[inaudible conversations] welcome. Committee will come to order. Committee on the Budget Hearing today on the congressional budget offices budget and Economic Outlook will commence. Well hear testimony from director swagel through the congressional budget office. Welcome. Without like to yield myself such time as a may consume. We are talking about fisa mac this week, which is an issue of National Security. And want to quote admiral mullen, at a hearing defense hearing where when asked what the biggest threat to nationals could do was come his response was the biggest threat to National Security is our National Debt. Jerome powell the fed chairman who probably is loath to opine on fiscal policy in the 60 minutes interview said the National Debt, our fiscal path, is completely unsustainable, and its an urgent matter that we must address. I think thats significant. Thats some backdrop to the budget baseline update on february. Was recently in may of 23 and then this recent update here in
[inaudible conversations] welcome. Committee will come to order. Committee on the Budget Hearing today on the congressional budget offices budget and Economic Outlook will commence. Well hear testimony from director swagel through the congressional budget office. Welcome. Without like to yield myself such time as a may consume. We are talking about fisa mac this week, which is an issue of National Security. And want to quote admiral mullen, at a hearing defense hearing where when asked what the biggest threat to nationals could do was come his response was the biggest threat to National Security is our National Debt. Jerome powell the fed chairman who probably is loath to opine on fiscal policy in the 60 minutes interview said the National Debt, our fiscal path, is completely unsustainable, and its an urgent matter that we must address. I think thats significant. Thats some backdrop to the budget baseline update on february. Was recently in may of 23 and then this recent update here in
Environment of being able to write your state and local taxes off. It would hurt millionaires in the state if you added a tax to them, give them another reason to leave the state. Chris christie by the way bemoaned that. Be that as it may, well get details from the governor shortly. Expected to be imitated across the country by other democratic governors coming in. Virginia is looking at that. A virginia democrat taking charge on saturday. Way too early to tell where all of this is going. What is not too early, look what is happening at corner of wall and broad for the second time this year the dow hit another milestone. Weve been in and out of it since. Now 25,971. This is seven trading days after 25,000. By the way it is the 8th 1000 point milestone since election day. The 7th since the president was inaugurated. Among some of the companies were looking at moving up smartly, a lot of people say based on tax cuts that are improving the bottom line, United Health an citigroup, merck al
And less cash in home buying and lender underwriting. Weve talked a lot about some loosening in the market. More adjustable rate loans and even interestonly loans coming back. Freddie mac made some changes when it comes to student low debt as well. That should give branks and nonbank lenders a boost in earnings for the year. We actually have more housing data out today. Mortgage makeses edging up ever so slightly 0. 1 last week but existing home sales, thats where i really want to focus in on because they came in quite strong. Right . Yes, mandy. Were seeing healthier sales in june. Prices, not so much. Sales gained a larger than expected 3. 2 in june for the month, up 9. 6 for the year. Thats the strongest monthly pace in over eight years. But they came at a very high price. The median existing home price hit 236,400. Thats the highest ever. It is due to tight supply up less than half a percentage point from a year ago, just 2. 3 million homes for sale. It is also due to more expensiv
Wrong when one family, the owners of walmart own as much wealth as the bottom 40 of the american people. There is something profoundly wrong when millions of workers are working longer hours for lower wages when we have by far the highest rate of childhood poverty in the industrialized world and almost all new wealth and income goes into the hands of the few. Enough is enough. That has got to end. And together, we will end it. This campaign is sending a profound message to the billionaire class. You cant have it all. You cant get huge tax breaks when children in america go hungry. You cannot continue to send our jobs to china when millions of americans are looking for work. You cannot hide your profits in the Cayman Islands and in other tax havens. When there are massive, unmet needs in this country. The greed of the billionaire class has got to end, and we are going to end it for them. But it is not just income and wealth inequality. It is the fact that we have millions of people work