Not true. States that will have the most trouble are the states that permanently increased spending w/temporary federal aid & capital gains taxes. High tax states will be in far more trouble later this year compared to the income tax cutting states. Happening already per chart

Federal spending is a full 5% of GDP above its historical average. Historically when federal spending exceeded its historical average, the debt ceiling (marked in yellow) was used to normalize spending. This was true in the 80's, 90's and 2011.

This was not solely a one-time April tax collection issue. May tax revenues through the first week show further deterioration

NEWSLETTER: The debt ceiling is just Act One. link.cnbc.com/public/31462562 Daniel Clifton CNBC

Just about every state and CBO underestimated the drop in capital gains this year. Virginia understood the risk and planned for the drop accordingly. Proper fiscal management. Virginia continues to see higher general fund revenues than projected cbs19news.com/story/48919760…

We’re hanging out this week w/ Daniel Clifton Strategas to chat all things policy and thematic ETFs. Don’t think alone! Join us for a fun and engaging conversation on Thurs 6/29 at 5pm ET at hubs.la/Q01W0bnV0 Dan Weiskopf Cinthia Murphy Michael A. Gayed, CFA Michael Venuto

A bit contrarian to the current news cycle, but consumer spending on prescription drugs is at its lowest level on record, less than 0.25% of personal income. Consumer spending on prescription drugs is also at its lowest level as a % of total out-of-pocket healthcare spending.

A number of Republican presidential candidates are currently or previously governors. Strategas looked at the spending records of each of the governors to see which governors increased or decreased the size of government during their gubernatorial terms. Chart below

Interest costs hit 14% of tax revenue in July and the 10-year yield went from 3.9 to 4.8% in two months

CNBCFastMoney: Business on the ballot in 2024? Daniel Clifton Strategas shares the election’s impact on the market, as America awaits the results from the New Hampshire Primary.

.Daniel Clifton gives the final keynote of the day at #OrionAscent on “The 2024 Election in an Era of Shifting Monetary, Fiscal, and Geopolitical Frameworks” 👀🗳️ Orion WealthTech

"The Treasury Secretary pick is a really important one for investors, so getting it right matters," says Daniel Clifton as names continue to swirl around Trump's nominee. "Those are not perfect picks, but I think it's shaping up to be one that's going to be market-friendly."

Even if you've zero followers I will follow you.

Can the House bring about more tax cuts? foxbusiness.com/video/63683278… #FoxBusiness

Trump's Tariff Shocker! Big Short Investor Weighs In with Dan Clifton youtu.be/9NbEyF5Q8XM?si… via YouTube