LITTLE BABY IN THIS BUDGET.
CHAD, THANK YOU VERY, GOOD
STUFF.
SPEAKER McCARTHY AND PRESIDENT
BIDEN HAVE NOT MET TO DISCUSS
THE DEBT TIME BOMB SINCE
FEBRUARY 1st.
BRING IN WHITE HOUSE OMB
DIRECTOR RUSS VOTE.
RUSS, IT IS NOT FOR WANT OF
McCARTHY’S DESIRES.
HE IS GETTING STONEWALLED BY THE
PRESIDENT.
IT LOOKS LIKE PRESIDENT BIDEN
DOESN’T WANT TO GIVE AN INCH ON
A BUDGET THAT HAS GROWN BY FIVE
TRILLION DOLLARS SINCE HE HAS
BEEN PRESIDENT.
IS THERE NOWHERE IN THAT EXTRA
FIVE TRILLION DOLLARS THAT THE
PRESIDENT WOULD CONCEDE ANYTHING
FOR CUTTING?
>> WELL HE DOESN’T WANT TO.
RIGHT NOW THEY HAVE TAKEN
AHISTORICAL APPROACH WHICH IS
THEY DON’T NEED TO NEGOTIATE AT
ALL BUT I THINK THEY PROBABLY
REALIZE THAT CHANGES ONCE THE
HOUSE PASSES A BILL AND HAS AN
APPROACH, AND AS A RESULT OF
LIKELIHOOD OF THIS WEEK WHEN
THAT HAPPENS, THEM PASSING A
4 1/2 TRILLION DOLLARS IN CUTS
OUT OF THE HOUSE, I THINK THAT
IS WHERE A LOT OF PRESSURE WILL
COME DOWN ON THE WHITE HOUSE.
YOU ALREADY SAW IT OVER THE
WEEKEND WITH DEMOCRATS COMING
OUT SAYING THEY NEED TO
NEGOTIATE.
THAT WILL ONLY RAMP UP.
IF REPUBLICANS HAD TAKEN THE
STEP, WE’LL NOT PUT FORWARD OUR
PACKAGE UNTIL THE VERY END YOU
WOULD HAVE HAD A LOT OF CONCERN
COMING FROM THE WALL STREET
MARKETS.
THAT HAS HA CHANCE TO GO IN THE
OPPOSITE DIRECTION TOWARDS
JOE BIDEN AND I THINK WE WILL
HAVE TO NEGOTIATE.
DAVID: THE OTHER CONCERN, WE
HEARD A PREVIOUS GUEST SAY THAT,
TAX RECEIPTS WILL PROBABLY BE
DOWN.
IF TAX RECEIPTS ARE DOWN, THE
DEBT GROWS EVEN LARGER.
IT IS NOT JUST ALL OF THE MONEY
THAT IS SPENDING, IT IS THE
POTENTIAL SLOWDOWN OF THE
PRIVATE SECTOR.
>> THERE IS CERTAINLY A LOT OF
VARIABLES.
I THINK WE GOT TO MAKE SURE
EVERYONE KNOWS THAT JOE BIDEN
HAS THE UNILATERAL ABILITY TO
PREVENT A DEFAULT BECAUSE THERE
WILL BE ENOUGH REVENUES THAT
COME IN TO BE ABLE TO PAY
PRINCIPLE AND INTEREST ON OUR
TREASURYS.
WHAT THEY WANT TO DEFINE AS
DEFAULT IS TIMELY PAYMENT OF
EVERY LAST WOKE GRANT THAT THE
DEPARTMENT OF EDUCATION.
OF COURSE THAT IS NOT WHAT THE
FULL, FAITH AND CREDIT OF THE
UNITED STATES MEANS.
SO THAT IS THE DEBATE WE’LL HAVE
OVER MONTHS BUT YOU’RE RIGHT,
THE X DATE IS FLUID BUT IT IS
PROBABLY GOING TO GET US INTO
JULY OR SO BUT IT IS VITAL TO
GET THE DEBATE STARTED WITH
CLARITY TO THE AMERICAN PEOPLE.
THIS IS WHAT HOUSE REPUBLICANS
ARE FOR.
FOUR 1/2 TRILLION DOLLARS IN
CUTS TO THE BUREAUCRACY AND THE
THINGS THAT THEY HATE MOST, IRS
AGENCY EXPANSION, THE STUDENT
LOAN BAILOUTS, PUTTING WORK
REQUIREMENT IN LAW SO THAT WE
CAN GET PEOPLE OFF THE SIDELINES
INTO THE WORKFORCE.
DAVID: YOU MENTIONED THE
DEPARTMENT OF EDUCATION, A LOT
OF PEOPLE WOULD SAY THE MORE
MONEY WE SPEND ON THE DEPARTMENT
OF EDUCATION THE LOWER THE TEST
SCORES GO.
