1 00:00:01,400 --> 00:00:04,680 Speaker 1: Welcome its verdict with Senator Ted Cruz Ben Ferguson with 2 00:00:04,760 --> 00:00:08,119 Speaker 1: you as always, and Senator the number one question that 3 00:00:08,200 --> 00:00:12,080 Speaker 1: everybody wants to know right now on this Memorial Day 4 00:00:12,360 --> 00:00:16,880 Speaker 1: is the Biden debt deal, the Biden debt ceiling. Is 5 00:00:16,920 --> 00:00:19,360 Speaker 1: there a deal with the Republicans, and if there is, 6 00:00:20,120 --> 00:00:22,200 Speaker 1: what does that look like for the American people. 7 00:00:23,000 --> 00:00:26,239 Speaker 2: Well, and it was announced on Sunday that there was 8 00:00:26,239 --> 00:00:31,000 Speaker 2: a quote agreement in principle between Joe Biden and Kevin McCarthy. 9 00:00:31,720 --> 00:00:36,720 Speaker 2: And the agreement in principle included some cuts and spending 10 00:00:36,760 --> 00:00:39,440 Speaker 2: from what Biden wanted. It also included an extension in 11 00:00:39,479 --> 00:00:42,160 Speaker 2: the debt ceiling. And I would say, as we sit 12 00:00:42,200 --> 00:00:45,080 Speaker 2: here you and I are recording this Sunday night, at 13 00:00:45,080 --> 00:00:47,200 Speaker 2: this point, we don't have the text of the bill. 14 00:00:47,240 --> 00:00:50,280 Speaker 2: We have not seen exactly what's in the bill, so 15 00:00:50,400 --> 00:00:54,040 Speaker 2: it is not entirely clear all of the details. But 16 00:00:54,320 --> 00:00:59,080 Speaker 2: based on what we know now, there are some good elements, 17 00:00:59,080 --> 00:01:01,000 Speaker 2: but there are a lot of things that are disappointing. 18 00:01:01,800 --> 00:01:05,319 Speaker 2: As I'm sitting here right now, I'm disappointed that this 19 00:01:05,360 --> 00:01:09,800 Speaker 2: agreement does not cut more. And I'm also disappointed that 20 00:01:09,880 --> 00:01:13,800 Speaker 2: this agreement adds a lot of debt in exchange for 21 00:01:14,040 --> 00:01:17,200 Speaker 2: relatively little cuts. Now we can break that down piece 22 00:01:17,240 --> 00:01:20,880 Speaker 2: by piece and walk through what's in it and what's not. 23 00:01:21,640 --> 00:01:25,160 Speaker 2: With the caveat that the bill text at this point 24 00:01:25,160 --> 00:01:28,080 Speaker 2: we still haven't seen, and presumably we will see sometime soon. 25 00:01:29,600 --> 00:01:32,200 Speaker 1: Let's start with is there something in this bill that 26 00:01:32,240 --> 00:01:35,360 Speaker 1: we could probably get excited about as conservatives? Because I 27 00:01:35,440 --> 00:01:38,440 Speaker 1: know this is a fight, but there are many concerns saying, Okay, 28 00:01:38,440 --> 00:01:41,520 Speaker 1: we won back the House, surely we're going to get 29 00:01:41,560 --> 00:01:45,080 Speaker 1: something that's positive for us from winning back to house. 30 00:01:45,319 --> 00:01:47,600 Speaker 1: Is there a light at the end of the tunnel 31 00:01:47,680 --> 00:01:50,000 Speaker 1: saying hey, at least from what we've been told. Obviously 32 00:01:50,000 --> 00:01:51,800 Speaker 1: we don't have the text yet, but there are going 33 00:01:51,880 --> 00:01:53,360 Speaker 1: to be some victories for us. 34 00:01:54,680 --> 00:01:58,560 Speaker 2: Well, I can tell you what House leadership is emphasizing. 35 00:01:58,640 --> 00:02:02,960 Speaker 2: So on Sunday afternoon, I sent out a tweet critical 36 00:02:03,000 --> 00:02:07,200 Speaker 2: of this deal, and in particular that that House leadership 37 00:02:07,200 --> 00:02:10,160 Speaker 2: had been saying that there's not that the Democrats don't 38 00:02:10,160 --> 00:02:12,440 Speaker 2: get a single thing from this deal. And I sent 39 00:02:12,480 --> 00:02:15,320 Speaker 2: out a tweet and said, well, actually they get four 40 00:02:15,400 --> 00:02:18,040 Speaker 2: trillion things, which is the four trillion in new debt 41 00:02:18,440 --> 00:02:20,959 Speaker 2: that this deal adds and that they also get I said, 42 00:02:21,000 --> 00:02:24,440 Speaker 2: eighty seven thousand new things with the eighty seven thousand 43 00:02:24,440 --> 00:02:28,120 Speaker 2: IRS agents. And I'll tell you, within minutes of sending 44 00:02:28,160 --> 00:02:31,079 Speaker 2: that tweet, I was on the phone with Kevin McCarthy 45 00:02:31,120 --> 00:02:32,799 Speaker 2: and Kevin called me. Kevin and I are friends, and 46 00:02:33,120 --> 00:02:36,480 Speaker 2: he was unhappy with what I had expressed. And look, 47 00:02:36,520 --> 00:02:38,360 Speaker 2: I respect that. Kevin picked up the phone and called 48 00:02:38,360 --> 00:02:42,359 Speaker 2: me and he pitched what he saw as the benefits 49 00:02:43,360 --> 00:02:46,440 Speaker 2: of this agreement. And I listened to him and gave him, 50 00:02:46,520 --> 00:02:50,040 Speaker 2: gave him respectful hearing. And actually later in the afternoon, 51 00:02:50,080 --> 00:02:52,799 Speaker 2: I was on a call with Kevin McCarthy and with 52 00:02:52,880 --> 00:02:56,519 Speaker 2: all the Republican senators where he walked through the benefits. 53 00:02:56,560 --> 00:03:01,480 Speaker 2: I'll tell you, according to House leadership, the biggest benefits 54 00:03:01,480 --> 00:03:02,880 Speaker 2: in the deal are as follows. 55 00:03:02,960 --> 00:03:04,240 Speaker 3: Number one. 56 00:03:04,360 --> 00:03:08,799 Speaker 2: They're leaning in aggressively on the permitting reforms. They say 57 00:03:08,840 --> 00:03:13,239 Speaker 2: that there were significant permitting reforms that will speed up 58 00:03:13,800 --> 00:03:16,679 Speaker 2: the development of energy, that will speed up the development 59 00:03:16,680 --> 00:03:21,320 Speaker 2: of construction projects, that will reduce the time spent on NEPA, 60 00:03:21,400 --> 00:03:25,480 Speaker 2: which is very costly and slow environmental regulations. And if 61 00:03:25,520 --> 00:03:29,040 Speaker 2: those reforms are real, that's good. We haven't seen the 62 00:03:29,040 --> 00:03:32,680 Speaker 2: details yet, but that's at least House leadership is pitching 63 00:03:32,720 --> 00:03:36,560 Speaker 2: that as a significant victory. Secondly, what they're pitching is 64 00:03:36,560 --> 00:03:43,120 Speaker 2: a significant victory is work requirements for SNAP and tan 65 00:03:43,200 --> 00:03:48,160 Speaker 2: ifs now SNAP our food stamps and TANIF is what 66 00:03:48,360 --> 00:03:52,280 Speaker 2: used to be aids to families with defending children with 67 00:03:52,400 --> 00:03:58,000 Speaker 2: dependant children, and from what we understand, it expands work 68 00:03:58,040 --> 00:04:03,760 Speaker 2: requirements from individuals from age forty nine. It expands it 69 00:04:03,840 --> 00:04:06,720 Speaker 2: up to age fifty four, so it adds five more 70 00:04:06,800 --> 00:04:11,520 Speaker 2: years rather of work requirements. They're pitching that as a positive. 71 00:04:12,360 --> 00:04:16,600 Speaker 2: The third positive they're pitching is they say that there's 72 00:04:16,640 --> 00:04:20,200 Speaker 2: a provision in the bill that if Congress does not 73 00:04:20,600 --> 00:04:26,040 Speaker 2: pass the appropriation bills this year, that a budget cap 74 00:04:26,200 --> 00:04:31,159 Speaker 2: kicks in automatically that is current spending minus one percent, 75 00:04:31,240 --> 00:04:35,440 Speaker 2: and so they're pitching that as another fiscal benefit. Those 76 00:04:35,480 --> 00:04:39,000 Speaker 2: are the main arguments they're laying out, all three of them. 77 00:04:39,360 --> 00:04:44,159 Speaker 2: The details matter if they are as leaderships describing them, 78 00:04:44,279 --> 00:04:46,279 Speaker 2: those are positive, those are not nothing. 79 00:04:47,360 --> 00:04:50,799 Speaker 1: There's obviously the big question that many have heard about. 