OMB's Mulvaney on China Trade, Tax Cuts, Debt and Deficit

The transcript covers discussions on trade talks with China, economic growth, and the impact of tax cuts. It also delves into concerns about the deficit and debt, highlighting government strategies to address these issues. The conversation touches on entitlement spending and fiscal policies, emphasizing the administration's focus on reducing discretionary spending and addressing long-term debt drivers.

What was a key topic in the conversation between the President and President Xi of China?

• Healthcare reforms

• Environmental policies

• Trade relations

• Military cooperation

How did the President's policy towards China reportedly affect the markets?

• It caused a significant rise

• It had no impact

• It stabilized the markets

• It led to market fluctuations

What was the administration's stance on the economic impact of tax cuts?

• They were a temporary boost

• They had no effect

• They fundamentally changed wealth creation

• They decreased economic growth

What are the two main components of an annual deficit?

• Taxes and subsidies

• Imports and exports

• Loans and grants

• Revenue and spending

What strategy is the administration using to address the deficit?

• Growing the economy

• Reducing military spending

• Cutting healthcare benefits

• Increasing taxes

What is a long-term driver of the national debt according to the administration?

• Discretionary spending

• Mandatory spending

• Foreign aid

• Infrastructure projects

What did the President propose to control discretionary spending?

• A spending freeze

• A 5% reduction

• An increase in military budget

• A 10% increase