WEBVTT - Kevin McCarthy Warns on Debt Ceiling & Trump Indictment 0:00:02.600 --> 0:00:06.120 From the Bloomberg Interacted Berger Studios. This is Bloomberg day 0:00:06.160 --> 0:00:09.799 Break for Thursday, April six Coming up today, the Speaker 0:00:09.800 --> 0:00:12.440 of the House issues of warning on the debt ceiling. 0:00:12.560 --> 0:00:16.360 Bank concerns continue after deposit shrink at another regional lender. 0:00:16.600 --> 0:00:19.800 The Swiss government calls for bonus cuts at Credit Suiss, 0:00:20.000 --> 0:00:23.080 and Wall Street awaits key labor reports too. In the week, 0:00:23.320 --> 0:00:25.520 New York City and the police union agree to pay 0:00:25.560 --> 0:00:29.080 officers more. Plus, former Vice President Pence will now testify 0:00:29.240 --> 0:00:32.400 to the Trump January sixth Grand Jury. I'm Michael barn 0:00:32.600 --> 0:00:37.240 More Ahead, I'm John Stash Aaron Sports win for the Knicks, Nets, Rangers, 0:00:37.240 --> 0:00:43.880 and Yankees, the Mets lost the Masters begins today. That's 0:00:43.920 --> 0:00:47.400 all straight ahead on Bloomberg day Break, the business news 0:00:47.440 --> 0:00:51.080 you need disturn your day in just one fifteen minute podcast, 0:00:51.320 --> 0:00:55.600 each pointing on Apples, Spotify, the Bloomberg Business Appen everywhere 0:00:55.600 --> 0:01:01.600 you get your podcasts. Good morning, I'm Nathan Hagar and 0:01:01.680 --> 0:01:04.800 I'm Karon Moscow. Here are the stories we're following today. 0:01:05.360 --> 0:01:07.640 We want to begin this morning with some notable comments 0:01:07.680 --> 0:01:10.880 from the Speaker of the House in an interview with Bloomberg, 0:01:11.040 --> 0:01:14.720 Kevin McCarthy offered warnings on China and the debt ceiling. 0:01:14.840 --> 0:01:17.960 Bloomberg's John Tucker joins US Live with the details. Good morning, John. 0:01:18.280 --> 0:01:21.320 Nathan McCarthy has a message for Wall Street. You should 0:01:21.360 --> 0:01:24.520 worry about the debt ceiling. He's focused on spending money 0:01:24.560 --> 0:01:27.720 we don't have. We're bringing in more revenue than at 0:01:27.720 --> 0:01:29.959 any time in the history of America, but we're spending 0:01:29.959 --> 0:01:31.920 more than any time, so we've got to curve the 0:01:32.560 --> 0:01:36.000 Speaking to Bloomberg, have the Ronald Reagan Library at Los Angeles, 0:01:36.080 --> 0:01:39.160 the speaker said he remains opposed to increasing the nation's 0:01:39.160 --> 0:01:42.880 debt limit without curving spending. A default would happen this 0:01:42.920 --> 0:01:46.280 summer if the two parties can't reach an agreement. Mccarthury 0:01:46.280 --> 0:01:49.680 also met with Taiwan's president yesterday and moved that upset China. 0:01:50.000 --> 0:01:53.160 McCarthy says, too bad. What China needs to understand is 0:01:53.200 --> 0:01:55.880 they can't dictate who a Speaker of the House can 0:01:55.960 --> 0:01:59.120 meet with, baby before or friend. China warned of counfeit 0:01:59.160 --> 0:02:02.760 measures and council quences the arrest of Donald Trump. McCarthy 0:02:02.840 --> 0:02:06.120 was dismissive, saying, quote, everybody knows this is not a 0:02:06.160 --> 0:02:09.480 Real Case, Live in the York. I'm John Tucker, Bloomberg Daybreak. 0:02:09.639 --> 0:02:11.679 All right, John, thanks for the House speakers meeting with 0:02:11.760 --> 0:02:15.440 Taiwan's president comes as Chinese leader Shijin Ping hosts French 0:02:15.520 --> 0:02:20.320 President Emmanuel Macron in Beijing. China's response to McCarthy's meeting 0:02:20.400 --> 0:02:23.160 has been mostly muted so far, and that contrasts with 0:02:23.320 --> 0:02:27.760 China's aggressive military response to former House Speaker Nancy Pelosi's 0:02:27.840 --> 0:02:31.320 visit to Taiwan last summer. Former US Defense Secretary Mark 0:02:31.440 --> 0:02:35.040 Esberg tells US Beijing's concern should not dictate the US 0:02:35.120 --> 0:02:38.519 policy on Taiwan. This is how China behaves, right, There's 0:02:38.520 --> 0:02:40.320 a lot of rhetoric, there's a lot of bluster, and 0:02:40.360 --> 0:02:43.359 they fly our planes and move ships and do those 0:02:43.360 --> 0:02:46.359 types of things. But well, they know better. We are 0:02:46.400 --> 0:02:50.160 not encouraging Taiwanese