The MeidasTouch Podcast - Republicans Hold Global Economy Hostage in MOST DANGEROUS Stunt Yet

Episode Date: April 27, 2023

MeidasTouch host Ben Meiselas presents this exposé showing how the Republicans are seeking to tank the economy by not passing a clean debt ceiling bill. New full-length episodes of the MeidasTouch Podcast featuring the brothers are released every Tuesday & Friday morning. The rest of the week, enjoy our short-form content we call ‘The Mighty.’ If you enjoyed this episode, please be sure to rate, review and subscribe. Shop Meidas Merch at: https://store.meidastouch.com Join us on Patreon: https://patreon.com/meidastouch Remember to subscribe to ALL the Meidas Media Podcasts: MeidasTouch: https://pod.link/1510240831 Legal AF: https://pod.link/1580828595 The PoliticsGirl Podcast: https://pod.link/1595408601 The Influence Continuum: https://pod.link/1603773245 Kremlin File: https://pod.link/1575837599 Mea Culpa with Michael Cohen: https://pod.link/1530639447 The Weekend Show: https://pod.link/1612691018 The Tony Michaels Podcast: https://pod.link/1561049560 American Psyop: https://pod.link/1652143101 Majority 54: https://pod.link/1309354521 Political Beatdown: https://pod.link/1669634407 Lights On with Jessica Denson: https://pod.link/1676844320 Learn more about your ad choices. Visit megaphone.fm/adchoices

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free of charge. BetMGM operates pursuant to an operating agreement with iGaming Ontario. I'm Ben Mycelis from the Midas Touch Network. I want to discuss with you how the MAGA Republicans are pursuing their plan to try to tank our economy and blame it on Biden. And bear with me because I want to show you these clips so you see it in everybody's own words, so you know that I'm kind of walking you through it and I want to kind of take away the hyperbole and you could ultimately make this assessment for yourself. And so the other night, Matt Gaetz did an interview on CNN where he said that as part of the deal that the far-right MAGA Republicans made with Kevin McCarthy in order to allow Kevin McCarthy to to agree to hold the United States debt limit raise hostage in order to pass a bill that would basically cut all of these areas of federal government spending that are very, very important and critical to the American people.

And never before has a bill to raise the debt ceiling been conditioned. Never before has the threat of not raising the debt ceiling been used as a negotiating wedge. And I first want to show you in Donald Trump's own words what Donald Trump said about he couldn't even fathom. Donald Trump said this in 2019. He couldn't even fathom that the decision to pass a bill in the House of Representatives to raise the debt ceiling could be used as a negotiating wedge. Here, play this clip. I can't imagine anybody ever even thinking of using the debt ceiling as a negotiating wedge. When I first came into office, I asked about the debt ceiling and I understand debt ceilings and

I certainly understand the highest rated credit ever in history and a debt ceiling. And I said, I remember to Senator Schumer and to Nancy Pelosi. Would anybody ever use that to negotiate with? They said, absolutely not. That's a sacred element of our country. They can't use the debt ceiling to negotiate. So that was Trump in 2019. And here, this is from the other night, and this is Matt Gates stating that the plan in order to make Kevin McCarthy the Speaker of the House was that he had to agree to do exactly what Donald Trump said that you shouldn't do in 2019, which is to not pass a clean debt ceiling bill, but to put all of these preconditions on it. Here, play this clip of Matt Gates. My colleagues who put conditions on Speaker McCarthy are not going to fall for that trick.

And let me answer the question you asked in your monologue. Absolutely. Features of the deal that allowed Kevin McCarthy to ascend to the speakership require him to fight on top line spending levels in this debt limit battle and to not delay that for the appropriations process that usually gets rolled up in one big omnibus. It's important to also note that 97% of all of the debt that has been created in the United States history precedes President Joe Biden. In fact, under the Biden administration, he's taken measures that have actually reduced the overall deficit in the United States by trillions of dollars, right? Whereas Donald Trump raised the deficit by trillions of dollars, and Donald Trump is responsible for 25% of all debt that has been accumulated in the entire history of the United States, Biden's previous policies have done the exact opposite. So I want to be very clear how

