WEBVTT - Congressman Byron Donalds (R) Florida Talks Bitcoin

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<v Speaker 1>Joe and I are in Washington, but we actually have

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<v Speaker 1>our eyes on Las Vegas at this hour, where the

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<v Speaker 1>Bitcoin twenty twenty five conference is taking place. Remember last

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<v Speaker 1>year when it was in Nashville, then candidate Donald Trump

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<v Speaker 1>spoke before the conference, and today his now sitting Vice President,

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<v Speaker 1>Jade Vance, was the keynote speaker, talking a big game

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<v Speaker 1>about how this administration wants to be friendlier for the

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<v Speaker 1>crypto industry overall. Make it, of course, as they've said often,

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<v Speaker 1>the bitcoin capital of the world. Jadvance today Joe saying,

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<v Speaker 1>we want our fellow Americans to know that crypto and

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<v Speaker 1>digital assets, and particularly bitcoin are part of the mainstream

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<v Speaker 1>economy and are here to stay.

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<v Speaker 2>So helping us connect the dots between Las Vegas and Washington.

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<v Speaker 2>Here an actual policy from what goes on inside the

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<v Speaker 2>Venetian Resort to underneath the Capital Dome is Byron Donald's

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<v Speaker 2>the congressman, Republican from Florida's nineteenth is with us right

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<v Speaker 2>now on balance of power. Congressmen, welcome back. I hope

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<v Speaker 2>things are going well in Las Vegas.

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<v Speaker 3>Kaylee's right.

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<v Speaker 2>It was Donald Trump's term last year when he promised

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<v Speaker 2>America would become a bitcoin super power under his leadership.

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<v Speaker 2>What changes need to happen right now to make that happen.

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<v Speaker 4>Well, first, it's good to be with you. The first

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<v Speaker 4>couple of changes are going to be a legislation.

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<v Speaker 3>We're going to be moving through.

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<v Speaker 4>The Financial Services Committee this summer one. Dealing obviously with

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<v Speaker 4>stable coin legislation. We've been at that for a couple

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<v Speaker 4>of years now under the leadership of former chairman mckenry,

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<v Speaker 4>who's now left Congress and now chairman of french Hill.

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<v Speaker 4>And then of course our market structure legislation to create

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<v Speaker 4>the regulatory framework for digital assets overall, to actually have

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<v Speaker 4>a rules to the road where you have regulators understanding

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<v Speaker 4>what their purview actually is and unlike what was happening

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<v Speaker 4>with Gary Gensler, just making up your purview as you

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<v Speaker 4>go along, because that's how you see that industry. So

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<v Speaker 4>I think those are those are steps one and two

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<v Speaker 4>for making bigcoin. As the President talks about the making

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<v Speaker 4>bitcoin the United States the bigcoin capital of the world.

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<v Speaker 3>You have to address the regulatory environment.

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<v Speaker 4>You have to create a clear regulatory system when it

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<v Speaker 4>comes to stable coins in particular, that will feed the

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<v Speaker 4>engine for people to bring more investments into the United States,

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<v Speaker 4>and then that's how the United States will become a

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<v Speaker 4>true leader when it comes to digital assets.

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<v Speaker 1>But as all of that legislative effort, Congressman, and it's

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<v Speaker 1>great to have you on the program. Again complicated by

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<v Speaker 1>the conflict of interest questions around President Trump knowing he

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<v Speaker 1>has a meme coin and attended a dinner last week

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<v Speaker 1>with investors in said meme coin that DJT, the media

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<v Speaker 1>company that literally bears his name, is raising money so

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<v Speaker 1>that it can buy a bitcoin. Does that add a

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<v Speaker 1>complicating factor to any kind of bipartisan effort in advancing

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<v Speaker 1>legislation like that when that's giving Democrats a lot of

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<v Speaker 1>noise to make, no, I don't think so.

