May 23, 2023 - Bannon's War Room
48:50
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the primal scream of a dying regime. | ||
| Pray for our enemies, because we're going medieval on these people. | ||
| I got a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you try to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| MAGA Media. I wish in my soul, I wish that any of these people had a conscience. | ||
|
unidentified
|
Ask yourself, what is my task and what is my purpose? | |
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
|
Here's your host, Stephen K. Bamm. | |
| When you talk about work requirements, remember, we want to take people from poverty to jobs. | ||
| It's only for people who are able-bodied with no dependents. | ||
| I don't think it's right that we borrow money from China to pay somebody that has no dependents able-bodied to sit on a couch. | ||
| What we find is people become more productive. | ||
|
unidentified
|
So that's still a red line for you? | |
| Every study has shown it helps the economy, helps people, and it helps our supply chain make us less dependent upon China. | ||
| At the White House, keep an eye on what each side says coming out of that meeting, the third one, in as many weeks. | ||
| If they can't start coming together Now, when will they? | ||
| Because although we say eight working days, that doesn't mean a deal and a bill and a vote will happen overnight. | ||
| Marking it up, debating it, signing off on it, all take time, even when Congress is trying to go quickly. | ||
| And according to Treasury Secretary Janet Yellen, there isn't exactly wiggle room. | ||
| June 1st is a hard deadline, she told Meet the Press over the weekend. | ||
| Even invoking the 14th Amendment would take time, which, by the way, Yellen says would be potentially inappropriate and legally uncertain. | ||
| So what would be left aside from defaulting? | ||
| Again, watch what comes out of this meeting. | ||
| House Democrats have 210 votes for their discharge petition. | ||
| Punchbowl reports they should have 213 by the end of the day. | ||
| Would a continued standoff help them get to 218? | ||
| Let's ask. Joining me now is NBC News White House correspondent Monica Alba and NBC News senior Capitol Hill correspondent Garrett Haake. | ||
| So Garrett McCarthy spoke to reporters. | ||
|
unidentified
|
What did he say? Well, he said a couple things of note, Katie. | |
| First of all, he said that he thinks they need to see progress at the White House. | ||
| He needs decisions to start being made. | ||
| He was keenly aware of the time component that you just laid out to get a deal. | ||
| And he also started to describe the parameters a little bit more specifically than we've heard before about what would be and would not be in it. | ||
| Now, McCarthy's described a spending deal that would The cut spending in real terms from 2023, basically next year, we would spend less than we spent this year. | ||
| So somewhere between what we spent in 22 and this year, that number cannot go up. | ||
| But he's also said, as we well know, that you won't cut Medicare and Social Security. | ||
| Today, he said defense cuts are off the table. | ||
| That means all the cuts that he's talking about would land on domestic spending. | ||
| And if you're thinking that doesn't sound like a deal that Democrats would be willing to support, You'd be right. | ||
| McCarthy is continuing to squeeze down on the negotiations right now, and it's hard to see how that gets him the numbers that he needs to pass a bill if he can get a deal. | ||
| And here's what he said about passing that bill if they get that far. | ||
| I believe members should have the 72 hours I promised on any day. | ||
| You gotta pass it out of the house, you gotta write it, make sure it's right, and the Senate has to pass it to you. | ||
| That's why waiting for this last minute is not the way you've got to be. | ||
| I don't think there'll be many people who disagree with the idea that Congress needs to stop waiting to the last minute to get things done. | ||
| I'll just clarify two things he said there. | ||
| The 72-hour rule is a rule that House Republicans put in place in this Congress, that that's how long members would have to read any bill before there's a vote. | ||
| It could get waived, but it would probably make the same faction who already doesn't trust McCarthy and the House Republican side uncomfortable. | ||
| And then, of course, he kind of glosses over the Senate doing this. | ||
| Katie, how many times have we stood here and talked about how slowly the Senate moves, and that's if Everybody is already rowing in the same direction, not a given on a bill like this. | ||
| Monday, 22 May in the year of our Lord, 2023. | ||
| Let's go right to Andy Biggs. | ||
| Congressman Biggs from Arizona 5 has been in the middle of this since the beginning of actually from last year of trying to get these cuts done and try to get control of this orgy of spending and no uptick to the debt ceiling. | ||
| Congressman Biggs, the meeting's at 5.30 at the White House. | ||
| McCarthy's already signaled he's going to have a press conference back on Capitol Hill at 7. | ||
| Can you give us the latest state of play, sir? | ||
| Well, they're meeting, and we don't know what's happening. | ||
| It's behind closed doors. | ||
| So what we get is public reaction, Steve, and what Mr. | ||
| McCarthy is saying in the public. | ||
| We're hearing, and I'm going to point out some things that he said that should cause some alarms. | ||
| This morning he said something about, you know, that he would need 180 to 200 Republicans on any deal. | ||
| And then he said today that he thought that when they got a deal, the majority of Republicans in the House would support it. | ||
| Now, what does that tell you? | ||
| It tells you that he doesn't really, he's going to basically jettison 20 to 30 Republicans who are trying to hold on for a reduction in deficit spending. | ||
| And that means in my mind that he's probably going to go to the Democrats to cut a deal there. | ||
| And I will just tell you one other thing that should be done. | ||
| If he thinks that he's gonna need more time to get this thing through, which I would suggest he's probably right, whatever he's going to do. | ||
