THIS MIGHT BE SEPARATE WHAT
THEY’RE TALKING ABOUT THERE.
A LOT OF QUESTIONS, VERY LITTLE
TIME.
ANDY OTTO JOINS US, TENNESSEE
REPUBLICAN CONGRESSMAN.
CONGRESSMAN, YOU GUYS HAVE TAKEN
OVER THE HOUSE.
THESE ARE KIND OF ISSUES YOU DO
WORRY ABOUT.
WE DON’T KNOW THE DETAILS OF
RIVAL CRYPTO EXCHANGE OR CRYPTO
IN TROUBLE.
WE DO KNOW A LOT OF COLLEAGUES
HOW YOU FEEL ABOUT IT SOME SAY
IT IS THE WILD WEST.
DO YOU AGREE WITH THAT?
I DON’T WANT TO CATCH YOU ON
DEVELOPMENTS.
THERE IS GOVERNMENT EFFORT TO REIN THIS STUFF IN DO YOU THINK
REIN THIS STUFF IN DO YOU THINK
IT IS JUSTIFIED.
>> IT IS IMPORTANT FOR
GOVERNMENT TO PUT UP GUARDRAILS.
THE BIGGEST PROBLEM, THEY GO TOO
FAR.
THINK ABOUT REAGAN, SCARIEST
PHRASE IN THE WORLD I’M HERE
FROM THE GOVERNMENT AND HERE TO
HELP.
I HAVE NEVER SEEN A PROBLEM
GOVERNMENT CAN MAKE WORSE.
WHATEVER WE DO, WHAT HAPPENS
NEXT NEEDS TO BE THOUGHTFUL IN
THE APPROACH.
NEIL: I WONDER TOO, CONGRESSMAN,
BACKDROP, I’M SURE YOU’RE AWAY,
WE’RE DOWN 360 POINTS IN THE
DOW, THAT CAN CHANGE IN A
HEARTBEAT AS YOU KNOW, CONCERNS
FOR INFLATIONARY PRESSURES IN
EYES OF SOME OF THE DATA TO
EASE, BUT MAYBE PEOPLE ARE
SAYING IT IS EASING TOO MUCH.
MAYBE THE SLOWDOWN IS MUCH MORE
PRONOUNCED THAN WE THOUGHT.
RETAIL SALES DATA WEAK, FACTORY
DATA WEAK, NOW IT IS LIKE FIVE,
SIX FOLD FROM WHAT WE THOUGHT,
WHAT DO YOU MAKE OF IT?
>> THIS IS AN UNUNUSUAL
ENVIRONMENT, UNUSUAL
RECESSIONARY PERIOD.
CAUSED BY THE GOVERNMENT PUTTING
TOO MUCH MONEY INTO THE
MARKETPLACE.
THIS IS UNPRECEDENTED WHEN YOU
LOOK AT THE SIZE OF THE AMOUNT
OF MONEY SPENT BY THE
GOVERNMENT.
SO IT IS NOT SURPRISING THAT WE
HAVE UNUSUAL INDICATORS AS WE
MOVE FORWARD.
WE’RE IN INFLATIONARY PERIOD.
WE’RE IN RECESSIONARY PERIOD.
WE ARE GOING TO HAVE A
RECESSION.
THE ONLY QUESTION, HOW BIG, HOW
SEVERE.
QUITE FRANKLY WE NEED THE
GOVERNMENT TO STOP SPENDING,
HOLD THE LINE ON SPENDING.
THERE IS THE PATH TO GROW OUT OF
THIS.
WE HAVE TO LET THE FREE MARKET
DO WHAT IT DOES BEST, GROW ON
ITS OWN.
NEIL: YOU KNOW THE FEAR SEEMS TO
BE WE’RE COMING TO A BRINK THAT
MAYBE THE MARKETS ARE NOT
ANTICIPATING AND THAT IS, WE GET
A GOVERNMENT SHUTDOWN OVER THIS
DEBT LIMIT THING ON THURSDAY.
IT IS UNKNOWN WHERE THAT KIND OF
THING GOES.
WE DO KNOW TO PAST EXPERIENCE,
CONGRESSMAN, IT DRAGS ON A WHILE
AND THAT UNCERTAINTY IS NOT
HELPING THE SITUATION.
DO YOU AGREE?
DO YOU THINK THAT GOVERNMENT
SHUTDOWN WOULD BE A BAD IDEA?
>> WELL I DON’T THINK WE HAVE A
CHOICE AS WE MOVE FORWARD.
YOU KNOW, ANY DEBT CEILING
INCREASE HAS TO INCLUDE CUTS.
