Zero hedge report on two notes from Goldman Sachs

One from Jan Hatzius and the other from Goldman's Washington analyst Alec Phillips on "Fiscal Constraints on the Political Agenda"

As is often the case from ZH there is a lot of detail, and the whole piece is here

But, in summary pf Philips' note:

  • First, the projected deficit at the end of the ten-year period that Congress uses for fiscal plans is slightly larger.
  • Second, Republican leaders will need to make room in the budget for tax reform and increased infrastructure spending, unlike previous budget proposals.
  • Third, more of the budget appears to be politically off-limits to proposed cuts than in the past.