Markets continued trading lower than expected Wednesday morning, coming off the heels of the biggest one-day slide in market value since the election.
Investors are beginning to question whether President Donald Trump will move forward with his promises of tax reform and massive deregulation. Some fear that if health care reform falls flat or takes longer than anticipated, tax reform may not happen.
“The markets were reminded yesterday the ‘Trump trade’ is not a one-way trade and there’s room for disappointment as actions on tax cuts and infrastructure spending might not materializes as quickly as we want,” Anastasia Amoroso, global market strategist at J.P. Morgan Private Bank in Houston, told reporters.
The president has been adamant that he cannot move ahead with his pro-growth agenda until Republicans are able to “repeal and replace” Obamacare. Speaking at a rally in Louisville, Ken., Monday evening, Trump said: “We want a very big tax cut. But we cannot do that until we repeal and replace the disaster known as Obamacare.”
Trump is doing everything he can to get the repeal bill through Congress. The president made a visit to Capitol Hill Tuesday morning in an attempt to rally Republicans around the American Health Care Act. Despite his best attempts, it does not appear the president has been able to garner the necessary votes for the bill. (RELATED: White House Is Daring Republicans To Vote Against The Bill)
The House Freedom Caucus is a voting block the Republicans are heavily relying on to pass their repeal agenda. If Republicans lose the Freedom Caucus’s support, the bill will not make it through the House.
After House leadership made changes to the bill Monday evening in the manager’s amendment, House Freedom Caucus Chairman Mark Meadows said: “I’m confident that we still have enough concerns that a vote of 216 votes in the House would not happen today.” Meadows reportedly did not change his tune following Tuesday’s meeting with the president on Capitol Hill.
Sen. Rand Paul appeared on CNN’s “Erin Burnett OutFront” Tuesday afternoon to speak about the House vote Thursday on the American Health Care Act. The senator said there is “no” chance the bill makes it out of the House. “I think we have 30 to 35 no votes in the House,” Paul said. “I think either the House leadership will put it forward and lose, or they will begin counting the votes very closely and decide not to put it forward.” (RELATED: Paul Fires Back At Trump And TrumpCare)
Investors concerns were not soothed after Trump’s Tuesday meeting with lawmakers, sparking the biggest one-day fall in the market since the November election. Republican’s repeal bill is slated to go up for a vote Thursday, and markets will be hanging on the results.
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