"The president does not have unilateral authority to shut down an expenditure, or instrumentalities funded by Congress, without the authorization of Congress."

That could be hugely bearish, since the bull market in recent years was largely built on expanding profit margins. Holding everything else constant, the S&P 500 would have to drop 38% if its operating profit margin were no higher than its trailing 30-year average (7.

Sparks are expected to fly at Congress’ first Department of Government Efficiency (DOGE) subcommittee meeting Wednesday, a House Democrat says.