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revolutionary war, but we are. good to be you with. i m katy tur. america has been arguing about it for its existence entirely, the first debt racked up during the revolutionary war in 1776 when george washington borrowed $7 a million, a ton for that time, to pay for it. 247 years, and now $31.4 trillion later, we have hit our self-imposed limit. again, so what does that mean exactly? house republicans are promising a political showdown in washington, and it also means the beginning of what the treasury department calls extraordinary measures to stave off default. we will explain what those measures are and how they re going to impact you. we will also see what the white house has to say, jared bernstein had so much fun with this yesterday, he is back with us today and while the tug of war how to pay the debt dominated the headlines today, the investigation into president biden s handling of classified documents after leaving office is just getting started. we ve got ....
you re going to be so strong and healthy when it s it s your turn just take it don t be too late, baby don t hesitate all right. . that s fantastic. . the great carol king with her own vaccine song inspired, she says, by dolly parton. tomorrow, we of course are going to be doing our own, willie and i are. go ahead, put up the tweet. that you could put up the tweet that would be great. thank you, dolly parton, for you for inspiring me to inspire me to record my own vaccination song. covid vaccine. vaccines save lives. a duwop version of the happiest girl in the whole usa. we change the words around a little bit. we think we could get 50 million new vaccines by tomorrow evening just on the strength of our song. speaking of big numbers, willie, it looks like oprah s interview with whoa! . meghan and henry what s his name? come on! harry. sorry. looks like they outrated your interview with oprah from the spring of 04. back in the mornin ....
To increase the irs s ability, the internal revenue service s ability, to collect taxes that are owed from the top 1%. to push back on tax evasion by the wealthy. the first thing house republicans oppose is get rid of that. the nonpartisan congressional budget office scored that as raising by $114 billion and goes in the opposite direction of their rhetoric. i was raised to look at what people do, not what they say and i think in this case, that really holds. i don t have time but i want to ask you about a consumption tax. republicans want to introduce that and get rid of income tax. let me say one sentence about that and i m happy to come back and talk about it tomorrow. the consumption tax that they re talking about, a 23% tax on consumer spending, would raise taxes on the middle class while cutting taxes on the wealthy. it goes in exactly the opposite direction of president biden s fair tax initiatives. so that is because the wealthy pay for the same things as the middle class ....
Just raise the debt ceiling and allow the u.s. to continue paying the debts it already spent its money on. the fact that it is an open question now, does throw us into a bit of a flux here in congress and we know that these are negotiations that are starting in earnest in these early, early points, but that they probably need to, because this is a discussion that is going to take several months for congress to come to a resolution on, you ve got democrats on the one hand saying hey, you raised the debt ceiling 70 times already and we need to raise it, the bare minimum we can do to keep the economy afloat and the government functioning and the republicans see it as a pinch point where they think they can extract certain spending concessions from democrats. right now, democrats say they don t want to negotiate on that, republicans say you re going to have to, mccarthy has floated this one idea for example, that they could raise the debt ceiling on a temporary basis, and maybe move to a p ....
many, many times, and again, we re looking at history, we ve been in debt a lot over our 200 and nearly 50 years in existence. ali vitali, so republicans have mate this an issue. when democrats have been president. not when republicans have been president. last time a republican was president was a few years ago, and the republicans in the house raised the debt three times, no questions asked, the debt ceiling. so why is it suddenly something that house republicans are willing to potentially shut down the economy for? reporter: because now they have the leverage, katy, they have control of the house, and they see this as a moment where they can exercise their power. when i say they, a lot of same people we were talking about two weeks ago during the mccarthy speakership battle, the holdouts during the speaker battle were able to extract some concessions from mccarthy, along the lines of how money will be spent in the future, but also, teeing up questions about it not being a knee ....