Bannon's War Room - November 05, 2025


Episode 4903: Blowout Across America's Elections; SCOTUS Hear Oral Arguments On Tariffs


Episode Stats

Length

56 minutes

Words per Minute

168.5753

Word Count

9,529

Sentence Count

701

Misogynist Sentences

17

Hate Speech Sentences

21


Summary

Learn English with Mayor Bill de Blasio. Bill was the first black man elected mayor of New York City in nearly 80 years. His name is Bill De Blasio, and he is the first Muslim mayor in the city s history. Bill has been a loud and proud supporter of progressive causes, including universal health care and universal education.


Transcript

00:00:00.000 We won because we insisted that no longer would politics be something that is done to us.
00:00:07.140 Now it is something that we do.
00:00:17.640 Standing before you, I think of the words of Jawaharlal Nehru.
00:00:22.600 A moment comes but rarely in history, when we step out from the old to the new,
00:00:30.920 when an age ends and when the soul of a nation long suppressed finds utterance.
00:00:36.960 Tonight we have stepped out from the old into the new.
00:00:43.620 So let us speak now with clarity and conviction that cannot be misunderstood
00:00:48.340 about what this new age will deliver and for whom.
00:00:53.920 This will be an age where New Yorkers expect from their leaders a bold vision of what we will achieve,
00:01:00.300 rather than a list of excuses for what we are too timid to attempt.
00:01:04.440 Whether you are an immigrant, a member of the trans community,
00:01:14.120 one of the many black women that Donald Trump has fired from a federal job,
00:01:21.320 a single mom still waiting for the cost of groceries to go down,
00:01:25.440 or anyone else with their back against the wall,
00:01:31.200 your struggle is ours too.
00:01:34.440 And we will build a city hall that stands steadfast alongside Jewish New Yorkers
00:01:43.160 and does not waver in the fight against the scourge of anti-Semitism.
00:01:49.680 Where the more than one million Muslims know that they belong.
00:01:57.340 Not just in the five boroughs of this city, but in the halls of power.
00:02:02.020 No more will New York be a city where you can traffic in Islamophobia and win an election.
00:02:12.240 He's saying the Democratic Party didn't deliver for working class people forever.
00:02:20.960 And this is not populist, please. That's not populist.
00:02:23.500 What you heard right there was not even socialist.
00:02:26.220 That is neo-Marxism right there. Neo-Marxist jihadist.
00:02:29.620 That's what this guy is. And he's up in your grill.
00:02:32.500 And for all the happy skipping around, you know, tick tocks and he's going down the aisle and he's all happy and smiley.
00:02:38.860 I didn't see the happy smiley tonight. You saw him when he won what he's really like, right?
00:02:44.260 And people got to understand, this is brought to you by progressive Democrats, this is brought to you the Bill Ackmans of the world.
00:02:50.800 The elites that have managed the decline of this country and what they managed it by was opening up essentially open borders, particularly for these big cities.
00:02:59.980 Well, now you got it. And he's up in your grill.
00:03:02.940 If anyone can show a nation betrayed by Donald Trump how to defeat him, it is the city that gave rise to him.
00:03:15.140 And if there is any way to terrify a despot, it is by dismantling the very conditions that allowed him to accumulate power.
00:03:23.620 This is not only how we stop Trump, it's how we stop the next one.
00:03:36.120 So, Donald Trump, since I know you're watching, I have four words for you.
00:03:45.480 Turn the volume up.
00:03:53.620 And so it begins.
00:04:06.980 Finally, President Trump, that's what we're looking for.
00:04:10.900 That's what we're looking for.
00:04:12.800 That's a, hey, no, hey, what does Trump say?
00:04:15.320 No games.
00:04:16.540 Hey, Zoran, you want to play games?
00:04:20.180 Okay, you know, game respects game.
00:04:23.580 And so it begins.
00:04:25.160 New York will remain a city of immigrants.
00:04:28.660 A city built by immigrants.
00:04:32.260 Powered by immigrants.
00:04:36.520 And as of tonight, led by an immigrant.
00:04:50.180 So hear me, President Trump, when I say this.
00:04:59.660 To get to any of us, you will have to get through all of us.
00:05:11.660 When we enter City Hall in 58 days, expectations will be high.
00:05:17.520 We will meet them.
00:05:22.800 A great New Yorker once said that while you campaign in poetry, you govern in prose.
00:05:30.560 If that must be true, let the prose we write still rhyme and let us build a shining city for all.
00:05:38.420 And we must chart a new path, as bold as the one we have already traveled.
00:05:47.520 After all, the conventional wisdom would tell you that I am far from the perfect candidate.
00:05:52.740 I am young, despite my best efforts to grow older.
00:05:58.900 I am Muslim.
00:06:03.800 I am a democratic socialist.
00:06:06.000 And most damning of all, I refuse to apologize for any of this.
00:06:15.840 I think he missed an opportunity.
00:06:22.760 I think the Mamdani that we saw on the campaign trail, who was a lot more calm, who was a lot warmer,
00:06:31.060 who was a lot more embracing, was not present in that speech.
00:06:34.180 And I think that Mamdani is the one you need to hear from tonight.
00:06:38.700 There are a lot of people trying to figure out, can I get on this train with him or not?
00:06:43.500 Is he going to include me?
00:06:45.060 Is he going to be more of a class warrior, even in office?
00:06:50.120 I think he missed a chance tonight to open up and bring more people into the tent.
00:06:55.480 I think his tone was sharp.
00:06:58.180 I think he was using the microphone in a way that he was almost yelling.
00:07:03.540 And that's not the Mamdani that we've seen on TikTok and the great interviews and stuff like that.
00:07:06.820 So I felt like there's a little bit of a character switch here,
00:07:10.340 where the warm, open, embracing guy that's close to working people was not on stage tonight.
00:07:16.640 And there was some other voice on stage.
00:07:19.040 That said, he's very young.
00:07:21.080 And he just pulled off something that's very, very difficult.
00:07:23.120 And I wouldn't write him off, but I think he missed an opportunity to open himself up tonight.
00:07:29.240 And I think that that will probably cost him going forward.
00:07:31.220 Four words for you, Donald Trump.
00:07:32.980 Turn the volume up.
00:07:35.260 The extraordinary thing about his campaign and his message tonight,
00:07:38.880 while one might say he's young, he's, you know, he's out there, he's not wild.
00:07:44.020 He's as disciplined as they come, especially when it comes to messaging,
00:07:48.860 which is all about affordability.
00:07:50.400 So he's goading Donald Trump, who is the opposite of discipline.
00:07:54.800 And what Donald Trump is hoping Zora Mamdani will deliver, I don't think he's going to.
