Gary Cohn (investment banker)

Report: Trump wants to cut deficit but still demands pricey spending

President Donald Trump at a meeting in the Cabinet Room of the White House.
Photo: Jabin Botsford/The Washington Post via Getty Images

Ten current and former White House and congressional officials told the Washington Post that President Trump has been urging his top advisers to cut the growing federal deficit, even as he tries to implement pricey programs, like a massive infrastructure package.

The big picture: 2010's Tea Party wave, which propelled many budget-conscious Republicans to power in Washington, was prompted by increased federal spending and concerns of big government that have long been central issues for the GOP. But Trump’s contradictions reflect how conflicted the party has become — even as the Congressional Budget Office said earlier this year that the deficit will approach $1 trillion by the end of 2019's fiscal year.

Gary Cohn joins blockchain startup

Photo of Gary Cohn.
Gary Cohn speaks at an event hosted by the Economics Club of Washington D.C. Photo: Samuel Corum/Anadolu Agency via Getty Images

Gary Cohn, former economic adviser to President Trump and Goldman Sachs president, has joined the advisory board of Spring Labs, a startup developing blockchain tech to help lenders and other companies verify customer identity, he told the Financial Times.

Why it matters: Cohn is not the first Wall Street executive to be interested in this new area of digital currencies, nor the first to focus his enthusiasm on the underlying technology rather than the cryptocurrencies themselves.

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