independence. But on the other hand, US 0:02:50.200 --> 0:02:53.440 selected leaders lawmakers have the right to meet whomever they want, 0:02:53.480 --> 0:02:56.760 wherever they want, wherever, whenever they want. And former US 0:02:56.800 --> 0:02:59.880 Defense Secretary Mark Asper spoke with Joe Matthew on Bloomberg's 0:03:00.000 --> 0:03:02.480 Bound on Catch the Show weekdays at one pm Eastern 0:03:02.520 --> 0:03:05.639 on Bloomberg Radio and Catch Joe's full discussion with Mark 0:03:05.840 --> 0:03:08.520 Esper on the Sound On podcast. Let's turn back to 0:03:08.560 --> 0:03:12.200 markets now, Karen and some highly anticipated economic data. This 0:03:12.200 --> 0:03:15.760 week's IM reading showed a slowdown in manufacturing. Now all 0:03:15.800 --> 0:03:20.440 eyes turned to tomorrow's monthly payrolls report. Bloomberg Economics correspondent 0:03:20.480 --> 0:03:23.560 Michael McKee has a preview. Other labor market data have 0:03:23.639 --> 0:03:26.520 been somewhat disappointing in recent days, but Wall Street is 0:03:26.560 --> 0:03:30.519 still leaning towards a stronger than forecast number. That's likely 0:03:30.600 --> 0:03:33.760 because for the last ten months, jobs have exceeded the 0:03:33.800 --> 0:03:38.440 economist forecast. We'll also see the layoff picture when we 0:03:38.480 --> 0:03:42.520 get jobless claims. Today, they've remained under two hundred thousand. 0:03:42.920 --> 0:03:45.720 Companies have announced a lot of layoffs in recent months, 0:03:45.760 --> 0:03:48.240 but they haven't shown up in the data yet, So 0:03:48.400 --> 0:03:51.280 look for the possibility of a lot of volatility over 0:03:51.320 --> 0:03:55.120 the next two days. Michael McKee, Bloomberg Daybreak, Orry Mike, 0:03:55.200 --> 0:03:58.160 thanks well. Tomorrow's data comes on the backdrop of turmoil 0:03:58.240 --> 0:04:01.040 in the banking industry, and now there's growing concern over 0:04:01.120 --> 0:04:05.080 another regional lender. Reports signaled in exodus of deposits at 0:04:05.080 --> 0:04:08.720 Phoenix based Western Alliance, but the lenders, assuring customers that 0:04:08.760 --> 0:04:11.920 those estimates were in so dire. Deposits were down eleven 0:04:11.960 --> 0:04:15.160 percent in the first quarter, but balances increase this month, 0:04:15.320 --> 0:04:18.400 cutting the decline to nine percent. Shares the bank felt 0:04:18.400 --> 0:04:21.359 twelve percent yesterday. A Meantimecaren, we have an update on 0:04:21.400 --> 0:04:24.840 some recently collapsed regional lenders. Blackrock is helping the government 0:04:24.960 --> 0:04:27.479 arrange the sale of one hundred fourteen billion dollars in 0:04:27.560 --> 0:04:31.440 securities held by Signature and Silicon Valley Banks. Bloomberg's Charlie 0:04:31.480 --> 0:04:34.680 Pellet has the story. The Federal Deposited Insurance Corps said 0:04:34.720 --> 0:04:38.320 the asset management giant will conduct the sales of twenty 0:04:38.360 --> 0:04:42.240 seven billion dollars in securities from Signature and eighty seven 0:04:42.279 --> 0:04:46.600 billion from Silicon Valley Bank. The holdings are mostly agency 0:04:46.720 --> 0:04:52.039 mortgage bank securities and collateralized mortgage obligations. The FDIC was 0:04:52.040 --> 0:04:55.320 appointed receiver for the bank's last month as they collapsed 0:04:55.400 --> 0:04:58.640 one by the weight of deposit withdrawals in New York. 0:04:58.800 --> 0:05:03.240 Charlie Pellet Bloomberg Daybreak Right, Charlie, thanks well. Overseas, in Switzerland, 0:05:03.320 --> 0:05:06.600 we're seeing cuts to bonuses for top bankers following the 0:05:06.640 --> 0:05:09.359 acquisition of credit suites. It comes at the demand of 0:05:09.360 --> 0:05:12.520 the Swiss government, which has ordered bonuses to be cut 0:05:12.520 --> 0:05:15.680 in half or canceled altogether for top credit suie executives. 