DIRECTOR OF THE ADMINISTRATIONS
NATIONAL ECONOMIC COUNCIL.
BRIAN, ALWAYS GOOD TO SEE YOU.
EXPLAIN THIS TO ME.
INCOMES ARE UP, CONSUMER
SPENDING IS UP.
FOR PEOPLE WHO ARE ABLE TO WORK
FROM HOME THIS YEAR, WEVE SEEN
THEM SAVE MONEY AND THEYRE
SPENDING. WE KNOW A RECORD AMOUNT OF AMOUN
WE KNOW A RECORD AMOUNT OF AMOUN
STIMULUS MONEY IS OUT THERE IT
SEEMS LIKE THE RECOVERY IS WELL
UNDER WAY.
IT IS REBOUNDING, AND THE FOCUS
ON GETTING THE PANDEMIC UNDER
CONTROL.
AND AN ECONOMIC STRATEGY THAT IS
DRIVING A STRONG ECONOMIC
RECOVERY.
THE QUESTION THAT WE HAVE NOW
AND THE QUESTION DISCUSSED
YESTERDAY IS HOW DO WE WILD FOR
LONGSTANDING TERM AND DURABLE
GROWTH.
THEY WILL INCREASE THE
PRODUCTIVE CAPACITY ON OUR
ECONOMY.
MAKE US MORE COMPETITIVE, AND
WILL DO SO IN A FISCALLY
RESPONSIBLE MANNER.
SO THE PIECE THAT YOURE MISSING
HERE IS ALL OF THE PRESIDENTS
PLANS WILL BE FULLY OFF SET.
HE IS PAIRING A VERY HIGH
DEFICIT WITH TAX REFORMS.
>> HOW DO WE KNOW THAT IT IS
FISCALLY RESPONSIBLE, RIGHT.
I THINK ABOUT ALL OF THE MONEY
THAT WE SPENT IN THE LAST YEAR
UNTIL NOW.
IF THE PROPOSAL GOES THROUGH THE
GOVERNMENT WILL HAVE SPENT $10
TRILLION.
WHAT ARE WE DOING IN TERMS OF
OVERSIGHT?
WE STILL DONT HAVE A
COMMISSIONER FOR THE CARES ACT
OVERSIGHT COMMITTEE AND WE BOTH
LIVED THROUGH THE FINANCIAL
CRISIS TEN YEARS AGO.
OVERSIGHT IS HUGELY IMPORTANT.
>> FIRST I WANT TO SEPARATE OUT
AS YOU KNOW WE CANT JUST THROW
AROUND BIG NUMBERS WITHOUT
SEPARATING WHAT THEY ARE.
THERE HAS BEEN NEAR TERM CRISIS
RESPONSE EFFORTS.
THERE IS BROAD ECONOMIC SUPPORT
THAT IF YOU DONT TAKE CARE OF
THOSE THEY WILL END UP IN THE
LONG TERM.
IF YOU LOOK AT THE AMERICAN JOBS
PLAN YOURE TALKING ABOUT LESS
THAN A PERCENTAGE IN A EIGHT
YEAR GDP PERIOD.
WE HAVE TO DO ALL OF THESE WITH A FOCUS ON OVERSIGHT AND FOCUS
A FOCUS ON OVERSIGHT AND FOCUS
FOR THE OVERSIGHT.
WE FOCUS ON TRYING TO DO THE
WORK AFTER BEING SURE THE
PROGRAMS ARE BEING IMPLEMENTED.
SEEING THEM AS A PARTNER IN THIS
EFFORT RATHER THAN FIRING THEM
OR SIDELINING THEM.
WELL HEAR MORE FROM THAT GOING
FORWARD, BUT THAT IS A PRIORITY
AND WE KNOW THOUSAND DO THIS.
THE PRESIDENT KNOWS HOW TO DO
THIS AND WE HAVE TO SEPARATE OUT
WHAT WE NEED TO DO RIGHT NOW
WHICH AS YOU SAY IS WORKING TO
GET THE ECONOMY GOING AGAIN.
GET IT REALLY DRIVING TOWARD
FULL EMPLOYMENT AND COUPLE THAT
WITH A LONGER TERM INVESTMENT
THAT WE FAIL TO MAKE IN THE LAST
15 YEARS.
>> TAKE SOME OF THAT RESCUE
MONEY AND REDEPLOY IT FOR THESE
LONG-TERM INVESTMENTS.
