trying to get cash out, prompting police blocking to the manhattan branch. nate foy joins us with the latest on this. hi, nate. hey, anita, this triggered the largest bank runs in u.s. history. withdrew $42 billion on thursday which worked out to over a million dollars every single second over a 10-hour period. a much more quiet day here than at the hone silicon valley branch in new york. as a dozen tech founders and ceo s showed up. they were turned away and the cops were called. take a look at the video. it happened after the shocking announcement of a $1.8 billion loss at the bank. depositors were turned away not only here, but also in california. the bank crumbled after a loss and they re known for the tech sector leaving startups in crisis mode. take a listen. if you re a start-up, cash is king. the cash and the work flow to be able to have runway is critical. so access to the cash to now to be able to pay your employees, to cover the expenses you ve got is the thi
white house with more on this, hi, lucas. lucas: it adds trillions to the national debt with $31 trillion and interest payments on the debt next year could one day approach the size of the defense budget. let that sink in. now here is house speaker kevin mccarthy adding more c conte. we ve only paid $9 trillion in interest. so he s going took us 80 some years to happen in less than ten years. lucas: let s take a look at biden tax proposals which would add more to the national debt. 25% minimum tax on people with 10 100 million plus dollars. 39.6 capital gains tax for people making over 400 grand. 28% corporate income tax, 4% stock buyback tax and 3. 8% surtax on investment income. late yesterday reports circulated that the white house will approve drilling in alaska. no final decisions have been made and anyone who says otherwise is wrong. now 3 years ago as presidential candidate as president he said he would never approve any drilling projects. no more subsidies f
investing money especially when it comes to social security and ensuring that we build on what we ve been building when it comes to jobs. and he s already created over 12 million jobs and we re looking at the lowest unemployment rates. in addition to that, if we look at what the other side was offering. the republicans bill would be dead on arrival, it would drive us into recession by 2024. the analysis is clear that the cuts they re trying to put forth would be over 25% and cuts coming from somewhere that would be devastating to the american people and actually drive us to 6% high unemployment rate and actually bring more money out of the communities and out of your pockets. so what the president is doing is tackling our pocket book issues such as lowering our electricity, lowering health care costs, our bills in our homes so every american can have peace of mind. griff: congressman, the thing about the budget. it s raising taxes on the wealthy by nearly 5 trillion
off the top. 8.6 trillion budget, but it s behind schedule and if things don t change soon, the republicans saying they don t support it, it could be headed for another one of the those budget government shutdowns and everybody stays late to see if they re funded at the last year s level especially with the defense department saying they need more money. griff: nobody is looking forward to that. lucas, thank you. well, for more on this, we re joined by republican congressman from tennessee and member of the house ways and means committee. congressman, great to have you here on the show this afternoon. i want to get to the president s budget in just a moment, first, let me get your thoughts on collapse of this bank, silicon valley bank, the 16th largest bank in the u.s. sending shock waves throughout the world. can you explain what happened. it sounds like invests are
across town or across the country. pods, your personal moving and storage team. hi, i m michael, i ve lost 62 pounds on golo and i have kept it off. most of the weight that i gained was strictly in my belly which is a sign of insulin resistance. but since golo, that weight has completely gone away, as you can tell. thanks to golo and release, i ve got my life and my health back. griff: president biden unveiling massive 61.8 trillion proposal prompting heavy backlash that includes major spending and tax hikes. welcome to fox news live i m griff jenkins. anita: biden calling budget for the middle class while one watchdog organization says proposal can lead to national debt. lucas tomlinson live outside the