0:05:15.839 --> 0:05:18.600 The steps will affect around a thousand employees and bonuses 0:05:18.640 --> 0:05:21.919 worth between fifty million and sixty million Swiss francs. And 0:05:22.080 --> 0:05:24.960 back here in the US, Karen Tiger Global Management is 0:05:24.960 --> 0:05:28.520 bouncing back from two years of losses. Tiger globals Hedge 0:05:28.520 --> 0:05:31.279 Fund posted a seven point three percent gain in the 0:05:31.320 --> 0:05:34.440 first quarter thanks to a rally in tech shares. That 0:05:34.560 --> 0:05:38.560 advance comes after Tiger tumbled fifty six percent over the 0:05:38.600 --> 0:05:41.920 past two years. It's only long only fund I should say, 0:05:42.240 --> 0:05:46.160 plunged sixty seven percent. To recoup client money lost over 0:05:46.200 --> 0:05:48.679 that span, the funds would need to gain one hundred 0:05:48.720 --> 0:05:52.920 forty four percent and two hundred and sixteen percent, respectively. 0:05:55.800 --> 0:05:57.880 It's fifty six degrees in New York. It's going to 0:05:57.920 --> 0:05:59.960 be partly sunny today. We'll see some showers in storm 0:06:00.200 --> 0:06:03.520 this afternoon on our way near eighty laws near fifty tonight. 0:06:03.520 --> 0:06:05.360 With showers, now, let's look at some of the other 0:06:05.360 --> 0:06:07.520 stories making news in New York and around the world. 0:06:07.560 --> 0:06:10.359 With Bloomberg's Michael bar Good morning, Michael, Good morning, Nathan. 0:06:10.400 --> 0:06:13.680 Former Vice President Mike Penn says he will now cooperate 0:06:13.760 --> 0:06:17.920 and testify in the Justice Department's investigation into efforts by 0:06:18.000 --> 0:06:20.839 Donald Trump and his allies to overturn the results of 0:06:20.839 --> 0:06:24.679 the twenty twenty election, Layola law professor and former federal 0:06:24.720 --> 0:06:28.440 prosecutor Lourie Levenson. So we don't know exactly what Pence 0:06:28.480 --> 0:06:31.040 will say in the grand jury, but what we do 0:06:31.160 --> 0:06:34.800 know is that the special prosecutor is getting closer and 0:06:34.920 --> 0:06:38.760 closer to those who are in former President Trump's inner 0:06:38.839 --> 0:06:44.000 circle and examining what he anticipated in what he intended 0:06:44.320 --> 0:06:48.360 to occur. On January sixth, law professor Lourie Levenson, New 0:06:48.440 --> 0:06:51.760 York City and the Police Benevolent Association have come to 0:06:51.800 --> 0:06:55.239 an agreement to pay officers more. Mayor Eric Adams says 0:06:55.320 --> 0:06:58.119 he and the police union agreed on an eight year deal. 0:06:58.600 --> 0:07:01.960 When you reflect on it, we all talk about how 0:07:02.000 --> 0:07:07.880 important public safety is, and year after year, the men 0:07:07.880 --> 0:07:10.680 and women who place themselves on a front line, can 0:07:10.680 --> 0:07:13.600 that come to the table and just get the adequate 0:07:14.280 --> 0:07:17.920 financial support they deserve so they can provide for their families. 0:07:18.320 --> 0:07:21.320 The agreement with the PBA and the city will cost 0:07:21.400 --> 0:07:24.840 roughly five point five billion dollars. The news of the 0:07:24.840 --> 0:07:29.440 agreement comes as an NYPD officer was shot in Queens yesterday. 0:07:29.800 --> 0:07:31.880 The twenty two year old officer, who had only been 0:07:31.920 --> 0:07:33.960 on the job for three months, was shot in the 0:07:34.080 --> 0:07:36.840 hip after responding to an argument on a bus over 0:07:36.920 --> 0:07:41.080 a seat. The suspect remains at large. Today, Tennessee House 0:07:41.120 --> 0:07:44.480 Republicans are set to vote to expel three Democratic colleagues. 0:07:44.760 --> 0:07:48.440 The Democratic lawmakers demanded action on school shootings as gun 0:07:48.480 --> 0:07:52.280 control demonstrators packed the hallways of the state House. Democrat 0:07:52.360 --> 0:07:55.960 Justin Pearson commandeered the well of the House chambers during 0:07:56.000 --> 0:07:59.200 a recess to demand action. Republicans say the act of 0:07:59.280 --> 0:08:02.640 defiance as late at security concerns. Pearson called the vote 0:08:02.680 --> 0:08:06.240 an unprecedented act of retribution. This becomes a part of 0:08:07.080 --> 0:08:10.760 a terrible playbook to silence people and to keep things 0:08:10.800 --> 0:08:14.080 the same. Yesterday's students across the nation walked out of 0:08:14.120 --> 0:08:18.680 classrooms demanding gun safety legislation. French President Emanuel mcrosse says 0:08:18.720 --> 0:08:21.120 Beijing could play a major role in bringing peace to 0:08:21.240 --> 0:08:24.000 Ukraine across speaking at the start of a three day 0:08:24.080 --> 0:08:26.760 visit to China, says he would urge President chi Jingping 0:08:27.160 --> 0:08:30.480 to get deeply involved in this effort. Global news twenty 0:08:30.480 --> 0:08:32.400 four hours a day, powered by more than twenty seven 0:08:32.480 --> 0:08:34.720 hundred journalists, analysts and over one hundred and twenty countries. 