SO YOU WONDER ABOUT THE
FEASIBILITY OF ABOUT WHETHER
WE’RE GETTING OUR MONEY’S WORTH
OUT OF A LOT OF THE GOVERNMENT
AND THEN THERE IS THE OVERALL
QUESTION, RUSS, ABOUT THE
OVERWEIGHT SIZE OF GOVERNMENT IN
COMPARISON TO THE PRIVATE
SECTOR.
WE HAVE NOT HAD A GOVERNMENT
THIS BIG IN OUR GDP SINCE
WORLD WAR II.
WHAT EFFECT DOES THAT HAVE ON
THE ECONOMY?
>> ENORMOUS EFFECT.
IT IS NOT JUST BIG, IT IS WOKE,
IT IS WEAPONIZED.
NOT ONLY JUST CROWDING YOU OUT
IN THE PRIVATE MARKETPLACE IT IS
ACTUALLY AIMED AT YOU.
IT IS AIMED AT YOUR BUSINESS.
IT IS AIMED AT YOUR COMMUNITY
AND YOUR SCHOOL.
WHEN REPUBLICANS ARE SAYING
WE’RE GOING TO DEFUND THAT
BUREAUCRACY, THEY’RE GOING A
LONG WAY TO MAKE SURE FREEDOM IS
NO LONGER DEFAULT IN THIS
COUNTRY.
PEOPLE CAN GO ABOUT THEIR
BUSINESS, LIVE THEIR LIVES IN A
WAY THEIR PARENTS RAISED THEM TO
BE ABLE TO DO.
THAT IS THE DEBATE WE WANT TO
HAVE WITH THE COUNTRY OVER THE
NEXT SEVERAL WEEKS AND MONTHS.
DAVID: THERE IS ANOTHER DEBATE,
RUSS, THE ISSUE OF ALL THE
UNMOTIVATED WORKERS WE HAVE,
SOME OF WHOM REMAIN ON THE
SIDELINES BECAUSE OF THE IMMENSE
EXPANSION OF OUR WELFARE
PROGRAMS FOR HEALTHY WORKERS WE
SHOULD EMPHASIZE.
THE PRESIDENT IN THE PAST
WORRIED ABOUT THIS BACK WHEN WE
EXCHANGED WORKFARE FOR WELFARE.
BACK IN ’96, THIS IS WHAT HE
SAID ABOUT IT.
THE CULTURE OF WELFARE MUST BE
REPLACED WITH A CULTURE OF WORK.
THE CULTURE DEPENDENCE MUST BE
REPLACED WITH A CULTURE OF SEVEN
SUFFICIENCY AND PERSONAL
RESPONSIBILITY.
BOY, THAT SOUNDS RIGHT ON POINT
AND IT SOUNDS A LOT LIKE WHAT
REPUBLICANS ARE SAYING RIGHT NOW
THAT HAS TO BE SOMEHOW PUSHED
INTO THE BUDGET, HOWEVER IT
TURNS OUT?
>> ISN’T IT AMAZING WHAT WAS
COMMON SENSE TWO DECADES AGO NOW
VIEWED AS COMPLETELY EXTREME.
WE GET CALLED CRAZY.
THEY ARE THE ONES THAT ARE
CRAZY.
UNFORTUNATELY TAUGHT MUCH OF THE
COUNTRY THAT THE BENEFITS
EXISTED AMOUNTS TO A HAMMOCK.
A WORK REQUIREMENT COULD NOT
COME AT A BETTER TIME IN THE
AFTERMATH OF COVID TO TEACHES
THE BENEFIT OF WORK, GET THEM
OFF THE PROGRAMS.
NOT JUST DO IT WITH WELFARE WHAT
CLINTON DID WITH REPUBLICANS IN
CONGRESS, EXPAND I HAD TO
MEDICAID, EXPAND I HAD IT TO
FOOD STAMPS.
DAVID: WHEN WE MOVED TO WORKFARE
A LOT OF DEMOCRATS OPPOSED TO
PRESIDENT CLINTON BACK THEN
SIGNING THAT BILL.
THEY TURNED OUT TO BE WRONG
BECAUSE WHAT HAPPENED THE
WELFARE ROLLS CAME WAY DOWN SO
DID THE POVERTY LEVEL.
PEOPLE GOT BACK TO WORK.
POVERTY LEVEL AMONG CHILDREN HAD
NEVER BEEN LOWER FIVE YEARS
AFTER WE WENT TO WORKFARE.
SO IT ACTUALLY HAS A BENEFICIAL
EFFECT NOT ONLY ON THE ECONOMY
BUT ON REDUCING THE LEVEL OF
POVERTY IN THIS COUNTRY.
THAT CAN’T BE DENIED.