The debt ceiling is now back at $16.7 trillion. The debt ceiling was supposed to be raised by the White House and Congress on September 30th, but it was actually agreed to by President Obama and Sen. Joe Biden. Now the details are coming out about how this happened.
00:00:27.000I wish in my soul, I wish that any of these people had a conscience.
00:00:32.000Ask yourself, what is my task and what is my purpose?
00:00:36.000If that answer is to save my country, this country will be saved.
00:00:43.000War Room. Here's your host, Stephen K. Bannon.
00:00:51.000...that this is just going to become the norm whenever this needs to be raised.
00:00:56.000Well, that's why the starting point in this negotiation, which Speaker McCarthy insisted on, was that we would postpone facing this again at least until the end of next year.
00:01:07.000And that to me is a promise that really convinced a lot of us that we can move forward and not have this hanging over our heads.
00:01:50.000He said that you understand that's a four trillion, maybe five or six trillion dollar increase in debt that we just let him have.
00:01:59.000And the speaker says he made the call deliberate strategy.
00:02:02.000I've got new reporting this morning that goes behind the scenes about that, how they felt like if the White House was like they got a really good deal here.
00:02:08.000But if they were seen gloating or crowing about it, Republicans might lose.
00:02:17.000The victory lap will come another day.
00:02:19.000They feel like this is something important for the country.
00:02:21.000And this idea of the president being sort of above the fray, being the calm, steady hand.
00:02:26.000That's a nice contrast against the hysterical Republicans, they say, before twenty twenty four.
00:02:33.000It's Friday to June in the year of allure twenty twenty three for the Fox afternoon host sitting there mocking Joe Biden saying look like a bug on his back, bug on his back when he when he fell yesterday.
00:02:45.000Remember that bug on the back completely owned the Republican Party.
00:02:59.000The New York Times just to make you feel even better.
00:03:02.000The New York Times has the lead story about how this debt deal doesn't do anything, anything to cut spending or really to do anything to the debt.
00:03:13.000And their headlines about the debts about to explode and even grow even faster.
00:03:16.000And they talk about the fifty trillion dollars and then back into the end of the decade.
00:03:32.000The coalition government that was signed off on to allow McCarthy to become speaker in the first week of January, that coalition government is now a coalition government with radical Democrats.
00:03:43.000You heard Congressman Clark came on here this morning with the pistol brace bill, which is a top priority for many, many people throughout the country, including potentially three.
00:03:56.000There's 10 to 40 million pistol braces out there.
00:03:58.000And they're saying there could be as many three million people that could actually be according to the ATF felons now.
00:04:04.000And this bill was supposed to take out of it. The leadership came to him and said, unless you vote for the rule, we're going to pull the bill.
00:04:11.000And he voted again or he voted against the rule to let it come to the floor and they pulled the bill.
00:04:19.000One of the most important piece of legislation for people that ring doorbells, work phone banks, knock on doors, put hangers out, send emails.
00:04:28.000And more importantly, these guys send money.
00:05:25.000We're at the end of a very consequential week that needs a lot of work over the weekend to be able to be in a great place for next week to be able to have the types of conversations that need to happen in Congress.
00:05:37.000Because there's three points that I'd like to make.
00:05:39.000Number one, the issue with Andrew Clyde shows you that this leadership team, Kevin McCarthy, doesn't care about saving the country.
00:05:50.000If you have a leadership that actually cares about the individuals who own these devices and you are going to make sure that ATF doesn't turn them into felons, what are you, you're going to be the one that puts the bill on the floor.
00:06:06.000And you're not going to use it as leverage against members because they have a different view procedurally than you do.
00:06:13.000So that is mission critical number one.
00:06:16.000And second point, when you hand over the power to the Democrats for a second year, and that is your request, you bring it to the table.
00:06:28.000So what you're telling your entire side, your conference, and what you're telling the American people is that you are afraid of using leverage points.