80 00:04:50,880 --> 00:04:53,320 Speaker 1: There's been a lot of attention on this center on 81 00:04:53,400 --> 00:04:57,320 Speaker 1: social media, and that's about IRS agents. There is a 82 00:04:57,400 --> 00:05:01,839 Speaker 1: concern that the IRS cannot be trusted. They're targeting people. 83 00:05:01,880 --> 00:05:04,120 Speaker 1: We saw what happened with Matt tb when he was 84 00:05:04,160 --> 00:05:06,880 Speaker 1: testifying before Congress and the RS is knocking on his door. 85 00:05:07,279 --> 00:05:10,320 Speaker 1: And many people believe that these new IRS agents would 86 00:05:10,360 --> 00:05:15,159 Speaker 1: in fact be nothing more than harassment agents for those 87 00:05:15,200 --> 00:05:18,920 Speaker 1: that are Christian, those are conservative in general. Look at 88 00:05:18,920 --> 00:05:21,359 Speaker 1: Matt Tebe is a perfect example of this. We know 89 00:05:21,400 --> 00:05:23,920 Speaker 1: what happened in the past with Tea Party and conservative groups, 90 00:05:23,960 --> 00:05:26,960 Speaker 1: Patriot groups, Second Amendment groups. 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Those 115 00:06:38,000 --> 00:06:41,279 Speaker 1: IRS agents center are something that so many are concerned about. 116 00:06:41,320 --> 00:06:44,120 Speaker 1: You mentioned that as well in your tweet today. Where 117 00:06:44,160 --> 00:06:48,039 Speaker 1: are we on those this army of IRS agents? Is 118 00:06:48,080 --> 00:06:50,320 Speaker 1: that in this deal? Are we going to be able 119 00:06:50,400 --> 00:06:50,880 Speaker 1: to stop that? 120 00:06:52,120 --> 00:06:55,599 Speaker 2: Well, it's it's not entirely clear. So the original bill, 121 00:06:55,680 --> 00:06:57,880 Speaker 2: the House pass what was called the Limit, Save and 122 00:06:57,920 --> 00:07:01,640 Speaker 2: Grow Bill that zero rode out the eighty billion in 123 00:07:01,720 --> 00:07:04,960 Speaker 2: new funding that Democrats ram through in the prior Congress 124 00:07:04,960 --> 00:07:07,680 Speaker 2: for the IRS. That eighty billion was going to be 125 00:07:07,680 --> 00:07:11,320 Speaker 2: directed to eighty seven thousand new IRS agents and employees 126 00:07:11,360 --> 00:07:15,080 Speaker 2: to be hired to harass the American people, and the 127 00:07:15,120 --> 00:07:18,760 Speaker 2: first bill the House passed zero that out. We don't 128 00:07:18,760 --> 00:07:21,880 Speaker 2: know exactly what's in the Biden McCarthy deal. The New 129 00:07:21,960 --> 00:07:25,720 Speaker 2: York Times reported that the IRS new spending was reduced 130 00:07:25,760 --> 00:07:29,160 Speaker 2: by ten billion, in other words, from eighty billion to 131 00:07:29,240 --> 00:07:34,840 Speaker 2: seventy billion. So that's pretty disappointing. And one House Republican 132 00:07:34,920 --> 00:07:38,320 Speaker 2: tweeted out that the cuts are only one point eighty 133 00:07:38,360 --> 00:07:41,320 Speaker 2: eight billion, so one point nine billion instead of ten billion. 134 00:07:41,880 --> 00:07:45,720 Speaker 2: We don't know for sure, I will say when I 135 00:07:45,840 --> 00:07:48,440 Speaker 2: tweeted out based on the public reporting that the eighty 136 00:07:48,480 --> 00:07:52,360 Speaker 2: seven thousand new IRS agents were still there, and Kevin 137 00:07:52,480 --> 00:07:56,040 Speaker 2: called me. What he argued is he says, in this 138 00:07:56,200 --> 00:08:00,440 Speaker 2: bill they zero out the new spending for the IRS 139 00:08:00,800 --> 00:08:04,600 Speaker 2: for next year so that they cannot hire the new 140 00:08:04,640 --> 00:08:08,840 Speaker 2: IRS agents next year. And the pitch he made is 141 00:08:08,920 --> 00:08:11,760 Speaker 2: we zero it out next year and will fight over 142 00:08:11,800 --> 00:08:15,560 Speaker 2: subsequent years and appropriations to stop Biden from hiring them 143 00:08:15,960 --> 00:08:20,120 Speaker 2: in those years. Until I see the text, I can't 144 00:08:20,160 --> 00:08:23,600 Speaker 2: assess that, but that's at least his response. If it's 145 00:08:23,680 --> 00:08:26,280 Speaker 2: right that they zero it out next year. That's good 146 00:08:26,360 --> 00:08:28,960 Speaker 2: on its face. I'm glad they zero it out next year. 147 00:08:29,280 --> 00:08:31,440 Speaker 2: If that's in there, I'd rather see the whole eighty 148 00:08:31,480 --> 00:08:35,320 Speaker 2: billion zeroed out, But zeroing it next year is a 149 00:08:35,360 --> 00:08:39,480 Speaker 2: significant step in the right direction. But again, the devil's 150 00:08:39,480 --> 00:08:40,160 Speaker 2: in the details. 151 00:08:40,720 --> 00:08:44,240 Speaker 1: A lot of Conservatives that were just recently elected to 152 00:08:44,280 --> 00:08:48,160 Speaker 1: the House, they have pledged and they've been doing this 153 00:08:48,320 --> 00:08:50,760 Speaker 1: a lot on social media that they are going to 154 00:08:50,760 --> 00:08:52,880 Speaker 1: try to do everything they can to stop this from 155 00:08:52,920 --> 00:08:55,840 Speaker 1: passing the House of Representatives. There have been a lot 156 00:08:55,880 --> 00:08:59,000 Speaker 1: of hardline members of the House Freedom Caucus. Chip Roy 157 00:08:59,040 --> 00:09:00,920 Speaker 1: is one of those who said on Twitter exactly that 158 00:09:00,960 --> 00:09:04,720 Speaker 1: we're going to try to stop it this from happening. 159 00:09:05,280 --> 00:09:09,400 Speaker 1: After you talk to House leadership, do you feel pretty 160 00:09:09,400 --> 00:09:14,360 Speaker 1: confident that Democrats and Republican negotiators are in fact able 161 00:09:14,360 --> 00:09:17,640 Speaker 1: to iron this out the final details this agreement, and 162 00:09:17,920 --> 00:09:20,360 Speaker 1: to be clear, what this is, suspend to suspend the 163 00:09:20,360 --> 00:09:25,199 Speaker 1: federal government's thirty one point four trillion dollar debt ceiling 164 00:09:25,280 --> 00:09:28,160 Speaker 1: in the coming days. And they're acting like this victory. 165 00:09:28,360 --> 00:09:30,920 Speaker 1: I worry that, yes, this is a short term victory. 166 00:09:30,960 --> 00:09:33,920 Speaker 1: Center and many Americans, I think, worry that, yeah, this 167 00:09:34,000 --> 00:09:35,920 Speaker 1: is short term, but how much damage are we doing 168 00:09:36,000 --> 00:09:38,360 Speaker 1: this country when we're going this much into debt without 169 00:09:38,520 --> 00:09:40,400 Speaker 1: real cuts to spending. 170 00:09:41,360 --> 00:09:44,560 Speaker 2: Yeah, and look that that is my principal concern. So 171 00:09:44,760 --> 00:09:47,320 Speaker 2: in the original bill, the Limit, Save and Grow Bill, 172 00:09:47,920 --> 00:09:51,040 Speaker 2: what it did is it rolled back discretionary spending. So 173 00:09:51,080 --> 00:09:55,000 Speaker 2: what does discretionary spending mean the federal budget? There two components. 174 00:09:55,040 --> 00:09:58,720 Speaker 2: There's what's called mandatory spending and there's what's called discretionary spending. 175 00:09:59,240 --> 00:10:04,240 Speaker 2: So man spending are things like Social Security and Medicare 176 00:10:04,280 --> 00:10:07,520 Speaker 2: and medicaid. They're things that are on autopilot in the 177 00:10:07,559 --> 00:10:11,320 Speaker 2: federal budget and they grow automatically. Congress doesn't appropriate every year. 178 00:10:11,679 --> 00:10:16,439 Speaker 2: They're set to be automatically appropriated. Discretionary spending is essentially 179 00:10:16,440 --> 00:10:20,200 Speaker 2: everything else, and so that is what Congress takes up 180 00:10:20,240 --> 00:10:24,600 Speaker 2: and appropriates each year. The Limit Save and Growth Grow 181 00:10:24,640 --> 00:10:31,400 Speaker 2: Bill cut discretionary spending from one point seven trillion in 182 00:10:31,440 --> 00:10:35,440 Speaker 2: fiscal year twenty three to one point four to seven 183 00:10:35,520 --> 00:10:40,120 Speaker 2: trillion in fiscal year twenty four. So that was two 184 00:10:40,200 --> 00:10:44,360 Speaker 2: hundred and thirty billion cutting the actual spending levels. And 185 00:10:44,480 --> 00:10:47,240 Speaker 2: then it caps spending at one percent per year, and 186 00:10:47,280 --> 00:10:51,920 Speaker 2: that was calculated just that reduction in spending was calculated 187 00:10:51,960 --> 00:10:54,880 Speaker 2: to save a total of three point two trillion dollars. Now, 188 00:10:55,880 --> 00:10:59,400 Speaker 2: we don't know for sure, but what has been reported publicly, 189 00:10:59,400 --> 00:11:03,560 Speaker 2: according to The New York Times, is that this deal 190 00:11:03,720 --> 00:11:07,480 Speaker 2: leaves discretionary spending at the exact same level one point 191 00:11:07,520 --> 00:11:11,040 Speaker 2: seven trillion that it was in fiscal year twenty three. 