BASED ON THE TONE FROM SPEAKER MCCARTHY, IT DOES NOT SOUND
LIKE MUCH WAS ACCOMPLISHED IN THE MEETING. WHAT'S YOUR TAKE?
SEN. WARNER: I WOULD LIKE TO HEAR FROM THE
PRESIDENT AND THE DEMOCRATS BUT I THINK WE HAVE SEEN THIS MOVIE
BEFORE. THE FIRST MEETING, NORMALLY
MUCH DOES NOT COME OUT OF IT. I WOULD LOVE TO HEAR IF THE
SPEAKER OFFERED ANY CONCESSIONS FROM HIS PROPOSAL.
ONE THING THAT IS PRETTY CLEAR IS A PROPOSAL THAT EVEN HIS
REPUBLICANS COULD NOT AGREE WHAT IS IN IT BECAUSE THEY SAY
THEY DID NOT NEED TO CUT BACK FOR THAT AND YOU HAVE GOT AT
LEAST 10 OR 12 REPUBLICANS SAYING THAT WAS THE FLOOR.
THE SPEAKER HAS NO ABILITY TO MOVE.
I WOULD LOVE TO HEAR WHERE HE HAS ABILITY TO MOVE ON
NEGOTIATIONS OR WHETHER HE WILL BE HELD TO THIS EXTRAORDINARY
STANDARD I HOPE THAT WE WILL NOT DEFAULT.
LEADER MCCONNELL HAS BEEN THROUGH A NUMBER OF THESE.
THAT WAS THE GOOD NEWS.
NOTHING WOULD BE WORSE, NOTHING WOULD BE A GREATER GIFT TO
VLADIMIR PUTIN ON PRESIDENT XI IN CHINA THAN TO HAVE THIS
UNFORCED ERROR OF THE U.S. DEFAULTING AS WE COME INTO
MEMORIAL DAY WEEKEND. ANNMARIE: OTHERS LIKE AVRIL HAINES AGREE.
THERE IS ONE MOMENT OF PROGRESS, WHICH IS THAT SPEAKER
MCCARTHY HAS NOW SAID THAT BIDEN AND CONGRESSIONAL LEADERS
WILL MEET AGAIN ON FRIDAY, BUT SPEAKER PARTY SET NEXT SPEAKER
MCCARTHY SAID HE WILL FOR ITEMS THAT DEMOCRATS COULD
POTENTIALLY GET BEHIND, LIKE CLAWING BACK COVID FUNDS.
WHAT HE ONCE YOU DO IS HAVE A
-- WHAT HE WANT TO DO IS HAVE A FAIR NEGOTIATION?
IS IT TOO LATE? SHOULD BIDEN HAVE WAITED TO GET
IN A ROOM WITH THIS MAN? SEN. WARNER:
WE SHOULD HAVE DONE WHAT WE DID THREE TIMES UNDER TRUMP, WHICH
WAS RAISE THE CEILING AND HAVE ANOTHER DEBATE ABOUT THE BUDGET.
I THOUGHT IT WAS IRONIC THAT THE SPEAKER WAS INDICATING ON
THIS ADDITIONAL DEBT THAT WAS ADDED A LOT AT THAT WAS UNDER
PRESIDENT TRUMP. I VOTED FOR IT IN TERMS OF THE
REMARKABLE AMOUNTS OF MONEY WE SPENT ON COVID RELIEF, I WOULD
VOTE FOR IT AGAIN. WE WOULD -- DID NOT KNOW THE
ABYSS WE MIGHT BE HEADED INTO.
THE ONE THING WHERE I DO THINK SHAME ON THE DEMOCRATS IS WHEN
WE RAISED THIS THREE TIMES UNDER TRUMP, WE SHOULD HAVE
GOTTEN RID OF THIS POLITICAL HAND GRENADE.
NO OTHER INDUSTRIAL NATIONS AS AFTER THE MONEY HAS BEEN SPENT
ARE WE GOING TO PAY DOWN THE PART?
-- PAY DOWN THE CREDIT CARD? THIS IS A POLITICAL HAND
GRENADE BEING USED AS A THREAT. I VOTED FOR REGULATORY REFORM.
I HAVE BEEN PART OF EFFORTS IN THE PAST, WAS SUPPORTIVE OF THE
SIMPSON BOWLES EFFORT MORE THAN A DECADE AGO.
THERE TO BE A TIME AND PLACE TO DO THAT.
THAT TO BE THROUGH THE NORMAL APPROPRIATIONS PROCESS.
-- THAT OUGHT TO BE THROUGH THE NORMAL APPROPRIATIONS PROCESS.