00:07:16.000That's what a prime minister in any other system in this world has.
00:07:20.000They have a vote of no confidence in our House of Representatives that they motion to vacate.
00:07:25.000And so that tool, there is every right for members to be using that tool at a moment of their choosing when they feel that they can win it.
00:07:35.000Because he has done something, and he is behind closed doors, seemingly at the beginning of the negotiation.
00:07:42.000He has decided, I'm going to be in coalition with Majority Leader Hakeem Jeffries, and as a result, he needs to have a reckoning.
00:07:50.000And so there will be a number of things, a flashpoint that I'm looking towards towards next week,
00:07:55.000and whether that's on the rules and the conversation of motion to vacate.
00:07:59.000It has to be on the table, because he put himself in a position where he deserves a vote of no confidence.
00:08:05.000And when that vote can be won, that vote needs to occur.
00:08:09.000But here's what I think the win is, because I've always been very hesitant about the motion of AK to use it,
00:08:17.000because we showed over the last 24 hours that Hakeem Jeffries is a coalition partner.
00:10:33.000Well, let me just say, we're 100 days away from the next one.
00:10:37.000There could be others, but there is another.
00:10:40.000They all talk about the appropriations process and regular order and doing it.
00:10:44.000Well, essentially 100 days from now, you're going to have the thing of passing where you're going to do all your cuts.
00:10:49.000You told us, hey, they're going to really do all these cuts.
00:10:51.000And you're going to have the Senate's going to say not interested.
00:10:54.000And then it's the ticking clock of the midnight on the 30th of September when the fiscal year ends.
00:11:02.000We're going to be, as you know, Russ, with the CR, with no, we got it.
00:11:06.000And who is going to be the leader that's going to use leverage and stare down and negotiate and fight?
00:11:13.000Right. The Democrats in the Senate and plus the collaborations, the 17 to 19 collaboration as Republicans, plus the Biden regime.
00:11:21.000Can anybody have confidence that Kevin McCarthy can do that, sir?
00:11:26.000There's absolutely no confidence because he will be conspiring behind closed doors to pass the bills of the Democrats.
00:11:33.000He's not going to be like, hey, what do I need to do to stop Lindsey Graham's Ukraine funding or the defense increase that they talked about on the floor yesterday or the earmark?
00:11:41.000No, no, no. He's going to spend his time, he's going to beat his chest outside and go behind closed doors and manipulate and be able to plan out the failure theater that he is a part of.
00:11:54.000Why did this negotiation take so long? It didn't take so long because they hadn't caved.
00:12:00.000It took so long because they were planning out how to manipulate the lies that they would tell their respective conferences to be able to have the Democrats know, but also not tell the world that they won and have the Republicans look like useless idiots with regards to going out there and say we defunded the IRS.
00:12:17.000We have an automatic CR that's up to the IRS. We have an automatic CR that's up to have a haircut. None of that's true.
00:12:22.000And so that's what they have done for the last several weeks. And that confidence, you can't put that back in the bottle.
00:12:29.000And they want us to go on to the next fight and I'm always game up for another appropriations fight, but you can't go to the American people and say this is a real fight unless real change happens as to whether the cartels are in control or whether House conservatives are in control.
00:12:46.000And that is what needs to happen. And I do want to speak to the activists out there. Don't be discouraged. It was a setback, but get off the map because we need you in the fight and you are winning right now.
00:13:01.420You are exposing the falsity of the debt limit package and we got to get these guys, let them rest for the week, weekend. But when we, they got to get back in the fight and they, you got to have their back to do what they did this week and in January.
00:13:16.940Hey, we're live tomorrow. This audience is ready to roll. This is a, but Hey, this is a victory in the fact that it's a clarifying moment. It's the most clarifying moment in modern political history.
00:13:28.400Cause now you see, you've got the donor party, the unit party, and you have the populist, nationalists, traditionalists that are trying to save the country.