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<v Speaker 4>There's a lot of Democrats on Capitol Hill who do

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<v Speaker 4>realize that digital assets are here to stay. Bitcoin is

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<v Speaker 4>here to stay. It's not going anywhere, and so it's

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<v Speaker 4>time for the United States to actually take the necessary

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<v Speaker 4>steps forward to fully embrace digital assets. And so I

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<v Speaker 4>think what's going to happen is we're going to move

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<v Speaker 4>that policy out of the House. There are going to

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<v Speaker 4>be Democrats in my view, who are going to support

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<v Speaker 4>both packages in the House, and you're going to have

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<v Speaker 4>Democrats in the Senate support it. I think what what

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<v Speaker 4>you saw, and I think Democrats saw this by and

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<v Speaker 4>large with how they acted towards the digital assets industry

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<v Speaker 4>under the Biden administration, and you know, if you're here

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<v Speaker 4>on the conference, it was soundly rejected. I think people

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<v Speaker 4>here understand that you have to have clear rules for

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<v Speaker 4>to the road. You can't have regulators just picking and

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<v Speaker 4>choosing how they're going to look at digital assets.

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<v Speaker 3>You simply can't.

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<v Speaker 4>So I think that to your question, I don't think

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<v Speaker 4>that's going to matter at all. We're talking about an

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<v Speaker 4>industry that it really has the potential to be a

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<v Speaker 4>trillion dollar industry here in the United States, and not

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<v Speaker 4>just to talk about the guys who are doing big things,

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<v Speaker 4>whether it's coinbase or any other company that's out there,

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<v Speaker 4>talk about the little guy people who are getting in

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<v Speaker 4>at the bottom of this industry, who are finding an

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<v Speaker 4>opportunity to really build a company, really build wealth that

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<v Speaker 4>crosses party lines, acrosses demographic lines. And so we need

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<v Speaker 4>to lead on this and not be afraid of talking

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<v Speaker 4>points or other things that are going on.

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<v Speaker 1>But as we consider building wealth, what if all of

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<v Speaker 1>this effort directly leads to further building the wealth of

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<v Speaker 1>the president of the United States. Do you not see

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<v Speaker 1>an issue their congressman.

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<v Speaker 4>Look, I would tell you that a rising tide lifts

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<v Speaker 4>all boats. You know, if Eric and don are doing

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<v Speaker 4>things in their personal capacities, that's fine, and that's all

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<v Speaker 4>well and good.

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<v Speaker 3>That's America.

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<v Speaker 4>I don't think people should be told that you can't

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<v Speaker 4>do business in our country. Actually, to be blunt with you,

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<v Speaker 4>it's better that these things are actually out in the

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<v Speaker 4>open for people to know and to see, as opposed

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<v Speaker 4>to what was happening under the previous administration, where they

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<v Speaker 4>were hiding how the family was making money. They were

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<v Speaker 4>hiding it from everybody. They were lying to the American people.

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<v Speaker 4>The president, President Biden, or the auto pen whichever one

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<v Speaker 4>you choose, had to do preemptive pardons.

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<v Speaker 3>That stuff is ridiculous. That's how ages.

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<v Speaker 4>What we're talking about is regulating an industry in a

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<v Speaker 4>proper way so the industry can thrive, it can grow,

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<v Speaker 4>people can invest, capital can be raised, and people, whether

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<v Speaker 4>you're at the top or the.

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<v Speaker 3>Bottom, can get in. One of the things that I'm.

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<v Speaker 4>So excited about digital assets is that when we finally

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<v Speaker 4>get the regulatory environment settled, you can do things like

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<v Speaker 4>fractional You can do fractional exchanges where people can buy

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<v Speaker 4>a fractional piece of real world assets or a fractional

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<v Speaker 4>piece of companies going forward. So if somebody doesn't have,

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<v Speaker 4>you know, fifty thousand dollars to their name to invest,

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<v Speaker 4>and they might have a couple hundred dollars, they might

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<v Speaker 4>have five thousand dollars under a fractionalized, fractionalized, tokenized.

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<v Speaker 3>Exchange, you can invest in that.

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<v Speaker 4>That helps people grow their asset base, It helps them

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<v Speaker 4>grow themselves financially in our country.