0:08:34.840 --> 0:08:37.320 I'm Michael barn This is Bloomberg, Nathan. Thank you, Michael. 0:08:42.000 --> 0:08:44.600 Time now for the Bloomberg Sports Update. Good morning, John 0:08:44.600 --> 0:08:47.760 stahowyad morning. Night of the Nixon. The twenty twenty draft 0:08:47.880 --> 0:08:50.120 had two first rounders. They took Obi Toppin later on 0:08:50.200 --> 0:08:52.880 Manuel Quickly In. A year later, they drafted Quinton Grimes. 0:08:52.960 --> 0:08:56.720 Last night at Indiana, those three guys combined to score 0:08:56.760 --> 0:08:59.800 one hundred and seven points thirty nine for Quickly, thirty 0:09:00.040 --> 0:09:02.640 kicks for Grimes, topping at a thirty two. The Knicks 0:09:02.640 --> 0:09:05.240 outscored the Pacers one thirty eight to one twenty nine. 0:09:05.280 --> 0:09:08.360 They played without their top three scorers, Julius Randall, Jalen 0:09:08.400 --> 0:09:11.800 Brunson and RJ. Barrett. The youngsters took over in place 0:09:11.840 --> 0:09:13.520 of them. Two games left for the next they are 0:09:13.559 --> 0:09:15.959 locked in as the fifth scene in the East. The 0:09:16.000 --> 0:09:18.800 playoffs for them will begin in Cleveland. The Nets need 0:09:18.840 --> 0:09:21.760 one more victory to secure the sixth scene, which means 0:09:21.800 --> 0:09:24.319 avoiding the play in a road win for Brooklyn at 0:09:24.320 --> 0:09:27.160 Lowley Detroit one twenty three to one, O eight, six 0:09:27.240 --> 0:09:29.720 nets and double figures, led once again by mcel bridges. 0:09:30.000 --> 0:09:32.680 With twenty six Rangers also getting ready for the playoffs, 0:09:32.720 --> 0:09:34.560 they stay hot with the six three win over Tampa 0:09:34.559 --> 0:09:37.280 Bay at the Garden. Two goals for Chris Stryder He's 0:09:37.280 --> 0:09:39.640 got thirty five on the season, two for Tyler and Mott. 0:09:39.679 --> 0:09:42.080 The Blue Shirts bore up three, not being midway through 0:09:42.120 --> 0:09:44.800 the first period the Yankee opening homestand saw them go 0:09:44.880 --> 0:09:46.880 four and two. They beat the Phillies four to two. 0:09:46.880 --> 0:09:49.640 Garrett Coles already two and oh Jose Trevino backed him 0:09:49.640 --> 0:09:51.800 with a two run homer a pair of run scoring 0:09:51.880 --> 0:09:54.360 hits for Glaver. Torres was off to a hot start 0:09:54.400 --> 0:09:57.760 Mets with a nightmare series at Milwaukee, two losses by 0:09:57.760 --> 0:10:00.360 a combined nineteen to enough and then the Brew with 0:10:00.440 --> 0:10:03.280 the sweep, winning seven to six on a walk off 0:10:03.280 --> 0:10:05.840 home run bottom to night by Garrett Mitchell off Adam 0:10:05.840 --> 0:10:09.560 Attavino in defeat. Peter Alonzo hit two two run homers. 0:10:09.559 --> 0:10:13.199 The Mets home opener today postponed until tomorrow and reigns 0:10:13.200 --> 0:10:15.880 on the forecast for Augusta, Georgia. We'll see if the Masters, 0:10:16.160 --> 0:10:19.000 which teas off today can finish by Sunday. Hasn't had 0:10:19.040 --> 0:10:23.360 a Monday finish since nineteen eighty three. John Stashaward Bloomberg 0:10:23.400 --> 0:10:29.200 Sports Live from coast to coast, from New York to 0:10:29.240 --> 0:10:34.000 San Francisco, Boston to Washington, d C. Nationwide on Sirius XM, 0:10:34.080 --> 0:10:37.680 the Bloomberg Business app, and Bloomberg dot Com. This is 0:10:37.800 --> 0:10:42.240 Bloomberg Daybreak. Good morning, I'm Nathan Hagar. We turned now 0:10:42.280 --> 0:10:45.120 to our interview with the Speaker of the US House 0:10:45.160 --> 0:10:49.960 of Representatives. Republican Kevin McCarthy of California, joined Bloomberg's and 0:10:50.040 --> 0:10:53.760 Marie Hordern for a conversation last night on geopolitics, the 0:10:53.840 --> 0:10:57.800 debt ceiling battle, and the indictment of former President Donald Trump. 0:10:58.080 --> 0:11:01.559 They spoke as the Speaker met with the President of Taiwan, 0:11:01.760 --> 0:11:05.720 sighing when a meeting that has been criticized by China 0:11:05.760 --> 0:11:09.439 as Beijing remains sensitive to the issue of Taiwan's independence. 