The past two days on Capitol Hill raise the prospect of a more unpredictable period for U.S. fiscal policy than seemed likely a few days ago, primarily due to internal Republican fractures and the influence of public figures like Elon Musk.
Elon Musk appears to have remarkable power over Congressional Republicans and is dead-set on large spending cuts, marking a shift from earlier forecasts of stable tax and spending negotiations.
Musk and his Department of Government Efficiency co-chair Vivek Ramaswamy came out against a complex bipartisan bill, persuading House Republicans that it yields too much to Democratic priorities, raising the stakes for government funding negotiations.
The situation is further complicated by Trump daring Congress to shut down the government if they don't raise the debt ceiling, indicating a strategy that could deflect blame from Republicans to President Biden.
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