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<v Speaker 3>That's a good thing. We should celebrate that.

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<v Speaker 2>Congressman, I want to ask you about the effort on

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<v Speaker 2>Capitol Hill that you're in the midst of right now

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<v Speaker 2>when it comes to reconciliation Trump tax cuts, the spending cuts,

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<v Speaker 2>and all the rest that comes with it. Here, Kaylee

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<v Speaker 2>mentioned a moment ago that the President was just asked

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<v Speaker 2>in the Oval office about comments from Elon Musk about

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<v Speaker 2>the way this bill took shape in the House and

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<v Speaker 2>is now of course on its way to the Senate.

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<v Speaker 2>Let's listen to what he said and we'll have you react.

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<v Speaker 4>I was like disappointed to see the massive spending bill, frankly,

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<v Speaker 4>which increases the bunch depths if not doesn't decrease it.

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<v Speaker 3>And that reminds the work that the NOES team is doing.

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<v Speaker 3>I actually thought that when this big, beautiful bill came along.

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<v Speaker 1>I mean, like everything he's done on dose gets wiped

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<v Speaker 1>out in the first year.

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<v Speaker 3>I think a bill can be can be big or

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<v Speaker 3>it can be beautiful.

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<v Speaker 2>It can be big or it can be beautiful. Congressman

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<v Speaker 2>that was with CBS, is Elon Musk wrong.

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<v Speaker 3>Well, a couple of things. One in the package.

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<v Speaker 4>Obviously, we maintained all of the President's tax policy and

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<v Speaker 4>made a lot of it permanent, which is said the

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<v Speaker 4>betterment of every small busin owner, every American. We secure

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<v Speaker 4>the border, we actually build border wall, We modernize our

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<v Speaker 4>defense department. We do a lot of things that have

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<v Speaker 4>been neglected, especially over the last four years, that need

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<v Speaker 4>to get done, and we were able to accomplish that.

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<v Speaker 3>When it comes to spending cuts, yeah, Elon's right on this.

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<v Speaker 4>We have to do a much better job and making

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<v Speaker 4>sure that these DESA bills are at a minimum deficit neutral.

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<v Speaker 4>But what they need to do is decrease deficits and

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<v Speaker 4>so That was a major sticking point for a lot

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<v Speaker 4>of conservatives in the House. They want to see real

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<v Speaker 4>spending cuts in these packages. I know that there's a

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<v Speaker 4>recisions package that the House has in their possession. We

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<v Speaker 4>need to move that to the floor and do that immediately.

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<v Speaker 4>A lot of the Doge cuts are in that recisions package.

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<v Speaker 4>We should be voting on that at the end of

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<v Speaker 4>the day, before you get to bills or how any

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<v Speaker 4>of that looks like. I look at the bond market

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<v Speaker 4>and one thing is crystal clear. The bond market is

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<v Speaker 4>looking at the United States and they are saying, you

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<v Speaker 4>better get your fiscal house in order, or we're going

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<v Speaker 4>to charge you more to borrow money. No nation can

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<v Speaker 4>thrive under that kind of a sen So we have

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<v Speaker 4>to be serious on Capitol Hill. Last thing I will

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<v Speaker 4>say is the President and his team. They did a

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<v Speaker 4>tremendous job of trying to get this bill through the House.

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<v Speaker 4>Some of the sticking points on why we didn't cut

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<v Speaker 4>more spending was because of Republicans who, to be blunt,

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<v Speaker 4>we're concerned about their re elections and their districts as

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<v Speaker 4>opposed to making sure that we put the fiscal health

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<v Speaker 4>of the nation forward. And have that be the number

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<v Speaker 4>one thing we're concerned about. So I think that as

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<v Speaker 4>this bill goes through the Senate, the Senate's going to

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<v Speaker 4>make changes, it will come back to the House, and

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<v Speaker 4>if for future packages, I'd urge my colleagues we have

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<v Speaker 4>to take our deficits in our debts seriously because if

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<v Speaker 4>we don't get this under control, the bond market is

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<v Speaker 4>going to come for everybody. I don't care if you're

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<v Speaker 4>a Republican or Democrat, it does not matter. The bond

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<v Speaker 4>market charging higher rates for Treasury bonds is going to

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<v Speaker 4>be a major issue that really could hurt the United

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<v Speaker 4>States over the long term, if not sink.

