The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

A question of leadership

The US is unlikely to remain the world’s engine of growth. The trade deficit is at a record high, the federal budget has reverted to deficit, and talk of a fall in consumer spending, even deflation, is growing. The Bush administration appears hell-bent on war with Iraq. Congressional politics are acrimonious and gridlock is the likely outcome of upcoming mid-term elections.

       
Bush and Cheney - both former
company directors and CEOs

TWO WORDS SUM up the defining moment of George W Bush's tenure as president thus far: Jim Jeffords. It might sound trivial to rank the senator for Vermont above September 11 and its aftermath but no other incident encapsulates so clearly the mindset of the Bush administration as the Republican senator's defection.


Jeffords is a moderate from a liberal state. His rapport with the Bush administration was never going to be strong, and he soon clashed with it over the proposed $1.3 trillion tax cut that formed a central part of Bush's election platform of what to do with a proposed 10-year budget surplus of up to $5.5 trillion.


The relationship degenerated into a childish he-said-she-said routine, culminating with the administration neglecting to invite Jeffords to a party at the White House for a Vermont teacher who had won a national teacher of the year competition.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree