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| Donald Trump’s Economic Team Outlines Its Big Plans | Donald Trump’s Economic Team Outlines Its Big Plans |
| (about 1 hour later) | |
| President-elect Donald J. Trump’s busy Wednesday morning: | President-elect Donald J. Trump’s busy Wednesday morning: |
| ■ Unveils his economic team of investment titans: Steven Mnuchin for Treasury, Wilbur Ross for commerce secretary, Todd Ricketts for deputy commerce secretary. | ■ Unveils his economic team of investment titans: Steven Mnuchin for Treasury, Wilbur Ross for commerce secretary, Todd Ricketts for deputy commerce secretary. |
| ■ Announces a news conference with his children on Dec. 15 to say he will be “leaving” his “great business in total.” | ■ Announces a news conference with his children on Dec. 15 to say he will be “leaving” his “great business in total.” |
| ■ Talks up Thursday trip to Indiana to announce the saving of 1,000 jobs with the Carrier air-conditioning company. | ■ Talks up Thursday trip to Indiana to announce the saving of 1,000 jobs with the Carrier air-conditioning company. |
| Appearing on the business cable channel CNBC, Mr. Mnuchin made a series of promises and pledges sure to be remembered in the years to come: | Appearing on the business cable channel CNBC, Mr. Mnuchin made a series of promises and pledges sure to be remembered in the years to come: |
| ■ Mr. Trump’s tax cuts will be huge, with the corporate tax rate dropping to 15 percent from 35 percent. Mr. Mnuchin said: | ■ Mr. Trump’s tax cuts will be huge, with the corporate tax rate dropping to 15 percent from 35 percent. Mr. Mnuchin said: |
| ■ But it will provide no net benefit to the rich. | ■ But it will provide no net benefit to the rich. |
| Details? Not many, but he did hint that he will push to cap the mortgage deduction for mega-mansions and second homes. | Details? Not many, but he did hint that he will push to cap the mortgage deduction for mega-mansions and second homes. |
| ■ The Trump administration expects sustained economic growth of 3 percent to 4 percent a year. “That is absolutely critical for the country,” Mr. Mnuchin said. | ■ The Trump administration expects sustained economic growth of 3 percent to 4 percent a year. “That is absolutely critical for the country,” Mr. Mnuchin said. |
| Critical, perhaps, but difficult, considering the United States has not seen consistent growth like that since the 1990s. | Critical, perhaps, but difficult, considering the United States has not seen consistent growth like that since the 1990s. |
| ■ The Trump administration will label China a currency manipulator “if we determine” that’s warranted. | ■ The Trump administration will label China a currency manipulator “if we determine” that’s warranted. |
| ■ The top regulatory priority will be eliminating “parts” of the Dodd-Frank financial regulatory overhaul that discourage lending, but the administration will not push for a full repeal. Mr. Mnuchin: | ■ The top regulatory priority will be eliminating “parts” of the Dodd-Frank financial regulatory overhaul that discourage lending, but the administration will not push for a full repeal. Mr. Mnuchin: |
| The president-elect is full of surprises, but absent a big one, Wednesday morning’s announcements may be all we get for the rest of the week. | The president-elect is full of surprises, but absent a big one, Wednesday morning’s announcements may be all we get for the rest of the week. |
| In addition to Mr. Mnuchin, there were Mr. Ross, a billionaire investor, for commerce secretary, and Mr. Ricketts, part of the Ameritrade fortune and a part owner of the Chicago Cubs, for deputy commerce secretary. | In addition to Mr. Mnuchin, there were Mr. Ross, a billionaire investor, for commerce secretary, and Mr. Ricketts, part of the Ameritrade fortune and a part owner of the Chicago Cubs, for deputy commerce secretary. |
| The Trump cabinet, assuming it is confirmed, will be worth billions of dollars (add to the new trio Mr. Trump’s previously announced education secretary pick, Betsy DeVos of the Amway fortune). But the team is not shying away from its Wall Street and moneyed roots. | The Trump cabinet, assuming it is confirmed, will be worth billions of dollars (add to the new trio Mr. Trump’s previously announced education secretary pick, Betsy DeVos of the Amway fortune). But the team is not shying away from its Wall Street and moneyed roots. |
| Mr. Mnuchin said on CNBC: | Mr. Mnuchin said on CNBC: |
| With Republicans expected to hold 52 seats in the Senate, blocking confirmation would be hard, but Democrats signaled that both men would face tough questioning. | With Republicans expected to hold 52 seats in the Senate, blocking confirmation would be hard, but Democrats signaled that both men would face tough questioning. |
| Mr. Mnuchin’s time atop a Los Angeles bank known for its foreclosures will definitely come up, as suggested in comments by Senator Ron Wyden of Oregon, the ranking Democrat on the Finance Committee. | Mr. Mnuchin’s time atop a Los Angeles bank known for its foreclosures will definitely come up, as suggested in comments by Senator Ron Wyden of Oregon, the ranking Democrat on the Finance Committee. |
| Among the president-elect himself, his commerce secretary pick, his deputy commerce pick, his education secretary choice and his prospective Treasury secretary, much of Mr. Trump’s team ranges from multimillionaires to billionaires. Oh, and Mr. Trump is looking for a post for Linda McMahon, the World Wrestling Entertainment impresario and with a fortune estimated at $855 million, no slouch on the money front. | Among the president-elect himself, his commerce secretary pick, his deputy commerce pick, his education secretary choice and his prospective Treasury secretary, much of Mr. Trump’s team ranges from multimillionaires to billionaires. Oh, and Mr. Trump is looking for a post for Linda McMahon, the World Wrestling Entertainment impresario and with a fortune estimated at $855 million, no slouch on the money front. |
| So is the incoming administration truly populist? | So is the incoming administration truly populist? |
| Anthony Scaramucci, the financier and Trump transition official, had some thoughts Wednesday: | |
| Are millionaires and billionaires really “draining the swamp”? | Are millionaires and billionaires really “draining the swamp”? |
| Mary Fallin, Oklahoma’s conservative Republican governor, is under consideration for interior secretary. Ms. Fallin had been floated as a potential vice-presidential candidate shortly before the Republican National Convention over the summer. Her aide, Steve Mullins, is also being mentioned for a top staff post if she gets the job. | Mary Fallin, Oklahoma’s conservative Republican governor, is under consideration for interior secretary. Ms. Fallin had been floated as a potential vice-presidential candidate shortly before the Republican National Convention over the summer. Her aide, Steve Mullins, is also being mentioned for a top staff post if she gets the job. |
| With Alabama and New Mexico certifying their votes, an update is in order. Hillary Clinton’s popular vote lead over Mr. Trump climbed overnight to 2,370,700 — or 1.8 percentage points. Eleven states and the District of Columbia now record a higher percentage of votes for Mrs. Clinton than President Obama received in 2012. | With Alabama and New Mexico certifying their votes, an update is in order. Hillary Clinton’s popular vote lead over Mr. Trump climbed overnight to 2,370,700 — or 1.8 percentage points. Eleven states and the District of Columbia now record a higher percentage of votes for Mrs. Clinton than President Obama received in 2012. |
| Mr. Trump said on Wednesday that he would leave his “great business in total” before moving into the Oval Office, promising further details next month about his efforts to avoid conflicts of interest as he becomes the nation’s 45th president. | Mr. Trump said on Wednesday that he would leave his “great business in total” before moving into the Oval Office, promising further details next month about his efforts to avoid conflicts of interest as he becomes the nation’s 45th president. |
| It is unclear whether the steps Mr. Trump is prepared to take would be enough to satisfy ethics experts who say that putting his children in charge of the business would not be enough to ensure that his official decisions are independent of his personal financial ones. His daughter Ivanka has attended a number of meetings with heads of state since the election, and she would be one of the main officers of the Trump Organization. | It is unclear whether the steps Mr. Trump is prepared to take would be enough to satisfy ethics experts who say that putting his children in charge of the business would not be enough to ensure that his official decisions are independent of his personal financial ones. His daughter Ivanka has attended a number of meetings with heads of state since the election, and she would be one of the main officers of the Trump Organization. |
| In an interview with The New York Times last week, Mr. Trump said that presidents “can’t have a conflict of interest” and that it would be extremely difficult to sell his businesses because they are real estate holdings. | In an interview with The New York Times last week, Mr. Trump said that presidents “can’t have a conflict of interest” and that it would be extremely difficult to sell his businesses because they are real estate holdings. |
| Mr. Trump, in his now-familiar early-morning Twitter presence, let the world know his thoughts about the recent Ohio State University attack, in which a man intentionally rammed a car into pedestrians on a busy campus sidewalk and then slashed passers-by with a butcher knife: | Mr. Trump, in his now-familiar early-morning Twitter presence, let the world know his thoughts about the recent Ohio State University attack, in which a man intentionally rammed a car into pedestrians on a busy campus sidewalk and then slashed passers-by with a butcher knife: |
| It is, naturally, more complicated than that. The Islamic State, also known as ISIS or ISIL, did call the attacker, identified as Abdul Razak Ali Artan, a Somali-born Ohio State student, a “soldier” of the terrorist group. But technically, it was his mother who was admitted to the United States as a refugee in 2014. | It is, naturally, more complicated than that. The Islamic State, also known as ISIS or ISIL, did call the attacker, identified as Abdul Razak Ali Artan, a Somali-born Ohio State student, a “soldier” of the terrorist group. But technically, it was his mother who was admitted to the United States as a refugee in 2014. |
| And law enforcement officers are still working to determine if the assailant acted alone and if the assault was an act of terrorism. | And law enforcement officers are still working to determine if the assailant acted alone and if the assault was an act of terrorism. |