| My team is actually drafting legislation now that would provide a reduction in spending, or actually rescissions, to claw back about $110 billion, which would take us clearly past Janet Yellen's false June 1 statement. | ||
| What she isn't telling the American people is that in June we always have a high tranche of dollars that come in because it's a quarterly payment month. | ||
| And we typically only borrow somewhere between three and five billion dollars to get through June. | ||
| She is just basically kind of implying that we don't have any cash. | ||
| The reality is we'll have a real good cash month in June. | ||
| And so we might need to only get enough dollars for a couple of weeks. | ||
| Let's go do it. And that's the problem with what is being said at this high level and what's being fostered by the corporate media. | ||
| This is the first time. | ||
| For him to try to get 180 or 200 Republicans or try to go with just a majority of the conference would be the end of his speakership. | ||
| Why would he do that? I don't think it would be the end of his speakership. | ||
| I think that part of his deal will be that there's enough Democrats to keep him. | ||
| They lie a lot, but there'll be enough Democrats to keep him in position. | ||
| I just think that almost all Republicans who will vote for whatever deal he comes out are going to vote to keep him, and he'll have a deal so that there'll be enough Democrats. | ||
| I just don't believe, Steve, that the That the motion to vacate is going to be a viable threat to him. | ||
| I think a bigger opportunity for him is for us to, like I say, give him some more breathing room and make some reductions right now, rescissions right now, get some money back in and force the Senate and Joe Biden to step back and say, okay, well, now we're going to have to make some cuts. | ||
| That's what I think we need to do. | ||
| When you talk about recessions, first off, Janet, why have that not put more pressure on Janet Yellen? | ||
| Janet Yellen has not put forward any numbers so far. | ||
| We had letters that said it's going to be on the 5th of June, now it's going to be the 1st of June, then it's going to be the 15th of June, now it's going to be the 1st. | ||
| Has she come forward and actually put forward a model so that anybody understands how much cash is coming in, how much cash is going out, Congressman? | ||
| No, she has not, and that's part of the problem. | ||
| This is all rhetoric driven. | ||
| There's some amounts of reality to it, but there's also a tremendous amount of narrative building, which Janet Yellen is doing with Joe Biden. | ||
| So you've mentioned it. | ||
| They've had at least six, seven dates, which were the X dates. | ||
| We've heard this now for months. | ||
| The reality is She won't tell us what the dollars are, but I will tell you what we know to be true. | ||
| So in a normal month, we're going to bring in about $400 billion, and we're going to spend about $500, a little over $500 billion. | ||
| So you have this gap of $100 to $120 billion in deficit spending. | ||
| But according to the speaker's office itself, the data that I have sitting on my desk that they gave me, The number for June of 2023 was projected to have to borrow about $4 or $5 billion to get through that month. | ||
| And so what I'm telling you is instead of only bringing about 400, sometimes even less than that, we're going to be close to $500 billion in revenue for June. | ||
| But she's saying that that's the end of the world and it's going to be a default. | ||
| It will not be a default because we actually have income and revenue coming in And if she would adhere to the rescissions that were passed out of the House and that I'm urging with new legislation to be done immediately, then she wouldn't have to borrow any money. | ||
| You would kick this can down the road another month or two. | ||
| And that's probably the best that conservatives can hope for at this point is to at least kick it down the road until we get more spending cuts come in. | ||
| The spending cuts you're saying coming through the appropriations process? | ||
| Because right now the Hill's reporting, let me just run you through the punch list between the bid and the ask. | ||
| They're still fighting over budget caps. | ||
| They're still fighting over no defense cuts versus just cuts to domestic discretionary spending. | ||
| The Democrats have dug in hard on any work requirements. | ||
| And about the timeline. | ||
| The Democrats want the timeline to kick to 2024, which will mean, I don't know, a three or four trillion dollar increase to the debt ceiling. | ||
| Of course, we want it in March, basically a year from now, in March of 2024, excuse me, March 2024, the Democrats want to kick past the election, past election day, because they understand this is terrible for them politically. | ||
| With that kind of gap, where do you think you actually stand in these negotiations? | ||
| Well, I think that they're pretty far apart. | ||
| I mean, that's what I heard this morning, first thing, from media types who are calling me and talking to me as I'm walking through the Capitol. | ||
| And it sounded to me like it's pretty far apart. | ||
| And Mr. | ||
| McCarthy, the speaker, has indicated that he thinks that there's been some positive movement. | ||
| But any movement at all would be positive because the Democrats, Joe Biden, Schumer, they've had a bill now for about a month of Speaker McCarthy's plan, and they've just done nothing. | ||
| I think it's a huge gap myself. | ||
| And I think that we need to just say repeatedly, we gave you a plan. | ||
| You now produce your plan and see if you can even get the votes for that plan in the Senate. | ||
| My guess is they can't. | ||
| And if they can't, then they should be adopting the House plan as much as I view it with disapprobation. | ||
| It's certainly better than what I'm hearing from the Democrats. | ||
| Because, Steve, if you go out into 2025, past the November election, and they're talking about January, February of 2025. | ||
| Because they want to pass the inauguration. | ||
| If you go that far, you're well in excess of $4 trillion based on Janet Yellen's yammering about what cheap spend is. | ||
| Exactly. Do you believe, by the way, in the appropriations bills that we're going through right now, because you've put in how many different, you've put in over 500, you've proposed I think 500 separate or 525 separate cuts to spending. | ||
