burning through cash at the treasury like drunk een sailors. the treasury has no idea what s happening in his own joint. in the trump administration, they burned through $294 billion in cash. they started with $382 billion. it s down to $88 billion and dropping by the day. the rate they lost cash year between march and early june, they will be out of cash by memorial day. there s no reason to believe that will be any different this year neil: raise the debt ceiling. there s no pathway to a majority in the congress that soon. they have declared war on the democrats. i guess they deserve it. after all of the immigration bans, the walls at the border, the deportations, the attacks on
down no. there s no down. the first quarter gdp is coming in at 1%. i mean, this whole lit flurry of, you know, bullish and enthusiasm in the stock market is meaningless once it s clear the tax cuts wouldn t happen and this debt ceiling crisis is going to take down the whole system. why did they allow $294 billion of cash to be burned up? i want to tell you something really important. only $237 billion of that was to covered the inherited deficit that you can t blame trump for. but he used $57 billion in cash to lower the debt ceiling. neil: i shouldn t have put the cardinal in here instead of you. you re bumming me out. but more after this. you re watching fox. [ sighs ]
it s not like it s a business where they have to hire honest and good people in order to function. they just didn t want to fire their buddies. i think president obama should push him out or fire him. and i also blame congress. their job is for oversight and they hold hearing after hearing and nothing gets done. and it s interesting that the irs response to this was that, look, we ll be more transparent, but we want the commissioner to still have discretion in these cases. and that s really not what the public wants to hear. it s not working. did disgraceful. anyway panel, listen to this one. more taxpayer hone town the toilet. senator john max reccain released a series of reports and his office claiming this year $294 billion of your tax dollars will go toward expired government programs. expired? what are these?
nobody is communicating. there are expired programs that they re still spending money organization agencies that are both working on the same program doing the exact same thing more than 40 agencies are working on different emergency medical equipment or non-emergency medical equipment. they haven t met since 2008. there is no way you re communicating like that. it s it s just i don t know if it s laziness but that s a lot of money to be wasting. $294 billion, that s a lot, but we re so used to billions that nobody seems to think how huge that is. i ve heard reporters says s only $5 million or something. we ve gotten used to these big numbers. but this is incredible. let s say $4 trillion in government spending $292 billion, 7% of that is being wasted according to john mccain. do you know what that would did if for my hometown?
some common ground? democrats, look at the heart of it. the democrats say we won t cut a dollar a future spending unless you give us big tax increases on the tune of trillion of dollars. rep cans came up with tax reforms that generated more revenue that were in the hundreds of billions of dollars but the democrats said we will not cut a dime in spending unless you give us billions of dollars in tax increases. and look, here s what is going to happen as a result of the democrats unwilling to make any deal whatsoever. the automatic cuts fall on defense. $456 billion. that s the smallest part of the budget that we are going to talk about and the biggest cuts go there. $294 billion from nondiscretionary. most found in mandatory spending and the automatic cuts that come in 2013 come in the mandatory programs. $123 billion for medicare and $47 billion from other