disingenuous from the outset it is when these MAGA Republicans say that they are pursuing this debt ceiling raise conditional on spending cuts when they are the ones who spent money that they didn't have, that they engaged in all of these tax cuts for the billionaires that they couldn't pay for. And now they're trying to blame Biden for that. And again, the facts are, the data is 97% of all debt created before Biden, 25% of all debt created by Donald Trump and the Republicans. And so here are some of the things though that the Republicans put in their bill, which they call their debt ceiling bill, which is not a clean debt ceiling bill. It is conditioned on all of these things. So the MAGA Republicans are saying, we won't agree to raise the debt ceiling unless all of these

things happen. And first they say, eliminate Pell Grants for 80,000 students and reduce grant funding for millions of others. Remove access to Head Start programs and child care to 300,000 children, cut funding for 2,000 border agents, 11,000 FBI personnel, and hundreds of police, shut down 125 air traffic control towers, which would increase airport security wait times, evict hundreds of thousands of families, veterans, seniors, and people with disabilities from Section 8 housing, impose work requirements for social programs, block Biden's student debt relief plan, repeal money for the IRS, remove President Biden's environmental protections, including nearly wiping out all of Biden's clean tax credits,

and reducing access to veterans care and increasing wait times for veterans receiving benefits. Actually, a 22% decrease in VA funding. And so the MAGA Republicans put forward a bill which said they will agree to raise the debt ceiling so that America doesn't default on its debt, so that America doesn't default on its full faith and credit, so that the economy, not just of America, but the world economy doesn't explode. Because let's be clear, if they don't raise the debt ceiling, the economy will explode, not just here in the United States, but the ripple effect will be a great depression in the world. So the MAGA Republicans said that they need to have all of those things that I just read to you happen, and then they will agree to raise the debt ceiling.

And so the Republicans celebrated the fact that they just passed that debt ceiling bill that I just read to you. I gave you the highlights right there. Here is a video clip of them celebrating the fact that they passed for the first time this conditional debt ceiling bill that requires all of those cuts that I just read to occur. Play this clip. The yeas are 217, the nays are 215, the bill is passed. Without objection, a motion to reconsider is laid on the table. Pursuant to Clause 8 of Rule 20, the unfinished business is to vote on the motion of the gentleman from Ohio, Mr. Latta, to suspend the rules and pass H.R. 1339. I want to show you now the Democratic leader, the minority leader in the House of Representatives, Hakeem Jeffries, who says, how dare you lecture us on spending? MAGA Republicans, you are the ones responsible for all of this debt in the first place. And now you'd want to have all of these spending cuts that

affect regular Americans. Meanwhile, you're out there pursuing policies to give billionaires and deca-millionaires tax cuts for their private jets and for their yachts. That's who you're trying to protect. Mr. Speaker, what is the Republican record? President Reagan comes into office and the first thing that he does is massive tax cuts for the wealthy, the well-off, and the well-connected and explodes the deficit. President George W. Bush comes into office 2001-2003, massive tax cuts for the wealthy, the well-off, and the well-connected. Two failed wars, a deep recession, explodes the deficit.

President Trump comes into office, first thing he does in 2017, massive tax cuts for the wealthy, the well-off, and the well-connected. The GOP tax scam. 83% of the benefits going to the wealthiest 1% in America explodes the deficits. How dare you lecture America about fiscal responsibility when the record shows that Democrats are the party of job creation and reducing deficits and Republicans are the party of tax cuts for the wealthy, the well-off, and the well-connected and exploding the deficit. So we're not going to stand here and allow you to lecture us about fiscal responsibility. What this is, is an effort to try to extract deep, painful cuts

on everyday Americans. And that statement was echoed by Democratic Congress member Jim McGovern of Massachusetts. Let me begin by saying I can't imagine anyone ever thinking of using the debt ceiling as a negotiation wedge. It's a very, very sacred thing in thinking of using the debt ceiling as a negotiation wedge. It's a very, very sacred thing in our country, the debt ceiling. We can never play with it. Mr. Chairman, that may sound familiar because it's the words of former President Donald Trump in 2019, who acknowledged that then Speaker Pelosi and Leader Schumer agreed not to use the debt limit as a weapon. In case anyone forgot, Democrats behaved responsibly and kept our word.