00:08:01.040 And to Lawrence's point, sort of speaking to all of New York, that was something.
00:08:07.140 So let's talk about age of revolutions.
00:08:09.440 We have been moving in a direction since 1600, as you're right here,
00:08:13.340 talking about the age of revolution as the West opens up.
00:08:17.880 And Western liberalism grows.
00:08:20.300 It thrives.
00:08:22.180 There's progress.
00:08:24.820 There are steps that go back.
00:08:26.920 And you talk about Donald Trump in here.
00:08:28.720 You talk about Steve Vannon.
00:08:30.520 And basically, you say the difference between the project that's been moving forward in the West since 1600
00:08:36.860 and where Donald Trump and Steve Vannon want to take us is the difference between, it's very simple.
00:08:42.420 It's open versus closed.
00:08:44.580 That's exactly right.
00:08:45.460 I mean, and what I talk about in the book is every time you have these huge movements forward, globalization,
00:08:51.600 you know, massive technological change, cultural change.
00:08:54.500 Civil rights.
00:08:55.340 The rise of women in society, you always get a backlash.
00:08:59.320 And how you navigate that backlash is what determines how successful you are.
00:09:03.700 We are in that backlash right now.
00:09:05.600 We are in a backlash against globalization, against, you know, this information revolution,
00:09:11.180 against some of the cultural shifts that have taken place.
00:09:14.720 But think about last night, though.
00:09:16.140 Well, with us, the reaction time is not like a decade or a century.
00:09:23.060 It's a year where we had the first woman ever elected governor of Virginia.
00:09:26.520 We had the first Democratic woman ever elected in the state of New Jersey.
00:09:30.340 We had the first Muslim elected statewide in the state of Virginia.
00:09:34.040 The first Muslim woman elected statewide in the state of Virginia, the lieutenant governor.
00:09:39.440 We had the first Muslim mayor ever elected in New York City.
00:09:43.200 I mean, you talk about, like, a political punch in the face for white nationalists who say,
00:09:49.060 oh, no, no, these people don't belong here.
00:09:53.080 They got a message last night from the American people.
00:09:55.980 No, you're absolutely right.
00:09:57.380 And at the conclusion of the book, I say, look, at the end of the day, don't mistake the undertow for the wave.
00:10:04.540 In other words, you have a wave that's moving forward.
00:10:07.320 You have undertows.
00:10:08.440 You know, you have backlash.
00:10:09.520 But the broad message of this book is there's only one path, which is you got to go forward.
00:10:15.460 And in this country, I think what we're actually showing and what Mamdani's election showed is
00:10:20.840 we're showing that there is a possibility of building the first truly multicultural,
00:10:27.380 multiracial democracy in the world, a kind of universal nation where everybody belongs.
00:10:32.720 And it's it's messy. And there's people and there's great cultural anxiety that it produces.
00:10:38.500 The right is very good at weaponizing that cultural anxiety.
00:10:42.400 And what the left has to learn is how to manage it.
00:10:45.740 Don't don't play the right's game.
00:10:47.760 Find a way to talk about, you know, I think Bill Clinton put it very well.
00:10:51.660 If you get lost in the cultural issues, the right will always win.
00:10:55.160 But if you can if you can navigate them, people will listen to your economic message.
00:11:00.940 And broadly speaking, the Democrat, the Democratic Party's economic message is popular.
00:11:06.640 It gets drowned out when they enter the cultural realm and get into these issues of trends and this and that.
00:11:14.020 And if there's a way for them to navigate that and stay, you know, don't get too far away from mainstream America on that.
00:11:22.940 In that respect, Americans are more than willing to listen to the economic message.
00:11:29.880 This is the primal scream of a dying regime.
00:11:34.800 Pray for our enemies because we're going medieval on these people.
00:11:38.760 I got a free shot of all these networks lying about the people.
00:11:44.380 The people have had a belly full of it.
00:11:46.360 I know you don't like hearing that.
00:11:47.780 I know you try to do everything in the world to stop that, but you're not going to stop it.
00:11:50.420 It's going to happen.
00:11:51.680 And where do people like that go to share the big line?
00:11:55.080 Mega media.
00:11:56.460 I wish in my soul, I wish that any of these people had a conscience.
00:12:01.820 Ask yourself, what is my task and what is my purpose?
00:12:04.980 If that answer is to save my country, this country will be saved.
00:12:11.900 War Room.
00:12:12.820 Here's your host, Stephen K.
00:12:14.900 Bannon.
00:12:18.920 It's Wednesday, 5 November in the year of our Lord, 2025.
00:12:23.080 A year ago at this time, we were all, what, on pins and needles.
00:12:28.000 You know, we had high confidence that if we executed, we would win the greatest comeback in American political history.
00:12:36.340 And that happened.
00:12:37.420 A sweeping victory that we found out about, I don't know, 10 or 11 o'clock at night.
00:12:41.460 We keep this photo right here in the War Room about the very moment, a photo taken at the Willard Hotel on that balcony we used to cover all the big events in Washington, D.C.
00:12:53.480 the very moment of victory, one year ago.
00:12:59.240 So today we have a different set of issues.
00:13:01.700 Mondami, and that's why I wanted to play that, and Van Jones got it right.
00:13:06.140 He got, understood, the mask came off last night.
00:13:09.680 It's not a TikTok video.
00:13:11.160 He's not skipping down the aisle with his little basket, talking about how they're going to have government run stores or, you know, free buses or patting everybody on the head and doing his little dance moves.
00:13:21.740 You saw it last night.
00:13:24.560 In all its glory, up in your grill, and particularly up in the president's grill.
00:13:31.300 So what's the response going to be?
00:13:34.480 Last night is a lesson that the old Republican Party, the husk of the Republican Party, is a stiff.
00:13:42.020 It's a loser.
00:13:42.840 You saw that in the Commonwealth of Virginia.
00:13:44.500 You have never-Trumpers.
00:13:45.520 You have Youngkin.
00:13:46.160 You have the gubernatorial candidate, a disaster, never-Trumper, somebody that he weaponized to attack Trump years ago, and part of that whole DeSantis move away from Trump.
00:13:59.580 It's now time to double and triple down.
00:14:01.340 We're going to get into that.
00:14:02.500 I want to thank Sheila Matthews for Able Child, one of the actually smart strategists.
00:14:09.620 She reminded me of one of my favorite quotes from Sun Tzu in The Art of War.
00:14:15.460 If you know the enemy and know yourself, you need not fear the results of a hundred battles.
00:14:22.280 If you know neither the enemy nor yourself, you will succumb in every battle.
00:14:30.140 So it's gut check time.