0:11:09.520 --> 0:11:13.160 Let's listen into that interview now with how Speaker Kevin McCarthy, 0:11:13.240 --> 0:11:17.040 who begins by discussing US China relations. If we want 0:11:17.080 --> 0:11:19.600 to make sure that we foster democracy and peace and 0:11:19.679 --> 0:11:22.280 make sure we don't get into any type of conflict, 0:11:22.480 --> 0:11:24.760 people need to sit down. And what China needs to 0:11:24.800 --> 0:11:28.160 understand is they can't dictate who a Speaker of the 0:11:28.200 --> 0:11:31.280 House can meet with, baby before or friend for the 0:11:31.320 --> 0:11:33.960 same moment that McCrone sitting down with President She, I 0:11:34.000 --> 0:11:36.040 think that's great. I would sit down with President she 0:11:36.679 --> 0:11:41.000 think spear thinking Beijing, I would gladly. I've I've been 0:11:41.040 --> 0:11:44.640 there three times. I think it's important that we meet together. 0:11:44.760 --> 0:11:46.679 And one of the things I think that America has 0:11:46.679 --> 0:11:51.200 failed upon is that we've never spoken with one voice 0:11:51.200 --> 0:11:53.800 when it comes to China. We've gone from administration administration. 0:11:54.120 --> 0:11:56.960 So when I became Speaker, we created this Select Committee 0:11:57.480 --> 0:12:00.560 and at one hundred forty six Democrats vote for You've 0:12:00.559 --> 0:12:04.000 watched Democrats and Republicans here together. I think that would 0:12:04.000 --> 0:12:07.480 even foster a stronger relationship with China, because China would 0:12:07.559 --> 0:12:11.040 understand where our boundaries are. They won't worry about well 0:12:11.120 --> 0:12:14.800 one party saying something you've watched in Congress this year, 0:12:15.000 --> 0:12:18.320 our only movement when we spoke about China, we spoke 0:12:18.400 --> 0:12:20.960 one hundred percent of members of Congress voted for that 0:12:21.040 --> 0:12:25.079 resolution against Bloom. It's the one area really of bipartisanship. 0:12:25.120 --> 0:12:27.360 I'd say, well, I think we're getting more of it. Okay, Well, 0:12:27.400 --> 0:12:31.760 that's I guess of every bill we pass have been bipartisan. 0:12:32.559 --> 0:12:34.200 I want to ask you about what type of support 0:12:34.240 --> 0:12:37.079 there would be though, if there was to be an invasion, 0:12:37.440 --> 0:12:40.480 if Beijing were to invade. You talked about arms sales 0:12:40.559 --> 0:12:42.720 here that need to get there quicker. But what would 0:12:42.760 --> 0:12:46.200 that look like just militarily or would you send American lives? See, 0:12:46.280 --> 0:12:48.720 this is a hypothetical question we would never want to 0:12:48.720 --> 0:12:51.160 get to. So what you're looking at what we're doing today, 0:12:51.240 --> 0:12:53.560 is how do we make sure that question never comes 0:12:53.600 --> 0:12:56.640 to fruality. So what you would learn from Ukraine itself, 0:12:56.679 --> 0:12:59.360 because if we're looking back on Ukraine in twenty fifteen, 0:12:59.559 --> 0:13:01.800 when I went to the White House to advocate with 0:13:01.920 --> 0:13:04.959 President Biden to sell javelins, you want determined, you want 0:13:05.000 --> 0:13:06.959 them not to be able to come in. And that's 0:13:06.960 --> 0:13:09.840 the same thing we're talking now. In those six assurances, 0:13:09.920 --> 0:13:15.160 we provided that we would continue to fund weapons to Taiwan. 0:13:15.480 --> 0:13:17.439 But what we should do is speed up that process 0:13:17.480 --> 0:13:21.080 that they can defend themselves, so you don't have conflict, 0:13:21.160 --> 0:13:23.800 you don't have war, You communicate with one another. We 0:13:23.880 --> 0:13:28.720 build greater technology from sciences to health with them. I 0:13:28.760 --> 0:13:32.480 think that fosters a safer world. We continue to advocate 0:13:32.520 --> 0:13:36.520 here of Reagan Library, democracy, freedom, peace, and that's what 0:13:36.600 --> 0:13:39.839 Taiwan has. When it comes to Ukraine, though, there are 0:13:39.880 --> 0:13:43.400 some in your caucus in the Republican Party who are wavering, 0:13:43.480 --> 0:13:45.720 they don't want to send all this support. Where do 