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<v Speaker 1>Us well on the bond market. Congressman White House Trade

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<v Speaker 1>advisor Pete Navarro just penned an op ed about that

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<v Speaker 1>today in The Hill, saying that the bond market is

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<v Speaker 1>wrong about Trump's tax bill. It misses the substantial positive

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<v Speaker 1>revenue impact of tariffs. What's your take on Navarro's argument, Well, I.

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<v Speaker 4>Agree with Peter when it comes to the President's tax

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<v Speaker 4>policy and even some tariff policy. Yes, those are revenue raisers,

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<v Speaker 4>and I would argue that when you get out of

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<v Speaker 4>the frankly, the negotiating around what the economic growth rates

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<v Speaker 4>are going to be on Capitol Hill. That was a negotiation.

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<v Speaker 4>It's not about what's going to happen. I think things

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<v Speaker 4>in the President's tax package, obviously Section one ninety nine

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<v Speaker 4>A being continued and now permanent one hundred percent expensing

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<v Speaker 4>over four years, no tax on tips, no tax on overtime.

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<v Speaker 4>I think all those things are going to be stimulative

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<v Speaker 4>to the economy. But I think what the bond market

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<v Speaker 4>is really talking about is our deficits and our debts

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<v Speaker 4>and the velocity of borrowings into the future.

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<v Speaker 3>That's what we have to get under control.

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<v Speaker 4>I would argue that if the bill was deficit neutral

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<v Speaker 4>coming out of the House, Moodies would not have downgraded.

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<v Speaker 3>I'll tell you that right now. Don't think they would have.

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<v Speaker 4>So I think that those are the things that the

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<v Speaker 4>bond market is looking at. It's not tax policy. Peter

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<v Speaker 4>is correct when it comes to tax policy. Totally agree

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<v Speaker 4>with him on that. But the bond market is looking

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<v Speaker 4>at the deficit projections, the debt projections of the United States.

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<v Speaker 4>We have to take this stuff seriously. There are real

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<v Speaker 4>reforms that need to happen in Washington, DC, and So

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<v Speaker 4>that's the stuff that when you look at future pieces

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<v Speaker 4>of legislation when it comes to deficits and debts, that's

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<v Speaker 4>the stuff that we have to get to get serious about.

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<v Speaker 2>This is fascinating for us to hear congressmen in our

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<v Speaker 2>remaining moment. Are you quietly hoping the Senate cuts spending

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<v Speaker 2>further when it gets its hands on the bill?

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<v Speaker 3>Oh? Yeah, of course. Listen. I am all for cutting spending.

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<v Speaker 3>And look, let's be clear on this.

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<v Speaker 4>I know that there are a lot of Americans to say, well,

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<v Speaker 4>if you cut spending, is that the thing that I use?

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<v Speaker 4>And I will tell you that the federal government weighs

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<v Speaker 4>so much money, we could actually do more when it

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<v Speaker 4>comes to spending and actually not hit vulnerable populations. I'll

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<v Speaker 4>give you an example. There was a lot of conversation

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<v Speaker 4>around me de in this bill. The Democrats are saying that, oh,

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<v Speaker 4>medicaid is to pay.

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<v Speaker 3>For tax cuts. That is a lie.