00:14:32.200 You're the tip of the tip of the spirit.
00:14:34.280 Do you know thyself?
00:14:35.380 Does God's will channel through you, run through you?
00:14:41.640 Are we going to roll over now?
00:14:43.220 Oh, my gosh.
00:14:44.240 They won New Jersey.
00:14:45.040 They won Virginia.
00:14:45.880 They won New York City.
00:14:46.860 They blew us out in California.
00:14:49.060 It's gut check time in the war room.
00:14:52.700 One-year anniversary of the greatest political comeback in American history.
00:14:59.760 Let me be blunt.
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00:16:06.460 Tell America's Voice family.
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00:16:38.200 So I'll get in a second an article up on Politico right now.
00:16:42.060 But an interview I did with him last night around midnight on Donnie, right?
00:16:47.980 And about how this has got to be confronted.
00:16:50.140 You can't will from it.
00:16:51.060 You can't look the other way.
00:16:53.480 What is the history of this movement tells us what?
00:16:57.860 That we're anti-fragile.
00:16:59.560 We're resilient.
00:17:00.620 If you take a punch and then you give a punch back.
00:17:02.800 No retreat.
00:17:05.300 No giving up one foot that you've taken.
00:17:07.900 Fix bayonets and go for it.
00:17:09.440 Double down and triple down.
00:17:10.640 The lesson last night is where the Republican donor class, you know, Jack Citarelli and his consultants didn't want Trump's engagement up there.
00:17:20.720 Trump drew 100,000 people, 100,000 people on a windy day in 2024 to the Jersey Shore for a rally.
00:17:32.700 You fully engage Donald Trump up there, you're going to hold those counties.
00:17:37.380 You're not going to get wiped like you got.
00:17:39.740 If you stiff arm Trump and have a teletown hall the night before, that's not good enough.
00:17:45.780 This is about low propensity voters, people that will come out for Trump in the MAGA message of economic populism.
00:17:52.740 If you give them, if you give them old half-baked Republican ideas, which is what New Jersey was, is kind of a variation of Christie, right?
00:18:08.120 Chris Christie with the same type of consultants don't want Trump.
00:18:11.200 And then in the Commonwealth of Virginia, Glenn Youngkin, bro, what are you spending time in Iowa?
00:18:17.620 You just ended your political career last night.
00:18:20.060 As a native Virginian, you destroyed, you destroyed the Republican Party for a generation.
00:18:28.820 There are seats in the House of Delegates that are unfathomable that could have been lost, that were lost last night to a supermajority, a supermajority in the House.
00:18:38.040 And, hey, guess what? This kind of implications, because they're rolling.
00:18:42.860 Virginia's going to go 10-1 in the House.
00:18:45.240 They're going to be like New England, or they're going to be like Illinois, or they're going to be like California, the Commonwealth of Virginia.
00:18:53.440 It is a disgrace that you push that lieutenant government, that you weaponized against Trump in 21 and 22 when you won at DeSantis.
00:19:00.880 You weaponized her.
00:19:01.960 And then you rigged it, there wasn't even a primary, she's going to be the candidate, and she was an unmitigated Trump-hating disaster.
00:19:10.900 And her concession speech last night, which we did not play, because she waited until, I don't know, an hour after Spanberger stood up and took credit for the blowout.
00:19:21.880 Her thing was all about her, all about her journey.
00:19:25.140 I don't give a damn about your journey.
00:19:26.600 I care about this country.
00:19:27.740 I care about the Commonwealth of Virginia.
00:19:29.200 I care about the MAGA movement.
00:19:30.420 I care about Western civilization.
00:19:32.240 I don't give a damn about your personal journey.
00:19:34.880 It's boring.
00:19:35.940 You're boring me, like you bored the voters.
00:19:40.860 Chip Roy, the good news last night, Lee Wamsgan, monumental win.
00:19:46.120 Listen, she had $3.5 million, $4 million put on her by Chinese casino money on her head and kept the guy that came in to 15 percentage points.
00:20:03.000 She would have won outright if the geniuses in Vegas had not come down on top of her.
00:20:10.260 But she's in a runoff, and she'll win the runoff.
00:20:12.160 But we're going to have to do some work there, but she'll win the runoff.
00:20:14.200 But in Texas, I've got to tell you, Chip, there's a video out this morning of some imam saying Texas is the Mecca of the West.
00:20:24.100 The way to confront New York City is we've got to hold Texas.
00:20:27.940 I am very worried about Texas, sir.
00:20:31.060 Yes, Steve, me too.
00:20:32.400 Look, I don't know if you saw it, but on Friday, I introduced legislation to take away the C3 status, the tax-free status of CARE,
00:20:40.040 and any other organization affiliated or tied to terrorism.
00:20:42.820 We should stop admitting people who are adherent to Sharia law.
00:20:49.000 We should deport people who are adherent to Sharia law.
00:20:51.340 We've got to start getting serious about this.
00:20:53.060 In this election, let's be very clear.
00:20:55.320 This is a wake-up call that if you don't lead and lead with a clear vision and a clear direction, you're going to get absolutely slaughtered.
00:21:03.100 That's what happened in Virginia.
00:21:04.260 You're dead right instead of, like, going around and whining about, well, you know, the AG candidate said this or said that, and, you know, oh, this was my story.
00:21:14.180 Like, lead with something people can sink their teeth into.
00:21:17.060 People are tired of not being able to afford housing.
00:21:19.540 They're tired of not being able to afford groceries.
00:21:21.880 The president is working on all of that.
00:21:23.620 Secretary Besson is working on all of that, and it takes a couple of years to get his system fully firing.
00:21:28.840 But we've got to have leadership that's going to say we're going to take on the health care giants.
00:21:32.580 We're going to go after the insurance companies.
00:21:34.520 We're going to go after the big monopoly health care, you know, hospital organizations.
00:21:39.220 We're going to stand up and stop Sharia law.
00:21:41.180 We're going to stop the radical Marxists who are trying to kill us.
00:21:44.860 The vast network of people that are organized with Arabella, with Soros, with Gates, with the United Nations, with all of the international conglomerates that are funding these NGOs that are all being used to attack us, whether it's the Southern Poverty Law Center in Antifa, whether it's the 250 organizations that were shoving people into our country during Biden and Mayorkas, whether it's the district attorneys that are funded by the Soros regime and the Ren Collective,
00:22:10.600 and all of these things are organized and coordinated.
00:22:13.160 And, Steve, you know it, and I know it, but Republicans are sitting around making nice and giving speeches on the steps of the Capitol instead of rip-roaring coming through behind the president to save this country.