HOW DO YOU PAY FOR THE AMERICAN
JOBS AND THE AMERICAN FAMILY,
TAKE SOME OF THE MONEY AND MOVE
IT THERE.
WE HEARD FROM DEMOCRATS THAT
SAID THAT MONEY HAS ALREADY BEEN
SPENT, BUT HAS IT?
WHEN THE AMERICAN RESCUE PLAN
WAS PASSED WE WERE IN CRISIS.
FAST FORWARD A MONTH AND WERE
REOPENING.
PEOPLE ARE SPENDING, BUSINESSES
ARE REOPENING.
DO WE NEED TO ASSUME ALL OF THAT
MONEY IS SPENT OR CAN WE USE IT
ON LONG-TERM SOLUTIONS.
THINK ABOUT BUSINESSES AND
SCHOOLS THAT CAME OUT THIS YEAR
WAY AHEAD OF BUDGET BECAUSE THEY
WERE REMOTE THIS YEAR.
>> WELL, PART OF THE REASON
WERE IN SUCH A BETTER PLACE NOW
IS BECAUSE WE PASSED THE
AMERICAN RESCUE PLAN AND THOSE
INVESTMENTS ARE WORKING AS
INTENDED.
PART OF THE REASON THAT SCHOOLS
ARE REOPENING MUCH MORE QUICKLY
NOW IS THEY NOW HAVE ACCESS TO
THE RESOURCES THEY NEED TO DO SO
SAFELY.
PART OF THE REASON WERE SEEING
RESTAURANTS AND SMALL BUSINESSES
EXPANDING NOW IS BECAUSE WE
PROVIDED DIRECT SUPPORT TO THEM
THAT IS STILL ONGOING.
PART OF THE PROBLEM THAT WE NEED
THEM TO FOCUS IN ON IS WHAT ARE
WE SPECIFICALLY TALKING ABOUT.
DO THEY BELIEVE THAT WE SHOULD
TAKE MONEY AWAY FROM RESTAURANT
OWNERS.
TAKE AWAY MONEY FROM SMALL
BUSINESS OWNERS THAT ARE
COUNTING ON THAT MONEY?
TAKE AWAY MONEY FROM SCHOOLS?
FROM MIDDLE CLASS FAMILY THATS
ARE EXPECTING A TAX CUT THAT
WILL BEGIN TO BE DELIVERED IN
JULY.
WE NEED TO BE MORE SPECIFIC SO
WE CAN UNDERSTAND WHAT THEY MEAN
WHEN THEY SAY THERE IS MONEY
HERE THAT WE CAN JUST TAKE OUT.
WE BELIEVE THE AMERICAN RESCUE
PLAN IS DOING EXACTLY WHAT IT
WAS INTENDED TO DO.
>> WHERE DO YOU STAND ON WORKING WITH REPUBLICANS ON THEIR
WITH REPUBLICANS ON THEIR
INFRASTRUCTURE COUNTER PROPOSAL.
SEE SAID THAT IT ISNT EVEN
SERIOUS.
THE SENIOR STAFF SAID THEY DONT
WANT TO GO DISCUSS ON THE REK
ELECTION.
WHERE DOES HE STAND AT THIS
POINT?
>> THE PRESIDENT HAS BEEN SAYING
FOR TWO MONTHS NOW THAT HE WANTS
TO PURSUE A BIPARTISAN
INFRASTRUCTURE IF IT IS ALL
POSSIBLE.
>> HOW LIKELY IS THAT?
>> WERE WORKING ON IT, YOU
KNOW?
WE GOT THIS PROPOSAL YESTERDAY.
TODAY THE AFTER ITS WILL MEET TO
GO INTO MORE DETAIL.
WE HAVE MORE THAT WE NEED TO
UNDERSTAND.
THERE IS NEW ELEMENTS IN THERE.
WERE GOING TO GET INTO THOSE
DETAILS TODAY.
THERE ARE PLACES THAT WE REMAIN
FAR APART AND THE CLOCK IS
TICKING AS PRESIDENT BIDEN SAID
YESTERDAY WE NEED TO WRAP THESE
UP SHORTLY.
I ANTICIPATE WELL BE HART AT
WORK IN THE NEXT FEW DAYS, THE
WEEKEND, AND NEXT WEEK.
NEXT WEEK WILL BE A HARD AT