| Am I correct in that? Yeah, that's right. | ||
| Everything from actually eliminating certain agencies to reducing programs to reducing spending. | ||
| And I was actually reviewing those over the weekend. | ||
| And, you know, without getting into specifics, I do think that That if we started doing that, we could actually start bending the curve down. | ||
| Right now, the curve is not being bent down by either side. | ||
| So I hate to use a homely example, but if it's growing at this rate right here with that slope under the Biden proposals, and that's the baseline, the Republicans are growing at about like that. | ||
| And I'm from actually bending the spending curve down so you aren't doing deficit spending so much. | ||
| That's the only way in my mind that we're ever going to turn this recklessness around and prevent us from going off a fiscal cliff. | ||
| It may actually be too late, but I'm hoping that it won't be too late. | ||
| Congressman, I know you got to go for votes. | ||
| Can we hold you through a short commercial break? | ||
| I got a couple of other questions on this topic that the audience wants to hear. | ||
| Do you have to go for votes? I can go for a short break and then I've got to be out of here by about 522 DC times. | ||
| That gives us five minutes. Okay, short commercial break. | ||
| Congressman Andy Biggs is going to stick with us. | ||
| We're getting from about three to five minutes on the other side. | ||
| We'll make good use of that. | ||
| He is the author. | ||
| First off, he's one of the six, right? | ||
| The magnificent six. He's also the anchor for the 20. | ||
| Those are the ones that have actually gotten us here and put the war room posse in as the head of the creditors committee. | ||
| We told you it wasn't going to be easy. | ||
| Bunch of people out there want to blink. | ||
| You've got to hold the line. | ||
| Congressman Andy Biggs, Arizona 5. | ||
| Next, we've got Jeff Clark about the 14th Amendment. | ||
| Another gimmick that the rats and the illegitimate Biden administration are trying to shove down the American people's throats. | ||
| Also, we're going to go to Arizona. | ||
| Wendy Rogers on the state Senate taking back control of their elections. | ||
|
unidentified
|
All next. Here's your host, Stephen K. Bannon. | |
| Okay, we've only got Congressman Biggs for a couple of minutes, so he's got to go to the floor to vote. | ||
| Walk me through this rescission. | ||
| What does that mean when you say give us more time? | ||
| Because the proposals on the table, that's not the baseline of the House Freedom Caucus or yourself or the 20 or the 6. | ||
| That's kind of like, we'll accept it, but we're not happy with it, right? | ||
| That's like the most you could possibly give. | ||
| Everything has got to come back from there, not advance forward and give the Democrats more. | ||
| Am I incorrect in that, Congressman Vicks? | ||
| No, Steve, I think that's right. | ||
| I think that what the Freedom Caucus got through with the Speaker was a ceiling and not the baseline. | ||
| In other words, that's probably the max that you really go. | ||
| And I don't want to speak for them because they get to make their decision. | ||
| But I will tell you what I'm proposing is you take back some of the money that the entire conference voted for, the Republicans voted for, and some Democrats should have voted for, like you take back the IRS money, which, by the way, It was originally $80 billion. | ||
| Then by the time the House voted on, it was $71 billion. | ||
| My guess is probably $62 to $63 billion that you could rescind right now. | ||
| That's money you could get in as quickly as possible. | ||
| And then when we voted, the COVID relief money was probably $50 billion. | ||
| Don't forget, that was just three months ago. | ||
| That was almost $200 billion. | ||
| But it's probably $25 to $30 billion. | ||
| That $100 billion roughly, $90 to $100 billion that you have, is just shy of what would give you a full 30-day month savings. | ||
| So you wouldn't have to go right in and do the debt ceiling in June 1st or June 15th even. | ||
| You would have a chance to actually try to implement additional rescissions maybe, maybe additional cuts to try to turn the spending curve down. | ||
| That's what I'm suggesting and Quite frankly, I think it would put more pressure on Yellen. | ||
| I think it would put more pressure on Biden. | ||
| And I think it would put more pressure on the Senate. | ||
| Because then they would have to say, well, all right, we're not going to do this short-term deal because we want to go ahead and... | ||
| They're the ones that say default. | ||
| I don't say default. But they want to keep saying that they're going to default. | ||
| I don't believe we default. | ||
| I believe that there's money and that would just keep coming. | ||
| It's impossible. It's impossible to default. | ||
| They've got to make a decision. There's plenty of cash to pay the interest. | ||
| Now, to pay all your bills, that's different. | ||
| That's not a default, as you know. | ||
| This is the game they're playing with nomenclature. | ||
| I understand you've got a punch. | ||
| Where do people keep up with you, Congressman Biggs? | ||
| And we try to get you on here tomorrow. | ||
| By the way, just hearing right now, McHenry and I think McHenry and maybe going with McConnell, they're heading over to the White House right now. | ||
| How do people track you down on social media? | ||
| Where do they go on your website? Biggs.house.gov is my website, and you can look at me at at RepAndyBiggsAZ. | ||
| Congressman Biggs has given a really good interim solution here. | ||
| Congressman, thank you very much. | ||
| Appreciate it. My pleasure, Steve. | ||
| So this McCarthy said this today that, you know, he may only need if it's 180 to 200 votes. | ||
| That means he would throw the House Freedom Caucus under the bus. | ||
| That would create a firestorm. | ||
| That means his his speakership. | ||
| Depends upon active Democrat support and not just the conference. | ||
| And that is a, that is going to be a wild one. | ||
| So we're going to have to, you don't need to man the phones right now. | ||
