HOW’S THAT, FISCAL INTELLIGENCE?
ANYWAY, JOINING US NOW TO TALK
ABOUT SOME OF THIS WE WELCOME
BACK CONGRESSMAN DAN BISHOP FROM
NORTH CAROLINA.
DAN BISHOP, THANK YOU VERY MUCH.
JOE BIDEN OUT THERE TODAY,
MARTIN LUTHER KING DAY.
NO UNIFYING MESSAGE FROM HIM,
CALLED REPUBLICANS FISCAL
DEMENTIA.
MADE A WHOLE BUNCH OF FALSE
CHARGES.
YOU HEARD SOME OF THEM IN MY IN
YOU MAY HAVE SOME OF YOUR OWN.
LET’S START WITH THAT, WHAT DO
YOU MAKE OF THAT ON
MARTIN LUTHER KING BIRTHDAY.
>> JOE BIDEN KNOWS SOMETHING
ABOUT DEMENTIA, LARRY.
HIS ACCUSATION IS WRONG.
WHAT WE AGREED TO DO IN THE
REPUBLICAN HOUSE IS TO BEGIN TO
APPLY SOME FISCAL RESTRAINT SO
THAT WE CAN KEEP GOING OFF THE
CLIFF AND THAT IS WHAT IT
AMOUNTS TO.
I THINK YOUR, WHAT YOU MENTIONED
IN YOUR RUN-UP, LARRY, ABOUT
TAXES IN PARTICULAR, NOT ONLY
ARE TAX REVENUES UP AS YOU SAY,
NOT DOWN, BUT THEY NOW
CONSTITUTE 20% OF GDP.
THEY’RE UP FROM THE TRADITIONAL
18% LEVEL, LARGER SHARE OF THE
ECONOMY AND TAXES AND YET THEY
ALWAYS SAY THAT 2017 TAX CUT AND
JOBS ACT IS SOME BIG BOON TO THE
RICH AND IT CREATED DEFICITS.
IT DOESN’T, IT DOESN’T ADD UP.
IT DIDN’T HAPPEN THAT WAY AND SO
JOE BIDEN ALSO SAYS HE IS A BIG
DEFICIT CUTTER.
THEY USED THAT LINE ENDLESSLY
BUT OF COURSE THE SPENDING HAD
BEEN UP TREMENDOUSLY BECAUSE OF
THE COVID EMERGENCY.
HE HAS DONE NOTHING TO CUT DEBT.
HE HAS PILED ON SPENDING PILED
ON DEBT, CREATED INFLATION THAT
WE HAVE.
NOBODY KNOWS BETTER THAN YOU,
LARRY, BUT YOU KNOW, THAT IS THE
CORNER WE HAVE TO TURN TO RETURN
TO, BEGIN TO MOVE TOWARDS FISCAL
SANITY.
THAT IS WHAT WE’LL DO IN THE
REPUBLICAN HOUSE MAJORITY.
LARRY: ONE THING, I WANT TO GET
TO A COUPLE THINGS WITH YOU, DAN
BISHOP, WE APPRECIATE YOU COMING
ON TODAY, ONE THING THOUGH, I’M
JUST THINKING WITH THE HOUSE NOW
IN REPUBLICAN HANDS, INCLUDING
FISCAL HANDS, THE WAYS AND MEANS
COMMITTEE, BUDGET COMMITTEE, SO
FORTH, SO ON, THAT THE DAYS OF
REPUBLICAN SENATE COMPLIANCE
WITH BIDEN’S AGENDA WILL COME TO
AN END.
I MEAN, BIDEN HAS GOT
6 TRILLION, A RECORD OF ROUGHLY
SIX TRILLION DOLLARS OF NEW
SPENDING.
HALF OF THAT WAS TOTALLY
DEMOCRATIC VOTES BUT HALF OF
THAT WAS WITH REPUBLICAN
COMPLIANCE, AS YOU WELL KNOW.
YOU KNOW YOU’RE PART OF THE
FREEDOM CAUCUS.
>> RIGHT.
LARRY: YOU GUYS WANT TO HAVE
MUCH TOUGHER SPENDING RULES AND
REGULAR ORDER RULES WHICH WAS
GREAT, WE’LL TALK ABOUT IT IN A
MINUTE BUT I’M HOPING THIS
REPUBLICAN SENATE COMPLIANCE
WILL COME TO AN END.
IS THAT POSSIBLE?
>> IT HAS TO, LARRY, AND THAT IS
IN LARGE PART WHAT WE’RE WORKING
ON TO BEGIN WITH IN THE HOUSE SO
THAT THEY WILL HAVE TO.
