MARIA: WELCOME BACK.
PRESIDENT BIDEN IS SET TO SIGN
THE $1.9 TRILLION STIMULUS BILL
TOMORROW.
IT’S BEEN CALLED THE MOST
PROGRESSIVE PLAN, THE LARGEST
PLAN, THE LARGEST BILL EVER.
HOUSE SPEAKER NANCY PELOSI
TOUTING IT AS HISTORIC.
>> THIS IS THE MOST
CONSEQUENTIAL LEGISLATION THAT
MANY OF US WILL EVER BE A PARTY
TO.
WHO KNOWS WHAT THE FUTURE MAY
BRING?
BUT NONETHELESS, ON THIS DAY WE
CELEBRATE.
MARIA: THE WALL STREET JOURNAL
EDITORIAL BOARD OUT WITH A NEW
OP-ED ON THE SPENDING HERE.
THE PROGRESSIVE DEMOCRATIC STEAM
ROLLER, SAYING IT’S JUST THE
BEGINNING.
IT IS JUST THE BEGINNING OF A
MASSIVE AMOUNT OF SPENDING.
JOINING ME RIGHT NOW IS FORMER
CLINTON SENIOR ADVISOR, STAGWELL
GROUP PRESIDENT, MANAGING
PARTNER, MARK PENN.
THANK YOU VERY MUCH FOR JOINING
US.
YOUR REACTION TO THIS BIG
SPENDING BILL THAT WILL GET INTO
LAW THIS WEEK?
>> WELL, WE’VE COME ALONG WAY
FROM IN THE CLINTON ERA WHEN WE
WERE TRYING TO BALANCE THE
BUDGET.
IN FACT, ANY CONCEPT OF THAT
OBVIOUSLY HAS BEEN THROWN WAY
OUT THE WINDOW.
I THINK THE QUESTION IS TWO
YEARS FROM NOW WILL THIS BE
CONSIDERED THE STIMULUS THAT
SAVED THE ECONOMY OR WILL IT BE
CONSIDERED PORK?
REMEMBER, RIGHT NOW THIS IS AN
AVERAGE COST PER PERSON OF ABOUT
$6,000.
BUT THE MOST ANY PERSON GETS
FROM THIS IS $1,400.
SO THE REST OF IT IS GOING TO
SOMETHING ELSE.
IT’S GOING TO BUSINESSES THAT
ARE HURT BY COVID OR IS IT GOING
TO SPECIAL INTEREST PROGRAMS?
NOBODY REALLY KNOWS WHAT’S IN
THIS BILL OR HOW IT’S GOING TO
BE SPENT OTHER THAN THE 1400.
TIME WILL TELL.
LAST TIME WITH OBAMA IT STARTED
OUT WITH A BIG SPENDING BILL, IT
DIDN’T END UP VERY WELL TWO
YEARS LATER.
MARIA: YEAH, I MEAN, THE
JOURNAL THIS MORNING IN THIS
OP-ED WRITES THE PARTY IS UNITED
BEHIND IT.
THE PARTY IS UNITED BEHIND THE
MOST LEFT WING AGENDA IN
DECADES.
WHILE REPUBLICANS ARE DIVIDED IN
INTELLECTUAL DISARRAY.
THIS IS IS ONLY THE BEGINNING OF
THE PROGRESSIVE STEAM ROLLER AND
IT’S WORTH UNDERSTANDING WHY.
THAT’S THE THING.
THEY ARE BEHIND THIS MOST LEFT
WING AGENDA IN DECADES.
SO SPEAK TO THAT, WHERE THE
PARTY IS IN TERMS OF THE
PROGRESSIVES VERSUS THE
MODERATES.
BECAUSE IT SEEMS LIKE MANY
DECISIONS OUT OF THE BIDEN
ADMINISTRATION ARE CATERING TO
THE EXTREME LEFT AND THE REAL
PROGRESSIVES.
>> WELL, I THINK IF YOU’RE A
MEMBER OF THE DEMOCRATIC PARTY,
YOU’RE THINKING, LOOK, THIS IS
THE FIRST MAJOR INITIATIVE FROM
THE ADMINISTRATION.
YOU DON’T WANT TO STOP ITS
MOMENTUM AND OPPOSE IT.
THE QUESTION IS, WHEN YOU COME
TO ANOTHER SEVERAL TRILLION
DOLLAR BILL, WILL MODERATES
STAND UP HERE OR NOT?
I THINK IN THIS BILL THE
MODERATES REALLY DIDN’T STAND UP
EVEN THOUGH THERE’S A CAUCUS OF
MODERATES, THERE’S THE PROBLEM
SOLVER CAUCUS, THERE’S A PRETTY
GOOD GROUP OF THEM IN THE HOUSE
BUT THEY WENT ALONG WITH THIS
BILL.