| Let's just see what happens here. | ||
| But the bid in the ass, the Democrats are not giving on the, they're not happy with the budget caps, which is the 1 % growth, which we hate, right? | ||
| But they think it's too severe. | ||
| Remember, they just want to unlimited spend. | ||
| They're like children. Defense spending versus not as crazy. | ||
| Hey, I'm all for it. If you got to cut the defense budget, you got to cut it. | ||
| And this should be the entire focus. | ||
| Hey, for the Democrats, you want to cut the defense budget? | ||
| Let's start with the hundreds of billions of dollars we're shoveling over into the churnal house of Ukraine, where all the Ukrainians are getting absolutely hammered. | ||
| The work requirements, remember, that first got brought up here by the great Matt Gaetz, who walked through exactly this. | ||
| And Gaetz wanted 40 hours. | ||
| What are we for for able-bodied people? | ||
| It's now 20 hours. It's nothing that you did work across. | ||
| There's absolutely nothing for Medicaid. | ||
| And of course, they rejected. | ||
| That's too much. Plus the timeline. | ||
| Remember, big saying they want to go to February 25. | ||
| That's about three and a half to four trillion more dollars guaranteed because they won't cut the spending. | ||
| We're prepared to go to March 2024, which I'm not happy about. | ||
| Actually, I will tell you, with the economy slowing down, the Biden economy slowing down, it would be earlier than that. | ||
| Remember, it's $1.5 trillion or March 24. | ||
| Whatever comes first. | ||
| That's what the Hill's reporting the gap is. | ||
| And, of course, you're hearing that, hey, there may be caving all around, but we'll have to see. | ||
| Meeting at the White House in the 6 o'clock hour, I think they're going to finish their meeting at the White House and come out to go to the sticks. | ||
| We'll pick that up live. And there's supposed to be a press conference on Capitol Hill at 7 o'clock. | ||
| Now, he's been talking the talk. | ||
| We're going to see if he walks the walk right now. | ||
| Okay, we've got a lot to get to. | ||
| I've got a cold open here for the Jeff Clark. | ||
| Okay, two sets of gimmicks. | ||
| The cornered rats that are the Democrat Party that will not face financial reality and look to actually cut this radical out-of-control orgy of spending, they've got two gimmicks. | ||
| They're going to print a magic coin. | ||
| That's going to be worth trillions of dollars. | ||
| Just deem it's a commemorative coin. | ||
| They're going to deem it's worth a trillion dollars. | ||
| Because something in a law they passed decades ago about commemorative coins, there's one prepositional phrase. | ||
| This is how these people work. | ||
| There's a prepositional phrase. | ||
| They think they can go right through the eye of that needle to basically get around the debt center. | ||
| This is how addicted, this is an addiction. | ||
| The addiction is just shovel-out money that we don't have. | ||
| The other is this fantasy, the fantasy about the 14th Amendment. | ||
| Let's play this. I'm going to play you something from Jay Carney, spokesman for the President of the United States. | ||
| That President of the United States would be Barack Obama, and this would be in 2013, the last time we went through this episode. | ||
|
unidentified
|
Let's go ahead and play it. I mean, I'm not sure what this is when it comes... | |
| Congress has to vote to raise the debt ceiling. | ||
| The President can't raise it by himself. | ||
| People have talked about the 14th Amendment, and this administration does not believe that the 14th Amendment gives the power to ignore the debt ceiling. | ||
| And even if the President could ignore the debt ceiling, the fact that there is significant controversy around the President's authority to act unilaterally means that it would not be a credible alternative to Congress raising the debt ceiling and would not be taken seriously by the global economy and market. | ||
| Jay Carney. Jeff Clark, correct me if I'm wrong, Barack Obama wasn't the one gig he had. | ||
| He was a constitutional lawyer who taught constitutional law at a university. | ||
| I think he would know. Not that he followed the Constitution all the time, but he at least knew about it, sir? | ||
| Yeah, he knew something about it. | ||
| He was kind of the equivalent of a junior professor a little notch below that as a lecturer at the University of Chicago Law School on Constitutional Law, which they love to tout. | ||
| And look, Steve, you know, I didn't agree with Carney much when he was on the McLaughlin Group years ago or in Time Magazine or as Obama's spokesman. | ||
| But here he nails it. | ||
| Both of those points are right. | ||
| There is no authorization in the 14th Amendment at all for the president to unilaterally authorize debt. | ||
| Nor would that actually be a good thing for the national economy and world markets, because if Congress isn't backing it up and if it's not backed up by law, then you're going to be at a spot where no one's going to want to get that debt or they're going to want a massive premium. | ||
| And what you have up on the screen now is the text of the 14th Amendment. | ||
| Before I parse that a little bit, let me just say, look, this is coming from the Piper of Trump derangement syndrome at this point, Larry Tribe, the Harvard Law School professor. | ||
| And here are the three key points I've highlighted in the yellow from the text of the 14th Amendment. | ||
| It's that the validity of the public debt is what should not be questioned, that it's debt that is authorized by law. | ||
| And finally, Section 5, the first two provisions were from Section 4. | ||
| Section 5 says that Congress is in charge of how the 14th Amendment works. | ||
| So you see there's nothing in there about the president. | ||
| And look, if the debt ceiling that is currently in law is enforced, the validity of the public debt is not being called into question, is not being repudiated. | ||
| The point of that provision is that originally the Civil War debts of the Union would not be repudiated by a new government that would be including representatives from the South again, but that all the Confederate debt would be repudiated. | ||
| No one is talking about repudiating the national debt to any extent. | ||
