Since November, the one thing that’s kept Wall Street from officially declaring the Trump Experiment a failure is the dream that Trump will make good on his promises of beautiful, gleaming tax cuts. Within his comically terrible first 100 days there were a series of events that tested investors’ faith—Trump’s failed travel bans; his inability to repeal or replace Obamacare; the general sense that the president’s attention span is worse than a seven-year-old on speed—but they nevertheless held out hope that the big guy would deliver tax cuts this year. The market, and the Republican donor class, is counting on it.

But there’s nothing like the president firing the director of the F.B.I.—and then having that former F.B.I. director release a memo purportedly detailing the president’s attempts to shut down a federal investigation—to eradicate any hope of Congress cutting taxes for the wealthy. Politico’s Ben White reports:

Executives, lobbyists and Wall Street analysts increasingly believe the administration—distracted by repeated crises while facing a short and crowded legislative calendar—will be unable to deliver on Trump’s promise to slash corporate and individual tax rates this year and ignite significantly faster economic growth.

“It is just completely unrealistic to think they can get a big tax reform bill done this year,” Horizon Investments chief global strategist Greg Valliere told White. “They haven’t even agreed whether they are doing tax cuts or tax reform. They haven’t decided if it needs to be paid for or not and I don’t think they appreciate just how big a fight the debt limit is going to be.” And the possibility of taxes even getting done in 2018 strikes many as optimistic at this point. “It’s going to be hard to get tax reform done next year because of the midterm elections so it may have to wait until 2019,” Manulife chief economist Megan Greene said.

As my colleague Bill Cohan reports this week, Wall Street executives have been particularly freaked out by the whole James Comey debacle. “Unlike the rest of this stuff that is going on,” one C.E.O. said, “which you can actually say, ‘Uh, there he goes again,’ like the ship in Korea going north instead of south, this is different. It feels different. When something like [the Comey firing] happens, does it affect something like tax reform? It’s got to. Of course it does.”

And it’s not just tax reform at this point. According to White, a growing number of investors are worried about Trump’s ability to keep the lights on and the nukes from flying:

The main hope now in corporate America and on Wall Street is that the White House and Congress manage to bypass a scary fight over raising the nation’s debt limit this summer, keep the government open and avoid any major foreign policy crisis.

The Dow closed out Wednesday down 372.82 points, following the news of the Comey memo—and things may only get worse. “An impeachment proceeding would blow the market away,” former General Electric C.E.O. Jack Welch told CNBC. Not in a good way, one presumes.