192 00:11:11,040 --> 00:11:13,840 Speaker 2: In other words, that it we lose the entirety of 193 00:11:13,880 --> 00:11:18,320 Speaker 2: that cut, and it then grows from one percent from 194 00:11:18,360 --> 00:11:21,400 Speaker 2: there on. Now it's a big difference if you're growing 195 00:11:21,440 --> 00:11:24,040 Speaker 2: one percent from one point seven trillion or growing one 196 00:11:24,080 --> 00:11:26,839 Speaker 2: percent from one point four to seven trillion, Because it 197 00:11:27,760 --> 00:11:32,280 Speaker 2: makes a three point two trillion dollar difference over time. 198 00:11:33,280 --> 00:11:35,720 Speaker 2: What does that mean in total? The New York Times 199 00:11:35,800 --> 00:11:39,120 Speaker 2: is reporting that the total savings of the deal are 200 00:11:39,160 --> 00:11:42,080 Speaker 2: about six hundred and fifty billion. That is a massive 201 00:11:42,120 --> 00:11:46,720 Speaker 2: reduction from the four point eight trillion total savings in 202 00:11:46,800 --> 00:11:48,760 Speaker 2: the limit Save and Grow bill. Now, I can tell 203 00:11:48,800 --> 00:11:52,240 Speaker 2: you when I asked Kevin about that this afternoon, he 204 00:11:52,320 --> 00:11:54,400 Speaker 2: pressed back pretty hard and he said, why are you 205 00:11:54,440 --> 00:11:57,480 Speaker 2: believing the New York Times? And I said, look, I 206 00:11:57,520 --> 00:11:59,680 Speaker 2: don't have biltecks. What else do you want me to believe? 207 00:11:59,720 --> 00:12:02,480 Speaker 2: All all I have are the public reports. If the 208 00:12:02,520 --> 00:12:05,599 Speaker 2: bill tech shows something different, then we'll discuss it on 209 00:12:05,640 --> 00:12:08,040 Speaker 2: the pod. But what the New York Times is saying 210 00:12:08,120 --> 00:12:12,960 Speaker 2: right now at least, is that this agreement is giving 211 00:12:13,080 --> 00:12:16,640 Speaker 2: four trillion in new debt in exchange for much, much 212 00:12:16,679 --> 00:12:21,959 Speaker 2: smaller spending cuts. If that is true, that's pretty deeply disappointing. 213 00:12:22,480 --> 00:12:24,800 Speaker 1: There's always people centered that are saying the sky is 214 00:12:24,840 --> 00:12:27,920 Speaker 1: falling when they don't get what they want. And I'll 215 00:12:27,960 --> 00:12:32,240 Speaker 1: just give you examples of the spectrum here. Representative Norman 216 00:12:32,559 --> 00:12:35,319 Speaker 1: on the debt deal today said what I'm hearing is quote, 217 00:12:35,320 --> 00:12:39,360 Speaker 1: anything but fiscal sanity. Then you move over to Lindsey Graham. 218 00:12:39,440 --> 00:12:42,079 Speaker 1: He's raging against this debt deal, warning that the cuts 219 00:12:42,120 --> 00:12:46,280 Speaker 1: could quote cripple the military. And then Kevin McCarthy says, 220 00:12:46,360 --> 00:12:50,480 Speaker 1: the debt ceiling deal is quote worthy of the American people. 221 00:12:51,160 --> 00:12:54,880 Speaker 1: That's a pretty big spectrum swing there, which one is it? 222 00:12:55,880 --> 00:12:59,840 Speaker 2: Well, there may be some truth to all of those. Look, 223 00:13:00,080 --> 00:13:02,280 Speaker 2: leadership in both the House and Senate are going to 224 00:13:02,360 --> 00:13:05,240 Speaker 2: pitch that this is the greatest deal since Slice spread. 225 00:13:05,920 --> 00:13:08,640 Speaker 2: The White House is pitching this is a terrific deal. 226 00:13:09,120 --> 00:13:12,000 Speaker 2: A lot of Democrats are pitching this is a terrific deal. 227 00:13:12,040 --> 00:13:15,400 Speaker 2: The number of Democrats who are happy with this should 228 00:13:15,400 --> 00:13:21,559 Speaker 2: give you real pause in terms of the military hawks. 229 00:13:21,559 --> 00:13:24,120 Speaker 2: And part of the way we got into thirty two 230 00:13:24,200 --> 00:13:27,839 Speaker 2: trillion dollars in debt is there's a dynamic that that 231 00:13:27,840 --> 00:13:31,720 Speaker 2: that the Democrats play against Republicans, which is, we have 232 00:13:31,800 --> 00:13:34,720 Speaker 2: a big chunk of the Republican caucus that consider themselves 233 00:13:34,720 --> 00:13:38,560 Speaker 2: military hawks and that always want to spend massive amounts 234 00:13:38,600 --> 00:13:42,080 Speaker 2: of the military. Now I consider myself a military hawk. 235 00:13:42,160 --> 00:13:44,320 Speaker 2: I put myself in that camp, but I'm also a 236 00:13:44,320 --> 00:13:46,680 Speaker 2: fiscal hawk, so I don't want to bankrupt the country 237 00:13:47,400 --> 00:13:49,640 Speaker 2: while we are investing what we need to invest in 238 00:13:49,679 --> 00:13:54,080 Speaker 2: our military. And Lindsey is one who who focuses very 239 00:13:54,160 --> 00:13:56,800 Speaker 2: much on the military side and far less on the 240 00:13:56,840 --> 00:14:01,320 Speaker 2: fiscal side. And the trade off the Democrats always do 241 00:14:01,600 --> 00:14:04,680 Speaker 2: is well, if you know, if you want your guns, 242 00:14:04,720 --> 00:14:07,840 Speaker 2: we get our butter and and so they they typically 243 00:14:08,000 --> 00:14:12,160 Speaker 2: leverage the military hawks and the Republican Party to get 244 00:14:12,200 --> 00:14:17,920 Speaker 2: the trillions in spending they want on the social side. 245 00:14:18,440 --> 00:14:24,600 Speaker 2: This trade off, I think on the military side, much 246 00:14:24,600 --> 00:14:28,040 Speaker 2: of the gnashing of teeth may be overstated, but again 247 00:14:28,480 --> 00:14:31,280 Speaker 2: we haven't seen the bill, so we will see the details. 248 00:14:32,000 --> 00:14:36,240 Speaker 2: I will tell you something that leadership is pitching is positive. 249 00:14:36,320 --> 00:14:41,000 Speaker 2: So the first version of Limitsave and Growth rescinded the 250 00:14:41,120 --> 00:14:45,520 Speaker 2: unspent COVID spending that Congress had appropriated. That saved about 251 00:14:45,520 --> 00:14:51,920 Speaker 2: thirty billion dollars. This agreement is likewise expected to rescind unspaced, 252 00:14:52,200 --> 00:14:56,360 Speaker 2: unspent COVID relief funds and also vaccine research and disaster relief. 253 00:14:56,960 --> 00:14:58,880 Speaker 2: We don't know that know the details of that, but 254 00:14:58,920 --> 00:15:02,040 Speaker 2: we're being told that could be saving fifty to seventy 255 00:15:02,080 --> 00:15:06,520 Speaker 2: billion dollars. So depending on what that is, that could 256 00:15:06,520 --> 00:15:08,120 Speaker 2: be a positive element. Now let me give you a 257 00:15:08,120 --> 00:15:13,880 Speaker 2: negative element. The Limit Saving Grow bill repealed almost all 258 00:15:14,080 --> 00:15:18,600 Speaker 2: of the ridiculously named inflation reduction Acts, energy and climate 259 00:15:18,640 --> 00:15:21,680 Speaker 2: tax credit expansions, which saved five hundred and sixty nine 260 00:15:21,720 --> 00:15:26,440 Speaker 2: billion dollars according to the public reporting. No changes are 261 00:15:26,440 --> 00:15:28,360 Speaker 2: made in this, So this is something that the Biden 262 00:15:28,440 --> 00:15:32,240 Speaker 2: White House won and that House Republicans were not able 263 00:15:32,280 --> 00:15:32,880 Speaker 2: to prevail on. 264 00:15:32,960 --> 00:15:35,080 Speaker 3: So that's disappointing. 