| So this is just an idea that Tribe is trying to sell to people in the Biden administration, even though no one bought it in the Obama administration. | ||
| It's quite remarkable. | ||
| And that authorized by law clause is clear that Congress has the power to decide by law what debts it takes on. | ||
| One of the things that Tribe misses is that there's a distinction between the first clause and the second clause of Section 8 of Article 1, where the Congress's power of the purse is housed. | ||
| The first clause of Section 8 says that Congress can spend money, but the second clause talks about the borrowing power. | ||
| So here you have Congress kind of in a bifurcated or trifurcated process, really. | ||
| They have authorization of money that's spent, then they have appropriation of money that's spent, and then they decide how much to authorize for borrowing under the debt limit. | ||
| And Tribe wants to ignore the third leg of that stool, the debt limitation, and just focus on money that has been authorized and appropriated, and then try to argue that the Treasury has to automatically borrow all of that money. | ||
| And if Congress won't go along, President Biden's going to do that unilaterally. | ||
| This is something that is completely off the reservation, totally out on planet Xenon that has never been done before. | ||
| There's some folks who've talked about it, but it's just to imagine that they're really contemplating doing it. | ||
| It is a trick. It is a gimmick. | ||
| It's totally unconstitutional. | ||
| Every serious constitutional law professor who has not succumbed to Trump derangement syndrome like Jonathan Turley or Sai Krishna Prakash or Jonathan Adler or several others, Michael McConnell, who was on the 10th Circuit, appointed by Bush 43. | ||
| They all agree that this is complete wackiness and it makes no sense under the Constitution, Steve. | ||
| It's not a part of leverage. | ||
| Jeff, I'm going to ask you to hold on. We get some more, so I'm going to come back to this in a second. | ||
| Fox is reporting. | ||
| You just heard it from Andy Biggs. | ||
| Fox is reporting that the White House and the House are an agreement to, I think, rescind some of the previously approved COVID funding. | ||
| We're going to get some more details on that, but this, I think, would give a little runway, a little breathing room. | ||
| Maybe so they could take off Memorial Day weekend and not have to sit here and haggle over this. | ||
| Okay, short commercial break. | ||
| We're holding the line here in the boardroom. | ||
| Back in a moment. Okay, we're trying to get Senator Rogers up. | ||
| I think she's out in Flagstaff or Prescott or something. | ||
| One of the parts of the beautiful state of Arizona. | ||
| We're going to get her up. Big movement today in Arizona about the state Senate throwing down hard about who's in charge out there. | ||
| With the elections. | ||
| We had Sonny Borrelli on this morning. | ||
| We're going to have Wendy Rogers as soon as we track her down. | ||
| So Fox Business is reporting. | ||
| It's COVID funding that's been approved. | ||
| They're going to essentially rescind that. | ||
| I'm sure we're going to hear about that at whatever this press is going to be. | ||
| That may be what Andy Biggs is talking about. | ||
| He's saying there's some COVID spending you could rescind, and in doing that would give you more flexibility. | ||
| My problem with the whole thing, We don't have any numbers yet. | ||
| I've done a ton of restructurings in my life and a ton of bankruptcy work, right? | ||
| A ton of bankruptcy work to going into these entertainment companies, redoing the capitalization table, working with the banks, working with the junk bond holders, working with the equity holders. | ||
| You start off with a model. | ||
| You start off with a model. This is one of the problems. | ||
| Remember, if those that watch the show back in the war in pandemic days, one of the first things I say is, why? | ||
| Why don't they come out with their own model? | ||
| Why do we have to go off the model of University of Washington at Seattle? | ||
| Why do we have to go off some of these British universities? | ||
| I think the University of Southampton. | ||
| Why do we have to go with the University of Hong Kong? | ||
| Yes, these have some of the great research centers about epidemics and pandemics. | ||
| They put their models out. | ||
| But why don't we have our Johns Hopkins had a model. | ||
| Remember that? Why don't you put out Your own model. | ||
| It's like a company puts out their own projection. | ||
| Hey, here's where our earnings are going to be. | ||
| They're not guaranteeing that's going to happen. | ||
| But they put out, this is our best case. | ||
| This is our best thinking of what it's going to be. | ||
| This is going to be our earnings per share and our revenue over time. | ||
| And of course, they have other research analysts that look at that and apply to it and have their own sets of numbers out there. | ||
| And then they put out the reality every quarter. | ||
| And that's how the stock bounces around. | ||
| Oh, they were better than forecast. | ||
| They were under forecast. Think about it. | ||
| We're having a negotiation over the future financial direction of this country. | ||
| And in one level, it's total amateur hour. | ||
| Because you're not dealing in reality. | ||
| You're dealing in kind of this happy talk rhetoric. | ||
| I want these cuts. No, I want to slow down the growth rate. | ||
| Let's just get to the math. | ||
| The simplest math is just give me cash in and cash out. | ||
| When we used to do restructurings, I would tell people we had a thing over the door at my firm. | ||
| EBITDA is an opinion. | ||
| Cash is a fact. Right? | ||
| You got, you know, EBITDA people can, or that's earnings before interest, taxes, depreciation, and amortization. | ||
| And people can throw anything in there. | ||
| That's not, it's supposed to be a proxy for cash flow. | ||
| It doesn't mean it is cash flow. | ||
| It could be wildly off of some of the assumptions, or people could be hiding things, or people could forget things. | ||
| What I used to do is say, okay, you have the beginning period, you had a balance sheet, you have an account there called cash and marketable securities that can be turned into cash. | ||