00:13:36.200Russ, I know you got a boat, a bolt. We got a lot to do over the weekend. And then next week, uh, how do people get to the center with all your analysis?
00:13:43.700Particularly, you've got the whole analysis of the deal up there and how they follow you on social media.
00:13:49.020At Russ vote. We're going to be continuing to work this throughout and we're not going to let the debate go in a place where we can't win the debate over the next several days.
00:13:57.880Waiting on Monday. So follow us, americarenewing.com. The summary is up and we appreciate all of the time to let us be on the show.
00:14:08.260Uh, we couldn't do it without you, sir. Your entire team. Thank you very much. Honored to have you on here.
00:14:15.320Okay. We're going to take a short. Remember the, the, the, the biggest things that are going to come out of this negotiation was the discipline of the Biden team to not gloat or leak it to the press of what had happened.
00:14:27.100That, that, that McCarthy went in there and surrendered, fully surrendered, gave them all the terms, took out the 1.5 trillion, took out the one year, gave them two years past the 24 election with no cap, uncapped, uncapped.
00:14:44.460Short commercial break. Congressman Tim Burchard. We're going to talk about this.
00:14:48.200Also, is NASA trying to pull a misdirection play? Are they trying to put a shiny toy in front of the war room? Next.
00:14:57.200Well, Congress, once again, allowed itself to be pushed into appeasing the administration and raising the debt ceiling for the 79th time,
00:15:07.520paving the way for continued reckless spending and further devaluation of the U S dollar.
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00:16:53.960First of all, Congressman, the folks in East Tennessee, the more this gets unpacked and they can chew on it and think about it,
00:17:01.120because in the volunteer state, I know they're slow to anger, but they have a lot of discernment.
00:17:07.360Give me your sense of where we stand and people thinking about this and what went down.
00:17:12.560Oddly enough, Mr. Bannon, they were on top of this thing early on, I would say probably, and I'm not exaggerating.
00:17:20.480I talked to one of my staffers late yesterday and this morning, and the calls were 90% at one point against the bill and approved of my voting.
00:17:32.020A lot of my friends, some of them are incredibly wealthy, and the vast majority of them said,
00:17:39.520hey, we've got to pay our dadgum bills, and there were some that were against it, but the vast majority saw through this thing.
00:17:46.800It's just the bottom line is, and they understand in 10 years, the largest item in our budget will be interest on our debt, the largest item.
00:17:57.920I mean, you can drive down 40 and 75 in a pickup truck with barrels of cash and just throwing it out the back.
00:18:14.520And I don't have a good answer for them, other than, you know, I voted the will of the people of my district.
00:18:21.780But, you know, it's frustrating, and it just seems like more of the same.
00:18:29.080And I do not understand how we can't get through our thick heads that this debt will cripple us.
00:18:35.760When the New York Times, Congressman Birchett, when the New York Times this afternoon, which you think would be celebratory with what Biden pulled off and what Hakeem Jeffries pulled off, is actually a warning.
00:18:49.060I mean, they said this bill does nothing to address spending, and they start off with the $50 trillion in 10 years.
00:19:07.660And that is going to be the same thing.
00:19:08.920They said, oh, they're going to make some cuts in appropriations, but you're going to have this whole thing about a CR.
00:19:13.200They're talking about, by the way, the bill that passed with, it's going to have the $7 trillion and $6.8 trillion in spending and the $4 trillion over the next two years in deficit minimum.
00:19:23.720They're already talking about supplements, talking about a defense supplement, talking about a supplement for Ukraine, talking about maybe some emergency supplements.
00:19:36.180Do you feel confident that leadership dealt straight with you and, more importantly, with the folks in your district that could lead a tough fight that you're going to need at the end of this fiscal year so that we stop the madness of the omnibuses and the CRs?
00:19:51.860Because I'm telling this audience, that is hurtling down, you know, and I'd love the regular order they're doing in appropriations, but the CR omnibus madness is going to overwhelm us unless you have tough, focused leadership, sir.