265 00:15:37,280 --> 00:15:42,960 Speaker 2: Focusing on the work requirements, the House included work requirements 266 00:15:43,000 --> 00:15:46,520 Speaker 2: not just on food stamps and welfare, but also on 267 00:15:46,680 --> 00:15:51,960 Speaker 2: medicaid which is a huge component. Based on the public reporting, 268 00:15:52,600 --> 00:15:55,200 Speaker 2: there are work requirements, so that we'll see how stringent 269 00:15:55,240 --> 00:15:57,920 Speaker 2: there are. But there at least some work requirements for 270 00:15:58,040 --> 00:16:02,400 Speaker 2: food stamps and welfare, but not for Medicaid, and Medicaid 271 00:16:02,480 --> 00:16:08,479 Speaker 2: is a massive program. So back and forth. What's reported 272 00:16:08,520 --> 00:16:12,360 Speaker 2: at least is that House Republicans got some of what 273 00:16:12,480 --> 00:16:14,800 Speaker 2: was included in the first bill, but it's not clear 274 00:16:15,480 --> 00:16:15,960 Speaker 2: how much. 275 00:16:17,240 --> 00:16:19,960 Speaker 1: I want to play part of what Joe Biden said, 276 00:16:20,160 --> 00:16:23,240 Speaker 1: and rarely does he take questions from the media. Rarely 277 00:16:23,280 --> 00:16:27,240 Speaker 1: does he have press conferences. He did have a kind 278 00:16:27,240 --> 00:16:29,280 Speaker 1: of a press conference day live from the White House. 279 00:16:29,600 --> 00:16:31,360 Speaker 1: I want to play for you what he said about 280 00:16:31,360 --> 00:16:34,000 Speaker 1: reaching this byparts and agreement, and then he was asked 281 00:16:34,760 --> 00:16:37,760 Speaker 1: about from a reporter about hey, why did you compromise? 282 00:16:37,840 --> 00:16:39,000 Speaker 1: But before I do that, I want to tell you 283 00:16:39,040 --> 00:16:43,360 Speaker 1: about our friends at Augusta Precious Medals. 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It's kind of hard to read him 318 00:18:26,920 --> 00:18:29,160 Speaker 1: on most days. Let's be honest. Here's what he had 319 00:18:29,160 --> 00:18:29,520 Speaker 1: to say. 320 00:18:30,240 --> 00:18:33,760 Speaker 3: Sorry to keep you waiting, but we've got good news. 321 00:18:33,880 --> 00:18:38,560 Speaker 4: We've got to spocus Speaker McCarthy, and we've reached the 322 00:18:38,600 --> 00:18:41,960 Speaker 4: bipart of some budget agreement that we're ready to move 323 00:18:42,119 --> 00:18:45,000 Speaker 4: to the full Congress. And I think it's a really 324 00:18:45,040 --> 00:18:48,680 Speaker 4: important step forward, excuse me. And it takes a thread 325 00:18:48,680 --> 00:18:52,240 Speaker 4: of catastrophic to fall off the table, protects our hardware 326 00:18:52,240 --> 00:18:56,280 Speaker 4: and in historic economic recovery. And the agreement also represents 327 00:18:56,280 --> 00:19:00,520 Speaker 4: the compromises. Me A's known got everything they want. That's 328 00:19:00,560 --> 00:19:04,440 Speaker 4: the responsibility of governing. And this is the deal is 329 00:19:04,560 --> 00:19:07,840 Speaker 4: good news. I believe you'll see for the American people, 330 00:19:08,520 --> 00:19:11,920 Speaker 4: the agreement prevents the worst possible crisis on the fault. 331 00:19:12,320 --> 00:19:15,960 Speaker 4: For the first time in a nation's history, an economic recession. 332 00:19:16,560 --> 00:19:21,000 Speaker 4: Retirement accounts devastated millions of jobs lost. It also protects 333 00:19:21,080 --> 00:19:25,439 Speaker 4: key priorities and accomplishments and values that Congressional Democrats and 334 00:19:25,480 --> 00:19:28,600 Speaker 4: I have fought long, for long and hard for investing 335 00:19:28,640 --> 00:19:32,879 Speaker 4: in America's agenda. That's creating good jobs and communities throughout 336 00:19:32,920 --> 00:19:36,199 Speaker 4: the country. It protects Social Security, Medicare, and veterans, and 337 00:19:36,280 --> 00:19:39,600 Speaker 4: so much more. The Speaker and I made clear from 338 00:19:39,600 --> 00:19:43,080 Speaker 4: the start that the only way forward was a bipartisan agreement. 339 00:19:43,680 --> 00:19:46,960 Speaker 4: That agreement now goes to the United States House and 340 00:19:47,080 --> 00:19:50,840 Speaker 4: to the Senate. I strongly urge both both chambers to 341 00:19:50,840 --> 00:19:54,000 Speaker 4: pass that agreement. Let's keep moving forward on meeting our 342 00:19:54,040 --> 00:19:57,439 Speaker 4: obligations and building the strongest economy in the history of 343 00:19:57,440 --> 00:19:59,840 Speaker 4: the world. I'll take a few questions. 344 00:20:00,400 --> 00:20:02,840 Speaker 1: Before we get to the Q and A part. There 345 00:20:03,000 --> 00:20:06,240 Speaker 1: is a large portion of the American people, and a 346 00:20:06,320 --> 00:20:09,320 Speaker 1: large portion of people especially that listen to this podcast, 347 00:20:09,880 --> 00:20:11,600 Speaker 1: and they sit there, they go, let me get this straight. 348 00:20:11,800 --> 00:20:16,480 Speaker 1: He wants now credit for creating a crisis and then 349 00:20:16,560 --> 00:20:20,480 Speaker 1: now saying we've averted said crisis, which was a massive default, 350 00:20:20,960 --> 00:20:24,000 Speaker 1: so therefore you should be happy. And the red flag 351 00:20:24,040 --> 00:20:26,840 Speaker 1: goes up, which is okay, So you drive us down 352 00:20:26,880 --> 00:20:30,320 Speaker 1: this road so that there's this deadline in our face 353 00:20:30,359 --> 00:20:32,640 Speaker 1: with a gun to our head, and then you can 354 00:20:32,680 --> 00:20:34,159 Speaker 1: throw in a bunch of pork and a bunch of 355 00:20:34,160 --> 00:20:36,440 Speaker 1: stuff we don't like because the guns to our head 356 00:20:36,440 --> 00:20:40,080 Speaker 1: on default, and then you want us to clap for 357 00:20:40,280 --> 00:20:41,520 Speaker 1: you doing a great job. 358 00:20:41,840 --> 00:20:44,080 Speaker 3: And I'm not just referring to him, I'm referring to Congress. 359 00:20:44,280 --> 00:20:47,000 Speaker 1: Are we ever going to find a way to get 360 00:20:47,119 --> 00:20:48,520 Speaker 1: us off this merry go round? 361 00:20:49,400 --> 00:20:52,200 Speaker 2: Well, look, I think Joe Biden is going to continue 362 00:20:52,240 --> 00:20:54,720 Speaker 2: to try to create crises and continue to go hard 363 00:20:54,800 --> 00:20:59,040 Speaker 2: left and try to ram through his hard left agenda. 364 00:20:59,160 --> 00:21:01,520 Speaker 2: It's going to be much harder with the Republican House, 365 00:21:01,960 --> 00:21:03,720 Speaker 2: so I expect more and more of it to be 366 00:21:03,760 --> 00:21:07,960 Speaker 2: on the executive side and regulatory side. But in this instance, look, 367 00:21:07,960 --> 00:21:09,960 Speaker 2: if you want to know how to assess this deal, 368 00:21:10,040 --> 00:21:11,879 Speaker 2: one of the ways to do so is listen to 369 00:21:11,920 --> 00:21:13,159 Speaker 2: what the Democrats are saying. 370 00:21:13,720 --> 00:21:14,040 Speaker 3: There. 371 00:21:14,160 --> 00:21:17,480 Speaker 2: Joe Biden is urging every Democrat to support it. Here's 372 00:21:17,560 --> 00:21:20,760 Speaker 2: Ron Klain as former chief of staff. He tweeted today, 373 00:21:20,920 --> 00:21:25,720 Speaker 2: quote every dem should support this deal and then rally 374 00:21:25,760 --> 00:21:27,800 Speaker 2: behind Joe Biden and help him win the White House, 375 00:21:27,800 --> 00:21:30,720 Speaker 2: the Senate, in the House in twenty twenty four, so 376 00:21:30,800 --> 00:21:33,920 Speaker 2: we can save our economy now and get better policy 377 00:21:33,960 --> 00:21:37,359 Speaker 2: in twenty twenty five. That was Ron Klaine's reaction. Let 378 00:21:37,400 --> 00:21:39,080 Speaker 2: me give you another reaction to it, and this was 379 00:21:39,119 --> 00:21:39,719 Speaker 2: Bill Crystal. 