| That's called Mr. Cash. | ||
| And then you have that same thing at the end. | ||
| That's how much cash you generate. | ||
| Everything else is kind of happy talk. | ||
| Here, we're trying to negotiate The financial future of the country, we cannot go on in this orgy of spending. | ||
| And look at the Democrat party. | ||
| They're totally irresponsible. They're conspending in oblivion. | ||
| They don't care. They're the ones that opened the border for 10 million people. | ||
| They've got no way to pay for this. | ||
| It's all coming off of you. | ||
| You're the sucker that's paying for it. | ||
| You're the sucker that's paying for it. | ||
| That's why you really got to get up close and personal this week with your representative in the House. | ||
| I don't want you to call now. Let's just see what they come back with today. | ||
| No need to jump the gun here. | ||
| You've done your work so far. | ||
| You're the chairman of the creditors committee. | ||
| Remember, the chairman of the creditors committee, they're going to try to fake, do some spin moves, all of it. | ||
| And that's why we should demand, give us the numbers. | ||
| Just don't send us a letter saying, oh, it's going to be the first, going to run our cash. | ||
| First off, you cannot default on the national debt. | ||
| We're not going to let you change the nomenclature. | ||
| That's different. The full faith and credit of this nation in defaulting on our debt is a totally different conversation than paying your bills. | ||
| We know you can't pay your bills because you've run up $6 trillion every year. | ||
| And all your revenues that come in are a trillion to a trillion a half dollars less than that. | ||
| That means we got a couple of options, right? | ||
| Either tax revenue grows because we're growing the economy. | ||
| That's not happening. The economy is growing at one point one percent. | ||
| You could try to sell a bunch of bonds to the Japanese Chinese insurance companies. | ||
| That's not going to happen. They got a limited appetite. | ||
| Some appetite. Of course, the Chinese are trying to get rid of it and they're going to gold. | ||
| One of the reasons I try to go to Birch Gold all the time, the guys used to own government securities even at higher interest rates where they get better yield. | ||
| They're buying better yield. They're going to precious metals. | ||
| Why? Because they understand the Democratic Party and the establishment's mentality to essentially buy votes. | ||
| This was this whole thing with the student loan fee. | ||
| The unconstitutional, as Jeff Clark would tell you, the student loan fiasco, of which he still paid off $66 billion for these deadbeats. | ||
| They wanted a trillion. | ||
| They wanted a trillion dollars. | ||
| They paid off $66 billion, what I think is still illegal for these deadbeats. | ||
| But right now, we need to see the numbers. | ||
| And we should dig in. | ||
| And there should be no give back. | ||
| The deal that's on the table that passed, we're not happy with. | ||
| We don't think it really cuts spending. | ||
| It cuts the rate of growth, right? | ||
| And it cuts, you know, maybe, but doesn't go back to pre-COVID, which we want, which we demanded. | ||
| Right? So we're sitting here. | ||
| We're not happy, but guess what? | ||
| We're not backing up one inch. | ||
| I say, Ed, you heard the reports today from Geneva on WHO. Michelle Bachman in the room. | ||
| She'll be back tomorrow. We got Senator Rogers. | ||
| Okay, hang on. Let me go. Senator Wendy Rogers now joins us from Flagstaff, Arizona. | ||
| Senator Gunny Borelli was on today. | ||
| Please tell us exactly what is going on. | ||
| What have you guys done in Arizona? | ||
| The state Senate's kind of thrown down and said, hey, we're in charge here, and you've got a particular machines and other aspects of the voting. | ||
| You just can't go. Katie Hobbs and these radicals out there can't go and recreate what happened in 2020 or 2022, ma'am. | ||
|
unidentified
|
Hi, Steve. Great to be with you from Flagstaff. | |
| Yes, Sonny Borrelli outlined it this morning. | ||
| Senate Concurrent Resolution 1037 did not, I say again, did not require the governor to sign off. | ||
| The House and the Senate voted on this. | ||
| And what it does is it reclaims our state legislative plenary power per the U.S. Constitution over federal elections. | ||
| Not state elections, federal elections. | ||
| And so this was transmitted once it got voted on out of the two chambers, not to the governor, but to the secretary of state. | ||
| And as such, the follow-up letter Borelli sent out this morning to the 15 counties essentially said, We are reclaiming our plenary authority. | ||
| You are not to use machines in any way, shape, or form unless they can comply with strict criteria laid out in five pages of our Senate concurrent resolution. | ||
| This is amazing. I take it that Katie Hobbs and the cartel lawyer that is currently the Secretary of State, they're just not going to sit there and go, hey, Gunny Borelli, Senator Rogers, this is amazing. | ||
| Thank you. Why didn't we think of that? | ||
| I assume they're going to go to court to try to have a showdown of who's actually in charge there. | ||
| The state legislature as outlined in the Constitution of the United States or themselves? | ||
|
unidentified
|
Well, we'll see you in court if that's the case. | |
| Sonny and I have talked about this. | ||
| The legislature, the legislative branch is the strongest of the three branches, and it's by design because it's the hardest to sort of herd all of us cats. | ||
| And as such, you know, we've held incredibly cohesively, strongly together this session. | ||
| We got a budget passed at the earliest point ever with, oh by the way, a $216 million, $260 million tax rebate. | ||
| And we also protected the ESA, the Empowerment Scholarship Accounts, We are, I guess you could say, the adult in the room in Arizona. | ||
| And so we, 16 Republican senators, have been well led. | ||
| We have each other's backs. | ||
| And we voted for this, and we're reclaiming our power. | ||
| And in this five-page Senate concurrent resolution, it's very detailed on the fact that the federal government said in 2017 that these machines are a problem. | ||
