTankus adds:
Whether you agree with them or not, I have a hard if not impossible time seeing former Fed Chair Janet Yellen supporting this plan
.@rohangrey included this line as well:

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More from @JStein_WaPo

Jeff Stein Profile picture
Jan 21
New: Biden aides see huge downsides to 1) negotiating policy w/ GOP over debt limit; & 2) all unilateral options

For now, they’re focused on pressing the GOP to releasing a plan - which they’re optimistic will prove so divisive their brinkmanship softens

washingtonpost.com/us-policy/2023…
Thinking behind 1 is obvious:
— Can’t reward GOP for taking US economy hostage. Bad precedent
— Ds actually did well in midterms (Senate gains, eg)
— Substantive opposition to spending cuts
— Belief in political upside for hammering GOP for wanting Social Security/Medicare cuts
2 more complicated but:
— Concern uncertainty will wreak havoc w/ Treasury auctions
— Havoc could lead to spike in borrowing costs & undermine US dollar
— SCOTUS could nullify & put WH in weaker position

Maybe will get a new look if on the other side of X Date — but not for now
Read 5 tweets
Jeff Stein Profile picture
Jan 13
Scoop: House GOP preparing emergency plan telling Treasury how to spend $ if borrowing limit breached

Likely to call on preserving: Interest payments, DOD, Medicare, Social Security, VA benefits. (This leaves out ... many things)

Part of deal b/w McCarthy & conservatives
Idea is for Rs to say Treasury can make interest payments even w/o borrowing

Senior D: “Any plan to pay bondholders but not fund school lunches or the FAA or food safety or XYZ is just target practice for us"

Chip Roy says McCarthy agreed to do by Q1

washingtonpost.com/us-policy/2023…
Also I am back from Ukraine and your regularly scheduled tweets on Taxes, Transfers, and Taco Bell will recommence
Read 6 tweets
Jeff Stein Profile picture
Nov 11, 2022
Here's the one-page document striking down Biden's student debt relief program, reported earlier by @mstratford Image
Yes, a Trump appointee
Biden officials have previously said that they will appeal this decision and there's a chance they have a better shot with the appellate courts
Read 4 tweets
Jeff Stein Profile picture
Nov 10, 2022
Scoop: Biden will nominate Daniel Werfel to be the next commissioner of the Internal Revenue Service, 3 sources familiar with the matter tell The Washington Post

Comes at a pivotal juncture for IRS

W/ @TonyRomm

washingtonpost.com/us-policy/2022…
@TonyRomm Sources say @jdcmedlock may be in line to be the commissioner of IRS memes in 2023
The IRS commissioner under George W. Bush tells me: “This is a very good appointment. Werfel is an experienced executive who understands the service and helped out at a critical period in 2013," following the Lois Lerner controversy

washingtonpost.com/us-policy/2022…
Read 4 tweets
Jeff Stein Profile picture
Sep 28, 2022
New CBO report: The poorest *half* of America -- ~150 million people -- hold only *2 percent* of the country's total wealth

Wealth of top 10 percent has grown markedly since 1989

That tiny little line at the bottom of this chart is half the country Image
Statement from @SenSanders, who requested the report: Image
In 1989, the poorest half of Americans held roughly 4 percent of the national wealth.

That was much higher than the share it holds today

By 2019, the bottom 50% held just 2%

By contrast, the top 1 percent alone held 34%
Read 4 tweets
Jeff Stein Profile picture
Sep 27, 2022
NEW: White House under mounting pressure - from Dems & Rs - to grant Puerto Rico a waiver for shipment of diesel just off island

4 PR officials went to WH today to press case

Huge danger w/ water & sewage plants not operational

Biden aides noncommittal
washingtonpost.com/politics/2022/…
Puerto Rico's speaker of the house told me after going to WH:

"We have a ship full of diesel waiting to enter the island. It's right there, waiting for us"

"A lot of ppl need oxygen; a lot of ppl need water; a lot of ppl need help -- it's really scary"

Bafflement on island
The push for a waiver is bipartisan, w/ GOP @SenMikeLee & @AOC among those demanding Biden aides act

WH says it cannot create blanket one-year waiver, citing law passed by Congress in 2020

Biden longtime supporter of Jones Act b/c of union support

Story w/ the great @ToluseO
Read 5 tweets

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