25,641.
SPECIAL GUESTS, WITH US RIGHT
NOW, WE ARE AFTER ALL IN THE
WHITE HOUSE SO LET'S BRING IN
WHITE HOUSE BUDGET DIRECTOR, HIS
NAME IS MICK NO STRANGER TO THIS
SHOW ALSO THE ACTING DIRECTOR OF
THE CONSUMER FINANCIAL
PROTECTION BUREAU.
HAVE I GOT IT RIGHT, MICK?
>> OF CONSUMER FINANCIAL
PROTECTION.
>> I'M READING PROMPTER.
HOW ARE YOU DOING THIS MORNING?
[LAUGHTER]
I'M IN GOOD SHAPE.
WELCOME TO THIS FABULOUS
BUILDING ISN'T THIS A GRAND
PIECE OF ARCHITECTURE?
>> I'M GOING TO STICK IT RIGHT
TO FOP >> WHAT DO YOU WANT TO
FOB?
>> GETTING RID OF A SPENDING
PROGRAM YOU CAN'T DO IT.
IMPOSSIBLE --
ONCE YOU'VE GOT A GOVERNMENT
PROGRAM, WITH YOU CAN'T GET RID
IT HAVE.
AND WE SURE ISLY NEED TO GET RID
OF SOME SPENDING NOW BECAUSE
WHAT A RISING DEFICIT WITH A 4%
GROWTH ECONOMY.
HOW DO YOU CUT SPENDING YOU
CAN'T --
>> IT IS VERY DIFFICULT BUT
HERE'S WHY.
BECAUSE OF THE RULES OF THE
SENATE WHICH REQUIRES 60 VOTES
FOR EVERY SINGLE SPENDING BILL
IN SENATE BY DEFINITION UNLESS
ONE PARTY HAS 60 VOTES RARELY
HAPPENS EVERY SPENDING BILL MUST
BE BIPARTISAN.
AND THE WAY YOU BUY
BIPARTISANSHIP IN THIS TOWN IS
TO MORE MONEY EVEN IF
REPUBLICANS EVERY SINGLE ONE OF
THEY WANT WANTED TO CUT SPENDING
THEY HAVE TO GET EIGHT OR TEN
DEMOCRATS TO GO ALONG YOU CANNOT
COMMIT TO CUT SPENDING SO YOU
END UP SPENDING MORE MONEY.
>> SO WE HAVE A MESS HERE.
>> YOU DID THERE'S NO QUESTION
ABOUT IT.
>> RISE DEFICIT WITH A 4% GROWTH
ECONOMY THAT REALLY --
THERE'S NOTHING.
YOU'RE TELLING ME ESSENTIALLY
YOU CAN'T DOCH ABOUT IT.
>> YOU CAN'T KEEP IN MIND IT IS
INTERESTING HAPPENING WE'RE
GOING THROUGH BUDGET SEASON
RIGHT NOW, AND I HAPPEN TO RUN
AN A AGENCY ACROSS THE STREET AT
THE BUREAU IN ADDITION TO MY
WORK HERE AT THE OFFICE IN THE
BUDGET BUT WE'RE SETTING OUR
BUDGET RIGHT THERE RIGHT NOW.
WE WILL SPEND LESS MONEY NEXT
YORE AT THE BUREAU E THAN WE DID
THIS YEAR.
THERE'S I THINK RIGHT NOW THREE
AGENCIES THAT CAN SAY THAT.
ONE THING THEY HAVE IN COMMON
NOT A SINGLE ONE OF THEM IS
APPROPRIATED BY CONGRESS SO WHEN
YOU'RE GIVEN ABILITY TO ACTUALLY
RUN OUR BUDGET WE SPEND LESS.
WHEN SENATE DEMOCRATS ARE
INVOLVED IN THE PROCESSES WE
SPEND MORE, AND WE HAVE TO
FIGURE OUT A WAY TO CHANGE THAT
BECAUSE SEVENTIES ARE GETTING TO
BE A PROBLEM.
>> HE'S ANOTHER RISING INTEREST
RATES ANYBODY WHO HAS BORROWED
MONEY WHETHER A MORNING OR CAR
LOAN THEY'RE PAYING A LITTLE BIT
MORE.
AND MORTGAGE MONTHLY MORTGAGE
PAYMENTS ARE GOING UP
SIGNIFICANTLY.
THAT'S ANOTHER PROBLEM FOR THE
ECONOMY.
BUT THERE'S NOTHING AGAIN
NOTHING YOU CAN DO ABOUT THAT.
>> INTEREST RATES ARE STILL A
HISTORICALLY LOW LEVEL BUT NO
ONE BORROWS MORE MONEY THAN WE
DO AT THE FEDERAL GOVERNMENT
THAT MEANS NO ONE IS MORE
IMANGTED THAN RISE INTEREST
RATES THAN WE ARE, EVERY 100
BASIS POINTS IN OUR LEPTIONDING
COST COST ABOUT ABOUT 160
BILLION DOLLARST THAT A BIG, BIG
NUMBER, IN FACT, THIS E YEAR, I
THINK WE WILL ONLY SPEND MORE ON
DEFENSE THAN WE WILL ON INTEREST
PAYMENTS NOW YOU CAN PUT IN
MEDICARE AND SOCIAL SECURITY
ASIDE BUT IN DISCRETIONARY PART
OF THE BUDGET STUFF WE BUDGET
FOR EVERY SINGLE YEAR ARE SECOND
LARGEST LINEUP IS INTEREST.
