Former Clinton Treasury Secretary Larry Summers told CNBC on Thursday there are a variety of clouds over the presidency of Donald Trump.
The GOP’s inability to pass a health-care bill when the party controls all of Capitol and the White House is a “stunning development,” said Summers, a former Obama economic advisor.
The Obamacare replacement plan failure calls into question whether President Trump and GOP leaders in the House and Senate can deliver on the pro-economic growth promises that have supported the stock market and buoyed business and consumer sentiment, Summers argued on “Squawk Box.”
Summers also said he’s concerned that a fight over funding Planned Parenthood could lead to a government shutdown. It’s worth noting House Speaker Paul Ryan suggested earlier this week the House would not try to defund Planned Parenthood while trying to approve spending to keep the government open beyond April 28.
Couple that fiscal uncertainty with questions about Russia’s interference in the 2016 U.S. presidential election, and there are potential pitfalls on multiple fronts, said Summers, president emeritus of Harvard University.