00:20:12.300At this point, a lot of my folks don't trust either party.
00:20:15.480I was in a county and over in middle Tennessee, I was asked to speak at a Reagan Day dinner last night in White County.
00:20:24.400And they, it's over near, upon the Cumberland Plateau, just a little bit outside of Alvin York country, as they call it.
00:20:32.980And that was about the number one question.
00:20:36.460I say, why are we doing what we're doing if this is what we're going to get?
00:20:40.120And I honestly didn't have a good answer for them other than to say, well, your congressman, Congressman Rose and myself, we both voted against it, as did the majority of the Tennessee congressional delegation.
00:20:52.960But I just think we're, we're in a mess.
00:21:01.600We, you know, if you break it just down to the simple things, like, you know, the folks that are on, we, we're increasing the number of people on food stamps.
00:21:14.340If we had just gone back to fiscal spending prior to COVID, and I've stated this many times, I was on like one of these Scripps Howard things.
00:21:26.160You know, the Bible talks about casting your pearls among the swine.
00:21:28.980And I guess I was, I was, I was asked deep in the swine on that one, but you know, they asked me and I, uh, all this stuff.
00:21:36.720And I just said, you know, we are, we're, we're, we're in a mess in this country.
00:21:40.860And I just don't think they, the people on the left are, are, are getting a full grasp or maybe they understand it better than we do.
00:21:48.880They understand, I think that now these, uh, these Marxists that are, that are behind the strings, behind the screen, pulling some of these strings.
00:21:58.120Um, they want to destroy this country and they are, they're doing a darn good job of it right now.
00:22:04.040When you have as good a man as, uh, Andy Clyde, uh, commander in the, in the Seabees, the Navy Seabees, when he has been working this bill on pistol braces, he says, Hey, there's 10 to 40 million out there.
00:22:17.620There could be as many as 3 million people that are technically in this violation of what ATF is going to do.
00:22:22.240So when you talk about Sergeant York's company, uh, country, the great hero of world war one, what are folks that are supposed to think when they hear that leadership post took the bill off the slate because he wouldn't vote their way for the rule?
00:22:37.140What are they supposed to think about that on something that's so urgent and so important as this pistol brace legislation, sir?
00:22:43.940Well, I hope they get pissed off and get, make sure everybody's registered to vote and vote in the next presidential elections.
00:22:49.980But they're, I think it beats them down and it, um, and some of our second amendment groups need to step up to the plate and not worry so much about their fundraising and, uh, showboating around the country.
00:23:03.400They need to get involved and get in the fight and get on the floor and, and start talking to legislators about these things and start calling leadership into question.
00:23:12.900We need to call these people out by name.
00:23:14.520Um, I had, um, I had lunch, I had supper with, with Clyde and his, and his wife, lovely bride, um, last Thursday, Bishop, Congressman Bishop asked me to be there and I sat next to Clyde and his wife and they're lovely people.
00:23:29.660And, uh, um, you know, I'm used to this kind of thing.
00:23:34.300I've been on the phone right before I came on with you talking with other members about that issue and, and I'm going to be addressing, and I, I made a call into some of the leadership and I'm going to directly talk to the speaker about that because that just, you know, I just think that is, that is, uh, that's half ass at best.
00:23:56.600And they, and the people, and if leadership does not call that out, then they endorse that.
00:24:06.360Congressman, uh, here, you know, the J six situation, the footage that's coming out, the Chris Ray situation, these are the things that we're recovers.
00:24:14.460Obviously I'm part of the Chris Ray thing.
00:24:16.820You know, I'm going to federal prison for four months for defying Nancy Pelosi.
00:24:20.100Um, the, uh, so we have vested interest in this and these are stories we cover.
00:24:24.580We have not covered these cause these are shiny toys that McCarthy's trying to throw out to divert the attention from this.
00:24:30.900This is what needs to be dealt with and needs to be dealt with this weekend and next week.