00:22:25.100 We've got to start being aggressive, and we've got to do something about it.
00:22:28.360 I'm going to do it as a Texas attorney general, but I've got a year left in Congress, and I'm going to keep introducing legislation to force Republicans to actually do the hard work of changing the direction of the country.
00:22:39.560 And, look, I think we've got to be thinking through all of our options right now to make sure we do not waste the remaining three years and change of President Trump's administration.
00:22:48.300 Well, it's three and a half years.
00:22:50.040 We've got to get – we're burning daylight on all these investigations.
00:22:54.180 John Solomon's going to be with us at 11 to go through that.
00:22:56.940 But the first order of battle, the midterms started last night, and this is why these redistricting fights, the one in Texas, we should have gotten eight seats.
00:23:05.580 We only got five because of Abbott and the establishment down there.
00:23:09.580 They're terrified of the media, you know, calling them out so they get weak.
00:23:14.940 Right now we're in a range war.
00:23:17.480 You know, Virginia's going to go 10-1.
00:23:19.500 Maryland last night, you know, Wes Moore wants to be vice president.
00:23:22.480 He said he's going to form a commission.
00:23:25.240 Mike Pence's group is fighting us on going 9-0 in Indiana.
00:23:28.640 This fight – the redistricting wars now are going to set up the midterms, which are going to set up 28.
00:23:34.180 They're all inextricably linked like last night.
00:23:36.540 You can't break these out as individual, just component pieces.
00:23:40.320 So what have we got to do on the redistricting?
00:23:42.140 You're going to be Texas AG.
00:23:43.380 Would you tell Abbott right now as the attorney general of Texas, you've got three more seats there, bro, let's roll hard?
00:23:48.960 Or are you prepared to just sit there with Abbott and Abbott saying, it's so hard, we could lose the court case, sir?
00:23:55.460 Yeah, we need to lean into more seats, not just in Texas, but yes, in Texas, the attorney general, but also, you know, Indiana, like you point out, other states that aren't being as aggressive.
00:24:04.020 You saw California last night.
00:24:05.760 They passed their referendum to basically take their ridiculously paltry nine Republicans out of, what, 50, however many seats they have.
00:24:12.980 And they're going to reduce that to, what, four or five?
00:24:15.300 I mean, that's – they're playing hardball.
00:24:16.760 There's not a single Republican seat in New England, not one, and yet we get 40 percent of the vote in New England.
00:24:22.940 So they're playing hardball.
00:24:24.740 They're at war with us, and we're not, you know, recognizing the war and fighting in light spirit.
00:24:30.380 And look, this is the thing about going back to Islam, that we've got to recognize.
00:24:34.520 You can't win a war that you don't recognize exists.
00:24:37.860 So we should be passing legislation right now, look, and fight the Senate, force the votes.
00:24:42.620 But we should be limiting the flow of people into our country that hate our country.
00:24:47.300 We should not be expanding it.
00:24:48.720 We should be putting and codifying what President Trump is doing to protect us going forward.
00:24:53.300 We should be doing the things we should – on health care, not crying in a corner saying, oh, well, we'll do Obamacare light.
00:25:00.300 We should be aggressive on that stuff.
00:25:01.680 And again, it's the insurance companies and the big, you know, monopolistic hospital corporations that are killing our health care system with crony capitalism.
00:25:11.400 We don't have capitalism.
00:25:13.140 We're running a campaign of weakness.
00:25:16.300 We're running a campaign as Republicans of trying to do the Democrat light.
00:25:20.980 President Trump wants to lead.
00:25:22.560 He wants to go on offense.
00:25:23.620 And Republicans on Capitol Hill are just kind of messing around going, well, we got this big, beautiful bill done, and now we're kind of done, and let's limp through into the midterms.
00:25:32.620 We can't do that.
00:25:33.940 And look, in Texas, we've got to double down.
00:25:37.680 If there is no Texas, the country completely falls apart.
00:25:41.880 And you said it, and people need to know it.
00:25:43.800 The Muslim Brotherhood in London and in Paris, they recognize that Dallas in particular, Texas, is the epicenter of what they're trying to do for the Islamification of not just Texas, not just America, but the Western Hemisphere.
00:25:57.700 Big time.
00:25:58.000 They're planting the seeds here, and we've got to rip those seeds up and get them out of Texas.
00:26:03.460 Before I lose you, by the way, 100%, Muslim Brotherhood should be designated a terrorist organization today.
00:26:08.620 100%.
00:26:09.100 Real quickly, there's going to be tons of pressure from RINO senators for President Trump putting in his ear, oh, it's all about the shutdown, that Democrats still want to put a trillion dollars in to financing illegal alien health care.
00:26:23.240 The reason he lost New York City last night is 40 or 50 years of bad immigration policy, of visa scams, all of it.
00:26:30.700 Where do you stand on the shutdown right now, Chip?
00:26:33.820 Yeah, 100%.
00:26:34.880 The president has been doing the right thing.
00:26:37.140 We've got to hold the line.
00:26:38.200 But we need to hold the line with a more forceful message.
00:26:41.520 Democrats are the ones that are causing this.
00:26:44.080 They want to take this into Thanksgiving, make them own it.
00:26:46.960 But we've got to be on offense.
00:26:48.720 Don't just sit here quietly being on defense.
00:26:51.100 Let's go back to Washington.
00:26:52.540 Let's get up there.
00:26:53.700 Let's pass righteous bills.
00:26:55.300 Let's send them over to the Senate.
00:26:56.680 Let's demand that they take action on those righteous bills.
00:26:59.420 Let's pass HR2 from the last Congress securing the border.
00:27:02.380 Let's pass bills that limit Sharia law coming into our country.
00:27:05.700 Let's pass the same act again and tell them that we shouldn't have just citizens voting in American elections.
00:27:10.980 Let's pass legislation banning stock trading for members of Congress who are enriching themselves while they're, you know, on committees and self-trading.
00:27:18.920 Let's do those things and demonstrate we've got an agenda.
00:27:21.640 And let's get aggressive on health care.
00:27:23.980 Go after the corporate cronyism.
00:27:25.820 Go after the PBMs.
00:27:27.500 Demonstrate that we're with the hardworking Americans and not the ruling class.
00:27:30.740 If we do that, we win.
00:27:33.000 If we sit back on defense and if we side with the model.
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00:30:09.580 The vehicle is imposition of taxes on Americans, and that has always been the core power of Congress.
