Good morning. Whether it would come before the midterms (an "October Surprise") or after (a "November Surprise") is unclear.
But President Trump has hinted strongly that there's a big announcement coming very soon from his budget director, Russell Vought.
With a $7.4 trillion budget, $2 trillion deficit, and $40 trillion in debt, any meaningful announcement-in order to make a dent-is going to have to be gargantuan.
Last week, Trump said Vought was "going to be making a tremendous announcement soon." And Trump added that Vought is "working on something that's going to be so good for our country." He did add a bit of a qualifier, though, saying the impact would be enormous "if he pulls this off."
What could it be?
The White House has been trying to find ways to cut spending without Congress, and this could be the kind of thing that is best kept under wraps until after the midterms. Also, Treasury Secretary Scott Bessent in August said he was working with Vought on a big fiscal consolidation package. The bond market has wanted the White House to get serious about the giant budget deficit. Maybe this is how they plan to dig in?
Trump tried budget cuts under the Department of Government Efficiency early in his second term, but the rollout was a bit of a mess and many of the attempted cuts were blocked. Meanwhile, Trump has promised all American adults a $5,000 check if Republicans retain control of Congress in the midterms, something that-by his own estimate-could cost $1 trillion.
The only other possibility is that it might be a huge deregulatory announcement. This seems less likely, though, as they would likely be broadcasting this more ahead of the elections and not keeping it under wraps.
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I have a treat for you for the remainder of the week. Our election expert, editor Aaron Zitner, will be taking over the WSJ Politics newsletter for the next several days. He'll be bringing you his latest insights on the midterms, which are now just three short weeks away! I will be back with you on Oct. 19.