I DON’T KNOW THAT THAT MEANS
THEY GO ALONG WITH EVERY BILL.
THE REAL TEST WILL COME WITH THE
NEXT $2 TRILLION BILL, WHETHER
OR NOT THEY PUT THE BRAKES ON
THE SPENDING OR GO ALONG ALL THE
WAY.
I DON’T THINK THE PUBLIC IN THE
END WILL GO FOR 6 TRILLION.
MARIA: THE PROBLEM IS, JOSEPH
PINION JUMP IN HERE, ONE ISSUE
THAT THE JOURNAL POINTS OUT IS
THAT THE PARTY HAS GONE SO FAR
TO THE LEFT, THEY WRITE ONE
LESSON FROM THE COVID NON-FIGHT
IS THERE ARE NO DEMOCRATIC
MODERATES IN CONGRESS.
THE PARTY BASE MOVED SO SHARPLY
TO THE LEFT THAT MANY SWING
STATE MEMBERS ARE MORE LIBERALS
THAN MANY LIBERALS IN THE
CLINTON YEAR.
DEMOCRATS LOST ONE VOTE IN THE
HOUSE.
THE FEAR OF PRIMARY CHALLENGES
FROM THE LEFT HAS CONCENTRATED
INCUMBENT MINDS.
THAT IS THE THREAT THAT EVEN
MODERATES ARE WORRIED ABOUT,
THAT THE PROGRESSIVES ARE GOING
TO PRIMARY COMPETITORS AND
KNOCKED THEM OUT OF OFFICE.
>> YEAH, I MEAN, I THINK IT’S
REALLY A SHOCKING AND
FASCINATING DEVELOPMENT THAT I
WOULD LOVE TO GET MARK’S
OPINION.
AT THE END OF THE DAY IT FEELS
AS IF -- IF YOU COULD FIND A
YOUNG, CARES BILL CLINTON TODAY
COULDN’T GET ELECTED AS A
DEMOCRAT.
HE WOULD PROBABLY HAVE TO END UP
BEING A REPUBLICAN.
THIS SEEMS TO BE THE
EVER-EVOLVING NATURE OF OUR
POLITICS AND PARTICULARLY WHEN
YOU LOOK AT SPENDING $1.9
TRILLION, SO MUCH OF THAT MONEY
TO MARK’S POINT BEING
BACK-LOADED WITH THINGS THAT
HAVE ABSOLUTELY POSITIVELY
NOTHING TO DO WITH COVID, TO ME
THE QUESTION BECOMES AND MAYBE,
MARK, YOU HAVE SOME INSIGHT, HOW
DO WE GET TO A POINT WHERE THE
AVERAGE AMERICAN CITIZEN CAN
UNDERSTAND THAT YOU CAN’T
STIMULATE THE ECONOMY TODAY IF
ALL THE MONEY IS COMING FOR
FACTORS TOMORROW.
>> WELL, LOOK, OBJECTIVELY
THERE’S GOING TO BE REALITY.
THIS ECONOMY IS EITHER GOING TO
GO INTO INFLATION, HIGHER
INTEREST RATES, STOCK MARKET
CRASH OR IT’S GOING TO GO INTO
THE OPPOSITE, GOING TO TAKE OFF,
UNEMPLOYMENT IS GOING TO GO BACK
TO 3%.
SO THERE WILL BE OBJECTIVE
REALITY.
I THINK THE REAL QUESTION, I
BELIEVE THERE ARE MODERATES.
IN FACT, AS YOU WELL KNOW IN THE
MID-TERMS, IT’S THE MODERATES
WHO ARE GOING TO PAY THE PRICE
FOR WHAT CONGRESS DOES AND
EITHER WIN OR LOSE AN ELECTION
HERE.
AND AS YOU KNOW, AS HISTORY
TENDS TO REPEAT ITSELF IN THE
MIDTERMS OF CLINTON AND OBAMA,
ALL THE MODERATES GOT WIPED OUT.
I THINK THEY’RE THERE.
I THINK THEY DIDN’T OPPOSE IT
BECAUSE IT’S THE FIRST MEASURE.
I HOPE THEY STAND UP ON THE
SECOND OR THIRD ONE AND MAKE A
COMPROMISE.
I WOULD MUCH RATHER HAVE SEEN A
BIPARTISAN BILL AROUND A
TRILLION DOLLARS HERE AND THEN
SEE WHAT HAPPENS TO THE ECONOMY