Apr 12, 2017

Mulvaney's realistic approach to Trump's economy

J. Scott Applewhite / AP

President Trump's Budget Director Mick Mulvaney spoke with CNBC's John Harwood about what to expect from the administration's four-year economic plan — and he's more realistic about what is and isn't possible.

Our thought bubble: Mulvaney is known as a deficit hawk, but he says he's planning to work within the constraints the president has set out (no entitlement cuts, infrastructure and military spending on the rise), so it won't be easy to cut spending and eliminate the debt to the degree he might otherwise like.

Trump's trillion dollar infrastructure plan is "the most efficient way to actually allocate resources," Mulvaney argued, adding, "It's a little less important to me if infrastructure adds to the deficit."

On the debt ceiling: "Yeah, we're going to raise the debt ceiling. But we're going to have to do it as part and parcel of a larger thing."

An impending government shutdown: Mulvaney told Hardwood the chances of a shutdown are "very low" and insisted that it wouldn't be that big of a deal because "83% of the government stays open in a government shut-down. Social Security checks go out, military still exists. ...I think the consequences have been blown out of proportion."

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China tries to contain coronavirus, as Apple warns of earnings impact

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

As China pushes to contain the spread of the novel coronavirus — placing around 780 million people under travel restrictions, per CNN — the economic repercussions continue to be felt globally as companies like Apple warn of the impact from the lack of manufacturing and consumer demand in China.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others, mostly in mainland China. There are some signs that new cases are growing at a slower rate now, although the World Health Organization said Monday it's "too early to tell" if this will continue.

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Apple will miss quarterly earnings estimates due to coronavirus

Apple CEO Tim Cook

Apple issued a rare earnings warning on Monday, saying it would not meet quarterly revenue expectations due to the impact of the coronavirus, which will limit iPhone production and limit product demand in China.

Why it matters: Lots of companies rely on China for production, but unlike most U.S. tech companies, Apple also gets a significant chunk of its revenue from sales in China.

America's dwindling executions

The Trump administration wants to reboot federal executions, pointing to a 16-year lapse, but Pew Research reports the government has only executed three people since 1963.

The big picture: Nearly all executions in the U.S. are done by states. Even those have been steadily dropping for two decades, per the Bureau of Justice Statistics (BJS) — marking a downward trend for all executions in the country.