00:24:35.160But, you know, being a former Naval officer, when I see the Pentagon and Navy pilots and putting out footage and talking about UFOs and NASA, the most unreported story this week is this NASA situation.
00:24:50.460Could you walk, is this another shiny, is this to try to divert our attention from the issues we have with the administrative state, the deep state, the CCP with, uh, with the barring everything?
00:25:01.680Cause I, knowing how serious Navy pilots are, when I start seeing footage, gun site footage, because my kid brother's a Navy pilot, I start to, there's the Pentagon's trying to signal us on something.
00:25:52.160You have congressional members making 70, 80% return on their investments, um, because of the, of, uh, what we're doing in Ukraine, for instance.
00:26:01.480We say, we're going to send our missiles to Ukraine.
00:26:03.580Then we have to deplete our, by sending them our missile supply.
00:26:09.220And then of course the, uh, the coffers open once again.
00:26:12.320And I think we have to be very careful in this because what these departments are seeing now at first, they just laughed at us when we talked at them.
00:26:19.720You know, I've talked to the people at Oak Ridge National Laboratory about it and they just kind of chuckled about it.
00:26:24.180But now you're seeing more and more people are coming out.
00:26:27.160So they're smelling dollars and NASA, all these other organizations.
00:26:31.720I've been told by people in the know that are, that have had access to these type of things.
00:26:38.420If they know what's going on, they've got files on this.
00:26:41.360This is a way for them and the people that they, they, they march out gen, probably the vast majority of them genuine, genuinely think they're doing the right thing.
00:26:50.960But I believe they're being used because, you know, they, they, we've got this whistleblower protection yet.
00:26:56.900I talked to pilots who still are afraid to say anything because they will be debriefed for hours upon end.
00:27:03.100This thing will be in their file and they are spotting things when the, uh, our intelligence committee or lack of intelligence committee.
00:27:10.620Um, had the big hearing, um, had the big hearing, the open hearing on UFOs.
00:29:54.140The aerial images were presented today.
00:29:57.480UFOs spotted and now documented around the world.
00:30:01.060Holding their first ever public meeting, top scientists at NASA, joined by a team from the Department of Defense,
00:30:07.940revealed pictures and video like this one that captured a metallic spherical orb in the Middle East last year.
00:30:15.020This is a typical example of the thing that we see most of.
00:30:19.240Saying the origin of the orbs is unclear, officials at the DOD plan to soon deploy dedicated sensors to better track UFOs,
00:30:28.000technically known as UAPs, unidentified anomalous phenomena.
00:30:32.600The current existing data and eyewitness reports alone are insufficient to provide conclusive evidence about the nature and origin of every UAP event.
00:30:41.960Confirming 50 to 100 new reports a month, NASA officials say most sightings can be explained, but 2 to 5 percent remain a mystery.
00:30:52.120Today's preliminary findings, which only include unclassified data, come ahead of a full report expected in July.
00:30:59.460There's a real stigma among people reporting events.
00:31:02.840And despite NASA's extensive efforts to reduce the stigma, the origin of the UAPs remain unclear.
00:31:11.520After decades of debunking and discrediting UFO sightings, tonight government officials are shedding light on images that will lead many to ask, are we alone?
00:31:22.000So this should be the day the Earth stood still, Congressman.
00:31:29.320But, you know, we've got all the stuff of transhumanism, artificial intelligence, we're being hit by every direction.
00:31:33.900You've got all these massive issues from an invasion of the southern border to the pollution that's being put into the schools for our children,
00:31:40.020to the out-of-control spending, to the Ukraine war that's out-of-control and spending, and CCP and Taiwan, the South China Sea.
00:31:48.360The country is on a knife's edge with tension.
00:34:03.340It's beyond what I think a lot of people, they think we can grasp.
00:34:08.160I can, you know, historically it's, it's there.
00:34:11.260It's I, I, I, with this technology, um, you know, I've talked to Navy pilots.
