Chinese officials will be in Washington on Wednesday to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Larry Lindsey, president of The Lindsey Group and former economic advisor to George W. Bush, accuses the Joint Committee on Taxation of "playing games" to thwart the tax bill. In a client note obtained by CNBC, Lindsey characterizes the committee's scoring model as a "black box" and calls its economic assumptions on the bill "absurd."
Earlier this week, the JCT's congressional analysis showed that the Senate tax bill would fall $1 trillion short of paying for itself, even after factoring in economic growth. The report undercut the White House argument that tax reductions would effectively pay for themselves. The Trump administration and other Republicans have argued that economic growth sparked by cuts will cancel out lost revenue.
Lindsey, who also served as a Federal Reserve governor in the '90s, said because the parameters of the JCT's model have never been made public and cannot be scrutinized, the committee has unbridled power.
"In effect, the results of the model are just what the staff decides they are since they are the ones in control of the parameters of the model," Lindsey wrote. "The staff uses the artifice of a black box model to come to whatever conclusion they want."
He called the JCT's prediction of an "aggressive" Fed response to the tax legislation "absurd" and says it contradicts the Fed.
"If anything, the signals and market view have all been that the Fed will be less aggressive. Some members have even speculated about the advantage of raising the inflation target in order to allow a slower response," Lindsey wrote. "Markets have consistently priced in far fewer interest rate hikes than what the FOMC projects."
The Bush tax-cut architect ended his note by saying the JCT "has long been part of the swamp" and calling on Congress to reform the committee "when their model is proved to be a fraud."
In appearances on CNBC and in a previous note, Lindsey told his clients that if tax reform was passed, "The political and economic policy implications would be massive and far reaching."
The JCT did not respond to a request for comment.