WE NOTHING ABOUT REVENUE. IF YOU REALLY WANT TO DEAL WITH
OUR NATIONAL DEBT, WE WILL NEED TO SPENDING CUTS, ADDITIONAL
REVENUES. THIS IS NOT THE PLACE WHERE YOU
GOT THAT KIND OF MEANINGFUL DEBATE. JOE:
SOMETHING NEEDS TO BREAK THE STANDOFF.
YOU HAVE BEEN INVOLVED IN ANY NUMBER OF NEGOTIATIONS.
WHAT CAN THE PRESIDENT OFFER? WHAT CAN DEMOCRATS OFFER THAT
MIGHT BE ATTRACTIVE TO SPEAKER MCCARTHY?
IS THERE AN ISSUE THAT HAS NOT BEEN DIRECTLY TIED TO THIS
BUDGET DEBATE THAT WOULD BE ATTRACTIVE ENOUGH TO THE
SPEAKER TO BRING BACK TO HIS CAUCUS AND SAY, LET'S LIFT THE
DEBT CEILING BECAUSE WE HAVE GOT THIS? SEN. WARNER:
I DO NOT KNOW. I'M ANXIOUS TO HEAR THE
PRESIDENT'S CHARACTERIZATION OF THE MEETING. I DO WORRY ABOUT
PRECEDENT-SETTING. REMEMBER THAT WHAT THE HOUSING
DID WAS THEY ONLY RAISED THE DEBT CEILING FOR AER -- 480
YEAR -- FOR A YEAR. DOES NOT MAKE MUCH SENSE TO ME.
I GET THAT THERE IS CONCERN THAT IF YOU ALLOW THIS KIND OF
POLITICAL HAND GRENADE TO THREATEN THE CREDIT OF THE
UNITED STATES, IT WILL COME BACK AND BITE YOU.
I AM MORE THAN WILLING AND HAVE BEEN PART OF VIRTUALLY EVERY
BIPARTISAN GANG THE LAST DECADE. I WOULD TRY TO BE IN ONE OF
THOSE ROOMS, BUT THERE IS A TIME AND PLACE FOR THAT NOT
WITH A TAKING TIMEBOMB, POTENTIALLY GOING INTO DEFAULT,
ROUTING 401(K)S, PARTICULARLY WHEN YOU HAVE A SPENDING CUT
PLAN THAT THE HOUSE PUT FORWARD THAT ONLY A TALKS ONE THIRD OF
THE BUDGET. I HAVE REPUBLICAN MEMBERS
SAYING WE DO NOT WANT TO ATTEND VETERANS, TOUCH BORDER PATROL,
ALTHOUGH THEY ARE ALL INCLUDED IN THE BUDGET CAP REFORM.
ANNMARIE: BUT AT THE END OF THE DAY,
RIGHT NOW, THE ONLY BILL THAT HAS PASSED IS THE ONE IN THE
HOUSE.
WE ARE NOW ONE MONTH INTO A POTENTIAL X-DATE.
DO YOU THINK THE WHITE HOUSE SHOULD LOOK AT WHAT IF WE WERE
TO DEFAULT? SHOULD THEY START PRIORITIZING
WHAT BILLS THEY WILL PAY? SEN. WARNER:
THE IDEA THAT YOU GET A PRIORITIZING ASIAN HAS BEEN
DEBUNKED ECONOMISTS, BY FOLKS FROM BOTH ADMINISTRATIONS IN
THE PAST, THIS IDEA THAT WE WILL PAY OUR BONDHOLDERS AND
MAYBE PAY SOME SOLDIERS BUT NOT OUR VETERANS OR MAYBE SOCIAL
SECURITY BUT NOT MEDICARE. THAT IS LUNACY.
WE MAY BE IN LUNATIC TIMES.
WE TO GO AHEAD AND THERE OUGHT TO BE A PROCESS.
RAISE THE DEBT CEILING. WE CAN HAVE THE DEBATE BUT
LET'S NOT HAVE IT WITH AN ECONOMIC TIMEBOMB JUST A FEW
WEEKS AWAY. JOE:
HOW WORRIED ARE YOU ABOUT THE MARKETS TOMORROW?
THE SPEAKER OF THE HOUSE JUST SAID THERE IS NO MOVEMENT ON
NEGOTIATIONS. HOW UGLY IS THIS TOMORROW?
SEN. WARNER: COULD BE PRETTY UGLY.
LEFT WEEK, I WAS ENORMOUSLY FOCUSED ON DISRUPTIONS IN THE
BANKING SECTOR, PARTICULARLY THE REGIONAL BANKS.
WE SHOULD NOT KEEP PILING UP ONE PRICES AFTER ANOTHER ON A
MARKET THAT, BASED ON UNDERLYING ECONOMIC NEWS IS
GOOD, BUT THE SELF-INFLICTED PROBLEMS, THAT IS NOT THE RIGHT
APPROACH.