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Trump’s business failures are eliminating the one maneuver he could use to save his crumbling empire: report

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President Donald Trump (MSNBC)

According to The New York Times, President Donald Trump’s $421 million in personal guaranteed debt, which will soon come due, is a serious problem for the president because one of the best options for staving off the cliff — refinancing — is likely off the table for him due to his business failures.

“Mr. Trump might have difficulty repaying or refinancing the loans without liquidating assets,” reported Russ Buettner and Susanne Craig. “His main source of income in recent decades — a total of more than $427 million from entertainment and licensing deals that were fueled by his fame — has all but dried up. That cash enabled a buying spree of failing golf courses, and propped up those businesses as their losses mounted. In recent years, Mr. Trump has burned through most of the cash, stocks and bonds at his disposal and has recently explored the sale of some of his holdings, including the Trump International Hotel in Washington.”

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The president’s profligate spending has left Trump in a hole — and because his business loans are personally guaranteed, he will be responsible for the bill.

“In a dire situation, Mr. Trump could try to sell some assets or properties to cover a loan coming due. But loans are usually based on the profitability of the business borrowing the money,” continued the report. “Tax records for the businesses on which he borrowed the bulk of the money suggest that refinancing may present a challenge. Doral and his Washington hotel, with more than $300 million in debts coming due, have posted regular losses. And in addition to the debt he owes, Mr. Trump has pumped a net of $261.8 million cash into the businesses to help keep them afloat.”

A recent New York Times investigation that obtained the president’s long-concealed tax returns revealed that the president has relied on those very same business losses to avoid paying income taxes for years. That practice has been the subject of a years-long audit by the IRS.

If the president wins re-election, however, he might have other options. Richard Carnell, a former Treasury Department official, warns that the president could use his regulatory power as president to threaten or punish Deutsche Bank, his primary lender: “The Donald Trump approach to law is all legal levers would be fair game in pressuring or punishing a bank.”


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2020 Election

Trump chief of staff Mark Meadows committed campaign finance crimes: watchdog group

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The government ethics watchdog organization Citizens for Responsibility and Ethics in Washington (CREW) filed a complaint on Friday accusing White House chief of staff Mark Meadows of campaign finance crimes for allegedly spending thousands of dollars in campaign funds on personal expenses, including clubs, gourmet cupcakes, a jeweler in Washington and lodging at the president's hotel.

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2020 Election

Win or lose — Trump is about to unleash hell

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2020 Election

GOP senator offended LDS community after likening Trump to a ‘selfless’ Book of Mormon hero: report

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Politics and religion are colliding out west after comments a Republican senator made while stumping for the president.

"Sen. Mike Lee drew criticism from members of The Church of Jesus Christ of Latter-day Saints this week after comparing President Donald Trump to Captain Moroni, a heroic and selfless figure in the Book of Mormon," The Arizona Republic reported Friday evening.

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