>> THERE'S NOTHING YOU CAN DO
ABOUT IT.
CONVINCE THE DEMOCRAT THAT THIS
IS A PROBLEM BUT IT IS
DIFFICULT.
>> FREEDOM CAUCUS --
IN MY HEART I STILL AM.
>> BUT CHARGES SPENDING 4
TRILLION AND YOU CAN'T CUT
SPENDING.
CONGRESS SPENDS THE MONEY.
THAT'S THE WAY THE CONSTITUTION
IS SET UP.
WE CAN SENDING BUDGETS UP ANDEN
WE HAVE.
THAT SAVE LESS AND SPEND LESS
MONEY AND SAVE MONEY TAY LOWER
THE DEFICIT AND CONGRESS
NORTHEASTLY SENATE DEMOCRATS
THROW IT IN THE TRASH.
>> DOING THE JOB.
>> HAVING A GREAT TIME TO TALK
ABOUT DEREGULATION TODAY AT THE
CABINET MEETING TO TALK ABOUT
BUDGETS IN CABINET MEETING FUN
WEEK AT THE WHITE HOUSE.
>> I CAME ACROSS THIS
ASTONISHING NUMBER STUDENT
LOANS, STUDENT DEBT 1.53
TRILLION DOLLARS.
WHAT --
THE PRESSURE TO DISCOUNT SOME OF
THAT FORGIVE SOME OF THOSE LOANS
THAT'S GOING TO BE INTENSE WOULD
YOU BE IN FAVOR THAT OF THAT?
>> IT DOES HURT THE ECONOMY.
WHEN WE TOOK LEGENDING OF MONEY
OUT OF PRIVATE SEC FOR AND MOVED
INTO PUBLIC SECTOR WHO IS
LARGEST OF STUDENT LOANS RIGHT
NOW THE FEDERAL GOVERNMENT IF
THEY MAKE A LOAN THEY REALLY
CARE ABOUT GETTING PAID BACK IF
THE GOVERNMENT MAKES LOAN TO YOU
MOB THEY DO.
MAYBE THEY DON'T AND IT IS NOT
SURPRISING THAT WE'VE SEEN
STUDENT LOANS SKYROCKET.
BECAUSE GOVERNMENT NOW MAKES
THOSE LOANS.
>> THE DEBT THERE'S MILLIONS OF
YOUNGSTERS OUT THERE.
LIKE FOLKS WITH WITH 100,000
DEBT --
>> WE LIKE THEM TO REPAY THEIR
DEBT AND EDUCATING PEOPLE ONE
THAT WE DO AT BUREAU THAT
DOESN'T GET THAT MUCH ATTENTION
IS THAT WE ARE WITH CHARGED WITH
EDUCATING CONSUMERS AND TRYING
VERY HARD TO EDUCATE YOUNG
PEOPLE ESPECIALLY BECAUSE THIS
FOR A LOT OF THEM IS FIRST MAJOR
DEBT THEY TAKE OUT IS LOOK IF
YOU'RE GOING TO BORROW THIS MUCH
MONEY USE IT TO GET AN EDUCATION
THAT CAN GET YOU A JOB TO HELP
YOU PAY IT BACK.
>> IS LOAN FORGIVENESS PART OF
YOUR --
ATTENRARE ARE?
>> WE THINK IT IS FAIR TO PAY IT
BACK AND BORROW RIGHT NOW TO GO
TO SCHOOL BORROWING FOR OTHER
TAXPAYERS AND YOU WANT OTHER
TAXPAYERSES TO GIVE YOU MONEY TO
GO TO SCHOOL AND THAT'S NOT PART
OF OUR PROGRAM.
>> RED TAPE CUTTING DAY HERE AT
THE WHITE HOUSE.
GOOD DAY FOR US.
NAME ONE REGULATION THAT YOU
INTEND TO CUT IN THE VERY NEAR
FUTURE.
>> I THINK WE HAVE 176 THAT WE
CUT LAST YEAR.
THIS YEAR --
THE FUTURE 3 BIG ONES WORKING ON
THIS YEAR AND YOU'LL RECOGNIZE
THEM WATERS OF THE U.S. THAT
SAYS A ROAD SIDE DITCH IS A
NAVIGATABLE STREAM AND FOR
GOVERNMENT AND CAFE FOR CARS TO
ADD A QUARTER OF A TRILLION
DOLLARS THIS COST TO CONSUMERS
LAST ONE IS CLEAN POWER PLANT
RULE THAT WE'RE WORKING ON E
THREE BIG ONES WE'RE WORKING ON
NOW TO GET OUT IN NEXT COUPLE OF
MONTHS.
>> NICK YOU'RE HAVING A GOOD
TIME WHICH I FIND ASTONISHING
ACTUALLY.
BEAR IN MIND YOUR JOB.
>> YOU HAVE TO BE A STRANGE FERN
TO LIKE THIS JOB AND I LOVE IT
THIS MEANS I MUST BE REALLY