already do. the united states has never intentionally failed to pay its debts before but house republicans say they are threatening to drive america over that cliff unless they get the drastic spending cuts they are demanding. never mind that the national debt increased by 7.5 trillion dollars under former president trump and that they, republicans raised that ceiling with no hesitation three times while trump was president. this is not just boring but keeping folks, if the country does default on its loans, you will feel the impact. according to the think think third, way americans would lose 3 million jobs. the average worker nearing retirement could see $20,000 and savings erased. prices of everyday items will skyrocket, and after all of that, the national debt would actually increase at more than 800 billion dollars. but speaker kevin mccarthy, he does not seem to share secretary yellen s sense of urgency. take a listen. there is no doom right
versus electric and i m a tech geek, i love this stuff. elon musk said, the world needs fossil fuels or it will collapse. harris: we need a transition period, kayleigh, that s not on biden s green plan. kayleigh: yeah, and we need a president that cares about the current problem, which is inflation. i look at these images of him getting into these orange and blue cars, and it just strikes me as so tone deaf. you know, we had an inflation report that was 8.3% and started at 1.4% under president biden s watch in january of 2021. he s climbing into these electric vehicles and it struck me as we go to the grocery store and we re getting the eggs that are 38% higher, food overall, 43% higher, the cost of you getting those eggs and getting that higher food pricing and the payoff of the cost you re paying is this, electrical charging stations across the nation, $900 million for this and that s $7.5 trillion overall in
if you think about that prospectively. that s $10 million a day since jesus christ was born, you wouldn t get to 7.5 trillion and now they think, i had a, let s tax the american people and give more money to washington d.c. with 87,000 armed irs agents. i m going to tell you right now, gillian, if the republicans take control of the senate and the house in november, i will be willing to say those 87,000 irs agents won t be funded. here is a good thing. if there s only one good thing we can think about the inflation reduction act, it went in through reconciliation, that means most of it can come back out of reconciliation. when i m in the senate we ll be pushing to this bride inflation reduction act. they could get 600 billion in taxes go unpaid here each year, most through wealthy
$400,000 or less will face, more likely be audited or face a tax increase. can you guarantee that no one making 400,000 for less will face more audits or taxes? well, the purpose of modernizing the irs is to close the 7.5 trillion tax gap that unfolds over the course of a year. we fail to collect trillions of dollars in revenue which undermines our ability to pay the debt, it undermines our ability to fund our national security and our government services, so expecting people not to avoid the taxes that they lawfully owe is reasonable, but most of the tax gap is driven by the wealthiest americans and it s not by the working class. that s the priority of tax enforcement. quickly, can you give us a guarantee, some sense for those americans making 400,000 or less that they should not worry as critics like former
joy? i don t know what he s talking about. our businesses aren t seeing prices come down. yeah, we saw gas come down a little bit, but prices of everything is still through the roof. zero, oklahoma s at 13% or 13.8% inflation rate right now. once again this president throws out fake numbers and none of us believe them. i don t think he believes them, but probably doesn t remember what he s saying anyway. gillian: so the president and the democratic party s big fix for the financial problems is the inflation reduction act. yeah. gillian: i want to tease out with you the $80 billion in the next decade on the irs, going to provide some 80,000 new agents on the ground fanned out across the united states. do you think that s the right spending priority right now? you know, only the democrats can come up with the idea that they think that we can tax our way out of a problem. i mean, the democrats have done such a good job spending our money last year alone, 7.5 trillion.