00:30:18.000 So to have the president's foreign affairs power trump that basic power for Congress seems to me to kind of at least neutralize between the two powers, the executive power and the legislative power.
00:30:35.620 Let me say two things in response to that.
00:30:38.120 First, the notion that the taxes are all borne by Americans and are not borne by foreign producers whose goods are imported is empirically – there's no basis for that in the record.
00:30:49.340 It's actually a mixed –
00:30:50.180 Well, who pays the tariffs?
00:30:51.560 If a tariff is imposed on automobiles, who pays them?
00:30:56.880 There's a – typically there would be a – regardless of who the importer of record is, there would be a contract that would go along the sort of line of transfer that would allocate the tariff.
00:31:04.840 And there would be different – sometimes the foreign producer would pay them.
00:31:09.000 Sometimes the importer would bear the cost.
00:31:10.980 The importer could be an American, could be a foreign company.
00:31:13.120 A lot of times it's a wholly owned American subsidiary of a foreign corporation.
00:31:17.300 So it gets allocated.
00:31:18.520 The empirical estimates range from like 30 percent to 80 percent of like how much is borne by American citizens.
00:31:22.380 I mean, it's been suggested that the tariffs are responsible for a significant reduction in our deficit.
00:31:27.580 I would say that's raising revenue domestically.
00:31:30.160 There certainly is an incidental and collateral effect of the tariffs that they do raise revenue.
00:31:34.040 But it's very important that they are regulatory tariffs, not revenue-raising tariffs.
00:31:37.820 And the way you can see this, I think, if you look at this policy, this policy is by far the most effective if nobody ever pays the tariffs.
00:31:45.320 I say two policies, right?
00:31:46.620 So if you look at the trade deficit emergency, if nobody ever pays the tariffs and instead Americans direct their consumption,
00:31:52.380 towards American producers and stimulate the rebuilding of our hollowed-out manufacturing base,
00:31:57.160 then the policy is by far the most effective.
00:31:59.640 So a tariff, a regulatory tariff that—
00:32:01.760 So why not do what the statute permits, bar importation of products altogether?
00:32:08.780 That would be the most effective way to do it.
00:32:12.740 The question about that—
00:32:13.940 You follow the statute.
00:32:14.700 The statute says the president can do that.
00:32:16.680 What it doesn't say is the president can raise revenue.
00:32:22.180 What it says is he can regulate importation and go in there for hundreds of years.
00:32:26.580 The way you regulate it is—
00:32:27.060 Regulated by quotas, causing it, subjecting some countries and not others to importation bans.
00:32:35.340 There's a lot of verbs, but none of them include generating revenue as a side effect or directly.
00:32:47.440 Let me address that verb point, if I may, because think about the canonical example,
00:32:51.800 a statute that refers to a list of swords, knives, daggers, dirks, and pikes.
00:32:56.320 There you look at that list of things and you say,
00:32:58.620 aha, those are all weapons, therefore a pike is a spear, not a fish in that particular context.
00:33:04.240 Now look at this list of verbs, block, prohibit, capel, direct, and so forth.
00:33:08.680 You don't look at that naturally as an ordinary reader and say, oh, look, they're all not revenue raising.
00:33:12.320 What you say is they're all very broad, powerful, you know, actions that you can take.
00:33:17.440 General, the verbs that are in the statute are actually doing something.
00:33:21.540 I mean, they're in the statute for a reason.
00:33:23.520 And as I understand it, Congress actually explained to us in its Senate report and House report when it enacted the 1941 amendments to TWIA, what it was doing.
00:33:36.420 It said that what we are doing is authorizing the president in the Senate report, quote,
00:33:41.280 to control or freeze property transactions where a foreign interest is involved.
00:33:47.100 There's similar language about controlling, freezing control in the House report.
00:33:52.500 So I appreciate that generally you can look at these words and you can imagine that they mean certain things.
00:33:58.460 But here we have evidence that Congress was actually trying to do a particular thing with respect to the authority that it was presenting to the president.
00:34:07.080 And that thing was not raising revenue.
00:34:11.280 I think that what Congress, the powers that Congress was conferring on the president are best understood through the plain text of the statutes, which includes regulating.
00:34:19.000 I know, but some of us care about the legislative history.
00:34:21.500 And so the plain text of the statute has certain verbs in it.
00:34:25.100 It also has regulate commerce, as you say.
00:34:28.040 And when I look at the legislative history, it appears as though Congress was trying to give the president the authority to, quote,
00:34:36.920 control or freeze property transactions where a foreign interest is involved.
00:34:40.900 And in the TWIA context, that makes perfect sense because we're talking about a wartime dynamic.
00:34:46.640 And what is happening is the president needs the authority to prevent trading with the enemy in the midst of a war.
00:34:53.680 And that seems to be the focus of this statute.
00:34:56.020 So I guess I'm concerned about just sort of taking a particular word here and there and saying that the general view of it might include raising revenue,
00:35:06.420 when, in fact, it looks as though the aim of this was really to give the president a certain kind of authority to freeze the assets of the enemy.
00:35:15.820 And let me say two things in response to that.
00:35:17.440 First, as the notion that this is a revenue-raising tactic or power, it is not.
00:35:22.580 We are asserting a regulatory power.
00:35:24.200 It's a delegation of power to regulate foreign commerce.
00:35:26.800 The way to control imports traditionally has been to tariff them.
00:35:30.520 They say, well, you can impose quotas.
00:35:31.960 Well, quotas are essentially economically equivalent to tariffs.
00:35:35.600 So the question is, why would you be able to quota under-regulate but not tariff under-regulate when the tariffs are themselves regulatory?
00:35:41.000 And let me turn back to the question I was – the response I was giving to the Chief Justice to illustrate that.
00:35:44.680 Could the answer be that in other places where Congress wants that particular form of regulation to be used, they say impose duties?
00:35:55.420 They say you can tax, Mr. President.
00:35:59.520 Here they don't say that.
00:36:00.740 I'd say two things in response to that.
00:36:02.820 That's the very argument that this court rejected in Algonquin, that the fact that these other specific statutes do you say in a certain way you have to do it this way.
