Monday, March 27, 2017

Health Care Defeat Rattles Markets in Sign of Loss of Confidence in Trump

The withdrawal of the Republican health care bill was blamed for sharp drops Monday morning in a number of leading U.S. economic indicators, including the dollar's drop to nearly a two-month low.

The inability to overhaul the U.S. health care system, a major campaign promise of President Donald Trump and his allies, marked a significant setback for the president in a Congress controlled by his own party.

Coming so early in Trump's term, the blow has heightened worries about the chances to enact measures to boost the economy, such as tax reforms — a major priority of the president's — and big spending packages.

Mick Mulvaney, director of the White House Office of Management and Budget, acknowledged that there were questions about the Trump administration's grip on the levers of power, saying Sunday on NBC News' "Meet the Press": "We haven't been able to change Washington in the first 65 days." 

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