WE’LL NEGOTIATE WITH THEM TO DO
IT.
THERE WILL BE NO WAY OUT BECAUSE
THE HOUSE HAS TO PASS A SPENDING
MEASURE.
REPUBLICANS WILL BE IN CONTROL
THERE.
THE DAMAGE DONE BY SENATE
REPUBLICANS, 18 OF THEM PASSING
THAT $1.7 TRILLION, VOTING FOR
THAT, $1.7 TRILLION OMNIBUS
DISASTER, THAT HAS GOT TO STOP,
LARRY, AND I WANT TO HAVE A
STRONG DEFENSE.
WE’LL DO THAT.
WE CAN DO THAT, BUT YOU KNOW,
THOSE FOLKS WHO WANT TO HAVE THE
APPROPRIATIONS BONANZA, ALL THE
EARMARKS IN THE WORLD, LET
SPENDING CONTINUE TO RISE AT
RATES THAT CANNOT BE AFFORDED,
THERE IS GOING TO HAVE TO BE A
TURN.
WE, WE DEALT WITH THAT IN THE
HOUSE.
THAT’S WHAT WE DID AT THE
BEGINNING OF OUR CONGRESS IN
TERMS OF THE MAJORITY SPEAKER’S
ELECTION AND NOW WE’LL HAVE TO
GET IT ACROSS TO OUR COOL
LEAGUES IN THE SENATE, BOTH
DEMOCRAT AND REPUBLICAN, WE’LL
NOT BREAK THE BANK RIGHT ON.
OF THE AMERICAN PEOPLE,
INFLATION THEY SUFFER THEY
CANNOT CONTINUE TO DEAL WITH
THIS.
LARRY: ON THIS BUSINESS, FIRST
OF ALL, KEVIN MCCARTHY OVER THE
WEEKEND LOOKS LIKE A UNIFIED
REPUBLICAN HOUSE NOW.
KEVIN IS CALLING FOR NEW
SPENDING CAPS AND THERE HAS TO
BE A BIG SPENDING REDUCTION.
HE IS CALLING FOR NEW SPENDING
CAPS AND CALLING FOR NEW
SEQUESTRATION RULES.
THOSE ARE THE AUTOMATIC ACROSS
THE BOARD BUDGET CAPS ARE NOT
MAINTAINED.
SO THAT IS KIND OF GOOD.
IT IS NEW, IT IS GOOD, IT IS
WHAT YOU ALL HAVE WANTED.
KEVIN HASSETT, FORMER CHAIR OF
THE COUNCIL OF ECONOMIC ADVISORS
WAS ON OUR SHOW FRIDAY AGREEING
THERE HAS TO BE A DEBT SHOWDOWN,
IT HAS COME TO THAT, LIKE IT OR
NOT, HE SUGGESTED, I WANT TO GET
YOUR TAKE ON THAT, DAN BISHOP,
KEVIN HASSETT IS SUGGESTING FOR
EVERY DOLLAR OF DEBT INCREASE
THERE SHOULD BE THREE DOLLARS OF
SPENDING CUTS?
WHAT DO YOU THINK OF THAT?
>> WELL, CERTAINLY WOULDN’T
DEFEND ME, LARRY.
THAT IS THE KIND OF THING WE’VE
GOT TO DO.
IF YOU GO BACK CUT AND BALANCE
WAS THE RIGHT PROGRAM, GETTING
RIGHT DETAIL DOWN.
FRANKLY I SEE SOME PEOPLE
SCREAMING HOW OUR AGREEMENT
REQUIRES WE NOT HAVE
DISCRETIONARY SPENDING IN FISCAL
YEAR 2024 THAT EXCEEDS THE
AMOUNT IN FISCAL YEAR 2022.
THEY SAY THAT, SOME PEOPLE SAY
THAT CAN’T BE ACCOMPLISHED.
OF COURSE IT CAN BE ACCOMPLISHED
AND I THINK KEVIN MCCARTHY’S
IDEA IS STRONG ONE AS WELL.
WE HAVE TO TURN THE CORNER,
BEGIN MAKING PROGRESS.
WE’LL NOT RIGHT THE FISCAL SHIP,
TURN IT OVERNIGHT BUT WE GOT TO
START.
THAT INCLUDES ALL THE REPUBLICAN
SENATORS WHO KEEP THINKING WE
CAN BE ON THE PARTY TRAIN
FOREVER.
WE’RE GOING TO SEE A DISASTER IF
WE DON’T SEE ADULTS RETURN TO
CONTROL.
