Experts: Trump’s National Debt Security Issues

Must read

Moderator Chris Wallace fails to stop interruptions in first debate

He is known as a tough interviewer, but Chris Wallace struggled Tuesday night to moderate the presidential debate, without being able to control a...

Poll: Americans fear foreign interference

Most Americans are at least concerned about the potential for foreign interference in the November election and most believe that Russia tried to influence...

Poll: Most Cuban-Americans in Miami support Trump policies and will vote for him

A majority of Cuban-Americans in Miami-Dade approve President Donald Trump's handling of the economy, health and politics toward Cuba, and will vote for it...

Trump’s anti-communist speech resounds among Florida Hispanics, which can re-elect it

The realities of Cubans and Venezuelans in Miami are so intertwined that what hits each other. Exiled from left-wing governments, they migrated after an...
Florida Times
Florida Timeshttps://floridatimes.news
This article was written by the Florida Times. If you want to replicate this content, be sure to link to this story to preserve the original source.

Revelations that President Donald Trump is personally responsible for a debt of more than $400 million cast a shadow over his presidency that, according to ethics experts, raises concerns that the representative could be manipulated by organizations and individuals to which he owes them to alter their policies.

The new scrutiny of Trump, who boasts of being a successful private businessman, comes after The New York Times reported that tax records revealed that the representative has a huge personal debt, which includes more than $300 million in loans he must cover over the next four years.

Senator Elizabeth Warren was blunt about the possible implications. “He could be left vulnerable to financial blackmail from hostile foreign powers and only God knows what else,” said Warren, a frequent critic of Trump.

The paper noted that tax records also show that Trump did not pay federal taxes in 11 years between 2000 and 2018, generating questions about how fair it is for a president—who is supposed to be a billionaire—to pay less tax than most Americans.

But revelations about Trump’s tax evasion, while leading to possible political aftermath, are less troubling than the news that the president has hundreds of millions of dollars in a debt he must cover soon, ethics experts said.

“Americans should be concerned about the president’s debt because it poses a national security risk to our country”

Said Donald Sherman, deputy director of government monitoring organization Citizens for Responsibility and Ethics in Washington (CREW). “This is information that the president has actively and repeatedly tried to hide from the public.”

Trump, claiming that the Internal Revenue Service (IRS) was conducting an audit on him, has refused to follow the precedent created following the Watergate scandal by other presidents who have disclosed their tax information, so the complexity of their financial interests and the identity of those doing business are fully unknown. He is currently fighting legal disputes with New York‘s secretary of justice, the Manhattan prosecutor’s office, and two House committees that want access to their records.

Richard Painter, who served as Chief Counsel on White House Ethical Issues during George W. Bush’s tenure, also noted that Trump-owned companies have filed for bankruptcy six times, prompting the question: Why are lenders still willing to risk credit for such large amounts?

“Why do banks take the risk of those loans?” asked Painter. “Or did anyone else take the risk of those credits for the bank to approve?”

Trump tweeted Monday that he has “very few debts compared to asset value,” adding that he could publish a financial statement detailing all the properties and debts.

During a presentation Monday, Trump ignored a reporter’s question about when he could publish such a financial statement, and the White House did not comment on when he could do so. The representative said repeatedly before his election that he would publish his royal taxes, but he never has.

 

Latest article

Walter Mercado’s horoscope: here what the universe holds for you this Monday 05-10-2020

Walter Mercado's horoscope is undoubtedly a guide for the followers of the late astrologer. Betty B. Mercado, niece and collaborator of Walter Mercado, continues...

Delta Storm forms in Caribbean and Cuba is on hurricane alert

Tropical Storm Delta formed in the northwest Caribbean Sea on Monday and could turn into a hurricane as it passes near Cuba, which is...

What about the check? House of Representatives approves $2.2 trillion economic relief package

The House of Representatives narrowly approved on Thursday an amended version of an economic relief package against the COVID-19 pandemic for $2.2 trillion, which...

Moderator Chris Wallace fails to stop interruptions in first debate

He is known as a tough interviewer, but Chris Wallace struggled Tuesday night to moderate the presidential debate, without being able to control a...

Poll: Americans fear foreign interference

Most Americans are at least concerned about the potential for foreign interference in the November election and most believe that Russia tried to influence...

What is the experimental antibody treatment given to the president Donald Trump

After being diagnosed as positive for COVID-19, President Donald Trump received an experimental drug, the White House said this Friday. "As a precautionary measure, it...