00:34:17.060They said, look, if that was one of ours or one of somebody, what they saw, this kid was telling me, he said, you know, you'd be a catch up package.
00:34:26.300And, and why in the world you had the Navy pilot there and he had to sneak in with press credentials because they wouldn't let him speak.
00:34:36.220Why wouldn't the intelligence committee let him speak?
00:34:38.660This thing is a coverup and it stinks.
00:34:42.060And, um, uh, you know, do you think the, when the, when the Pentagon first put out, when the Pentagon first put out the gun site, um, uh, cannon footage from the tech talks, my belief is that they're trying to socialize.
00:34:58.160So it becomes part, do you believe they're trying to socialize it?
00:35:00.720And that's the way they're trying to get it out.
00:35:02.540Well, I probably know too much about it because I'm pretty sure I know who leaked it out, but the, um, they claimed it didn't exist at first.
00:35:11.160And then when it got out, they said that it was, um, this is not real.
00:35:15.960And then the pilots came forward and then they were forced to admit it.
00:35:19.920So you tell me, um, I just think it's a coverup.
00:35:23.520It's out of their hands now and what's going to have to happen is somebody is going to have to come forward with some serious information, serious photos, serious, uh, videos or, or material, as they say, of, of unearthly, uh, origin.
00:35:39.900And then it will, and then it'll blow the lid off this thing.
00:35:42.700And, and, and, but before they do that, you know, you always worry about them committing suicide by shooting themselves in the back of the head 12 times.
00:35:50.760You know, um, Matt Gates and, and some of us were involved in a, in a hearing and we were briefed on some things and it was clearly was making, as I, as I leaned over to Matt, I said, the spooks in the corner of the room are getting nervous.
00:36:05.200You know, the CIA or whatever alphabet agency they were a part of because, um, Matt forced their hand and he, he made them talk about what they did not want to talk about.
00:36:19.880But, uh, you know, but I, I knew that was going to happen because I, I talked to too many people from the Pentagon.
00:36:24.800I've talked to too many veterans, you know, a dear friend of mine, an old Navy guy, he, he saw me on one of the TV shows, ancient aliens or something.
00:36:32.460And he called me about an incident that happened to him in the fifties and, and the, the CIA involvement.
00:36:37.980And, um, he was Navy man and it was just, this is a coverup and it's been going on for years.
00:36:45.580With all you've got going on, are you going to try to force it?
00:36:48.120Cause I know Gates is quite engaged in this at one level.
00:36:51.300Will a combination of you Gates and others try to force the hand here.
00:46:38.880Also, this weekend, I'm going to have on the 6 o'clock show, Nicole, the third anniversary of the new federal state of China.
00:46:45.700I'm going to be making a big presentation there to talk about the indictment of the Chinese Communist Party for crimes against humanity, particularly Lao Bai Jing, the American people, the Chinese people, the nation of China, all of it.
00:46:58.880So I'll get more than that at 6 o'clock.
00:47:01.340E.J. and Tony, we didn't have time because we've been covering this debt ceiling, but the numbers came out today.
00:47:06.080And, of course, certain elements of the left are skipping around.
00:47:09.600But all you have to do is look in back at these numbers slightly, and there's a lot of bad news there.
00:47:17.600What's the reality check on this, E.J.?
00:47:21.700The headline jobs number said we added well over 400,000 jobs between last month and the two previous month's revisions.
00:47:30.940But we have a lot of double counting there.
00:47:33.360How on earth do we get double counting?
00:47:34.880Well, if you or I, for example, go out and we get a second or even a third job, every additional one of those jobs is counted in that headline number.
00:47:42.840Also, if I go from being self-employed, let's say I lose my business because, oh, I don't know, inflation is eating into my profit margins, and I go work for another corporation, guess what?
00:47:53.260I went from not being counted to being counted.
00:47:56.340So, again, the total number of people with jobs has not increased, but the double counting has.