00:36:10.680 If we disagree with you that Algonquin is a similar context, do you have another statute or another circumstance?
00:36:15.340 And again, not to say Algonquin again, but obviously we discussed the phrase adjust imports.
00:36:21.100 And they said, yeah, the natural way to do that is to tariff them.
00:36:23.080 And they specifically said it makes no sense at all to authorize quotas, which was conceded that that statute did authorize, but not tariffs because those are equivalent.
00:36:32.380 But it said adjust by any means necessary, which kind of beefs up the adjust.
00:36:38.280 And also – and this is actually – I just don't know the answer to this question, so maybe you can help and maybe the other side can help as well.
00:36:43.940 Algonquin was very careful to always call it a license and a licensing fee.
00:36:49.260 And in the oral argument that came up, too, the distinction between a tariff and a licensing fee.
00:36:53.260 And I can understand how in some contexts it would be very difficult.
00:36:56.460 You would press on it and you would say, well, if this license fee is raising revenue, then it actually functions as a tariff.
00:37:03.620 But what is the significance of that?
00:37:05.200 Because in IEPA, it also says – it refers particularly to licenses.
00:37:10.260 And it says you can license.
00:37:12.360 And license would be a way of giving permission.
00:37:17.520 That's actually the language also used in the Civil War one and – what is it, Dillon?
00:37:23.760 Ham is it against Dillon.
00:37:24.480 Exactly.
00:37:24.960 Yes, it does.
00:37:25.960 It was a license.
00:37:27.060 It was a license fee.
00:37:28.120 And that's a way to grant permission that you wouldn't otherwise have to trade and import and let it through.
00:37:33.720 So tell me what the distinction is between licenses and fees and if it matters.
00:37:37.620 It's hard for me to see one because what President Lincoln said is, okay, we're going to allow imports from hostile foreign powers,
00:37:43.680 basically rebellious Confederate states, of cotton subject to a license.
00:37:47.460 But you've got to pay $0.04 a pound of cotton when you do it.
00:37:49.860 That's the condition.
00:37:51.200 That is so nearly equivalent to a tariff that says you can bring these goods into our country,
00:37:55.360 but you've got to pay an ad valorem assessment on it.
00:38:00.940 And so – and, of course, they have in their briefs conceded that quotas apply, that licensing may apply.
00:38:07.460 There is the language in the beginning of 1701 that talks about instruments or other methods, instruments, licenses.
00:38:13.100 But if that were true, why couldn't you just call this a license?
00:38:15.640 And it's also true that in the cotton example, the court said the exaction itself was not properly a tax,
00:38:21.840 but a bonus required as a conditioned precedent for engaging in the trade.
00:38:27.000 So it seems like it was a little squirrely about how it was proceeding.
00:38:30.780 And if there really is no distinction, why couldn't you just call it a license here?
00:38:34.740 Very briefly, the other two cases, you know, the Polk case and then the President McKinley case, talk about duties.
00:38:39.960 So I see it equivalents there, Mr. Chief Justice.
00:38:42.400 Thank you, Counsel.
00:38:43.420 Justice Thomas, anything further?
00:38:45.640 The other side is going to argue – make an argue on delegation, I believe.
00:38:52.000 Would you anticipate that and give us your understanding of the delegation argument?
00:38:57.860 Yes, Justice Thomas.
00:38:59.160 I'd say a couple things in response to that.
00:39:00.740 First of all, this court has stated that the non-delegation doctrine does not apply with anything like the same force as it does in the domestic context in the foreign context.
00:39:11.800 And that, again, to cite Dames and More again, Dames and More cites Youngstown.
00:39:16.220 And Youngstown in footnote 2 of Justice Jackson's opinion, he goes into detail about this.
00:39:21.040 He addresses Curtis Wright.
00:39:22.160 He says there's a lot of broad dicta in Curtis Wright.
00:39:24.100 But the holding of Curtis Wright, the ratio dissidenti, is that the domestic non-delegation doctrine does not apply with the same force in the foreign context.
00:39:32.340 And he uses that phrase, does not apply.
00:39:34.120 He says the strict limitations on delegation that apply in the internal context do not apply in the external context.
00:39:40.100 And so we rely on that line of cases.
00:39:42.520 And for the reasons I talked about earlier, we were talking about a situation where the president has his own inherent authority to address foreign arising emergencies,
00:39:48.860 and Congress is conferring tools on him that expand his ability, his capacity to do so, we are in the area of Youngstown Zone 1.
00:39:55.700 A few times you have alluded to the history as being important in interpreting the statute,
00:40:04.380 and also that this language comes from the Trading with the Enemies Act, and that has its own pedigree.
00:40:13.820 Could you just sketch out this direct line that you were alluding to as a basis for interpreting the current emergency statute as you would like it interpreted?
00:40:24.600 Yes, Justice Thomas, and turning back to the response I was giving to Justice Barrett earlier,
00:40:28.720 there is, I think it's very well set out in Professor Baum's Isamika's brief,
00:40:32.200 there is this history of presidents using a tariffing power or a tariff equivalent power,
00:40:37.460 very, very close to tariffing power, in wartime to tariff trading with enemies.
00:40:42.740 And that is when the Trading with the Enemy Act was enacted in 1917, it was deliberately evoking that.
00:40:48.080 And when it brings in the power to regulate importation, it's essentially codifying for the,
00:40:53.920 an inherent power the president's already recognized to have.
00:40:56.780 And then in 1933, when that power is expanded to an area where he wouldn't inherently have it,
00:41:01.400 the peacetime context, that codification, the meaning of that remains the same.
00:41:04.940 The regulate importation language that's brought in from TWIA and then ultimately to IEPA in 1977
00:41:10.600 is carrying with it that connotation, and that's reinforced by all the cases we've cited in our brief
00:41:15.500 where there's been extremely broad delegations of the power to tariff specifically
00:41:18.860 and the power to regulate foreign commerce more generally going back to the time of the founding,
00:41:23.280 which ties to your question about non-delegation.
00:41:26.700 Justice Alito?
00:41:30.860 The court of, the CCPA said several, said things in Yoshida that are helpful to your position,
00:41:39.880 but it also said some other things.
00:41:42.940 It said that future search charges, quote, must, of course, comply with Section 122 of the Trade Act of 1974.
00:41:53.060 And it said that the Trading with the Enemy Act did not authorize the president to, quote,