Now, four years later, House Republicans have not hesitated to use the debt ceiling as a political cudgel. This is extortion. If Democrats don't give Speaker McCarthy everything he wants, Republicans want to literally push the entire economy off a cliff, causing catastrophic, lasting, irreparable damage to America. percent of the debt was accumulated before President Biden took office and over 25 percent. And let me repeat that over 25 percent of the debt was accumulated under Donald Trump. Even though Republicans had no problem adding trillions to the debt with their giveaways to big oil and Wall Street CEOs, even though their first bill this Congress added one hundred and fourteen billion dollars to the deficit, now they want to play Russian roulette with our economy and refuse to pay our bills unless we make devastating cuts that would hurt everyday people.

This is an all-time high in recklessness and stupidity. Now compare that to MAGA Republican Representative Jody Arrington. And MAGA Republican Jody Arrington, you know, it's just so disingenuous. You know, the gaslighting is so ridiculous. You know, when Arrington goes, look, the real victims here who we're trying to protect is the children. And the children are the most vulnerable people. And that's why we are passing this debt ceiling bill that conditions the raising of the debt ceiling. On what? It conditions it on removing programs that actually help the children. Lastly, this one, I get emotional about it. But because it's real.

This is real. The most vulnerable group in America, in my mind, and there are lots of vulnerable groups, and we have to be responsible. And we have to prioritize. That's what this is about, prioritizing. But it's also about protecting the future as we prioritize and our children's future. I think the most vulnerable group in America are the children that have no place in this town, no lobbyist to speak of that I know of, no seat around the table, it feels like, and they're going to inherit $31 trillion in debt and counting.

Who's going to speak up for them? And it's so disingenuous because again, 97% of the debt before Biden, 25% of the debt was because of the MAGA Republicans and Donald Trump. I mean, that's a completely outrageous and kind of disingenuous, you know, whatever that was, press conference right there. Going back to AOC in a committee hearing talked about, you know, we should be examining why it is that our colleagues on the right, these MAGA Republicans, like they're focused on yachts. They're focused on jets. That's who they believe is the protected class here.

They need to give them tax cuts while cutting all of those things I mentioned here. Play this clip of AOC. So instead of looking at climate and instead of looking at cuts to health care, we should examine why our colleagues in the Republican Party is so invested in protecting the wealthiest people in this society and would rather attack health care and services for our veterans than repealing tax cuts for yacht owners and private jets. And with that, I yield my time. And here is Kevin McCarthy, who gave a press conference after the bill was voted on. And look, he stormed off when he was asked a very simple question about whether he would be willing to reopen the debt ceiling or whether he was going to continue to hold the nation hostage based on the bill that they just voted on here.

Play this clip of Kevin McCarthy. You'll see like a coward. He just runs away. Play this clip of Kevin McCarthy. You'll see like a coward, he just runs away. Play this clip. This is a press conference that President Biden just gave where President Biden said, look, I'm happy to have a discussion on spending cuts. I mean, it's a disingenuous one because the MAGA Republicans are the ones who caused all this debt. Ninety seven percent of the debt's created before me. But I'm happy to have a conversation about spending cuts generally. And by the way, I am too. I think you are too watching this. However, it needs to be

a conversation, not where we are being held hostage. The MAGA Republicans want to say, if you don't agree with our policies, if you don't agree with all of the cuts, we will destroy the economy. So you agree with us or else? And Biden says, that's not a negotiation I'm willing to have. I'll speak with you on spending, but you're not going to hold our nation hostage and destroy our country. Play this clip of President Biden. Republicans say you're refusing to negotiate on the debt limit. They're saying you're missing in action.

Biden's figured out the debt limit yet. Are you missing in action? I'm in inflation, Mr. President. We're not negotiating on the debt limit. Will you meet with McCarthy? When can America... I'm going to meet with McCarthy, but not on whether or not the debt limit gets extended. That's not negotiable. I noticed they quote Reagan all they quote, they quote Reagan all the time and they quote

Trump. Both of which said, it says, I'm paraphrasing, it would be an absolute crime to not extend the debt limit. And those sentiments of Biden were echoed during a recent interview when Kevin McCarthy went to Wall Street to talk about his plan to hold the nation hostage by not passing a clean debt ceiling bill. That's what one of the anchors at CNBC were like, yeah, but when the Democrats were in the House, they passed clean debt ceiling bills. Even though Democrats disagreed with Trump on spending priorities by a lot, you still raise the debt

ceiling. You don't destroy America's full faith and credit here. Remember this with Kevin McCarthy going back and forth with the CNBC reporter. Play this clip. And think about it. A debt ceiling is like giving your child a credit card and they charge the limit all the way up. Would you just raise the limit? No. Well, if I'm playing with America standing at full faith and credit of U.S. government debt, I feel like you can deal with the spending in other ways, which is totally legitimate. So if you just raise the debt ceiling, do you think $31 trillion of debt? The CBO has come out. In the next 10 years, do you know we'll pay 10.5?

