PRESIDENT BIDEN’S MASSIVE SOCIAL
SPENDING BILL.
JOINING ME NOW IS CALIFORNIA
CONGRESSMAN, RO KHANNA, MEMBER
OF THE ARMED SERVICES, OVERSIGHT
AND AGRICULTURAL COMMITTEES.
HE JOINS US NOW.
THANKS SO MUCH FOR BEING HERE
THIS MORNING.
>> MARIA, GOOD MORNING.
ALWAYS A PLEASURE.
MARIA: WHAT DO YOU MAKE OF THIS
WORRY FROM AMERICANS ABOUT
INFLATION?
YOU KNOW, YOU WOULD THINK THAT
IS SOMETHING OF A WAKE-UP CALL
FOR YOU AND YOUR COLLEAGUES AS
YOU STILL TRY TO GET THE
SPENDING PLAN THROUGH.
WON’T MORE SPENDING STOKE MORE
INFLATION?
>> WELL, OF COURSE IT’S A WORRY.
GROCERY PRICES ARE UP.
GAS PRICES ARE UP.
WHEN I SHOP IN MY DISTRICT, I
SEE THAT.
BUT WHAT OUR BILL WILL DO IS PUT
MORE MONEY IN THE POCKETS OF
WORKING FAMILIES AND THE MIDDLES
CLASS SO THEY HAVE MORE MONEY
AND CAN AFFORD GROCERIES, CAN
AFFORD GAS AND IT’S GOING TO
LOWER THE COST OF PRESCRIPTION
DRUGS, LOWER THE COST OF CHILD
CARE, LOWER THE COST OF ELDER
CARE, SO I THINK IT WILL HELP.
MARIA: HOW WOULD IT POSSIBLY
HELP IF IT’S MORE MONEY CHASING
TOO FEW GOODS, CONGRESSMAN?
WE KNOW THIS.
AND NOT ONLY THAT, BUT MANY
PEOPLE ARE EXPECTING THAT THEY
WILL ALSO PAY HIGHER TAXES.
SO YOU’RE SAYING THAT THIS BILL
IS LOWERING THE COST FOR PEOPLE
AND YET MANY OF YOUR COLLEAGUES,
CERTAINLY ON THE RIGHT, SAY THAT
YOU’VE ALREADY BREACHED THE
PROMISE OF NOT HAVING ANYBODY
MAKING $400,000 PAY HIGHER
TAXES.
THEY WILL PAY HIGHER TAXES.
>> MARIA, THE TAX INCREASES ARE
ON PEOPLE OVER $10 MILLION.
YOU KNOW THE ECONOMICS.
THE WAY INFLATION HAPPENS IS IF
YOU HAVING THAT’S UNPAID FOR
BECAUSE THEN THE FED INCREASES
THE MONEY SUPPLY.
HERE THIS IS FULLY PAID FOR SO
YOU’RE NOT GOING TO HAVE THE FED
INCREASING BOND PURCHASES.
IN FACT, I AGREE WITH LARRY
SOMMERS, THE REAL ISSUE IS THE
FED WITH THE QUANTITATIVE EASING
WHERE THEY’RE BACKING MORTGAGES.
THEY NEED TO REVERSE THAT A.
I HOPE THE FED WILL TAKE THE
APPROPRIATE ACTION.
MARIA: YOU SAY IT’S FULLY PAID
FOR AND JOE BIDEN SAYS IT COSTS
NOTHING BUT THAT’S NOT WHAT
WE’RE HEARING FROM THE CBO AND
NOT WHAT WE’RE HEARING FROM THE
TCOMMITTEE FOR A RESPONSIBLE
BUDGET.
THEY SAY THERE’S PLENTY OF
GIMMICKS IN THE PLAN.
MAYA McGINNIS SAID THE COST OF
THE PLAN IS ACTUALLY
$4.9 TRILLION BECAUSE OF THE
GIMMICKS THAT YOU AND YOUR
COLLEAGUES PUT IN, SAYING THE
CHILD CREDIT GOES AWAY IN ONE
YEAR.
DO YOU HONESTLY THINK THE CHILD
CREDIT GOES AWAY IN ONE YEAR?
>> WELL, IT DEPENDS ON THE
REPUBLICANS.