| And that they are corruptible and they are accessible by those who are enemies of the state. | ||
| And it enumerates among these five pages to the brand, ES&S, Dominion, and so forth. | ||
| And it says that we're not having any of this because the essential wording is, it is critical infrastructure. | ||
| I remember this is what DHS put out back then. | ||
| Gunny Borelli also did, as you mentioned, send it to the counties. | ||
| There's one county in mine I've got called Maricopa that hasn't been very receptive to observations by the legislature. | ||
| How do you think that's going to play out? | ||
|
unidentified
|
Well, they probably burped and spilled their coffee this morning when they got it. | |
| So, you know, we'll see how it goes from there. | ||
| You know, and Borelli put out a press release either this morning or last night. | ||
| This is high time. | ||
| And also, I would submit to everyone listening, this is a blueprint for the rest of the nation. | ||
| All the other 49 states need to be doing this And again, this has to do with federal elections. | ||
| So you're going to ask me, well, Senator Rogers, how's that going to play out? | ||
| Well, who knows? | ||
| There might end up being two ballots, a paper ballot for the federal candidates and, you know, business as it has been done for state candidates. | ||
| Who knows? Are you prepared to back that up? | ||
| Are you prepared to say, hey, we're going to run these the way they have to be run? | ||
| We're the state legislature, and we're in charge of federal elections, not the federal government. | ||
| They're obviously going to take you to court, but are you prepared to back that up? | ||
| And if they say, well, the state elections will have the machines, are you prepared to say, well, we're going to have paper ballots? | ||
|
unidentified
|
Well, it'll be up to the counties. | |
| And you know I am prepared to go to the maps. | ||
| Because I was just on another show earlier here in Flagstaff, and they said, well, you know, so say, for example, on Carrie Lake, I mean, how much longer is she going to fight this? | ||
| This diminishes her. And I said, that's secondary to Carrie Lake. | ||
| That's secondary to me. | ||
| That's secondary to Sonny Borelli and the rest of my caucus. | ||
| What is paramount? | ||
| is that we stretch this out as far as it takes to get the truth out, because the truth is a demanding mistress. | ||
| Wow. Senator Wendy Rogers, how do people get to you? | ||
| What's your social media? What's the website? | ||
|
unidentified
|
I am all over social media, the same call sign, Wendy, like the hamburgers, Rogers, like Mr. | |
| Rogers, R-O-G-E-R-S-A-Z, Wendy Rogers, A-Z. Senator Rogers, this is magnificent, fantastic. | ||
| We look to follow this closely in the days ahead, and we totally agree with you. | ||
| Georgia, Michigan, Wisconsin, Pennsylvania, a few random names I can come up with. | ||
| Nevada should take this up immediately, ma'am. | ||
| I agree with you 1,000%. | ||
| Hopefully, you're going to talk to your colleagues, who I know you did a tour and think very highly of you. | ||
| Talk to your colleagues in those states, and let's roll. | ||
|
unidentified
|
Well, absolutely, and We are here to serve. | |
| I serve my constituents, and that is, you know, those are who elected me, and I take that very, very seriously. | ||
| And I took an oath, and Sonny did also, to support, and Eli Crane also, to support and defend the Constitution of the United States against all enemies, foreign and domestic. | ||
| And you took that oath also, Steve. | ||
| That's a lifetime oath. | ||
| Colonel Rogers, thank you very much. | ||
| Honored to have you on here. Look forward to getting into this more. | ||
|
unidentified
|
Absolutely, sir. God bless America. | |
| Colonel, now Senator, State Senator Wendy Rogers. | ||
| She's tough as boot leather. | ||
| Gets out ahead of the wagon train every now and again, but you need those type, right? | ||
| Because she's always on offense, always pressing the bet. | ||
| Okay, short commercial break. | ||
| We're going to return again. Jeff Clark. | ||
| We got a lot going on tomorrow. | ||
| We had other parts of the show we couldn't get to. | ||
| Colonel Mills is going to be with us tomorrow morning. | ||
| We're talking about Taiwan, the CCP and the invasion of and the surrender at the G7 this weekend. | ||
| Jeff Clark next on the administration. | ||
| I'm Steve Stern, CEO of Flagshirt.com, a third generation veteran owned small business. | ||
| I believe that the American way of life is for all of us. | ||
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| Be a flag waver. Carry a nation's heritage. | ||
| Use coupon code ACTION10 for 10 % off site-wide and buy a flag shirt today. | ||
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|
unidentified
|
In Congress, Ron DeSantis pushed a 23 % national sales tax, where the middle class pays more. | |
| 90 % of families would get a tax hike if DeSantis replaced the current system. | ||
| President Trump cut taxes a lot, lowering tax rates for everyone. | ||
| Trump cut taxes. | ||
| DeSantis tried to raise them. | ||
| Ron DeSantis, wrong on tax hikes, just not ready. | ||
| Make America Great Again, Inc. | ||
| is responsible for the content of this advertising. | ||
| Okay, Natalie Werner is going to pick up here at 6 o'clock. | ||
| I may jump back in on the phone. | ||
| She's got a bunch of guests. She's also, I think, as soon as McCarthy goes to the sticks, there's a lot going on. | ||
| Everything's about the debt ceiling. | ||
| Make sure you go to birchgold.com slash Bannon. | ||
| Download the End of the Dollar Empire. | ||
| We need you totally up to speed on what's going on. | ||
| The debt trap. Get it. | ||
| Read it. We should have a Q&A on it. | ||
| Maybe I do something on Getter to actually present it. | ||
| Maybe do on the 6 o'clock show to walk everybody through it. | ||
| You're in the catbird seat. | ||
| And there's going to be some heavy rolls. | ||
| Hey, I'm not here to tell you otherwise. | ||
| They're already talking about just overriding the House Freedom Caucus And go into 180 to 200 Republican votes and let the Democrats basically be the biggest blink in recorded history because these cuts are not that much. | ||
| This is kind of de minimis what they even have to do. | ||
