Blame Democrats

28 days ago

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Mitch McConnell said the tax overhaul would pay for itself, but the U.S. on Monday announced a $779 billion deficit. In an exclusive Bloomberg interview, McConnell blamed Democrats. He blamed social programs for the old and the poor. He even blamed President Barack Obama. What he didn't blame was the more than $1 trillion in tax cuts the Republican overhaul gave largely to corporations and the rich. —David E. Rovella

Here are today's top stories

Saudi Arabia's potential explanation that Washington Post columnist and U.S. resident Jamal Khashoggi was killed during an unauthorized interrogation helped the kingdom's stocks, since it may allow President Donald Trump to back off threats of punitive action. But skeptics doubt any interrogation or murder of the Saudi citizen could have taken place without Riyadh's knowledge.

Trump, under attack for accepting Saudi Arabia's denial of involvement, could have been trying to change the subject by attacking Senator Elizabeth Warren and proclaiming Sears mismanaged. Treasury Secretary Steven Mnuchin sat on the bankrupt retailer's board for 11 years.

China’s local governments may have $5.8 trillion of off-balance sheet debt, a ratings agency said, calling it "an iceberg with titanic credit risks."

U.S. stocks shot up on corporate earnings, providing investors a respite from bad news. Lakshman Achuthan writes in Bloomberg Opinion, however, that the housing market is starting to fly some big red flags.

Robinhood Markets built its reputation on a consumer friendly, anti-Wall Street message. Turns out there's a big problem with that image.

America's energy superpower status may be short-lived, Bloomberg Businessweek reports, thanks to shortages of sand, pipes and manpower.

What's Joe Weisenthal thinking about? The Bloomberg news director said there's an alternative to freaking out about the $779 billion budget chasm. Since unemployment has continued to fall and price pressures have been subdued, there may have been more slack in the job market than previously believed—thus justifying more spending.

What you'll need to know tomorrow

Secretary of Defense James Mattis tries to make nice with China.Microsoft co-founder Paul Allen is dead.Electric cars are clean, but making their batteries can be very dirty.This top fund manager just revealed his next big picks.Goldman Sachs has delivered for its new boss.When your life depends on getting to a private jet quick, call this guy.Texas business is happy about the tight O'Rourke-Cruz senate race.

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What you'll want to read tonight

Rolls Royce Has Built an Elegant, $325,000 Tank

This week, Rolls-Royce unleashed the Cullinan on the backroads and double-diamond ski runs of Wyoming’s Grand Teton mountain range. It was the first time the 6,000-pound SUV had been driven publicly in North America. We sat down with CEO Torsten Müller-Otvös, who had more than a few things to say about the legendary brand and its electric future.

Have you started strategizing for 2019? We have. Don’t miss the annual Bloomberg Businessweek special report, The Year Ahead, on the major trends, disruptions, breakthrough products, innovations and movements to watch in the coming year. Get Bloomberg All Access in time to receive this issue in print and much more.

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