380 00:21:39,760 --> 00:21:39,920 Speaker 3: Now. 381 00:21:39,960 --> 00:21:44,160 Speaker 2: Bill Crystal used to be somewhat conservative. When Trump became president, 382 00:21:44,240 --> 00:21:47,240 Speaker 2: Crystal lost his mind and has been a hard left 383 00:21:47,240 --> 00:21:52,679 Speaker 2: Democrat cheerleader ever since. Here's Crystal's reactions quote first reactions 384 00:21:52,720 --> 00:21:56,439 Speaker 2: to the deal. One good for the US through the 385 00:21:56,560 --> 00:21:58,600 Speaker 2: need to get rid of the death ceiling in twenty 386 00:21:58,640 --> 00:22:05,680 Speaker 2: twenty five, and two good for Biden EEP policy. Domestic 387 00:22:05,760 --> 00:22:09,800 Speaker 2: spending freezes no worse than the CRS that a GOP 388 00:22:10,000 --> 00:22:13,480 Speaker 2: house would have produced, and over the four years, spending 389 00:22:13,480 --> 00:22:18,040 Speaker 2: on liberal priorities up. So that's Bill Crystal's assessment and 390 00:22:18,480 --> 00:22:23,560 Speaker 2: Bill's Crystal's assessment. Beyond that, he also quote tweets a 391 00:22:23,960 --> 00:22:28,720 Speaker 2: tweet from a reporter guy named Max Cohen, who tweeted 392 00:22:28,760 --> 00:22:34,280 Speaker 2: the follow following He said, quote, I asked McCarthy about 393 00:22:34,280 --> 00:22:37,960 Speaker 2: how he would describe his interactions with Biden during negotiations. 394 00:22:38,520 --> 00:22:44,359 Speaker 2: Quote very professional, very smart, very tough. At the same time, 395 00:22:44,880 --> 00:22:48,840 Speaker 2: McCarthy replied, and here was Bill Crystal's reaction to that. Wow, 396 00:22:49,400 --> 00:22:53,040 Speaker 2: McCarthy seems to be all in for now on undercutting 397 00:22:53,040 --> 00:22:55,679 Speaker 2: the MAGA narrative about President Biden being out of it, 398 00:22:56,280 --> 00:22:59,480 Speaker 2: which is good for Biden and for the country. And 399 00:22:59,520 --> 00:23:02,280 Speaker 2: then he said, and for the future, wouldn't MacCarthy prefer 400 00:23:02,400 --> 00:23:05,400 Speaker 2: being speaker with a President Biden than having to deal 401 00:23:05,440 --> 00:23:08,800 Speaker 2: with a President Trump? Asked to that last question, Hell no, Bill, 402 00:23:09,160 --> 00:23:12,280 Speaker 2: and you have Trump derangement syndrome, which makes you think 403 00:23:12,320 --> 00:23:16,359 Speaker 2: the country is better off handing the nation over to 404 00:23:16,520 --> 00:23:20,879 Speaker 2: out of control Marxists than actually winning policy victories in 405 00:23:20,960 --> 00:23:24,120 Speaker 2: the White House. But that does tell you something about 406 00:23:24,160 --> 00:23:26,960 Speaker 2: how people are reacting this deal, that folks on the 407 00:23:27,000 --> 00:23:29,520 Speaker 2: far left are cheerleading it right now. 408 00:23:30,560 --> 00:23:33,480 Speaker 1: Yeah, And there's one other question, and that is this 409 00:23:33,720 --> 00:23:35,919 Speaker 1: from a reporter, and I want to get your reaction 410 00:23:36,040 --> 00:23:43,480 Speaker 1: to it. A reporter asked the president about him quote compromising, 411 00:23:43,520 --> 00:23:46,120 Speaker 1: And as you mentioned it there, it seems the Democrats 412 00:23:46,600 --> 00:23:49,560 Speaker 1: in many ways got a pretty good deal here, and 413 00:23:49,600 --> 00:23:51,880 Speaker 1: Biden was trying to act like he was some sort 414 00:23:51,920 --> 00:23:54,680 Speaker 1: of you know, well, it was really hard for me 415 00:23:54,760 --> 00:23:56,919 Speaker 1: to do this, really tough, but you know what was 416 00:23:56,960 --> 00:23:57,840 Speaker 1: my alternative? 417 00:23:57,880 --> 00:24:01,320 Speaker 3: Listen at the beginning that the death. 418 00:24:01,200 --> 00:24:02,560 Speaker 1: Cent was not negotiable. 419 00:24:02,800 --> 00:24:04,280 Speaker 3: Doesn't that being just done here? 420 00:24:04,359 --> 00:24:07,159 Speaker 4: Or does that? And you guys said, look, we're not negotiating. 421 00:24:07,200 --> 00:24:10,000 Speaker 4: Here's the deal they passed. They said they're going to 422 00:24:10,080 --> 00:24:12,880 Speaker 4: They passed the debt ceiling, and they said they'd only 423 00:24:12,920 --> 00:24:15,560 Speaker 4: do it on condition that it had all these cuts 424 00:24:15,560 --> 00:24:17,760 Speaker 4: in it. I said, I'm not going to do that. 425 00:24:17,840 --> 00:24:21,560 Speaker 4: You passed the debt ceiling. Period, I'll negotiate with you 426 00:24:21,640 --> 00:24:24,639 Speaker 4: on the cuts. What you say, what's going to happen, 427 00:24:24,920 --> 00:24:28,000 Speaker 4: What the budget's going to look like. That's what we 428 00:24:28,080 --> 00:24:32,600 Speaker 4: are negotiating in order to get to them deciding that 429 00:24:32,680 --> 00:24:35,359 Speaker 4: they're going to go along with a new debt ceiling, 430 00:24:36,040 --> 00:24:39,640 Speaker 4: meaning that it's not attached, so something totally different attached 431 00:24:39,960 --> 00:24:42,520 Speaker 4: was attached before. But you want to try to make 432 00:24:42,560 --> 00:24:45,000 Speaker 4: it look like I made some compromise in the debt ceiling. 433 00:24:45,119 --> 00:24:45,720 Speaker 3: I didn't. 434 00:24:46,040 --> 00:24:49,080 Speaker 4: I made a compromise on the budget. That's what they 435 00:24:49,080 --> 00:24:50,800 Speaker 4: wanted to do, to make a compromise on the budget, 436 00:24:50,800 --> 00:24:52,400 Speaker 4: and that's what you've done, even though you haven't gone 437 00:24:52,400 --> 00:24:55,400 Speaker 4: as far as they wanted, isn't that sure? Yeah? Well, 438 00:24:56,960 --> 00:24:58,159 Speaker 4: can you think of an alternative? 439 00:25:00,800 --> 00:25:03,520 Speaker 3: Can you think of an alternative? And then there's the chuckle. 440 00:25:03,720 --> 00:25:05,679 Speaker 1: I mean, really, that's what you've got from the President 441 00:25:05,720 --> 00:25:06,560 Speaker 1: in the White House tonight. 442 00:25:07,720 --> 00:25:09,280 Speaker 3: Oh look what he just said. 443 00:25:09,320 --> 00:25:10,840 Speaker 2: There was complete gobbledygook. 444 00:25:10,960 --> 00:25:12,920 Speaker 3: And it is absolutely right. 445 00:25:13,400 --> 00:25:16,680 Speaker 2: That Biden suffered a major defeat. Initially, he staked out 446 00:25:16,680 --> 00:25:19,480 Speaker 2: a position that was patently unreasonable. He said he wasn't 447 00:25:19,520 --> 00:25:21,520 Speaker 2: going to talk, he wasn't going to negotiate. The only 448 00:25:21,560 --> 00:25:24,120 Speaker 2: thing he would take was a clean debt ceiling. That 449 00:25:24,200 --> 00:25:27,800 Speaker 2: was objectively unreasonable. But frankly, it's been the position of 450 00:25:28,440 --> 00:25:31,160 Speaker 2: a lot of Democrat presidents in the past, and sometimes 451 00:25:31,160 --> 00:25:35,360 Speaker 2: they've held that line, sometimes they haven't. Unfortunately, sometimes Republican 452 00:25:35,440 --> 00:25:38,720 Speaker 2: leadership in the Senator House has echoed the line of 453 00:25:38,760 --> 00:25:41,240 Speaker 2: Democrat presidents that it must be a clean debt ceiling 454 00:25:41,240 --> 00:25:45,760 Speaker 2: with nothing attached, which is beginning with unilateral surrender. I 455 00:25:45,760 --> 00:25:49,160 Speaker 2: will credit the House, the House Republicans, and I think 456 00:25:49,440 --> 00:25:52,639 Speaker 2: it is House conservatives that drove this that the clean 457 00:25:52,680 --> 00:25:55,560 Speaker 2: debt ceiling was off the table and Biden was forced 458 00:25:56,080 --> 00:26:01,000 Speaker 2: to completely surrender on that demand, and his whole convoluted 459 00:26:01,040 --> 00:26:05,800 Speaker 2: explanation there made no sense. He ended up abandoning his claim. 