| Jeff Clark, another big thing. | ||
| President Trump has essentially said the greatest enemy the country has is the administrative state and the deep state that the fourth branch of government has kind of metastasized into. | ||
| You hear everybody running around that the president doesn't control the The DOJ and, you know, the getting ready to indict Trump on nine more charges. | ||
| Walk me through your thoughts on this, sir. | ||
| You were very senior in the DOJ in the Department of Justice under President Trump, and you'll have even a more senior role in the second term. | ||
| Walk me through all this. There's a bunch of chatter going out right now about the administrative state. | ||
|
unidentified
|
What do you make of it? Sure, Steve. | |
| So, look, the Chief law enforcement officer of the United States, period, full stop, is the President of the United States. | ||
| He shall take care, in Article II, that the laws are faithfully executed. | ||
| It's not the Attorney General. | ||
| The left pretends as if it is the Attorney General or even officials south of the Attorney General. | ||
| The Justice Department, Steve, wasn't even created until 1870, and the Attorney General office isn't mentioned in the Constitution. | ||
| The entire Justice Department reports to their superior officer, the President of the United States, And ever since Watergate, we have seen as one of the worst cancer-ridden properties of the administrative state being arguments that the Justice Department is and must remain and must be fortified in being independent from the president. | ||
| And there's nothing more corrosive to trying to get rid of the administrative state than that kind of thinking, because basically the president is the one who is deciding, you know, how to enforce the federal laws. | ||
| But then he's told, well, you know, the Justice Department doesn't agree and they're independent of you and they're the ones who are going to defend, you know, your regulations, your policy initiatives in the courts. | ||
| And so, you know, sort of tough, you know, deal with that. | ||
| And then you have all the members of the media, the so-called elite media like the New York Times, the Washington Post, you know, the Atlantic, et cetera, all sort of rolling out the idea just to teach people wrongly over and over again that the Justice Department is independent. | ||
| And I have a paper out that's up on the Center for Renewing America's website. | ||
| I talked about it briefly with Natalie last week. | ||
| That explodes the myth that the Justice Department is independent and explains basically how what, starting with Professor Wilson before he became president, Woodrow Wilson did, was to try to say that the president should be dealing with very general matters, but the actual administration of the government, that's That's for the experts. | ||
| And they're to be left alone in doing their own thing and building an administrative state. | ||
| He said back in the 1880s, we've already spent too much time building a constitution. | ||
| It's time to sort of put that stuff aside. | ||
| And I count that he sort of thought the constitution was in need of 10 major overhauls by the time we got to the 1880s by his math. | ||
| And that's the thinking that really has become the undergird for The administrative state started in that Wilson-like progressive era. | ||
| It really kicked off in the New Deal with FDR. But when Watergate came along and this whole very acidic idea of an independent DOJ came on, I think a lot of our modern problems in terms of how the federal government works trace to that mistaken notion. | ||
| And certainly a lot of what they tried to pull on President Trump with restricting him from how he could communicate with DOJ or DOJ, even Senate-confirmed officials could communicate with him. | ||
| It's an attempt to just stick him off in a box, you know, think of him as a quaint official who gets to preside almost like a European president, you know, not like the actual chief governor of the nation and its executive branch. | ||
| Correct me if I'm wrong, isn't it referred to as chief magistrate? | ||
| Isn't one of the titles of the president, he's chief magistrate? | ||
| He's the head of everything dealing with the law in the U.S. government while he's president, correct? | ||
| I think that terminology is in the Federalist Papers, but it's ancient terminology really, and it's obvious that the framers, they looked at Different systems. | ||
| And one of the things I cover in my paper is Federalist Paper 76, where different systems for appointing either principal officers or inferior officers in the federal government were considered. | ||
| And they arrived at a system where the president was the prime mover. | ||
| For all the principal officers, like all the members of the cabinet, the president nominates and then the Senate only gets to provide its advice and consent. | ||
| And then for all the other officials in the executive branch, what the president says goes. | ||
| And the framers wisely decided not to sort of have just a pure committee process to appoint those members or give them terms that exceeded that of the president. | ||
| They're all subject to and they serve at the pleasure of the president. | ||
| They can be removed at his pleasure as well. | ||
| Jeff, social media, how did they get over to the center? | ||
| So the center is americarenewing.com. | ||
| And if you search for, you know, DOJ is not independent, you'll find that paper pretty quickly. | ||
| I'm Jeff Clark, U.S. on Getter and Twitter and RealJeffClark on Truth Social, Steve. | ||
| Thank you very much, sir. Look forward to having you back. | ||
| Thanks, Steve. And I'm sure we will. | ||
| And I'm sure we will in this 14th Amendment. | ||
| That's a gimmick. Trust me, they're going to try to pull that with the coin. | ||
| Okay, Natalie Winner is going to pick it up next. | ||
| I may be back by phone. | ||
| We're going to go to the sticks outside the White House as soon as this meeting breaks up and there's going to be a conference at 7 p.m. | ||
| tonight, a press conference by McCarthy. | ||
| Everybody strap in. | ||
| You're the head of the creditors committee. | ||
| It's game day here in the war room. |
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