NUMBER COMING UP FIRST LOOK AT
STRIKING A STIMULUS DETAIL,
DEMOCRATS WHITE HOUSE
NEGOTIATES REPORTEDLY NOT
SPEAKING SINCE LAST FRIDAY.
THIS DESPITE TREASURY
SECRETARY MNUCHIN SAYING THE
WHITE HOUSE IS QUOTE PREPARED
TO PUT MORE MONEY ON THE
TABLE, SENATE MAJORITY LEADER
MITCH MCCONNELL CALLING OUT
DEMOCRATS FOR NOT NOT FINDING
ANY MIDDLE GROUND.
>> FAMILIES ARE SUFFERING,
AMERICANS ARE DYING WOULD
SERVE THE NATION BETTER IF
DEMOCRATIC LEADERS WOULD ACT
LIKE IT IS A CRISIS.
MARIA: JOINING ME RIGHT NOW
OVER PHONE TREASURY SECRETARY
STEVEN MNUCHIN MR. SECRETARY
ALWAYS A PLEASURE THANKS SO
MUCH FOR BEING HERE.
>> MARIA GREAT TO BE WITH YOU
AS WELL.
MARIA: OF COURSE, THE
PRESIDENT DID SIGN SEVERAL
EXECUTIVE ORDERS TO MAKE SURE
THE STIMULUS KEEPS FLOWING FOR
THE AMERICAN PEOPLE CAN YOU
TELLS US WHERE THE
DISAGREEMENT WAS?
WITH THE DEMOCRATS?
AND WHY A DEAL COULDN’T GET
DONE LAST WEEK?
>> WELL, MARIA, YOU KNOW MARK
MEADOWS AND I LEFT THE MEETING
FRIDAY IT WAS CLEAR TO US THAT
NANCY PELOSI AND CHUCK SCHUMER
WERE NOT WILLING TO COMPROMISE
AS A RESULT OF THAT WE WALKED
OUT CALLEDP SAID TIME FOR YOU
TO MOVE FORWARD WITH EXECUTIVE
ACTION EXECUTIVE ACTION IS
VERY IMPORTANT NOT EVERYTHING
WE CAN DO WITH LEGISLATION,
BUT HE GUARANTEED THERE IS
UNEMPLOYMENT BENEFITS THAT
WILL GO TO THE STATES.
BUT, YOU KNOW, MY VIEW ON A
NEGOTIATIONS IS YOU AGREE ON
THE THINGS THAT YOU CAN AGREE
ON, HAVE LEGISLATION THAT IS
GOOD FOR AMERICAN PUBLIC COME
BACK ALWAYS FOR ANOTHER BILL,
I THINK THE DEMOCRATS ARE VERY
FOCUSED ON THE POLITICS
PERHAPS THEY THINK ANY DEAL IS
GOOD FOR THE PRESIDENT THAT IS
WHY THEY DON’T WANT TO DO IT.
WE AGREED ON MONEY FOR
SCHOOLS, MONEY FOR CHILDCARE,
MONEY FOR SMALL BUSINESSES
SECRETARY PAYMENTS ON PPP FOR
BUSINESS THAT HAVE BEEN
PARTICULARLY HARD-HIT.
MORE MONEY FOR VACCINES
HOSPITALS, WE EVEN AGREED TO
STATE AND LOCAL AID JUST NOT
RIDICULOUSLY TRILLION DOLLARS
THEY WANTED.
>> WHAT ABOUT THE -- THE AID
TO CITIES, AND STATES THE
LOCALITIES DEMOCRATS WANT
MONEY SPECIFICALLY TO CITIES
AND STATES -- NOT WANT TO GO
REWARD CERTAIN CITIESED OF
THAT BAD POLICIES FOR YEARS
WHERE ARE YOU ON MONEY TOWARD
STATES?
>> WELL MARIA,, YOU KNOW, THE
PRESIDENT UNDERSTANDS THE
IMPACT ON STATE AND LOCAL
GOVERNMENTS LET ME FIRST START
WITH THERE IS CLEARLY BEEN
COSTS, THAT HAVE STATE AND
LOCAL GOVERNMENTS HAVE
INCURRED AS A RESULT OF COVID.
AND -- THE PRIORITY FIRST BILL
GAVE 150 BILLION DOLLARS THAT
IS MORE THAN ENOUGH MONEY FOR
THE MAJORITY, OF THE STATES.
WE GAVE THEM ADDITIONAL
FLEXIBILITY SO THEY COULD USE
THAT MONEY, FOR TO PAY
FIREFIGHTERS, POLICEMEN FIRST
RESPONDERS, MEDICAL WORKERS,
THEY DIDN’T HAVE TO LAY OFF
WORKERS, AND MOST OF THAT
MONEY HAS NOT BEEN SPENT MOST
OF THE STATES ARE SITTING ON A
LOT OF THAT MONEY.
