The Biden Budget Concession

There's been no cuts asked for by the Republicans and agreed by the Democrats in military spending at all then there is no cuts in social entitlements because that requires legislation. The bulk of Medicare and the bulk of Social Security remains so the basically the only bit that can be reduced is what is called discretionary spending. This will have a slowing effect on the economy there's no doubt about it but this comes at a time when the US economy already faces a lot of challenges challenges.