460 00:26:05,800 --> 00:26:07,359 Speaker 2: He wasn't it going to negotiate, and he came to 461 00:26:07,400 --> 00:26:12,239 Speaker 2: the Oshing table, and look, it was always obvious that 462 00:26:12,320 --> 00:26:14,800 Speaker 2: what was going to pass was going to be somewhere 463 00:26:14,840 --> 00:26:19,199 Speaker 2: between what the House initially passed and nothing. And so 464 00:26:19,320 --> 00:26:22,240 Speaker 2: I did not stake out the position that every word 465 00:26:22,280 --> 00:26:24,359 Speaker 2: of what the House passed initially has to pass or 466 00:26:24,400 --> 00:26:29,600 Speaker 2: else it's unacceptable. My criticism is it's closer to nothing 467 00:26:29,640 --> 00:26:32,199 Speaker 2: than it should have been. So for example, in what 468 00:26:32,320 --> 00:26:37,360 Speaker 2: the House originally passed, it blocked the illegal and unconstitutional 469 00:26:37,440 --> 00:26:42,000 Speaker 2: Biden's student debt cancelation that would have saved at least 470 00:26:42,040 --> 00:26:45,800 Speaker 2: four hundred and sixty billion dollars. What's been reported publicly 471 00:26:45,920 --> 00:26:49,640 Speaker 2: is nope, all of that's still in there now, allegedly. 472 00:26:49,720 --> 00:26:52,920 Speaker 2: And what Kevin said is is there is something in 473 00:26:52,960 --> 00:26:56,520 Speaker 2: there saying that if the court strikes it down, people 474 00:26:56,600 --> 00:26:59,960 Speaker 2: have to resume paying their debts. I didn't quite understand 475 00:27:00,000 --> 00:27:03,080 Speaker 2: and what he was saying when he described that, But 476 00:27:03,160 --> 00:27:05,760 Speaker 2: we'll see what the text is at the end of 477 00:27:05,760 --> 00:27:09,560 Speaker 2: the day. The old version eliminated altogether, and this one 478 00:27:09,600 --> 00:27:13,240 Speaker 2: at best punts it to the court. It's worth comparing 479 00:27:13,280 --> 00:27:18,160 Speaker 2: the overall numbers. What the House did initially was increase 480 00:27:18,280 --> 00:27:21,639 Speaker 2: the debt limit by one point five trillion, or until 481 00:27:21,720 --> 00:27:24,520 Speaker 2: March of twenty twenty four, so it was a partial 482 00:27:24,560 --> 00:27:30,840 Speaker 2: debt increase, but not a blank check. What this is 483 00:27:31,040 --> 00:27:36,120 Speaker 2: does is it suspends the debt limit altogether until January 484 00:27:36,200 --> 00:27:38,560 Speaker 2: twenty twenty five on. So on the face of it, 485 00:27:38,600 --> 00:27:42,320 Speaker 2: instead of one point five trillion, it's about four trillion 486 00:27:42,359 --> 00:27:45,160 Speaker 2: in debt. Now, that's more than twice as much debt. 487 00:27:45,200 --> 00:27:47,879 Speaker 2: That is a lot of debt. And if you're giving 488 00:27:47,920 --> 00:27:50,800 Speaker 2: the Democrats that much debt, I think you should be 489 00:27:50,840 --> 00:27:55,000 Speaker 2: getting real and material spending increases. And the big thing 490 00:27:55,080 --> 00:27:59,040 Speaker 2: to understand is what happened for the federal government. In 491 00:27:59,080 --> 00:28:03,680 Speaker 2: twenty seventeen, the total federal budget was about four trillion dollars. 492 00:28:03,720 --> 00:28:07,800 Speaker 2: It's now six and a half trillion dollars. That's happened 493 00:28:07,840 --> 00:28:09,040 Speaker 2: in just five years. 494 00:28:09,080 --> 00:28:09,399 Speaker 3: Why. 495 00:28:09,840 --> 00:28:12,439 Speaker 2: The biggest reason is because of COVID and the massive 496 00:28:12,480 --> 00:28:16,720 Speaker 2: spending on COVID, and then because the Democrat majorities the 497 00:28:16,840 --> 00:28:23,400 Speaker 2: last two years rammed through massive spending and Unfortunately, this 498 00:28:23,560 --> 00:28:27,840 Speaker 2: deal may slightly slow down the rate of growth going forward, 499 00:28:28,640 --> 00:28:31,800 Speaker 2: but it does very little to turn the clock back 500 00:28:32,600 --> 00:28:37,080 Speaker 2: on the explosion of spending that was given with COVID 501 00:28:37,119 --> 00:28:40,880 Speaker 2: as the excuse, and that is driving inflation. If you 502 00:28:40,920 --> 00:28:44,840 Speaker 2: don't like paying more for every bill you've got, having 503 00:28:44,920 --> 00:28:47,640 Speaker 2: the federal government spend like drunken sailors is one of 504 00:28:47,680 --> 00:28:51,320 Speaker 2: the big causes of it. And so if you just 505 00:28:51,480 --> 00:28:56,400 Speaker 2: think in terms of big picture comparison, increasing the debt 506 00:28:56,440 --> 00:28:59,280 Speaker 2: limit from one point five trillion to four trillion is 507 00:28:59,320 --> 00:29:04,680 Speaker 2: a big increase and the spending reductions are much much smaller. 508 00:29:05,160 --> 00:29:08,400 Speaker 2: That's the biggest reason I'm disappointed by what we're looking at. 509 00:29:09,040 --> 00:29:13,240 Speaker 1: I got to ask you a hypothetical here, will we ever? 510 00:29:14,560 --> 00:29:16,200 Speaker 3: And there's a lot of people that are listening. 511 00:29:16,320 --> 00:29:18,520 Speaker 1: I'm one of them that thinks this, every time we 512 00:29:18,600 --> 00:29:22,000 Speaker 1: go down this road, Are we ever going to get 513 00:29:22,040 --> 00:29:23,000 Speaker 1: a balanced budget? 514 00:29:23,040 --> 00:29:23,880 Speaker 3: Amendment center? 515 00:29:24,040 --> 00:29:26,560 Speaker 1: Is that now just the biggest load of crap ever 516 00:29:26,640 --> 00:29:29,760 Speaker 1: Promised by a lot of politicians to get people to 517 00:29:29,760 --> 00:29:31,440 Speaker 1: go to the polls and vote for them, that I'll 518 00:29:31,440 --> 00:29:32,720 Speaker 1: do this, and I'm going to do this. 519 00:29:33,160 --> 00:29:35,440 Speaker 3: There's been opportunities to do it. Never gets done. 520 00:29:36,040 --> 00:29:39,200 Speaker 1: People love the drunken sailor spending when they get into office. 521 00:29:39,680 --> 00:29:42,400 Speaker 1: You're one of those that criticize it every single time. 522 00:29:42,800 --> 00:29:44,840 Speaker 1: But when you see where we're going with our debt, 523 00:29:45,440 --> 00:29:48,280 Speaker 1: is there any chance that we will ever get a 524 00:29:48,320 --> 00:29:51,280 Speaker 1: balanced budget amendment, even if the Republicans got back the House, 525 00:29:51,320 --> 00:29:53,280 Speaker 1: sent in the White House all at the same time. 526 00:29:54,000 --> 00:29:57,400 Speaker 2: Well, look, if we're counting on current members of Congress, 527 00:29:57,480 --> 00:30:01,880 Speaker 2: there's no chance whatsoever. All of the Democrats oppose a 528 00:30:01,920 --> 00:30:05,400 Speaker 2: balanced budget amendment. All of them like spending like drunken sailors. 529 00:30:05,400 --> 00:30:09,040 Speaker 2: And the unfortunate thing is about half the Republicans do. 530 00:30:09,120 --> 00:30:13,200 Speaker 2: And Republican leadership loves the spending. Anytime we have a 531 00:30:13,240 --> 00:30:16,959 Speaker 2: big spending fight in the Senate, they are about twenty 532 00:30:17,040 --> 00:30:22,000 Speaker 2: Republicans who are willing to vote no, And you usually 533 00:30:22,040 --> 00:30:25,840 Speaker 2: get all the Democrats and twenty to thirty Republicans who 534 00:30:25,880 --> 00:30:28,400 Speaker 2: will vote for damn near any spending bill they see. 535 00:30:28,600 --> 00:30:31,240 Speaker 2: I did last week. I was on Squakbox on CNBC, 536 00:30:31,600 --> 00:30:34,160 Speaker 2: which I really like. Doing squakboxes, you actually get into 537 00:30:34,680 --> 00:30:38,480 Speaker 2: substantive conversations in greater depth than the five or six 538 00:30:38,520 --> 00:30:42,640 Speaker 2: minute SoundBite you get on most other shows. But in 539 00:30:42,680 --> 00:30:45,080 Speaker 2: the course of being on Squawkbox, at one point we 540 00:30:45,080 --> 00:30:48,920 Speaker 2: were talking about the out of control spending and they said, well, gosh, 541 00:30:49,000 --> 00:30:51,719 Speaker 2: you know, you had the Inflation Reduction Act, you get 542 00:30:51,760 --> 00:30:54,320 Speaker 2: the infrastructure bill, and you had this other bill. And 543 00:30:54,360 --> 00:30:56,160 Speaker 2: I'm like, yeah, and I voted against all of those, 544 00:30:56,640 --> 00:30:59,560 Speaker 2: and the hosts were a little surprised on that. But look, 545 00:31:00,320 --> 00:31:02,680 Speaker 2: I don't think we ought to be bankrupting our country. 