THE WAR ROOM WITH STEPHEN K. BANNON EPISODE 2768 PART 3 MAY 30TH, 2023
1:42 Steve Bannon (SB) says to Dave Brat (DB)
SB&DB: The economics, not the politics of this bill: through 2018 before the Covid pandemic, the USA had about a $5 trillion (T) economy. During Covid in 2020 and 21, that increased to $7.5 T, in 2022 it was $6.5T.
This budget is locking a permanent covid economy or a permanent crisis economy. That $4T is going to be debt financed by this Federal reserve bank who accommodates everything that Congress does.
We locked in another fake bull market for a short time. We will not see the real economy, the carcass, because we just juiced the economy by $4T over two year.
2:47-SB-The economy is $18-20T. You are locking in Federal spending at unheard of levels. You can’t sell enough bonds to the Japanese, Chinese, or Insurance companies.
You can’t raise taxes on the top 1% of citizens income because they are largely progressive liberal Democrats. And Biden and Schumer will never go for it. Economic growth at 1.5%, with the taxes that you have, creates a massive gap since COVID. Now it’s $1.5T.
Since there is no cap on this for the next two years, this could be $4-6T more.
Since there is no cap, you have given them a free credit card with no cuts. The maximum real cut in debt is $12-20B, maybe.
4:05 Dan Bishop (R-NC) (DBi) $31.4T debt is $250,000 per person in the USA.
4:30 SB _Slow growth economy and interest payments $1T
Defense budget is at $1T, Medicare $1T, Social security over $1T, and Medicaid $1T.
They will have to keep increasing the debt ceiling because all discretionary is going to zero.
5:04 SB if you back this bill and are under 40 years of age, you are signing your economic, financial death warrant.
5:12 SB-DB, is there anyway out of this if this bill get’s passed? There will be $4-5T of debt in the next two years added to the balance sheet. The Federal Reserve is just going to print money to pay for it.
5:25 DB-no way out. In addition to the debt, we will have less productivity because all of the money goes to the government which crowds out the private sector. This juices up inflation and a bigger government sector.
5:45 DB-I will put up one chart.
The light blue line is the CBO baseline. The black dotted line is the White House budget. The dark red line is just the budget that passed which is the white house budget.
6:10 DB-it cuts $50B out of $50T over a ten year window. 1:1000 of what you need to do. Editor: this is a 0.1% reduction in debt.
6:29 SB When you see people on FOX news and other places trying to sell this, it shows you what idiots they think you are.
6:50 DBi-Newt Gingrich on Fox, spews the talking points the leadership sends over. There is a path that we must discover to get over this.
7:15 SB-the first path is as many no votes that we can get…the voting will start late tomorrow (Wednesday) afternoon to late evening.
7:34 DBi Make them pass it with Democrat votes. Those Republicans who do not vote for this have to resist being destroyed themselves…
8:06 SB your position is that even Republicans that you admire and like, that are conservatives, if they vote for this, that is crossing a red line, and you believe that they should be primaried. They should not be in this city.
8:13 DBi I 100% believe that. It’s a dynamic that I have not understood in the 4-5 years that I have been here. These people who come from deep Red districts, vote like crap, year in and year out. And nobody ever does anything to them.
8:50 DBi you have to get past being fed up and and look for a path…SB NC us where the Dems are putting tons of money to turn it blue. Where do you think NC citizens will be on this [issue].
9:15 DBi-….our (Republicans) first proposal was 1.5B more in debt. Versus $4T minor rounding error. SB-$50B in cuts
9:40 DBi at best that won’t even materialize.
10:35 DBi this budget is for the Democrats. We need 112-115 Republicans to say no to this bill.
He thinks even if the majority were against this DBi feels McCarthy would still go ahead with this.
11:06 DBi-paraphrasing-talking about vacate the Chair. SB and DBi agree that McCarthy will do anything the Dems want and he will keep lying. The Dem radicals and Lindsay Graham are not that far apart.
12:5 SB & DBi paraphrasing-they agree it is a uniparty. DBi I know that they (other Republicans) know that they are lying.
Rep Dan Bishop, https://danbishop.house.gov
#Steve Bannon #Dave Brat #Dan Bishop