livelihood, the ecosystem of the economy. that is his response to silicon valley response, you can say it is a weak response, i don t think it has much to do with gavin newsom, i think it is a federal issue. fdic shouldn t be on gavin newsom s plate. now go to reparations. remember california never participated in slavery, but they want to pay reparations to descendants of african american individuals living in the state of california. there is total cost of the program $640 billion and number of black californians who receive the payout, 1.8 million people. california has revenue problem, facing massive deficit in the state. can california afford this 22.5 billion budget defit is the barrel of the gun california is
what s not a revenue problem, it s a spending problem. we got more money ever coming in, the problem is democrats inventory increased spending by 30%. the wall street journal says the spending will increase the debt by $17 trillion, growing by more than 50% here s the chairman of the house freedom caucus. we can solve our debt crisis responsibly if we shrink washington and grow america. mccarthy is not going to cut a deal with democrats. speaker mccarthy will not cut a deal. is what is in the budget, increased taxes on those making more than $400,000.3.8 to 5%. 842 billion in defense spending, is notable is roughly 2% increase over last year which amounts to a cut when you factor in inflation over 6% rhino. defense spending has foreclosed,
something maria said about republicans and social security and medicare. they have publicly ruled out touching those programs. however, they have also ruled out raising taxes on wealthy americans. if you re not going to cut funding to medicare or social security or defense, how are we going to balance the budget if you re not going to increase revenue by raising taxes? first off, republicans are not going to sunset social security. they made that clear they are not going to do that. that was one person s proposal that is not embraced by the gop at large. washington, d.c. does not have a revenue problem. they have a spending problem. while the president. thes to tax the job creators of the country, ult hatly leading to billions of dollars for people creating jobs and expanding businesses in this country, we need to cut spending.
so it s not a revenue problem, it s a spending problem. we ve got more money than ever coming in. the problem is that the democrats in the majority increased spending by 30%. reporter: a point echoed here in washington by the gop s freedom caucus. we can so our debt crisis responsibly if we shrink washington and grow america. mccarthy s not going to cut a deal with democrats. reporter: now, let s take a look at biden s tax proposals. there s a 25% minimum tax on people worth $100 million, a 39.6% capital gains for people making more than 400 grand. 28% corporate income tax the, a 4% stock buyback ax and a 3.8% surtax on investment income. and as you mentioned off the op the, arthel, the white house is denying reports it has approved a massive $8 billion drilling project many alaska over objections from environmental groups. as a presidential candidate, joe biden said he would nebraska
biden, to make the centerpiece of his economic agenda raising taxes. that s what democrats do when they re in power, neil. we ought to be talking about instead is how are we going to grow the economy, how are we going to create jobs, tackle inflation and make america energy independent again. what are we going to do to reduce spending. we don t have a revenue problem in this country. revenues are up at historic levels. we have a spending problem. that s exactly what the focus of his remarks ought to be about. i m sure as is the case with democrats when they re in power, they grow and expand government and to do that, you have to raise taxes. they say it s taxes on the rich. what starts out as a tax on the rich creeps down to the middle class. that s the wrong prescription for the future of this country if you re serious about creating jobs and growing our economy. neil: they come back at you, not you specifically, senator and say republicans are rich