546 00:31:02,720 --> 00:31:06,640 Speaker 2: And the simple math of it, five years ago, the 547 00:31:06,720 --> 00:31:10,920 Speaker 2: national debt was just over twenty trillion dollars. Today it's 548 00:31:11,000 --> 00:31:16,040 Speaker 2: thirty two trillion dollars. That is a massive, massive increase, 549 00:31:16,720 --> 00:31:19,680 Speaker 2: and I think we should be using this leverage now 550 00:31:20,160 --> 00:31:24,160 Speaker 2: to make a greater step to stopping that spending and 551 00:31:24,240 --> 00:31:25,320 Speaker 2: that out of control debt. 552 00:31:26,400 --> 00:31:29,400 Speaker 1: Last question for you, Senator, how close are we to 553 00:31:29,600 --> 00:31:32,680 Speaker 1: just being in total chaos? And I'm talking about as 554 00:31:32,680 --> 00:31:36,400 Speaker 1: a country with debt. You look at a national debt 555 00:31:36,400 --> 00:31:39,240 Speaker 1: clock and those numbers if we want to pay it 556 00:31:39,280 --> 00:31:42,240 Speaker 1: all off of the US national debt debt per citizens 557 00:31:42,280 --> 00:31:44,360 Speaker 1: over ninety five thousand now for the first time ever. 558 00:31:44,920 --> 00:31:47,440 Speaker 1: But not every citizen pays taxes, So if you had 559 00:31:47,480 --> 00:31:51,200 Speaker 1: debts debt per taxpayer, you'd be two hundred and forty 560 00:31:51,200 --> 00:31:53,600 Speaker 1: eight thousand, and that would just pay off the debt 561 00:31:53,640 --> 00:31:55,560 Speaker 1: for one one thousand of a second, and we'd still 562 00:31:55,600 --> 00:31:58,160 Speaker 1: immediately go back in the red. You look at the 563 00:31:58,240 --> 00:32:03,400 Speaker 1: US federal debt ratio, for example, in two thousand, it 564 00:32:03,480 --> 00:32:06,480 Speaker 1: was fifty seven point seven eight percent the US federal 565 00:32:06,520 --> 00:32:09,160 Speaker 1: debt to GDP ratio. Now it's the worst that's ever 566 00:32:09,200 --> 00:32:12,320 Speaker 1: been in history, one hundred and twenty point forty seven percent. 567 00:32:13,280 --> 00:32:15,800 Speaker 1: That is something that every economist in the world would 568 00:32:15,800 --> 00:32:21,320 Speaker 1: say is impossible to sustain. And when you see this 569 00:32:21,480 --> 00:32:23,680 Speaker 1: now and you look at the debt and you look 570 00:32:23,720 --> 00:32:24,440 Speaker 1: at our kids. 571 00:32:25,000 --> 00:32:26,120 Speaker 3: I look at my kids. 572 00:32:26,160 --> 00:32:28,320 Speaker 1: I know you look at your kids, and you see this, 573 00:32:28,880 --> 00:32:32,720 Speaker 1: and you think, at some point this debt time bomb 574 00:32:32,840 --> 00:32:37,040 Speaker 1: is going to explode. Is there anyone really that cares, 575 00:32:37,120 --> 00:32:40,120 Speaker 1: that's in a high leadership role in DC over this? 576 00:32:40,200 --> 00:32:41,680 Speaker 1: And before you answer that, let me tell you about 577 00:32:41,680 --> 00:32:44,320 Speaker 1: our friends of Patriot Mobile. I don't know about you, 578 00:32:44,360 --> 00:32:46,960 Speaker 1: but I'm sick and tired of giving my money to 579 00:32:47,040 --> 00:32:50,000 Speaker 1: woke companies. We've seen what's been happening with bud Light 580 00:32:50,120 --> 00:32:54,520 Speaker 1: and Target, with Patagonia, the list goes on and on. 581 00:32:54,600 --> 00:32:55,800 Speaker 3: North Face. We've seen this. 582 00:32:56,280 --> 00:32:58,640 Speaker 1: And if you are sick and tired of giving your 583 00:32:58,720 --> 00:33:02,680 Speaker 1: money to company they're destructive, their woke ideology is coming 584 00:33:02,840 --> 00:33:06,160 Speaker 1: after your family, then I've got a way you can 585 00:33:06,240 --> 00:33:09,880 Speaker 1: make a difference. For years, big mobile companies have been 586 00:33:09,960 --> 00:33:13,320 Speaker 1: dumping millions of dollars into leftist causes, and you didn't 587 00:33:13,360 --> 00:33:15,760 Speaker 1: have another option because it didn't exist. You just had 588 00:33:15,760 --> 00:33:18,680 Speaker 1: to go along with it. Not anymore. 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They have one hundred percent 596 00:33:45,280 --> 00:33:48,680 Speaker 1: US based customer service teams, so they're supporting American workers. 597 00:33:49,160 --> 00:33:51,440 Speaker 1: And when you switch a Porsche, of your bill every 598 00:33:51,440 --> 00:33:54,120 Speaker 1: month goes to these causes at no extra cost to you. 599 00:33:54,600 --> 00:33:57,600 Speaker 1: So check out Patriot Mobile. Stand with a company that 600 00:33:57,640 --> 00:34:02,280 Speaker 1: stands with your values. Patriot Mobile dot com slash Verdict 601 00:34:02,680 --> 00:34:05,040 Speaker 1: use a promo code Verdict to get the best deals 602 00:34:05,040 --> 00:34:07,640 Speaker 1: of the day free activation. You can keep your same 603 00:34:07,720 --> 00:34:10,600 Speaker 1: cell phone number you have now and keep your same 604 00:34:10,680 --> 00:34:11,879 Speaker 1: cell phone or get a new one. 605 00:34:11,880 --> 00:34:13,240 Speaker 3: If you want to get. 606 00:34:13,080 --> 00:34:16,960 Speaker 1: Free activation, Patriotmobile dot com or call them eight seven 607 00:34:17,000 --> 00:34:20,239 Speaker 1: eight Patriot that's eight seven eight Patriot Patriot Mobile dot 608 00:34:20,320 --> 00:34:23,640 Speaker 1: Com center that ask me that question for you. I 609 00:34:23,680 --> 00:34:26,399 Speaker 1: see a US debt taking time bomb. I think every 610 00:34:26,400 --> 00:34:29,880 Speaker 1: economist says it. Uh, this is not just about our 611 00:34:29,920 --> 00:34:33,000 Speaker 1: kids and our grandkids having debt. This is about losing 612 00:34:33,040 --> 00:34:36,879 Speaker 1: control of a country in essence when that's explodes. If 613 00:34:36,880 --> 00:34:39,360 Speaker 1: we don't write this ship, how concerned are you on 614 00:34:39,400 --> 00:34:39,880 Speaker 1: that level? 615 00:34:40,880 --> 00:34:44,040 Speaker 2: So I'm very concerned. But let's wrap this podcast up 616 00:34:44,080 --> 00:34:48,080 Speaker 2: with a note of optimism. Yes, absolutely, yes we can 617 00:34:48,200 --> 00:34:50,879 Speaker 2: solve this. I don't believe this is unsolvable. I don't 618 00:34:50,880 --> 00:34:53,960 Speaker 2: believe we're in a hole that is too deep. If 619 00:34:54,040 --> 00:34:56,120 Speaker 2: you look at the federal budget, and if you're a 620 00:34:56,200 --> 00:35:00,000 Speaker 2: numbers person, and look, I'm someone who cares about numbers, 621 00:35:00,160 --> 00:35:05,720 Speaker 2: cares cares about the budget, there is only one first 622 00:35:05,880 --> 00:35:09,239 Speaker 2: order variable when it comes to the budget, and that 623 00:35:09,440 --> 00:35:12,360 Speaker 2: is economic growth. Everything else is a second order or 624 00:35:12,400 --> 00:35:16,000 Speaker 2: third order variable. In other words, we cannot cut spending 625 00:35:16,120 --> 00:35:20,800 Speaker 2: enough doing nothing else to solve this problem. The only 626 00:35:20,840 --> 00:35:25,560 Speaker 2: way to get out of it is to increase GDP growth. 