SO THE WHOLE IDEA THAT THE SKY
IS FALLLING IS KIND OF AN EMPTY
THREAT BY YELLEN AND OTHERS.
LOOK, THE UNITED STATES IS THE
ENGINE OF THE GLOBAL ECONOMY.
OUR CURRENCY IS THE GLOBAL
STANDARD.
SO LOOK, WE HAVE REVENUE COMING
IN.
WE CAN AFFORD TO PAY OUR BOND
HOLDERS.
WE MOVE METHODICALLY, WE MOVE
CAREFULLY BUT YOU KNOW WE’RE NOT
GOING TO BE -- IF THEY WANT TO
PLAY A GAME OF CHICKEN WE’LL
PLAY A GAME OF CHICKEN.
WE’LL DO WHAT IS NECESSARY TO
RIGHT THE SHIP FOR THE AMERICAN
PEOPLE.
FOR TOO LONG GOVERNMENT SPENDING
HAS BEEN OUT OF CONTROL.
WE MUST HOLD THE LINE AS WE MOVE
FORWARD.
NEIL: LET ME ASK YOU WHERE WE GO
WITH THIS, SIR?
I’M WONDERING, ONE THING NOW AT
THIS POINT TO SPOT WHERE WE R
LIKELY NOW TO HIT UP AGAINST THE
LIMIT.
QUITE ANOTHER TO TALK ABOUT THE
GOVERNMENT HAVING TO SHUT DOWN.
YOU HAVE A NUMBER OF MONTHS,
SOME SAY AS MANY AS SIX MONTHS
TO SORT OF WORK THINGS OUT,
PRIORITIZE WHAT BILLS YOU WANT
TO PAY.
I’M CURIOUS WHERE REPUBLICANS
WOULD PUT THEIR PREFERENCES
RIGHT NOW?
OBVIOUSLY YOU WANT TO PAY
SOCIAL SECURITY RECIPIENTS, YOU
WANT TO PAY MEDICARE RECIPIENTS,
ALL THAT, PAY INTEREST TO
BONDHOLDERS ON THE DEBT.
WHAT DO REPUBLICANS PLAN TO DO
JUST IN CASE?
>> WELL, I THINK THAT IS TO BE
DETERMINED THERE IS ONGOING
TALKS RIGHT NOW.
OBVIOUSLY WE’LL GET INTO THE
WEEDS OF THAT NEXT WEEK WHEN
WE’RE BACK IN SESSION.
LOOK, WE HAVE TO PROTECT OUR
SENIORS.
WE HAVE TO PROTECT OUR MILITARY
PERSONNEL AND OUR BONDHOLDERS.
LOOK, SPENDING HAS BEEN OUT OF
CONTROL.
THE $1.7 TRILLION OMNIBUS BILL
CRAMMED DOWN THE THROATS OF THE
AMERICAN PEOPLE DIDN’T HELP.
SO LOOK IT IS ECON 101.
WHEN THE GOVERNMENT PUTS TOO
MUCH MONEY INTO THE ECONOMY THE
BACK SIDE OF THAT IS GOING TO BE
INFLATION AND WHEN YOU HAVE
TRILLIONS OF DOLLARS BEING SPENT
TWO, 2 1/2 YEAR PERIOD, THE FACT
WE HAVE INFLATION, THE FACT
WE’RE STEAMING TOWARD RECESSION
SHOULD BE SURPRISE TO KNOW ONE
AND NOW TO RING THE ALARM BELL
IS DISINGENUOUS.
WE HAVE A TOUGH ROAD AHEAD OF
US.
PART OF THAT ROAD INCLUDES CUTS
TO OUR BUDGET.
NEIL: SO AS THINGS STAND NOW
YOU’RE GOING TO USE, YOU KNOW
THE THREAT OF A SHUTDOWN TO
EXTRACT CONCESSIONS FROM
DEMOCRATS.
I’M SURE YOU HEARD CONGRESSMAN
FROM THE PRESIDENT ON DOWN,
CHUCK SCHUMER, ET.AL., NO, JUST
RAISE THE DEBT LIMIT, DON’T
ATTACH ANYTHING TO IT, YOU’RE
NOT GOING ANYWHERE WITH THAT.
IT JUST SEEMS THE INEVITABLE IS
A SHUTDOWN BUT DO YOU WORRY
ABOUT A DEFAULT?
>> WELL, LOOK, YOU KNOW, I THINK
WHAT YOU’RE SEEING IS, SO IF WE
HAVE TO, YOU KNOW, QUOTE,
UNQUOTE, SHUT DOWN THE
GOVERNMENT, WHICH REALLY ISN’T A
TRUE STATEMENT.
