President Trump’s budget proposal this week would cut the federal government to its core if enacted, culling back numerous programs and expediting a historic contraction of the federal workforce, according to economists who spoke to the Washington Post and saw the draft plans.
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This would be the first time the government has executed cuts of this magnitude — and all at once — since the drawdown following World War II, economists and budget analysts told the Post.
Chinese Rebar Jumps
Shanghai rebar steel futures rose nearly 3% on Monday, supported by a pickup in seasonal demand in top consumer China that also lifted Chinese iron ore off of a one-month low.
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But bloated stockpiles of iron ore at China’s ports — holding near their highest in at least 13 years — capped price gains in the steelmaking raw material.
The most-active rebar on the Shanghai Futures Exchange was up 2.7% at 3,496 yuan ($506) a metric ton by the midday break.