A majority of investors expect U.S. tax cuts to increase the deficit

This is from the latest BofA Fund Manager Survey. There is a lot of interesting stuff in there, but this one stood out. Most investors seem to be looking forward to tax cuts, BUT at the same time 75% expect them to widen the deficit. 20 years ago this would have been of little consequence, but with today's deficit and debt/GDP ratio this is very problematic. It's clear that if the tariffs do not generate the projected revenue then just renewing the 2017 tax cuts will be additive to the deficit ... never mind all the other proposals being floated. I used to make fun of this, but now it does look like we may be headed for our own Liz Truss moment. We shall see. FT