THEY WANT TO USE IT FOR LOST
REVENUES, ARE PART OF OUR
COMPROMISE PROPOSAL TO FLATS
WE SAID OKAY.
WE WILL CREATE FLEXIBILITY YOU
CAN’T USE THAT MONEY TO
BAILOUT PENSIONS BUT WE WILL
LET YOU NEWS HISTORICAL MONEY
FOR LOST REVENUES WE WILL PUT
ANOTHER 150 BILLION DOLLARS ON
THE TABLE, THAT IS AN AWFUL
LOT OF MONEY THAT IS 300
BILLION DOLLARS, THE STATE AND
LOCAL, WE WANT TO MAKE SURE
THAT MONEY GETS TO CITIES, AND
COUNTIES THAT ARE HARD-HIT IT
IS NOT JUST HELD BY GOVERNORS,
AND THAT WILL HAVE A VERY GOOD
ECONOMIC IMPACT.
AND, ARE I THINK THE ISSUE IS
THE WAY THE DEMOCRATS COME UP
WITH THIS TRILLION DOLLARS, IS
THEY LOOK AT THE NEXT TWO
YEARS THEY PROJECT LOSSES,
THEY DON’T THINK THE ECONOMY
IS GOING TO OPEN UP, WE DO.
AND THEY LOOK AT SOME OF THEIR
MOST PROBLEMATIC STATES, WHICH
HAD ISSUES BEFORE ALL THIS.
MARIA: RIGHT, RIGHT, SURE,
WHAT ABOUT CUTTING TAXES THE
PRESIDENT ALLOWING BUSINESSES
TO DEFER PAYROLL TAXES TO END
OF YEAR WITH EXECUTIVE ORDERS
OVER WEEKEND HE DID FLOAT
MAKING THOSE CUTS PERMANENT.
I WANT TO ASK YOU ABOUT, CAP
GAINS HERE IS THE PRESIDENT
WATCH THIS.
>> WE ARE LOOKING VERY
SERIOUSLY AT CAP GAINS TAX
CUT, AND ALSO, AT INCOME TAX
CUT FOR MIDDLE INCOME FAMILIES
SIGNED DIRECTIVES TO GIVE A
PAYROLL TAX HOLIDAY WITH
UNDERSTANDING THAT AFTER THE
ELECTION, ON THE ASSUMPTION
THAT IT WOULD BE VICTORIOUS
FOR AN ADMINISTRATION THAT HAS
DONE A GREAT JOB WE WILL BE
ENDING THE TAX --
>> SECRETARY WHAT ABOUT THAT
IS ADMINISTRATION LOOKING TO
IMPLEMENT FURTHER TAX CUTS
AHEAD OF THE ELECTION?
>> WELL THE PRESIDENT LIKE
WOULD LIKE TO DO CAP GAIN TAX
CUTS WE NEED THROWING DO WHAT
WE WANT ON THAT FRONT IF YOU
GO LACK LOOK AT TAXPAYER
RELIEF ACT 1977 REDUCED CAP
GAINS FROM ALMOST 33% TO 20%
SOMETIME -- SOMETIME TERRELL,
REDUCTION 18% 2003 FURTHER
REDUCTION TO 15% INCLUDING
QUALIFIED DEDUCTIONS THAT
STIMULATED TREMENDOUS
INVESTMENT IN OUR ECONOMY THAT
IS WHAT WE NEED BECAUSE OF
COVID I THINK NEXT FEW YEARS
WHILE WE RECOVERY WE SHOULD
REDUCE THOSE CAPITAL GAINS
WOULD I ADD IN 2003 BIDEN
VOTED AGAINST THE REDUCTION OF
20%, SO AGAIN I SEE TWO VERY
DIFFERENT ECONOMIC POLICIES
ONE IS TAX MORE HURT THE
ECONOMY, ONE IS CREATE
SELECTIVE TAX CUTS REGULATORY
RELIEF AND ECONOMIC AGENDA
TRADE THAT WILL STIMULATE THE
ECONOMY.
MARIA: RIGHT, VICE PRESIDENT
JOE BIDEN HAS SAID HE IS
LOOKING TO RAISE TAXES ON
CERTAIN GROUPS I WANT TO THE
ASK YOU ABOUT PAYROLL DISTRICT
THE PRESIDENT WANTS EMPLOYERS TO STOP COLLECTING 6.2% TAX
TO STOP COLLECTING 6.2% TAX
THAT IS EMPLOYEE SHARE SOCIAL
SECURITY ARTICULATIONS,
TALKING ABOUT UNCERTAINTIES
HEADACHE HOW DOES MA THAT
MONEY GET JAIRTDZ IF NOT
THROUGH DISTRICT THE WHERE
DOES MONEY COME FROM TO
REPLACE IT.