| Donald Trump Jr. took a quick trip to Turkey, according to reports in newspapers there, for a deer-hunting excursion near Antalya, a Turkish resort city know for its yacht-filled Old Harbor, beaches and luxury hotels. | Donald Trump Jr. took a quick trip to Turkey, according to reports in newspapers there, for a deer-hunting excursion near Antalya, a Turkish resort city know for its yacht-filled Old Harbor, beaches and luxury hotels. |
| The Turkish daily Hurriyet reported that the visit this week was at the invitation of a Turkish businessman, who was not identified. Turkish authorities provided special guards, the newspaper reported, in addition to security that Mr. Trump’s oldest son had with him. | The Turkish daily Hurriyet reported that the visit this week was at the invitation of a Turkish businessman, who was not identified. Turkish authorities provided special guards, the newspaper reported, in addition to security that Mr. Trump’s oldest son had with him. |
| One Turkish news account said that Donald Trump Jr. “pursued and shot two wild deer.” | One Turkish news account said that Donald Trump Jr. “pursued and shot two wild deer.” |
| Representative Nancy Pelosi, Democratic of California, was re-elected House Democratic leader for an eighth term on Wednesday, 134-63. But make no mistake, those votes for her challenger, Representative Tim Ryan of Ohio, are significant. | Representative Nancy Pelosi, Democratic of California, was re-elected House Democratic leader for an eighth term on Wednesday, 134-63. But make no mistake, those votes for her challenger, Representative Tim Ryan of Ohio, are significant. |
| Ms. Pelosi has been under fire from many in her party every election year since the Democrats lost control of the House in 2010, and the victory of Mr. Trump in Rust Belt states has led many to clamor for a leadership that is younger and perhaps not from one of the coasts. | Ms. Pelosi has been under fire from many in her party every election year since the Democrats lost control of the House in 2010, and the victory of Mr. Trump in Rust Belt states has led many to clamor for a leadership that is younger and perhaps not from one of the coasts. |
| Mr. Ryan, a burley former high school football player from Youngstown, appealed to Democrats eager to shed the party’s whiff of coastal elitism and get back to the business of representing the working class. | Mr. Ryan, a burley former high school football player from Youngstown, appealed to Democrats eager to shed the party’s whiff of coastal elitism and get back to the business of representing the working class. |
| Typical of the unrest was the sentiment expressed by Representative Kysten Sinema, a relative newcomer to the House from Arizona. | Typical of the unrest was the sentiment expressed by Representative Kysten Sinema, a relative newcomer to the House from Arizona. |
| Judge Merrick B. Garland never came close to getting a hearing on his nomination in March to the Supreme Court. But Republicans cannot seem to move fast enough when it comes to some members of the incoming Trump administration. | Judge Merrick B. Garland never came close to getting a hearing on his nomination in March to the Supreme Court. But Republicans cannot seem to move fast enough when it comes to some members of the incoming Trump administration. |
| Senator Mitch McConnell, the Kentucky Republican and majority leader who shut down the Supreme Court confirmation process, is promising to conduct speedy hearings and to have some nominees ready for a vote on Inauguration Day, Jan. 20, deference that has been afforded to past incoming presidents, including President Obama. The hearings will technically occur before the nominations can be made, since that requires Mr. Trump to be in office. | Senator Mitch McConnell, the Kentucky Republican and majority leader who shut down the Supreme Court confirmation process, is promising to conduct speedy hearings and to have some nominees ready for a vote on Inauguration Day, Jan. 20, deference that has been afforded to past incoming presidents, including President Obama. The hearings will technically occur before the nominations can be made, since that requires Mr. Trump to be in office. |
| “Even though there’s a lot going on that day, we hope to be able to vote on and confirm a number of the president’s selections for the cabinet so he can get started,” Mr. McConnell told reporters. | “Even though there’s a lot going on that day, we hope to be able to vote on and confirm a number of the president’s selections for the cabinet so he can get started,” Mr. McConnell told reporters. |
| Democrats aren’t so sure, particular when it comes to the pick of Senator Jeff Sessions of Alabama as attorney general. | Democrats aren’t so sure, particular when it comes to the pick of Senator Jeff Sessions of Alabama as attorney general. |
| In a letter to Senator Charles E. Grassley, the Iowa Republican who leads the Judiciary Committee, Senate Democrats said they wanted assurances that the hearings would be “fair and thorough.” That is congressional code for “this might take a while so don’t try to rush us.” | In a letter to Senator Charles E. Grassley, the Iowa Republican who leads the Judiciary Committee, Senate Democrats said they wanted assurances that the hearings would be “fair and thorough.” That is congressional code for “this might take a while so don’t try to rush us.” |
| A Sessions showdown could be one of the first tests of wills of the transition next year. | A Sessions showdown could be one of the first tests of wills of the transition next year. |