RIGHT NOW THE REPUBLICANS AREN’T
FOR GIVENNING FAMILIES 300 BUCKS
A MONTH FOR PEOPLE WHO ARE
RAISING KIDS.
IF THEY WERE, THEN WE COULD
EXTEND IT FURTHER.
BUT THE CBO LOOKED AT THIS AND
THEY BASICALLY CONCLUDED IT’S
PAID FOR.
THERE’S SLIGHT DISAGREEMENT ON
HOW MUCH REVENUE THE TAX COME CO
COMPLIANCE WOULD RACE.
IT’S BASICALLY PAID FOR AND EVEN
ECONOMISTS LIKE SOMMERS WHO SAID
THERE IS OFTEN INFLATION, SAID
IT WON’T CAUSE INFLATION BECAUSE
IT’S LARGELY PAID FOR.
THE ISSUE IS WITH THE FED.
MARIA: MOST ECONOMISTS HAVEN’T
SAID IT’S PAID FOR, CONGRESSMAN.
LET ME ASK YOU A QUESTION.
WHY PUT IN A FEDERAL PROGRAM IF
YOU’RE GOING TO TAKE IT AWAY IN
ONE YEAR OR TWO YEARS?
>> I DON’T WANT TO.
I WOULD LOVE TO HAVE A 10-YEAR
PLAN.
MARIA: YOU WANT IT FOR THE 10
YEARS.
THAT’S WHY IT’S 4.9 TRILLION
BECAUSE THAT’S EXACTLY RIGHT.
ANYBODY -- DO NOT WANT THEM TO
GO AWAY IN ONE YEAR.
>> I DO NOT.
WE DON’T HAVE THE SUPPORT FOR
THAT.
IF WE HAD THE SUPPORT FOR THAT,
I WOULD SUPPORT IT AND THEN THE
COST WOULD BE HIGHER BUT WE
DON’T HAVE THE SUPPORT FOR THAT
SO THAT’S LIKE SAYING I WOULD
LIKE MORE SPENDING FOR RENEWABLE
ENERGY.
WE DON’T HAVE THE VOTES FOR
THAT.
DOESN’T MEAN THAT YOU
FICTITIOUSLY MAKE UP A NUMBER
SAYING IN KHANNA GOT RENEWABLE
NUMBER, THAT’S WHAT IT WOULD
COST.
THEY’RE SAYING HYPOTHETICALLY IF
THERE WERE THE VOTES FOR THIS
THING THAT’S WHAT IT WOULD COST.
THE VOTES AREN’T THERE.
IT’S BASED ON WHAT’S IN THE
BILL.
MARIA: IT SOUNDS LIKE THAT’S
EXACTLY WHAT YOUR COLLEAGUES
DID, HAD THEY CAME UP
FICTITIOUSLY AND SAID THIS PLAN
COSTS $1.75 TRILLION BY SAYING
THE PROGRAMS GO AWAY IN A YEAR
OR TWO AND THEY DON’T.
NOBODY WANTS THEM TO GO AWAY IN
ONE YEAR AND THEY WON’T.
SO IN OTHER WORDS, THE PLAN --
>> THE REPUBLICANS DO.
MARIA: $4.9 TRILLION.
>> BUT THE REPUBLICANS --
HERE’S THE QUESTION, MARIA.
WHY ISN’T THERE A SINGLE
REPUBLICAN WHO TALKS ABOUT
FAMILY VALUES, SAYS IT’S
IMPORTANT FOR PARENTS TO HAVE
THE OPPORTUNITY TO RAISE THEIR
KIDS, WHY DOESN’T A CERTAIN
REPUBLICAN SAY --
MARIA: DON’T WANT A WELFARE
STATE.
>> 300 BUCKS A MONTH.
MARIA: WHAT THE REPUBLICANS
KEEP SAYING, THEY DON’T WANT A
WELFARE STATE, THEY DON’T WANT
GOVERNMENT PROGRAMS WHERE
FAMILIES ARE SO DEPENDENT ON THE
GOVERNMENT.
THEY WANT THEM TO WORK AND MAKE
ENDS MEET BY THEIR OWN EFFORTS
AND NOT RELY ON MONEY FROM THE
GOVERNMENT WITH THE FEDERAL
APPROXIMATE THAT WON’T GO AWAY,
-- PROGRAMS THAT WON’T GO AWAY
THAT TAXPAYERS WILL PAY FOR.