0:13:45.720 --> 0:13:47.400 you think those votes would be if it came to 0:13:47.480 --> 0:13:50.480 sending that type of support to Taipei. Well, let would 0:13:50.520 --> 0:13:53.160 be really clear here. What we're founding in Ukraine is 0:13:53.400 --> 0:13:55.400 we want to see a path that we can win. 0:13:55.520 --> 0:13:57.240 Not that you just said a check, but what we're 0:13:57.280 --> 0:14:00.000 watching what's happening in America today, it looks a lot 0:14:00.040 --> 0:14:04.079 like nineteen thirty six. You're having from China to Russia, 0:14:04.120 --> 0:14:06.960 to North Korea to Iran coming together like an access 0:14:06.960 --> 0:14:09.840 of power. So as Americans, you want to be able 0:14:09.840 --> 0:14:12.960 to foster that nothing comes to an element of what 0:14:13.080 --> 0:14:16.040 we watched in the past that history has taught us. 0:14:16.240 --> 0:14:19.520 So no, I think in our party you would find 0:14:19.560 --> 0:14:22.600 that we would fund so Ukraine would win because the 0:14:22.680 --> 0:14:26.120 same aspect would be that would probably deter any action 0:14:26.160 --> 0:14:28.840 in Taiwan. But what we can learn from the actions 0:14:28.840 --> 0:14:33.000 of Ukraine, don't wait till conflict happens, be able to 0:14:33.040 --> 0:14:36.320 sell the weapons now so there is never conflict. There's 0:14:36.320 --> 0:14:38.920 even a bill potentially of outlining what the sanctions would 0:14:38.960 --> 0:14:42.680 look like. Did sign when invite you to Taiwan? No, 0:14:43.160 --> 0:14:45.840 we didn't talk anything about that money you planning to go. 0:14:45.920 --> 0:14:47.680 That's what everyone wants to have. You know what, I 0:14:47.800 --> 0:14:49.680 just got in the job. I'm not in one hundred days, 0:14:49.680 --> 0:14:52.120 so I don't have plans to go someplace else you'd 0:14:52.200 --> 0:14:55.360 like to look. I love the ability of one day 0:14:55.440 --> 0:14:58.000 maybe I could go. But what I'm looking at right 0:14:58.000 --> 0:15:01.920 now is the idea of building America's economy. How do 0:15:01.960 --> 0:15:04.800 I bring down the energy costs for Americans? How do 0:15:04.840 --> 0:15:07.120 I make our streets safer? How do we secure the 0:15:07.160 --> 0:15:09.840 border to stop Fenton Off from coming across? Now, those 0:15:09.880 --> 0:15:12.240 are places we're going to differ with Democrats, but we 0:15:12.320 --> 0:15:15.520 are united here, and we had Republicans and Democrats together 0:15:15.560 --> 0:15:18.040 speaking with one voice, which I think will make the 0:15:18.080 --> 0:15:21.120 world safer and make sure we don't have confidence another 0:15:21.160 --> 0:15:22.600 item on that to do unless you have is the 0:15:22.640 --> 0:15:24.960 debt ceiling. Yes, right now, you and the White House 0:15:24.960 --> 0:15:27.560 for having this standoff. If President Joe Bien does not 0:15:27.560 --> 0:15:29.720 come to the table with these negotiations, will you put 0:15:29.760 --> 0:15:32.080 that bill on the floor. Will you pass a bill 0:15:32.160 --> 0:15:34.960 regarding the debt ceiling? What type of ability want? We're 0:15:35.000 --> 0:15:37.800 never going to move a bill that just raises the debt. 0:15:38.080 --> 0:15:40.040 I've been very clear with the President. I mean, think 0:15:40.040 --> 0:15:44.000 about what the Congressional Budget Office has said, right, we're 0:15:44.000 --> 0:15:45.920 going to pay in the next ten years, ten point 0:15:46.000 --> 0:15:49.320 five trillion just an interest since more than our defense budget, 0:15:49.400 --> 0:15:51.920 well since nineteen forty child today, in eighty three years, 0:15:51.960 --> 0:15:54.840 we've only spent nine trillion on terriest. We're about to 0:15:55.040 --> 0:15:57.480 be at the tipping point one twenty percent of GDP. 0:15:57.800 --> 0:15:59.720 We've never been here with the amount of debt that 0:15:59.720 --> 0:16:02.480 we had since World War Two. So what I've told 0:16:02.520 --> 0:16:06.680 the President is listen, we're bringing in more revenue than 0:16:06.720 --> 0:16:08.600 at any time in the history of America, but we're 0:16:08.640 --> 0:16:11.120 spending more than any time. So we've got to curve that. 0:16:11.400 --> 0:16:13.640 What we can do is we can build our economy, 0:16:13.720 --> 0:16:16.000 make it stronger. We could put in work requirements, we 0:16:16.040 --> 0:16:18.480 can cap how fast government? Are you going to put 0:16:18.520 --> 0:16:22.280 this all in a billy? And unfortunately I try to 0:16:22.280 --> 0:16:25.000 sit down with the president and the president doesn't want 0:16:25.000 --> 0:16:27.560 to communicate. We're out of session right now. When we 0:16:27.600 --> 0:16:29.960 come back, you might make some news. Okay, So okay, 0:16:30.000 --> 0:16:32.080 we get back to session. Maybe a timeline. Do you 0:16:32.080 --> 0:16:34.480 have any plans to talk to Wall Street because there 0:16:34.480 --> 0:16:37.360 are starting to grow some concerns. Yeah, they should. They 0:16:37.360 --> 0:16:39.200 should be concerned because I sat down with the president 0:16:39.200 --> 0:16:42.120 of February first, and the president never wants to meet. 0:16:42.240 --> 0:16:44.880 And what's interesting, So as long as your communications are 0:16:44.920 --> 0:16:48.200 just these letters, Yeah, I'm very concerned about the death 0:16:48.240 --> 0:16:50.120 set up. I want to make sure that we don't 0:16:50.160 --> 0:16:52.760 have conflict. And you've watched with the Democrats spending so 0:16:52.840 --> 0:16:55.320 much that brought us inflation, and now we have the issue. 0:16:55.440 --> 0:16:57.560 Now we have issues in the Trump administration. It was 0:16:57.560 --> 0:16:59.600 a clean raise three times. Well, let's be very clear 0:16:59.600 --> 0:17:02.520 about this. They added five point nine trillion since they 0:17:02.560 --> 0:17:04.880 came in. Remember what Milton Freeman said, I'm sure he's 0:17:04.920 --> 0:17:09.160 your favorite economists. Only one place can have a favorite economist. 0:17:09.160 --> 0:17:11.280 But you know what, there's only one place that can 0:17:11.280 --> 0:17:14.320 create inflation. Government, they spent too much. You watch it 0:17:14.359 --> 0:17:17.199 their inflation reduction. Now you're finding it costs three times 0:17:17.200 --> 0:17:20.439 as much as they said. And they increased discretionary spending 0:17:20.440 --> 0:17:23.040 by thirty percent. When we were in power eight years, 0:17:23.080 --> 0:17:25.800 we didn't increase it one dollar. We decreased it ten millions. 0:17:25.840 --> 0:17:27.879 And now they've got a banking issue because they raised 0:17:27.880 --> 0:17:30.280 interest rates. So we want to make the economy our 0:17:30.400 --> 0:17:32.639 fed raised interest rates. I'm just well, you have to 0:17:32.720 --> 0:17:35.399 because you know what Milton Freeman on bolcase, Inflation is 0:17:35.480 --> 0:17:39.160 very high and has to be stop and starting the economy. 0:17:39.200 --> 0:17:41.879 Remember what Milton Freeman said, you could only cure inflation 0:17:42.119 --> 0:17:44.840 if the interest rate is higher than inflation. But remember 0:17:44.840 --> 0:17:49.080 what this administration said that inflation was transitory. Yellen actually 0:17:49.080 --> 0:17:51.879 had to apologize. And then what we watched he attacked 0:17:51.960 --> 0:17:54.840 on the energy policy of America, so the cost went up, 0:17:54.960 --> 0:17:57.640 which added greater inflation. Then watch what they had done 0:17:57.800 --> 0:18:01.160 on foreign policy, the missteps in f Ahanistan that now 0:18:01.240 --> 0:18:03.600 made the world less safe. That are our friends are 0:18:03.640 --> 0:18:07.080 now going to China. Now what also happened too in 0:18:07.080 --> 0:18:11.200 this aspect of what he's happening. We're watching that OPEC 0:18:11.320 --> 0:18:13.840 is now raising the price of oil because they're cutting 0:18:13.880 --> 0:18:17.120 production because America has cut productions, and we would make 0:18:17.119 --> 0:18:21.320 global emissions lower if we gave more of America production 0:18:21.359 --> 0:18:23.800 because our natural gas is cleaner. If we took away 0:18:24.119 --> 0:18:27.680 Russian natural gas for one year, you would cut two 0:18:27.840 --> 0:18:31.120 hundred and eighteen million tons of CO two emission in 0:18:31.160 --> 0:18:35.960 one year. So if you want to lower gloss Russian no, no, no, no. 0:18:36.320 --> 0:18:39.400 I want to do is let America unshackle. What's holding 0:18:39.440 --> 0:18:42.200 us back? We produced