00:41:59.560 fix rates of duty at will without regard to statutory rates prescribed by Congress.
00:42:05.020 So do you think that Congress, to the extent Congress had that decision in mind and relied on it,
00:42:13.700 do you think it also relied on those statements in the opinion?
00:42:17.480 Not in the same way, because those statements are read into other provisions of TWIA
00:42:20.880 that Congress did not enact in an IEPA.
00:42:22.660 They may still be there in TWIA, but those are limitations that it wouldn't make sense to do.
00:42:26.400 And I think the significance of Yoshida is at a higher level.
00:42:29.080 Keep in mind that their principal position is no tariffs at all.
00:42:31.700 Regulated importation just doesn't carry a connotation of the power to tariff.
00:42:35.700 And we say we've got historical sources going back to Gibbons against Ogden that say the opposite.
00:42:39.640 But more fundamentally, everyone knew that at the time IEPA was enacted,
00:42:43.640 that regulated importation had just very visibly and very prominently been upheld to include a sweeping global tariff.
00:42:51.020 Thank you.
00:42:52.400 Mr. Sovere.
00:42:53.560 I'd like to go back to Justice Barrett's question on the word license as used in IEPA.
00:42:58.240 It's not used as a verb.
00:43:00.780 It's used as a noun.
00:43:03.080 By the president may, under such regulations as he may prescribe, by means of instructions, licenses, or otherwise,
00:43:12.760 then do what the verbs permit him to do.
00:43:15.500 By license, he can nullify, void, prevent, or prohibit any acquisition, et cetera.
00:43:21.620 So license is not being used as a verb that through licensing he can raise revenue.
00:43:28.820 He can only use licenses to accomplish the verbs.
00:43:33.940 So I don't understand how we can treat licensing as equivalent to revenue raising.
00:43:42.180 As used in IEPA, the license is only to accomplish what B permits.
00:43:48.560 In Hamilton against Dillon, licenses, once you had the license, then you had to pay the fees.
00:43:53.600 But that's the point I'm making, which is that the only use of license here is a noun.
00:43:59.880 You can license to accomplish the powers that B gives the president.
00:44:04.440 Let me be clear.
00:44:05.340 We rely on the phrase regulated importation.
00:44:07.460 We're not saying that executive order...
00:44:08.180 Exactly.
00:44:08.920 You're not relying on licenses for that reason.
00:44:11.400 No, I only cite that language, that introductory language, about, you know, instruments, licenses,
00:44:14.960 or otherwise as another layer of breadth in this particular section.
00:44:18.540 Counsel, would you listen to my question?
00:44:20.480 You're not relying on license for the reason I just said, because it is a noun, not the verb.
00:44:27.640 You're relying on regulate, correct?
00:44:30.320 Yes, we're relying on regulate importation.
00:44:32.280 And despite the fact that no other president in the history of IEPA has ever used, has ever imported, used tariffs as a power under IEPA.
00:44:46.060 Well, President Nixon did so...
00:44:47.580 Under a predecessor, and we have all the limitations of that.
00:44:51.340 All right.
00:44:51.620 Number two, whenever Congress intends to permit taxing and regulate, it uses the word tax and regulate in every other statute, correct?
00:45:05.180 I don't concede that.
00:45:06.740 I mean, two very visible examples, again, are TWIA and Section 122.
00:45:10.520 We're back to the question here.
00:45:12.920 Okay.
00:45:13.340 Thank you, Kelsey.
00:45:14.800 Justice O'Neill.
00:45:16.340 No, she's Justice O'Neill.
00:45:17.680 Yeah.
00:45:17.780 She just finished.
00:45:23.020 Justice Kagan.
00:45:26.860 And they're friends.
00:45:30.080 I want to take you back to Justice Thomas's question about non-delegation.
00:45:33.940 And if I understood your answer correctly, it was really similar to the answer that you started off with when you talked with Justice Thomas about the major questions doctrine,
00:45:42.440 which is sort of everything's different because the president has independent constitutional powers in this area.
00:45:49.080 And so that if one does not think that with respect to tariffs, if one thinks that a tariff is a taxing power, is a regulation of foreign commerce that is really delegated by the Constitution to Congress,
00:46:04.640 that argument does not sound so well.
00:46:09.100 And, in fact, when you look at J.W. Hampton, which gives rise to the non-delegation tests that we usually use, J.W. Hampton is a tariffs case.
00:46:19.920 And the court did not say, oh, we need some special new principle here, some stricter rule because we're dealing with tariffs in which presidents are directly concerned as a matter of foreign relations.
00:46:31.720 It enunciated the test we use for all non-delegations.
00:46:36.340 So how does that fit with your theory?
00:46:38.700 Eight years later, in Curtis Wright, the court held the non-delegation doctrine for domestic affairs does not apply with the same force as it does in foreign affairs.
00:46:46.260 But not with respect to tariffs, not with respect to quintessential taxing powers, which are given by the Constitution to Congress.
00:46:53.660 I think justices of this court have recognized in their opinions that one of the reasons that the non-delegation doctrine, you know, that intelligible principle test hasn't packed as much punch as Justice Kavanaugh said in one of his opinions as it might otherwise have done,
00:47:05.760 is it did arise in the foreign affairs context because there the court has historically been very, very comfortable with very broad delegations.
00:47:12.420 Chicago and Southern Airlines, another case from the 1930s, shortly after J.W. Hampton talked about the very large delegations of the foreign commerce power being very effective.
00:47:20.700 And, of course, this goes back to the very dawn of the republic in 1790, for example.
00:47:24.880 Congress conferred on President Washington basically the entire Indian commerce power.
00:47:28.940 He said, go, you know, get licenses, right, to do commerce with the Indians, and they'll be subject to whatever rules and regulations President Washington can make.
00:47:35.940 So I do think there is a profound consistency between the announcement of the intelligible principle test in J.W. Hampton
00:47:43.260 and then the subsequent recognition by this court in Curtis Wright that the non-delegation doctrine doesn't apply to the same force in this context.
00:47:50.440 In consumers' research just last year, we had a tax before us, and the question was, was this a delegation issue?
00:47:58.320 It was, of course, a much smaller tax, which dealt with many fewer taxpayers.
00:48:05.880 Notwithstanding that, we said, if there's no ceiling on this tax, we sort of assumed that if there were no ceiling on this tax, it would raise a delegation problem.
00:48:17.120 And most of the opinion was given over to showing that there, in fact, was a ceiling on the tax, not a quantitative one, but a qualitative one.