WE HOLD THE LINE ON SPENDING,
WHEN YOU START TALKING ABOUT
PRIORITIZING PAYMENTS A LOT OF
THAT FALLS TO THE WHITE HOUSE.
SO WHAT YOU HAVE AN
ADMINISTRATION DOESN’T WANT THIS
RESPONSIBILITY.
LOOK HE RAN FOR PRESIDENT.
HE GOT THE JOB, WHETHER YOU LIKE
IT OR NOT BUT IT IS HIS JOB TO
DO.
SO AS WE MOVE FORWARD WE’VE GOT
TO CUT SPENDING AND LOOK, FOLKS,
TRILLIONS AND TRILLIONS OF
DOLLARS HAVE BEEN SPENT OVER THE
LAST FEW YEARS.
THAT IS UNSUSTAINABLE.
LOOK, MY WIFE AND I WE HAVE
THREE CHILDREN.
THEY WOULD LOVE TO HAVE AN
ALLOWANCE WITH NO END.
THEY WOULD LOVE TO HAVE A CREDIT
CARD WITH NO TOP LINE, RIGHT?
THIS IS WHAT THE GOVERNMENT HAS
BEEN DOING.
ENOUGH IS ENOUGH.
WE’LL HAVE TO COME UP WITH A
BUDGET.
WHEN YOU LOOK AT THE RULES
PACKAGE, I WAS ONE OF THE 20
THAT HELD OUT, WE CREATED A
PROCESS THAT IF YOU WANT TO DO A
CONTINUING RESOLUTION THAT’S
FINE BUT IT INCLUDES AUTOMATIC
BUDGET CUTS.
WHY?
WE KNOW THAT IS THE PATH
FORWARD.
NEIL: THE WAY IT STANDS NOW, I
WANT TO BE SUPERCLEAR ON THIS,
WE GET THE WORD OUT MIDNIGHT
TONIGHT, THURSDAY, AT MIDNIGHT
WE’RE UP AGAINST YOU KNOW THAT
LIMIT.
ARE YOU SAYING THEN THAT YOUR
PLANS OR REPUBLICAN PLANS TO
PRIORITIZE CERTAIN THINGS, WHAT
WOULD THEY BE TO PRIORITIZE?
I GUESS THAT IS WHAT I’M TRYING
TO GET OUT OF YOU?
>> WELL YOU KNOW, AGAIN, TO BE
DETERMINED.
NEIL: RIGHT.
>> WE HAVE ENOUGH REVENUES AND
CASH ON HAND TO PAY OUR
OBLIGATIONS.
SO AS WE MOVE FORWARD, YOU LOOK
AT THE MARKETS, AGAIN YOU KNOW,
YOU’VE GOT TO, YOU KNOW, PAY
YOUR BONDHOLDERS THE TREASURY,
PROTECT OUR SENIORS.
SO THE THINGS THAT WE KNOW THAT
WE HAVE TO DO BUT WHAT THAT DOES
IT GIVES THE OPPORTUNITY TO GO
INTO THIS BUDGET AND START
CUTTING.
LOOK, WE CAN’T CUT OUR WAY OUT
OF THIS RECESSION.
WE CAN’T CUT OUR WAY OUT OF THIS
RECESSIONARY PERIOD, THIS
INFLATIONARY PERIOD INTO BALANCE
THE BUDGET.
WE’LL HAVE TO GROW OUT OF IT.
PART OF THE JOB OF THIS CONGRESS
GET GOVERNMENT OUT OF THE WAY OF
BUSINESS, SO BUSINESS CAN GROW
ON ITS OWN.
SO AGAIN, THERE IS NO MAGIC
SOLUTION HERE.
IT WILL BE DEATH BY A THOUSAND
CUTS.
WHEN I SAY DEATH, DEATH TO THIS
TROUBLED WATERS THAT WE’RE IN
NOW BUT LOOK, YOU KNOW, IT IS
GOING TO BE BUMPY FOR THE NEXT
YEAR OR TWO AND THAT’S OKAY.
BECAUSE THAT IS HOW WE FIX IT
BUT WE HAVE TO HAVE RESOLVE,
BOTH REPUBLICANS AND DEMOCRATS
DO THE RIGHT THING.
QUITE FRANKLY THIS WOKENESS THAT
SWEPT OUR COUNTRY, THAT INVADING
INSTITUTIONS, THAT IS INVADING
OUR MILITARY, THOSE ARE MONIES
RIGHT THERE NEED TO COME RIGHT
OFF THE TOP.
LET’S INVEST IN OUR MILITARY
PERSONNEL, NOT A WOKE AGENDA,.