00:48:03.000And once you take that into account, there actually was no gain in that headline jobs number.
00:48:09.380In fact, the second survey that makes up this jobs report, the household survey, showed a drop of 300,000 jobs.
00:48:17.960So this by no means is a strong report.
00:49:00.500And, you know, Steve, one of the great pieces of evidence for that is the fact that the second and third jobs that people are taking on have very low wages.
00:49:08.260And we've seen that not just in today's jobs report but in a whole slew of other data reports.
00:49:13.600We're seeing that essentially consumers are so strapped for cash they're taking jobs at any prices right now.
00:49:19.440And that's driving down the average of both hourly wages and also weekly earnings as well.
00:49:25.280And sure enough, those are deeply negative once you factor in inflation.
00:49:28.980In other words, yes, your paycheck has gone up, but inflation has gone up much faster.
00:49:33.820So what you can actually buy with your earnings is dropping.
00:49:42.140Also, the consumer debt, I think we've crossed a trillion dollars in credit card debt, and we've got $19 trillion of all consumer debt, including mortgages, with rates going up.
00:49:52.160I mean, is your sense – the Fed's kind of in a corner right now.
00:49:55.080What's your overall sense of where they're going to be coming out on all these numbers?
00:49:58.120Oh, the Fed is very much in a corner, and they unfortunately have no good way out of it, and that means the nation has no good way out of this either.
00:50:06.660But look, at the end of the day, the bill always comes due.
00:50:09.900You cannot spend, borrow, and print trillions upon trillions of dollars and expect no negative consequences.
00:50:16.460Eventually, you have to pay for all that.
00:50:18.720We already paid for it in part with inflation.
00:50:21.080We paid for it in part with the recession last year.
00:50:23.940We're heading into another recession now.
00:50:25.860And things, as you said, are going to get worse because eventually you have to pay for the sins of the past, whether they're moral or monetary.
00:50:36.420The New York Times, when the New York Times should put a piece out this afternoon that would be totally celebratory, they have a very somber lead about the debt.
00:50:46.460And the headline is they just had this big debate and discussion, negotiation on debt, and essentially nothing was done.
00:50:53.820No cuts were really coming, and they actually led with the $50 trillion number, and they said it's going to start coming so fast because they mentioned the $4 trillion minimum by 2020 – basically election day 2024.
00:51:09.320Is your sense that the financial community understands that this crisis is now a political crisis?
00:51:15.840Because the political system we have can't make adult decisions, sir?
00:51:20.520You know, I'm not sure even financial markets have really priced in all of the problems that we're facing, a great example of which is the fact that the Treasury, as soon as Biden signs this debt ceiling suspension, Treasury is going to turn around and borrow almost $800 billion to make up for their backlog that they've had the last several months since they hit the debt ceiling.
00:51:41.720And what that's going to do is drain all of that money out of financial markets.
00:51:47.040It's going to come from equities, which means we'll see declines there, just like we did in the beginning of 2012, right?
00:51:52.680The big decline in the S&P, for example, that didn't happen until after the debt ceiling conflict was resolved and Treasury was allowed to borrow all that money.
00:52:03.460But where else is it going to come from?
00:52:05.000Likely bank deposits, which means we're not out of the woods yet on that banking crisis either, because the deposit drains are going to continue as Treasury borrows more money.
00:54:38.700The refund examples are not a guarantee and not all businesses qualify.
00:54:43.320That's why you have to check today with COVIDtaxrelief.org.
00:54:48.180For War Room veterans, you know we have been all over this supply chain issue with China and medications and the active pharmaceutical ingredients.
00:54:59.860China has a stranglehold on us where there's a way to break that.
00:55:04.860I got an emergency medication kit from them.
00:55:08.540The FDA just declared a global shortage of medication and warned that critical antibiotics are in extreme short supply across the United States.
00:55:15.820But you know that because you're a viewer or listener of this show.
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