00:48:26.200 But how does your argument fit with the idea that a tax with no ceiling, a tax that can be anything, that here the president wants, there an agency wants, would raise a pretty deep delegation problem?
00:48:41.820 First of all, I can't say enough, it is a regulatory tariff, not a tax.
00:48:46.540 And that, I think, ties to my response to that, which is that this is a totally different context.
00:48:51.400 This is IEPA, a statute that Congress carefully crafted to grant the president admittedly broad powers to address foreign arising emergencies.
00:48:59.520 It's outward facing to foreign affairs where there's the broadest level of deference to the political branches of this court has recognized in many cases.
00:49:06.260 And it imposed not a floor or a limit on the amount of a tariff that could be imposed very naturally because, for example, as this court said in Loving, quoting Alexander Hamilton in the Federalist No. 23,
00:49:16.220 it's impossible to foresee either what exigencies may arise or what tools may be needed to address those exigencies, the means that may be required to address those exigencies.
00:49:24.820 Instead, Congress grant very broad powers, but they're confined to a particular domain.
00:49:29.600 This domain is any property in which any foreign government or any national thereof has any interest.
00:49:35.120 So the sort of discipline, if one were to apply, we say you shouldn't, but if you were to apply the non-delegation doctrine, the domestic-facing non-delegation doctrine in this context, there's a significant limitation there.
00:49:47.540 Yeah, so my last question really does have to do with that point, which is how or whether this is confined.
00:49:54.580 Because if you look at Title 19, which is loaded with tariffs and duties of various kinds, all of them have real constraints on them.
00:50:03.620 They are, you know, you can't go over X percent.
00:50:07.480 One of the, we'll make sure this all gets played, one of the most important arguments in the Supreme Court.
00:50:11.880 You see how tough it is?
00:50:12.800 That's the Solicitor General of the United States, John Sauer, that did so much great work for President Trump.
00:50:19.300 He's a Solicitor General.
00:50:21.080 You've got to be ready.
00:50:22.140 Normally, you walk in there, you've got your case, your brief, you're going to take your, I don't know, 10 or 15 minutes to present it.
00:50:27.400 Boom, right at the start, they're up in your face with these questions.
00:50:32.180 And you see how complicated you are.
00:50:33.760 And you don't have time to look it up.
00:50:35.000 You've got to know it.
00:50:36.520 That's the amazing thing about these arguments right there.
00:50:40.840 And the Supreme Court so far has gone, has, I won't say gone along, but they've been very adamant that they're not the Warren Court, that they're not an activist court.
00:50:53.800 They have come back on these, remember, the Article II powers of the president and the, quite frankly, the maximalist strategy of those Article II powers.
00:51:07.140 As chief executive officer, as commander-in-chief, and as chief magistrate and chief law enforcement officer here, it's about essentially President Trump's trade and tariff policies and the underlying laws that he used to stitch that together.
00:51:22.960 And right there, getting completely, getting hammered, as he should.
00:51:26.900 These are, this is a very, very important argument.
00:51:29.520 It's the basis for redoing the commercial relationships in the world and restoring America as a manufacturing superpower, a manufacturing superpower.
00:51:41.160 Okay, Senator Hawley is running a few minutes late.
00:51:43.560 He's going to come to the top of the hour.
00:51:44.740 We've got John Solomon, got big breaking news in the investigations, plus more of the politics.
00:51:49.240 Let me just go over, there's an article in Politico now, an interview, Grace and Mo, if you can make sure that's put out so people can read it, get it past the paywall.
00:52:00.780 At Politico, it's time to double and triple down.
00:52:06.440 President Trump is still the vehicle for get-to-low-propensity voters.
00:52:09.560 Why?
00:52:10.800 They understand he's trying to do something with the country.
00:52:13.060 Now, look, he's been, you know, had a huge emphasis on the international side because we are in the beginning stages of the Third World War.
00:52:22.460 And he's trying to put that to bed.
00:52:24.160 Also, hemispheric defense.
00:52:25.840 And like I said, I don't agree with all of this.
00:52:27.940 I particularly think the Middle East has been way overplayed.
00:52:30.860 And now it's time the Middle East is a sideshow and Israel is a sideshow to a sideshow.
00:52:35.680 We've got to get focused, particularly focused here, America first and American citizens first.
00:52:41.280 But when you've made a bet, like on the big, beautiful bill, you've got to execute on it.
00:52:47.540 And right now, that's the key part.
00:52:49.160 If it's a supply-side tax cut, then we've got to make sure that all these investments that are supposedly going to be done are done.
00:52:55.680 It can't be any more wish list anymore.
00:52:57.420 Just get on it.
00:52:58.080 Designate somebody on the cabinet to do it.
00:52:59.720 President Trump's too busy.
00:53:01.520 He can't do everything.
00:53:02.180 He's flying down today for a day trip down to Florida to talk to a business council.
00:53:07.060 About what?
00:53:07.640 About investment in the United States of America.
00:53:10.680 That's what he should be doing.
00:53:12.660 The rest of the guys in the cabinet, Besant, Lutnik, all these guys, you've got to execute on the big, beautiful bill.
00:53:19.360 And I believe they're over there right now talking about the filibuster and he had Brexit at the Senate and a bunch of those guys want to crater right now.
00:53:26.480 And you cannot crater on giving illegal aliens health care.
00:53:29.720 That's why we have the problem you have last night in New York City, let's face it.
00:53:33.960 You can't do that.
00:53:35.620 You can't crater on this.
00:53:36.840 You've got another reconciliation.
00:53:38.320 How about this for the reconciliation?
00:53:40.180 Let's now raise the taxes on the wealthy, what we should have done the first time.
00:53:43.820 To start to close this budget deficit and to make sure we have to borrow less money because the borrowing costs themselves, as we've said over and over again, add to the inflation.
00:53:55.440 It's hard to get the inflation under 3% when you're borrowing so much money.
00:53:58.700 Just a basic fact.
00:53:59.860 Where do you learn that?
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00:55:05.780 Short break.
00:55:06.920 Second hour next.
00:55:10.300 Okay, let's be honest.
00:55:11.180 You never thought it would get this far.
00:55:12.680 Maybe you missed the last IRS deadline, or you haven't filed taxes in a while.
00:55:16.760 Let me be clear.
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