DO YOU FEEL LIKE THIS IS
SOMETHING THAT THE AMERICAN
PEOPLE WANT?
>> WHAT I SEE IS A LOT OF HARD
WORKING AMERICANS, PEOPLE
DRIVING TRUCKS OR WORKING HERD
AT STRAWSHTS RESTAURANTS AND THE
HAVING A TOUGH TIME PAYING THE
BILLS AND RAISING KIDS AND WHAT
WE’RE SAYING IS IF YOU’RE A
FAMILY WHO IS RAISING KIDS IN
THIS COUNTRY, THAT’S THE BIGGEST
JOB AND YOU OUGHT TO GET 300
BUCKS A MONTH PER KID.
IT’S A POLICY THAT’S PRO FAMILY.
I WISH IT HAD BUY PART A SAN
SUPPORT.
-- BIPARTISAN SUPPORT.
I AM FOR 10 YEARS IF WE COULD
GET IT.
WE DON’T HAVE THE REPUBLICAN
SUPPORT.
MARIA: WE HAVE $28 TRILLION IN
DEBT AND TO JUST PUT OUT A
PROGRAM THAT GIVES PEOPLE
HUNDREDS OF DOLLARS REPEATEDLY
IS JUST CREATING A WELFARE STATE
AND ADDING TO THE DEBT.
WHY ARE WE DOING THAT?
WE’RE SEEING AN ECONOMY THAT IS
GROWING.
YOU’VE GOT INFLATION AS WELL.
SO WHY PUT MORE SPENDING OUT
THERE.
LOOK, CONGRESSMAN, I DON’T WANT
TO KEEP GOING YOU THROUGH THIS
BECAUSE OBVIOUSLY THE
REPUBLICANS SAY ONE THING AND
YOU’RE SAYING SOMETHING ELSE.
I WANT TO GET YOUR TAKE ON
CHINA.
THE HOUSE PASSED LEGISLATION
LAST NIGHT BANNING IMPORTS MADE
BY UYGHUR MUSLIMS.
THE BILL NOW GOES TO THE SENATE
WHILE THE HOUSE CONTINUES TO TRY
TO ADVANCE OTHER CHINA RELATED
LEGISLATION MEANT TO HELP THE
UNITED STATES COMPETE WITH
CHINA.
THIS IS WHAT YOU’VE BEEN WORKING
ON.
YOUR BILL, THE ENDLESS FRONTIER
ACT.
WHAT’S MOST IMPORTANT IN TERMS
OF PUSHING BACK ON CHINA’S
DOMINANCE?
>> FIRST, WE NEED TO MAKE SURE
WE HAVE A TECHNOLOGY ADVANTAGE
IN AI, IN QUANTUM COMPUTING, IN
THE TECHNOLOGIES OF THE FUTURE.
SECOND, WE NEED TO HAVE CLEAR
FORWARD DEPLOYMENT AND ALLIANCES
WITH AUSTRALIA, JAPAN AND INDIA
TO MAKE IT VERY CLEAR THAT THE
UNITED STATES WILL NOT STAND FOR
ANY INVASION OF TAIWAN.
AND THIRD, WE FEED TO STAND UP
-- NEED TO STAND UP FOR HUMAN
RIGHTS.
WHAT’S HAPPENING WITH THE
UYGHURS IS APPALLING.
I APPLAUD SENATOR RUBIO AND
OTHERS ACROSS THE AISLE WHO
STOOD UP FOR THE BASIC HUMAN
RIGHTS.
MARIA: ON CHINA, I KNOW YOU
KNOW ALL ABOUT THIS GIVEN YOUR
WORK ON THE FRONTIER ACT, BUT
CHINA HAS BEEN STEALING
INTELLECTUAL PROPERTY FOR
DECADES.
NOW WE SEE THEY’RE AHEAD OF US
IN AI.
THEY MAY BE AHEAD OF US IN
QUANTUM COMPUTING.
WHERE IS THE ACCOUNTABILITY FOR
THE THEFT THAT HAS BEEN GOING ON
FOR DECADES?
WHY NOT PUSH BACK ON THE
CONTINUATION OF THEFT OF
INTELLECTUAL PROPERTY BY THE
CCP?