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<v Speaker 4>That is simply not true. The reason why it's a

0:11:07.840 --> 0:11:10.000
<v Speaker 4>lie is because when the Democrats were in charge, they

0:11:10.040 --> 0:11:12.640
<v Speaker 4>did not touch Donald Trump's tax policy. They left it

0:11:12.679 --> 0:11:15.760
<v Speaker 4>in place because it's good tax policy. So what the

0:11:15.800 --> 0:11:19.920
<v Speaker 4>real argument is in medicaid should the federal government be

0:11:20.040 --> 0:11:23.040
<v Speaker 4>spending nine dollars for every one dollar that the state

0:11:23.480 --> 0:11:27.480
<v Speaker 4>spends on able bodied adults with no kids, versus the

0:11:27.520 --> 0:11:32.440
<v Speaker 4>same federal government paying a dollar thirty three for poor kids,

0:11:33.000 --> 0:11:36.240
<v Speaker 4>elderly people who are poor, and pregnant women. That is

0:11:36.280 --> 0:11:39.920
<v Speaker 4>a dichotomy set up by Barack Obama and Obamacare, and

0:11:39.960 --> 0:11:43.439
<v Speaker 4>it's terrible policy because what you've done is you've expanded

0:11:43.480 --> 0:11:47.800
<v Speaker 4>the Medicaid population for able bodied adults, and you're actually

0:11:47.840 --> 0:11:52.920
<v Speaker 4>disincentivizing state systems and hospitals from serving the most vulnerable.

0:11:53.160 --> 0:11:55.040
<v Speaker 4>So there are positions on the hill that said, look,

0:11:55.240 --> 0:11:58.200
<v Speaker 4>let's try to rework some of this stuff. Let's do

0:11:58.280 --> 0:12:03.199
<v Speaker 4>more investment into poor people, vulnerable populations, let's actually take it,

0:12:03.240 --> 0:12:05.400
<v Speaker 4>try to take a stab at rural health and some

0:12:05.480 --> 0:12:08.240
<v Speaker 4>other issues that are happening in the country. But we

0:12:08.360 --> 0:12:14.960
<v Speaker 4>have to end this Medicaid expansion fallacy around essentially creating

0:12:14.960 --> 0:12:16.400
<v Speaker 4>expansion populations around Medicaid.

0:12:16.440 --> 0:12:17.160
<v Speaker 3>You have to end that.

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<v Speaker 4>One of the big reasons the Democrats want to keep

0:12:19.520 --> 0:12:22.960
<v Speaker 4>Medicaid expansion is not for health care. It's because they

0:12:22.960 --> 0:12:25.400
<v Speaker 4>want single payer health care. That was the reason they

0:12:25.400 --> 0:12:28.199
<v Speaker 4>wanted the public option back when they did the Affordable

0:12:28.200 --> 0:12:29.040
<v Speaker 4>Care Act back in what.

0:12:29.080 --> 0:12:31.079
<v Speaker 3>Twenty ten, that was the purpose of that.

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<v Speaker 4>So there are conversations like that happening on Capitol Hill

0:12:34.920 --> 0:12:38.120
<v Speaker 4>where you can make changes to a program like Medicaid,

0:12:38.360 --> 0:12:40.640
<v Speaker 4>you can make sure people who are on those programs

0:12:40.800 --> 0:12:43.680
<v Speaker 4>are grandfathered in their benefits don't get cut.

0:12:43.800 --> 0:12:44.959
<v Speaker 3>But going forward, the.

0:12:44.880 --> 0:12:47.920
<v Speaker 4>Federal government says, we're not going to be funding able

0:12:47.920 --> 0:12:50.599
<v Speaker 4>bodied adults going forward into the future. We're going to

0:12:50.640 --> 0:12:54.640
<v Speaker 4>make sure we prioritize vulnerable populations, people who are truly

0:12:54.720 --> 0:12:57.160
<v Speaker 4>in need. That's the kind of spending reform that I

0:12:57.160 --> 0:12:59.440
<v Speaker 4>think the bond market would say, you know what, they're

0:12:59.480 --> 0:13:02.160
<v Speaker 4>being serios. That's also the type of spending reforms and

0:13:02.200 --> 0:13:04.600
<v Speaker 4>I think the American people would get behind because they'll

0:13:04.600 --> 0:13:06.880
<v Speaker 4>be like, that makes sense. We should be making sure

0:13:06.880 --> 0:13:09.160
<v Speaker 4>that people who are truly vulnerable get the help that

0:13:09.200 --> 0:13:09.720
<v Speaker 4>they deserve.