>> WE ARE GOING TO CREATE A
LEVEL OF CERTAINTY FOR KWRZ
THAT WANT TO PARTICIPATE, WE
CAN’T FORCE PEOPLE TO
PARTICIPATE, BUT I THINK MANY
SMALL BUSINESSES, WILL DO THIS
PASS ON THE BENEFITS I THINK
YOU KNOW THE PRESIDENT WOULD
LIKE TO DO A PAYROLL TAX CUT
WILL GO BACK TO CONGRESS WHEN
HE WINS ELECTION ASK CONGRESS TO HAVE THIS MONEY FORGIVEN,
TO HAVE THIS MONEY FORGIVEN,
HAVE ASSOCIATE SECURITY FULLY
DOES NOT IMPACT --
>> YOU ARE NEGOTIATING WITH
CONGRESS TALKING WITH BUSINESS
A WINDOW INTO WHAT IS GOING ON
SPOKE WITH CORNERSTONE MACRO
NANCY LAZAR RAISING ESTIMATES
SECOND HALF OF THE YEAR
CAPITAL EXPENDITURES
INCREASING HOW WOULD YOU
ASSESS THINGS.
>> MARIA YOU JUST HAVE TO PUT
THIS IN PERSPECTIVE THIS IS
UNLIKE ANY OVER ECONOMIC
SITUATION WE’VE EVER HAD,
AND THAT IS BECAUSE AS A
RESULT OF COVID,S WE LITERALLY
SHUT DOWN THE ENTIRE ECONOMY,
BY TAKING A WATER FAUCET
TURNING IT OFF, OBVIOUSLY,
WHEN THAT OCCURS, IT HAS AN
NORMAL ECONOMIC IMPACT, NEVER
SHUT DOWN VOLUNTARILY THE
ENTIRE ECONOMY BEFORE SO THERE
IS NO QUESTION THAT NUMBERS IN
SECOND QUARTER WERE DREADFUL.
AS WE KNOW SAFELY REOPEN THE
ECONOMY, YOU SEE THE NUMBERS
INCREASE.
THAT IS WHY YOU HAVE S&P WE--
YOU’VE SEEN BROUGHT BACK A LOT
OF JOBS PREVIOUS LEGISLATION
IS WORKING HELPING SMALL
BUSINESSES HELPING EMPLOYERS,
AND YOU KNOW WE ARE MAKING A
LOT OF PROGRESS, ON --
VACCINES, AND VIRALS, I THINK
PEOPLE ARE VERY ENCOURAGED BY
THAT, AND AS YOU SEE THE
ECONOMY REOPEN I THINK YOU ARE
GOING TO SEE VERY GOOD
NUMBERS, BETWEEN NOW AND THE
END OF THE YEAR.
WANT NOW, HAVING SAID THAT,
THERE ARE THINGS THAT WE STILL
LIKE TO DO WITH ADDITIONAL
LEGISLATION, AND IF DEMOCRATS
CAN BE REASONABLE PUT POLITICS
ASIDE, THIS WILL BE GOOD FOR
AMERICAN WORKERS, AND THE
AMERICAN ECONOMY AND WE WILL
CONTINUE THE EXPANSION, AND
THE PRESIDENT WANTS TO MAKE
SURE, EVERY SINGLE PERSON THAT
LOST THEIR JOB IN THE COVID
GETS IT BACK LET ME RHYME YOU
THE PRESIDENT HAD THE BEST
ECONOMY WE’VE EVER HAD WITH
WHEN WE STARTED THIS BEFORE
COVID.
>> YEAH.
AS A RESULT OF THIS SHUTDOWN,
THE ADMINISTRATION, AS WELL AS
THE FEDERAL RESERVE HAVE
BROUGHT NORMAL AMOUNT OF
STIMULUS AT THIS PROBLEM IT IS
EXPENSIVE SO WHAT DO YOUR
COLLEAGUES IN THE CONGRESS
HAVE TO SAY ABOUT THE DEBT
WHEN TALKING ABOUT, THREE
TRILLION-DOLLAR PLAN VERSUS
WHAT YOUR HOPING TO BE A
LITTLE MORE THAN ONE TRILLION
DOLLARS?
WHEN DOES DEBT BECOME A
PROBLEM TO WORRY ABOUT
SECRETARY?
>> MARIA, YOU KNOW WE’VE
ALREADY PUT THREE TRILLION
DOLLARS INTO ECONOMY A LOT OF
IT HAS NOT MADE ITS WAY IN SO
IT WILL CONTINUE TO PUT MONEY
IN.