LARRY: BEFORE WE LOSE YOU, DAN
BISHOP, ONE LAST THING, BIDENS
HAVE COME OUT WITH NEW SPIN ON
THE STUDENT DEBT CANCELLATION.
THEY WANT AN INCOME-BASED SPIN
BUT IN EFFECT, IF YOU LOOK AT
THIS THING, NOBODY IS GOING TO
PAY ANYTHING.
THE EDUCATION DEPARTMENT HAS
CALLED IT A SAFETY NET.
I MEAN, STUDENT LOANS ARE NOT,
THEY’RE NOT WELFARE SAFETY NETS.
STUDENT LOANS ARE LOANS.
YOU MAKE A DEAL WITH THE
GOVERNMENT, YOU’RE SUPPOSED TO
PAY IT BACK.
THE WHOLE POINT IS NOBODY IS
GOING TO PAY THEIR LOANS BACK
AND HE HAS NO AUTHORITY TO DO AT
THAT BECAUSE CONGRESS NEVER
PASSED A LAW.
MY QUESTION TO YOU, IN THE
COURSE OF DELIBERATIONS CAN YOU
DO SOMETHING ABOUT THIS, CAN YOU
STEP IN THE BUDGET RESOLUTION,
THE WAYS AND MEANS COMMITTEE,
SOMEPLACE, AND STOP THIS
600 BILLION-DOLLAR GIVE AWAY TO
STUDENT DELINQUENTS?
>> WELL, YOU’RE RIGHT, HE IS
END-RUNNING, HE TRIED
CANCELLATION OF THE STUDENT
DEBTS, STUDENT LOANS, HE WILL
FIND OUT THE SUPREME COURT WILL
STICK IT DOWN HIS THROAT.
HE IS COMING UP WITH ANOTHER
WAY, NEW REPAYMENT, LIMITATION
BASED ON INCOME.
IT IS AN END-RUN.
CAN WE FIX IT?
I DON’T KNOW.
WE HAVE A LIMITED NUMBER OF
OPPORTUNITIES WHILE WE REMAIN
THE MAJORITY IN ONLY ONE HOUSE
OF CONGRESS TO FORCE POLICY
CHANGE.
IT’S A BIG ONE THOUGH, LARRY.
HE DOESN’T HAVE THE AUTHORITY TO
DO THAT EITHER.
HE IS SETTING UP ALL INCENTIVES
TO GO THE WRONG WAY AND IT IS A
HUGE TICKET, IT’S A HUGE TICKET
ITEM.
WE NEED TO GET ON IT.
SO I WOULD SAY WE HAVE TO FIGURE
OUT, PRIORITIZE WHICH THINGS
WE’VE GOT TO FIGHT IN THIS YEAR,
BUT IT HAS GOT TO GET ON THE
LIST SOON.
LARRY: WHETHER IT IS WELFARE OR
HOUSING SUBSIDIES, OR JUST ABOUT
ANY SOCIAL SAFETY NET PROGRAM,
QUOTE, UNQUOTE, IT WOULD SEEM TO
ME, DAN BISHOP, WORKFARE AND
WORK REQUIREMENTS SHOULD PLAY A
HUGE ROLE, NOT ONLY TO GET
AMERICANS BACK TO WORK BUT ALSO
TO CUT THE BUDGET.
I MEAN WHEN WE DID IT 25 YEARS
AGO IT WAS A HUGE BUDGET CUT AND
IT WAS A PRO-GROWTH EMPLOYMENT
PLAN.
SO IT SEEMS TO ME THE LAST
THOUGHT HERE, DO YOU THINK THE
GOP WILL GET AROUND TO RESTORING
WORKFARE AND WORK REQUIREMENTS?
>> I DEFINITELY DO.
PART OF OUR DEAL IS ON THE FARM
BILL WE ARE GOING TO SEE WORK
REQUIREMENTS RETURN TO THE SNAP
PROGRAM, FOOD STAMPS, OR TO BE
BUILT INTO THAT FOR THE FIRST
TIME.
LARRY: RIGHT.
>> GOT TO HAPPEN, LARRY.
THERE ARE A LOT OF BIG ITEMS ON
THE LIST BUT THAT IS ONE OF THE
MOST IMPORTANT.
WE HAVE TO RETURN INCENTIVES TO
GET PEOPLE TO BE INCLINED TO GO
TO WORK AND NOT BUILD IN, YOU
KNOW, THIS IDEA OF ABOUT ADDING
TO YOUR DEBT ENDLESSLY, AND THE
GOVERNMENT WILL WIPE IT AWAY.
IT IS NOT A RECIPE FOR SUCCESS.