627 00:35:25,600 --> 00:35:30,400 Speaker 2: And if you look at when growth is booming. Since 628 00:35:30,440 --> 00:35:34,239 Speaker 2: World War Two, GDP growth has averaged about three point 629 00:35:34,320 --> 00:35:40,960 Speaker 2: three percent a year. That number is critically critically important. 630 00:35:41,320 --> 00:35:46,320 Speaker 2: During the second half of the Obama years, GDP growth 631 00:35:46,480 --> 00:35:49,759 Speaker 2: averaged less than one percent a year, zero point nine 632 00:35:49,840 --> 00:35:53,880 Speaker 2: percent a year. The preceding time GDP growth had averaged 633 00:35:53,920 --> 00:35:56,640 Speaker 2: less than one percent a year was nineteen seventy eight 634 00:35:56,680 --> 00:35:59,520 Speaker 2: to nineteen eighty two, coming out of Jimmy Carter. If 635 00:35:59,560 --> 00:36:05,319 Speaker 2: you have anemic GDP growth, you can't solve the budget problem. 636 00:36:05,360 --> 00:36:09,200 Speaker 2: It's impossible. On the other hand, if you have booming 637 00:36:09,280 --> 00:36:13,399 Speaker 2: economic growth, it's a double whammy on the budget because 638 00:36:13,400 --> 00:36:16,320 Speaker 2: when you have booming growth, number one, tax revenue surge 639 00:36:16,800 --> 00:36:19,400 Speaker 2: and so the federal government takes in more revenue. But 640 00:36:19,560 --> 00:36:22,399 Speaker 2: number two, when you have booming economic growth, a lot 641 00:36:22,440 --> 00:36:26,120 Speaker 2: of federal spending drops. Welfare spending drops, so people who 642 00:36:26,120 --> 00:36:29,840 Speaker 2: were getting welfare get jobs, and when they get jobs, 643 00:36:29,880 --> 00:36:33,000 Speaker 2: they stop getting welfare and they start paying taxes. So 644 00:36:33,040 --> 00:36:35,600 Speaker 2: you get a double whammy. And to give you a 645 00:36:35,640 --> 00:36:38,080 Speaker 2: sense of how potent it can be. Look, if you 646 00:36:38,160 --> 00:36:40,880 Speaker 2: ask can we ever solve it? The natural question is 647 00:36:40,880 --> 00:36:44,480 Speaker 2: to ask, well, when's the last time we solved it 648 00:36:44,840 --> 00:36:48,160 Speaker 2: and didn't have a deficit. And the answer to that 649 00:36:48,239 --> 00:36:52,399 Speaker 2: would be after twelve years of Reagan, Bush coming in, 650 00:36:52,719 --> 00:36:57,560 Speaker 2: cutting taxes, simplifying the tax code, reducing job killing regulations. 651 00:36:57,600 --> 00:37:01,880 Speaker 2: And Reagan came in and did that, came in, inherited 652 00:37:02,360 --> 00:37:05,520 Speaker 2: Jimmy Carter's anemic growth. He slashed the tax code, he 653 00:37:05,560 --> 00:37:10,040 Speaker 2: simplified the tax code, and he cut job killing regulations. 654 00:37:10,360 --> 00:37:12,600 Speaker 2: And Ben, do you know what GDP growth was in 655 00:37:12,680 --> 00:37:13,560 Speaker 2: nineteen eighty four? 656 00:37:14,560 --> 00:37:15,800 Speaker 3: I would love to know, and I know you know 657 00:37:15,840 --> 00:37:16,840 Speaker 3: that number, So tell. 658 00:37:16,719 --> 00:37:26,120 Speaker 2: Me seven point two percent. Wow, that's Those are developing 659 00:37:26,160 --> 00:37:28,560 Speaker 2: country numbers. Those are numbers you see in countries like 660 00:37:28,640 --> 00:37:31,960 Speaker 2: India and Singapore. Those are not what you see in 661 00:37:32,560 --> 00:37:37,359 Speaker 2: major industrialized countries like the United States. Typically. That's the 662 00:37:37,440 --> 00:37:41,120 Speaker 2: power of growth. And what happened after we saw the 663 00:37:41,160 --> 00:37:44,319 Speaker 2: growth unleashed through eight years of Reagan and four more 664 00:37:44,400 --> 00:37:49,920 Speaker 2: years of Bush is Bill Clinton inherited an economy that 665 00:37:50,080 --> 00:37:54,960 Speaker 2: was booming so strong that we had a four trillion 666 00:37:55,080 --> 00:37:59,319 Speaker 2: dollar budget surplus. That's how you do it. That's how 667 00:37:59,360 --> 00:38:01,680 Speaker 2: you fix it. And if you want to fix it again, 668 00:38:01,800 --> 00:38:03,640 Speaker 2: we got to do the same thing. By the way, 669 00:38:04,480 --> 00:38:09,759 Speaker 2: rewind to JFK. JFK, if he were running today, the 670 00:38:09,800 --> 00:38:11,960 Speaker 2: Democrat Party would chase him out of the party. They 671 00:38:12,080 --> 00:38:15,400 Speaker 2: tar and feather him. JFK ran for the presidency on 672 00:38:15,480 --> 00:38:18,759 Speaker 2: tax cuts and defeating communists. Neither one of those are 673 00:38:18,800 --> 00:38:22,040 Speaker 2: welcome in today's Democrat Party. But you look at JFK 674 00:38:22,200 --> 00:38:27,280 Speaker 2: cut taxes, JFK reduced regulations, and JFK campaigned on five 675 00:38:27,400 --> 00:38:32,000 Speaker 2: percent annual GDP growth and we produce that during his 676 00:38:32,080 --> 00:38:35,040 Speaker 2: presidency and it was an economic boom. We can do 677 00:38:35,160 --> 00:38:37,920 Speaker 2: that again, but Ben, we're not going to do it 678 00:38:37,920 --> 00:38:40,800 Speaker 2: again until we have a president who is thoroughly committed 679 00:38:40,840 --> 00:38:43,600 Speaker 2: to doing so. And that means raining and the spending. 680 00:38:43,640 --> 00:38:47,960 Speaker 2: But that also means the aggressive pro growth tax cutting, 681 00:38:48,320 --> 00:38:52,839 Speaker 2: tax simplification, and repealing of job killing regulations that let 682 00:38:53,000 --> 00:38:57,960 Speaker 2: small businesses prosper and flourish. Until that happens. If we 683 00:38:58,040 --> 00:39:00,840 Speaker 2: don't have the growth, you can't all of the problem. 684 00:39:00,880 --> 00:39:03,359 Speaker 2: But with the growth, I believe we can solve it. 685 00:39:03,719 --> 00:39:05,480 Speaker 2: You also asked a minute ago if we'll ever get 686 00:39:05,480 --> 00:39:08,920 Speaker 2: a budget Ballace Budget Amendment, not through the current members 687 00:39:08,920 --> 00:39:12,040 Speaker 2: of Congress, but I do think the States are very 688 00:39:12,040 --> 00:39:16,239 Speaker 2: close to calling for a constitutional convention to pass one, 689 00:39:16,520 --> 00:39:18,759 Speaker 2: which is the only way it will ever happen with 690 00:39:18,920 --> 00:39:20,200 Speaker 2: pressure from the States. 691 00:39:20,600 --> 00:39:22,760 Speaker 1: Yeah, a lot of support and a lot of growth 692 00:39:22,800 --> 00:39:24,680 Speaker 1: and a lot of people finding out about that movement 693 00:39:24,719 --> 00:39:28,360 Speaker 1: as well, which is a great thing, Senator. Always a 694 00:39:28,400 --> 00:39:32,040 Speaker 1: pleasure for everyone listening. Don't forget to hit that subscribe, 695 00:39:32,280 --> 00:39:36,080 Speaker 1: that auto download button or the follow tab. If you're 696 00:39:36,120 --> 00:39:40,000 Speaker 1: listening on Apple Podcast. At the top, there's a follow button. 697 00:39:40,040 --> 00:39:42,200 Speaker 1: You can click it and you'll make sure you get 698 00:39:42,239 --> 00:39:46,439 Speaker 1: every episode we publish on Monday, Wednesdays and Fridays. When 699 00:39:46,440 --> 00:39:49,160 Speaker 1: you listen our show, please share it on social media. 700 00:39:49,200 --> 00:39:52,080 Speaker 1: You can hit that little Ford arrow and share it 701 00:39:52,120 --> 00:39:55,040 Speaker 1: on whatever social media platform you are on. That helps 702 00:39:55,080 --> 00:39:57,480 Speaker 1: other people listen to this show and find it and 703 00:39:57,560 --> 00:39:59,719 Speaker 1: most importantly write it's a five star review if you can. 704 00:39:59,800 --> 00:40:02,440 Speaker 1: We're ever you're listening to show. As always center a 705 00:40:02,480 --> 00:40:04,160 Speaker 1: pleasure being with you. We'll see it back here in 706 00:40:04,200 --> 00:40:04,920 Speaker 1: a couple of days.