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<v Speaker 1>What about people who are vulnerable to the elements? Congressman,

0:13:14.120 --> 0:13:15.560
<v Speaker 1>and I ask you this knowing you would like to

0:13:15.600 --> 0:13:17.760
<v Speaker 1>be the next governor of Florida, are you worried that

0:13:17.840 --> 0:13:21.240
<v Speaker 1>funding cuts in areas like FEMA and elsewhere as we

0:13:21.320 --> 0:13:25.320
<v Speaker 1>head into Atlantic hurricane season could leave states like Florida

0:13:25.480 --> 0:13:28.199
<v Speaker 1>more vulnerable and responding to disasters.

0:13:29.520 --> 0:13:31.360
<v Speaker 4>Well, look, I think that what you're going to see

0:13:31.440 --> 0:13:34.920
<v Speaker 4>is the reworking of FEMA, which is something I have

0:13:35.080 --> 0:13:38.800
<v Speaker 4>advocated for. I filed a bill with Jared Moscowitz, Democrat

0:13:38.840 --> 0:13:42.680
<v Speaker 4>out of Florida about getting FEMA out of Holan and Security,

0:13:43.600 --> 0:13:46.600
<v Speaker 4>having it being a direct report agency to the White House.

0:13:46.880 --> 0:13:48.959
<v Speaker 4>So I think I commend the White House on what

0:13:49.000 --> 0:13:51.880
<v Speaker 4>they're doing. President Trump is leading on this issue, making

0:13:51.880 --> 0:13:54.880
<v Speaker 4>sure that FEMA is reformed. So I'm not concerned about that.

0:13:55.559 --> 0:13:58.520
<v Speaker 4>Knowing the President, knowing his team, they're going to be

0:13:58.640 --> 0:14:02.720
<v Speaker 4>there to make sure that people are getting every help

0:14:02.960 --> 0:14:05.679
<v Speaker 4>that they need and they deserve from the federal government

0:14:05.880 --> 0:14:08.400
<v Speaker 4>when disaster shrikes. So I have no concerns about that.

0:14:08.760 --> 0:14:12.000
<v Speaker 4>But you do ask the real question about FEMA. FEMA

0:14:12.360 --> 0:14:14.959
<v Speaker 4>is a bureaucratic mess and it has been for quite

0:14:14.960 --> 0:14:17.440
<v Speaker 4>some time. Go ask the people in North Carolina. They

0:14:17.440 --> 0:14:20.200
<v Speaker 4>will tell you. Ask the people in the Panhandle, Big

0:14:20.200 --> 0:14:23.880
<v Speaker 4>Band area, Southwest Florida, my district, they will tell you this.

0:14:24.240 --> 0:14:27.120
<v Speaker 4>So FEMA needs to be reworked. I commend the President

0:14:27.200 --> 0:14:30.240
<v Speaker 4>for what he's doing. Let them go through that process,

0:14:30.440 --> 0:14:33.920
<v Speaker 4>but I will tell you Americans, Floridians, they're going to

0:14:33.960 --> 0:14:36.560
<v Speaker 4>get the help that they need when disaster strikes. From

0:14:36.600 --> 0:14:37.240
<v Speaker 4>Donald Trump.

0:14:38.840 --> 0:14:43.400
<v Speaker 1>All right, Florida gubernatorial candidate and current Republican Congressman representing

0:14:43.440 --> 0:14:46.760
<v Speaker 1>Flora's nineteenth District, Byron Donalds, thank you so much for

0:14:46.880 --> 0:14:50.040
<v Speaker 1>joining us here on Balance of Power live from Las Vegas,

0:14:50.080 --> 0:14:52.720
<v Speaker 1>where Bitcoin twenty twenty five is underway. We'll have more

0:14:53.200 --> 0:14:55.800
<v Speaker 1>on crypto and its ties to this White House and

0:14:55.840 --> 0:14:56.880
<v Speaker 1>this President later on.