WITH A LITTLE OVER ANOTHER
TRILLION DOLLARS WE HAVE
INJECTED 20% GDP BACK INTO
ECONOMY THAT IS REALLY AN
EXTRAORDINARY NUMBER, AND, MY
POINT TO THE DEMOCRATS AND THE
REPUBLICANS ARE LET’S DO THIS,
THIS WILL BE THE FIFTH BILL WE
CAN ALWAYS COME BACK LATER IN
THE YEAR OR JANUARY, AND DO A
SIXTH BILL WE DON’T NEED TO DO
EVERYTHING AT ONCE, THE
DEMOCRATS STARTED AT 3 1/2
TRILLION DOLLARS, HAD
EVERYTHING IN THERE INCLUDING
LOTS OF STUFF THAT WAS NOTHING
TO DO WITH COVID.
THEY THEN INCREASED THEIR
OFFER BY ANOTHER COUPLE
HUNDRED BILLION DOLLARS, SO
ACTUALLY THINK GOT CLOSER TO
FOUR TRILLION NOW OFFERED TO
TAKE TRILLION DOLLARS OFF I
CAN’T QUITE FIGURE OUT WHETHER
WE ARE TWO AND A HALF TRILLION
OR THREE TRILLION OUR VIEW
SPEND A LITTLE OVER A TRILLION
DOLLARS ON AREAS OF THE
ECONOMY THAT ARE GOING TO BE
VERY IMPACTFUL NOW THAT WE CAN
AGREE ON, IF WE NEED TO DO
MORE WE WILL COME BACK AND DO
MORE AND WORK TOGETHER, BUT
NOW IS THE TIME TO HAVE
BIPARTISAN SUPPORT, TO HELP
OUR KIDS, GO TO SCHOOL SAFELY,
TO HELP OUR SMALL BUSINESSES,
TO HELP OUR HOSPITALS, TO HELP
RENTAL ASSISTANCE AIRPORTS
BROADBAND, THESE ARE ALL
THINGS THAT ARE CRITICAL TO
THE AMERICAN PUBLIC AS OPPOSED
TO BICKERING ABOUT WHETHER
THERE IS ENOUGH MONEY, LET’S
GET MONEY TO WORK NOW.
>> DO YOU BELIEVE YOU WILL
COME UP WITH AN AGREEMENT?
OVER THE NEAR-TERM.
>> MARIA I CAN’T SPECULATE IF
DEMOCRATS.
>> I INS.
>> THERE IS A COMPROMISE IF
DEMOCRATS ARE FOCUSED ON
POLITICS, DON’T WANT TO DO
ANYTHING THAT IS GOING TO
SUCCEED FOR THE PRESIDENT
THERE WON’T BE A WILL DO A.
>> HOW DID YOU COME UP WITH
$200 SECRETARY I KNOW YOU
WANTED IT TO BE 70% THE STATES
TAKE CARE 50% OF PAGES LOST
HOW DID YOU COME UP WITH THAT
UNEMPLOYMENT NUMBER OF00 A
WEEK.
>> DURING THE FINANCIAL CRISIS
UNDER OBAMA FEDERAL GOVERNMENT
HAD 25 DOLLAR TOPUP CAN WHEN
WE SAT DOWN NEGOTIATED WITH
DEMOCRATS WE SHUT DOWN ENTIRE
ECONOMY, SO WE KNEW THAT
UNEMPLOYMENT WAS GOING TO BE A
PROBLEM.
AND WE THOUGHT THIS WAS O
GOING TO BE FOR A SHORT PERIOD
OF TIME THE WATER FAUCET WAS
CLOSED THE $600 AVERAGE NUMBER
ACROSS ENTIRE COUNTRY WE KNEW
CERTAIN PLACES WOULD BE TOO
HIGH CERTAIN PLACES WOULD-BE
TOO LOW CONTEMPLATED DOING
400, 600, 800 DIFFERENT PARTS
OF THE COUNTRY WE THOUGHT THAT
WOULDN’T BE FAIR.
BECAUSE IT WOULD IMPACT
DIFFERENT PLACES DIFFERENTLY
FROM THE FEDERAL GOVERNMENT,
BUT WE KNEW THAT WAS A SHORT
TERM ISSUE. WHEN WE CAME BACK WITH $ 00,
WHEN WE CAME BACK WITH $ 00,
THE $ 00, IS 75% WAGE
REPLACEMENT FOR MAJORITY WE
AGREED TO GO HIGHER THOUGHT
FAIR COMPROMISE WAS $400 WHY
THE PRESIDENT PUT THAT IN
EXECUTIVE ACTION WHY MOVING
FORWARD WITH THAT 200, 400,
600, 400 A COMPROMISE INSTEAD
OF THE DEMOCRATS BASICALLY
SAYING DON’T GIVE ANYBODY
ANYTHING, UNLESS WE CAN GET
EXACTLY WHAT WE WANT, THE
PRESIDENT WANTS TO MOVE
FORWARD WITH A VERY FAIR
PROPOSAL.
THE.
MARIA: ALL RIGHT.
WE WILL BE WATCHING THANKS FOR