Before I sign off on any credit strategy, I ask one question: what happens when the other side stops cooperating? Schmitt called it what it is, mass amnesty by decree, a scheme built to survive an election its authors knew they had lost. Pew Research counted nearly 1.2 million noncitizens receiving or eligible for TPS as of last year, more than under any prior administration. One week after it circulated, Biden extended TPS for nearly a million people anyway, without waiting for the full expansion. Congress built TPS with a discretionary switch and almost no sunset discipline, and administrations of both parties have leaned on that gap for years.