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The 411 on that meeting with Donnie, Chuck, and Nancy

Summary:
Based on various reports, Nancy Pelosi said that the surprise debt ceiling deal she and Senate minority leader Schumer cut with President Trump was partly a function of Schumer being able to “speak New York” to Trump. Here’s how it came down: Scene: White House, Oval Office Dramatis personae: Trump, Mnuchin, Pelosi, Schumer, a couple of Republicans Mnuchin: (droning on…): And so, based on market expectations, and the recent rise in the risk premiums of bonds with short-term maturities, we estimate the prudent path forward… Trump: Stifle for a New York minute, will ya, Stevie. Lemme ax you one, simple question. What the %&(* you talkin’ about?!!? Schumer: Word to that. Donnie, fuggetaboutit, right? I mean, these mooks got nothin.’ Whaddya say we cut a deal–boom!–right here, right now?

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Based on various reports, Nancy Pelosi said that the surprise debt ceiling deal she and Senate minority leader Schumer cut with President Trump was partly a function of Schumer being able to “speak New York” to Trump.

Here’s how it came down:

Scene: White House, Oval Office

Dramatis personae: Trump, Mnuchin, Pelosi, Schumer, a couple of Republicans

Mnuchin: (droning on…): And so, based on market expectations, and the recent rise in the risk premiums of bonds with short-term maturities, we estimate the prudent path forward…

Trump: Stifle for a New York minute, will ya, Stevie. Lemme ax you one, simple question. What the %&(* you talkin’ about?!!?

Schumer: Word to that. Donnie, fuggetaboutit, right? I mean, these mooks got nothin.’ Whaddya say we cut a deal–boom!–right here, right now?

Trump: You got it, Chuck. Let’s do this and go get a slice.

Schumer: No, let’s do this and go get some Chinese!

Trump: You freakin’ kiddin’ me; those guys are eatin’ our lunch.

Schumer: Exactly, so let’s go eat their lunch!

Trump: That’s beautiful, Chuck. You da man. Nancy, you in??

[end of scene]

Jared Bernstein
Jared Bernstein joined the Center on Budget and Policy Priorities in May 2011 as a Senior Fellow. From 2009 to 2011, Bernstein was the Chief Economist and Economic Adviser to Vice President Joe Biden, Executive Director of the White House Task Force on the Middle Class, and a member of President Obama’s economic team. Prior to joining the Obama administration, Bernstein was a senior economist and the director of the Living Standards Program at the Economic Policy Institute, and between 1995 and 1996, he held the post of Deputy Chief Economist at the U.S. Department of Labor.

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