a natural gas which is forty 0:18:42.240 --> 0:18:47.119 one percent cleaner in Russia and sell it around. Yeah, 0:18:47.200 --> 0:18:49.440 what does that look like? Well with the Wall Street 0:18:49.440 --> 0:18:51.240 I want to be very straight and forward with them. 0:18:51.400 --> 0:18:53.800 We can't continue down the path that we are right now. 0:18:53.960 --> 0:18:57.480 The CBO says, if nothing happens, the trust funds of 0:18:57.520 --> 0:19:00.520 the Highway, Medicare, and Social Security, they're going to get 0:19:00.560 --> 0:19:03.600 cut based upon the President. He's cutting those programs and 0:19:03.640 --> 0:19:05.640 what doesn't want to cut him in his budget bill? 0:19:05.720 --> 0:19:08.199 What the President is cutting him because what happens is 0:19:08.200 --> 0:19:10.359 they go broke in the next two years because the 0:19:10.480 --> 0:19:13.800 increased spending by five point nine trillion. You can't afford it. 0:19:13.880 --> 0:19:15.520 And I don't want to do that I want to 0:19:15.560 --> 0:19:18.359 save them. So we have to spend less money than 0:19:18.400 --> 0:19:21.240 we spend before. Let's put in work requirements, less cap 0:19:21.240 --> 0:19:24.159 of the future of what a potentially is getting part 0:19:24.160 --> 0:19:25.560 of the bill. I also need to ask you about 0:19:25.560 --> 0:19:29.880 the former president Donald Trump thirty four felony charges. Republicans say, 0:19:29.920 --> 0:19:32.000 this is a weak case that Alvin Brand, the Manhattan 0:19:32.000 --> 0:19:35.240 District Attorney, brought forward, and I was there at the court. 0:19:34.440 --> 0:19:38.720 If it's I do, If it's a weak case, then 0:19:38.760 --> 0:19:41.399 why not just that the legal system work as it 0:19:41.440 --> 0:19:44.240 does for Americans every single day. You know what's so interesting? 0:19:44.240 --> 0:19:47.240 You say, Republicans say that, you know, some Democrats not 0:19:47.320 --> 0:19:50.600 just some A lot. Cuomo said that the New York Times. 0:19:50.920 --> 0:19:53.520 Everybody knows this is a weak case. Everybody knows this 0:19:53.600 --> 0:19:56.520 is political. But what's really happening here If we sit back, 0:19:56.760 --> 0:19:59.280 remember this is not an Attorney general of the state. 0:19:59.480 --> 0:20:01.480 This is not even the DA of New York City. 0:20:01.600 --> 0:20:04.439 He's a borough DA who ran on a campaign that 0:20:04.560 --> 0:20:06.879 he was going to indict the president. He ran on 0:20:06.880 --> 0:20:10.199 a campaign getting money from sorrows. This is what's going 0:20:10.240 --> 0:20:13.840 to cause damage. You just watch today Republicans and Democrats 0:20:14.280 --> 0:20:17.399 sitting together talking about a serious issue. Then you watched 0:20:17.400 --> 0:20:20.720 a political person go out and try to sue a 0:20:20.760 --> 0:20:23.960 former president who's running again and bring politics into it. 0:20:24.160 --> 0:20:26.320 So what's going to happen. Are we going to find 0:20:26.600 --> 0:20:28.920 a small da from a small county in a red 0:20:29.000 --> 0:20:32.720 state start to sue Biden when he leaves office. That's 0:20:32.760 --> 0:20:35.919 not America. America bleeds in the rule of law, and 0:20:36.080 --> 0:20:38.879 the way he's stretching this, everybody knows this is not 0:20:38.920 --> 0:20:41.840 a real case. So I think for the health of America, 0:20:42.240 --> 0:20:45.200 listen to the Republicans and Democrats alife and stop playing 0:20:45.240 --> 0:20:48.119 politics with our law. Just one final question you mentioned 0:20:48.160 --> 0:20:50.119 obviously it's not as a former president he is the 0:20:50.160 --> 0:20:53.960 front runner for twenty twenty four. Would you welcome more 0:20:54.680 --> 0:20:57.720 individuals getting involved in this race for twenty twenty four? Look, 0:20:57.760 --> 0:21:00.520 everybody could make their own decision. There. Think there's gonna 0:21:00.520 --> 0:21:01.879 be a lot of people running on both sides of 0:21:01.880 --> 0:21:06.439 the aisle. I don't know that President Biden has President 0:21:06.480 --> 0:21:10.400 Biden hasn't even announced yet. There's a lot You got 0:21:10.440 --> 0:21:14.000 the governor of California traveling to other states. He runs 0:21:14.040 --> 0:21:16.000