You did it three times in the Trump administration. As we did economic changes. We never raised the debt ceiling by itself. But the tax cuts, that was like $2 trillion deficit. You know, and the fact that we are dealing with this in April shows you that these MAGA Republicans are trying to, and they are. They're manufacturing a crisis that doesn't need to exist. A cataclysmic crisis that could destroy our economy. They are arsonists. I mean, is their conduct. I mean, they simply, I think objectively don't

care about the full faith and credit of the United States. And look, Janet Yellen, the Secretary of the Treasury, I mean, she wrote a letter to Kevin McCarthy back on January 13, 2023. Remember this? Here, pull up this letter that she sent Kevin McCarthy. And back then she told Kevin McCarthy what the issues are. And she explained that, I'm writing to inform you that beginning on January 19, 2023, the outstanding debt of the United States is projected to reach the statutory limit. Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations. So because Kevin McCarthy did not even raise the

debt ceiling back in February, for example, we're under these extraordinary measures that are being taken by the Treasury Department. And then it goes down on the last paragraph. It says, the period of time that extraordinary measures may last is subject to considerable uncertainty due to a variety of factors, including the challenges of forecasting the payments and receipts of the U.S. government months into the future. While Treasury is not currently able to provide an estimate of how long extraordinary measures will enable us to continue to pay the government's obligations, it is unlikely that cash and extraordinary measures will be exhausted

before early June. Consistent with past practice, I will, of course, continue to keep Congress informed as we approach the exhaustion of our resources. So we're talking about early June. You had Janet Yellen warn Kevin McCarthy of this back in January. So they had many, many months to pass a clean debt ceiling bill. And this is what they've come up with in late April, passing a debt ceiling bill or putting forward a debt ceiling bill that is not a clean debt ceiling bill that's saying you better eliminate Pell Grants, remove access to Head Start, cut funding to border agents and FBI personnel and police, shut down 125 air traffic control towers, so on and so forth, or we're not going to raise our debt ceiling. America will default on

its debt. And just remember, so when people have the conversation with you about, oh, well, what is the debt ceiling? Again, the debt ceiling is not about future spending priorities. There are debates that can take place in Congress. The House of Representatives has the power of the purse. They can have discussions about future spending priorities. And for example, how much money goes to the Defense Department? How much money goes to the FBI? How much money goes to fund these various programs here? That's within the House of Representatives orbit. And there could be a conversation on President Biden's budget. And by the way, still to this day,

the MAGA Republicans have not put forth their budget. They've not put forth, they've said what they want to cut, but they haven't drafted what their version of a budget would be. But what the debt ceiling is about is paying the past bills. 97% of that, which accrued before Biden, 25 percent of that was caused by Donald Trump. So here we are trying to pay our past bills, and the MAGA Republicans are basically saying, no, we refuse to pay our past bills unless you agree to all of our conditions here about how future spending should be. That's never occurred before. It is unthinkable that that would happen. It is frankly, and now after giving you the facts, I'll give you some

of my beliefs on it because I don't believe it's hyperbole after talking about the facts. That is traitorous. I don't know how else you can characterize what that is. But I want to give you all the facts so you're armed with it so you can talk to people now about the debt ceiling issue and what the real issues are behind it. What Trump said, for example, and how disingenuous McCarthy is being and what they want to cut. I mean, you know, these MAGA Republicans are really taking great efforts to try to destroy our economy. I think that's clear from the presentation I just made, but you can judge for yourself. I'm Ben Micellis from the Midas Touch Network.

You can check us out at patreon.com slash Midas Touch. Make sure you subscribe right here to the Midas Touch Network on YouTube. It's free. And wherever you get your audio podcasts, make sure you subscribe as well. Until next time, I'm Ben Micellis. Have a great day. Hey, Midas Mighty. Love this report? Continue the conversation by following us on Instagram, at Midas Touch, to keep up with the most important news of the day. What are you waiting for? Follow us now.