>> WE ABSOLUTELY MUST.
WE SHOULD MAKE IT CLEAR THAT --
MARIA: BUT YOU’RE NOT.
>> WELL, I THINK IN THE ENDLESS
FRONTIER, THE INKNOW INNOVATION
SOME OF HE THOSE PROVISIONS, TO
MAKE SURE IF YOU GET U.S.
DOLLARS, YOU CAN’T INVEST BACK
INTO CHINA.
WE HAVE TO HAVE CONTROLS SO THEY
CAN’T GET SENSITIVE TECHNOLOGY.
MARIA, I THINK THE UNITED STATES
IS STILL DOING VERY WELL IN
PLACES OF AI, QUANTUM COMPUTING.
YES, WE HAVE TO TAKE CHINA
SERIOUSLY BUT I DON’T THINK
THEY’LL OUT-COMPETE US.
THEIR INNOVATION IS NOT CLOSE
YET TO LOTS OF THINGS IN SILICON
VALLEY, IF WE INVEST CORRECTLY I
STILL WOULD BET ON AMERICA.
MARIA: BUT THEY ARE AN ADVERSE
SHARELY, NOT JUST A COMPETITOR,
ISN’T THAT TRUE, CONGRESSMAN.
THEY MARCHED INTO HONG KONG,
THREW ALL THE FREEDOM FIGHTERS
IN JAIL, THEY INVADED INDIA OR
TOOK 2020 AS AN OPPORTUNITY TO
INVADE OTHER TERRITORY.
HUMAN RIGHTS ABUSES, THE TENNIS
STAR, JACK MA DISAPEERED, WILL
THERE BE ANY ACCOUNTABILITY,
WILL THE U.S. TAKE A STAND ON
ANY OF THIS.
>> YES, WE ARE.
THE HOUSE JUST PASSED --
MARIA: IN WHAT WAY?
>> WE HAVE A BEEN VERY CLEAR THA
WE HAVE TO BUILD OUR CAPACITY.
WE’VE BEEN VERY CLEAR ACROSS THE
AISLE THAT ANY INVASION OR
AGGRESSIVE ACTION TO TAIWAN WILL
NOT STAND.
AND, LOOK, THEY’RE DESTROYING
THEIR OWN ECONOMY.
THEY CAN’T EVEN TAKE JACK MA.
I MEAN, IF YOU’RE SOMEONE WHO
HAS ENTREPRENEURIAL AMBITION,
WHY WOULD YOU GO TO CHINA.
WHERE IS JACK MA IS MY QUESTION.
MARIA: WHY ARE WE STILL RELIANT
ON CHINA FOR SO MANY IMPORTANT
ITEMS?
WHY ARE 90% OF THE ACTIVE
INGREDIENTS IN OUR PRESCRIPTION
DRUGS STILL MADE IN CHA?
CHINA?
WHY?
HOW COME WE HAVE NOT MOVED
SUPPLY CHAINS OVER TO AMERICA?
>> WELL, WE OUGHT TO BE MOVING
SUPPLY CHAINS OBVIOUSLY IDEALLY
TO AMERICA OR TO OUR ALLIES.
GLOBAL SUPPLY CHAINS CAN’T JUST
ENTIRELY BE IN THE UNITED STATES
BUT I WOULD LIKE TO SEE OUR ALLY
SHORING WHERE WE’RE GOING INTO
JAPAN, AUSTRALIA, INDIA,
BUILDING SUPPLY CHAINS THAT ARE
INDEPENDENT.
AND MY BIGGEST CONCERN IS
SEMICONDUCTORS.
RIGHT NOW WE’RE SEW DEPENDENT ON
TAIWAN AND A SOUTH KOREA.
WE OUGHT TO BRING A LOT OF THAT
BACK INTO THE UNITED STATES.
MARIA: RIGHT.
I KNOW THAT SAMSUNG JUST
INVESTED $17 BILLION IN TEXAS
AND TEXAS IS HOPEFULLY SAYING
THAT IT WILL BE A MAJOR HUB FOR
THAT.
CONGRESSMAN WE KNOW YOU’RE
WORKING ON ALL OF THAT.
WE WILL CHECK IN SOON.
THANKS THANK YOU FOR ANSWERING