Few of President Trump’s actions early in his second term have provoked as much furor as the executive order freezing certain federal spending programmes. A federal trial judge in Rhode Island issued a nationwide injunction against the freeze, insisting that he intends to stop the administration from “any federal funding pause”. Five former Treasury secretaries published a protest op-ed in The New York Times, warning that “not since the Nixon administration has this type of executive action been contemplated”. They’re right about that. Trump’s assertion of the president’s power to pause funding — the right of impoundment — reverses the...