Republicans in Congress are at the "rubber meets the road" phase of constructing their new budget, where they have to put actual numbers down on paper and add them all up. The next few weeks are going to be a dizzying frenzy of dealmaking and adjustments, as differing priorities are weighed against each other. But at the heart of their plans is a big "tax cut." I put that in scare quotes because the American taxpaying public is probably not going to see it in quite the same way as the Republicans do. The public, in fact, is going to be left wondering: "Tax cut? What tax cut? I don't see a tax cut anywhere!" Which could make the whole thing a hard sell, politically.

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Let's start with some good news today, shall we?

Donald Trump's second-term honeymoon phase now seems to officially be over. As new polling continues to roll in (in advance of his 100-day mark next week), it seems to all be telling pretty much the same story. Trump is now in a neck-and-neck race for "fastest slide into disapproval ever" -- with himself. Only one other president in modern times has seen his job approval numbers with the public go underwater this fast, and his name was also Donald Trump (in his first term). It depends on the poll, but in some he's already worse than he was at this point in 2017. No other president was even in negative territory at this point, it bears mentioning.

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