but what i m going to do and what i think people on bot sides of the aisle in congress republican or democrat, should do, is look at each of the lin items in the budget and as ourselves, is this a investment of tax dollars that will return dividends to our economy and our country fo years to come? so, expanding the child ta credit does exactly that it s an investment in ou future workforce, it s money well spent investing in things like insulin makes it cheaper ultimately, for health care, because it reduces highe health care costs, caused by people who don t have insulin. and so, i think the goal her is to look at each expense i think it s appropriate for democrats and republicans to take a lot of responsibility for every taxpayer dollar. but it is not to just come u with kind of this across the board political gains an leverage okay, so there s a weir situation right now that goe the following way. the debt ceiling breach is a forcing mechanism to make deal, right? and the gop uses
economy and our country fo years to come? so, expanding the child ta credit does exactly that it s an investment in ou future workforce, it s money well spent investing in things like insulin makes it cheaper ultimately, for health care, because it reduces highe health care costs, caused by people who don t have insulin. and so, i think the goal her is to look at each expense i think it s appropriate for democrats and republicans to take a lot of responsibility for every taxpayer dollar. but it is not to just come u with kind of this across the board political gains an leverage okay, so there s a weir situation right now that goe the following way. the debt ceiling breach is a forcing mechanism to make deal, right? and the gop uses it as a kin of hostage situation, right? the economy will blow up unles you negotiate, you give us wha we want. and until people start to frea out about it, the, it does not work as a forcing mechanism. people tend to think the
called reckless spending in a speech at the new york stock exchange. that debt limit of $31 trillion was reached earlier this year prompting the introduction of special temporary measures to allow it to continue borrowing but these are due to expire injune. i spoke to the head of public policy at pimco and she explained the implications in the immediate term. the implications of a debt ceiling breach would be catastrophic. we have never seen that though, before, so it is a bit anyone s gas. the federal reserve and some other macro policy folks have sort of estimated what the impact would be including potential large drawdown of the s&p 500, a 30% drawdown according to the federal reserve in a study that they did in 2013 and of course an increase in interest rates but this is all hypothetical. we have not actually seen a breach of the debt ceiling. i think really importantly, we don t think we will see a breach of
the implications of a debt ceiling breach would be catastrophic. we have never seen that though, before, so it is a bit anyone s guess. the federal reserve and some other macro policy folks have sort of estimated what the impact would be including potential large drawdown of the s&p 500, a 30% drawdown according to the federal reserve in a study that they did in 2013 and of course an increase in interest rates but this is all hypothetical. we have not actually seen a breach of the debt ceiling. i think really importantly, we don t think we will see a breach of the debt ceiling. there is no political incentive to actually take the debt ceiling over the deadline and we think that there will be a resolution, albeit probably not until the 11th hour like we have seen with.
economic growth. japan s lost decade could become a reality for america if republicans do not increase the debt limit. the rock-solid labor market that we have right now, with record low unemployment, has been a boon to americans. yes, things do cost more, but higher prices are easier to manage if you have a job then if you don t. the washington post reported the possible number of layoffs from a true debt ceiling breach could be in the millions. so remember this tonight. the republicans hostage isn t some esoteric thing called the debt ceiling. the hostage is not joe biden. the hostage is you, because you and me, and all of us, are the ones who are going to get hurt. joining us now the democratic congressman lloyd doggett of takers texas, member of the house ways and means committee. congressman doggett, thanks for being with us. you know of this. you have seen this battle before. it is the same amount of stupid every time, but it s actually, in my opinion, more dangerous now than it