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george, you not fooling anyone yeah, except i did. now i m in congress. i am jonathan capehart, thi is the sunday show president biden unveiled his new budget proposal this week, a seven trillion dollar plan that in vested billions into affordable childcare, whol care for older or disabled americans, and lowering housin costs. the plan proposes to pay for i by the corporate tax rate to 28% and imposing in 25% tax on billionaires a proposal snl had a little fu with last night. president biden proposed hi budget that would help fun medicare with 25% tax on billionaires take that rihanna! the white house says th plan could cut the federal deficit by a whopping thre trillion dollars over the next decade while still allowing th government to provide for thos who need a little extra help house republicans say the plan is dear way. citing theneed to curb spending due to the debt ceiling. reminder, that is money we v already spent. at the state of the union, the enthu ....
plus the u.s. and russia debating a prisoner swap. antony blinken speaking with sergey lavrov. and a breakthrough on capitol hill. chuck shchumer and joe manchin striking a deal after a year of negotiations. there s a lot in this bill, including tax changes. we begin with major developments on the u.s. economy. the gross domestic product fell 0.9%, following a 1.6% drop in the first part of this your, blamed in part on the omicron surge, all of this adding to fears the u.s. could be in a recession. joining me to talk about all this, white house national economic director brian dees. good morning. thanks for taking the time this morning. happy to be here. two consecutive quarters of negative growth. every period since 1948 of two straight negative quarters of gdp has coincided with a recession. in every prior recession in the united states, we have lost jobs. and over the course of the year we have gained 2.7 million jobs. the unemployment rate is 3.6%. there s o ....
Deficit by a whopping thre trillion dollars over the next decade while still allowing th government to provide for thos who need a little extra help house republicans say the plan is dear way. citing theneed to curb spending due to the debt ceiling. reminder, that is money we v already spent. at the state of the union, the enthusiastically agreed not to cut medicare and socia security they haven t presented a plan. where are there cuts comin from as the kids say, the math is not math thing earlier, a set down with sri lanka young. the manager of budget. salon to young, onb directo welcome back to the sunday show thank you for having me the budget is 6.8 trillio dollars. five trillion in tax increases it is going to pay for 400 billion dollars for childcare. four and a billion dollars for expanding health coverage. 325 billion for paid leave ....
In the face of global challenges. the most important thing we can do is to move on historic legislation that would lower costs and encourage greater business investment over the long term. i want to get to that but it seems that companies themselves are returning to a downturn. walmart lowered their outlook for quarter two, saying they re seeing less discretionary spending by consumers. gma said they re going to cut spending due to moderate economic downturn. that portends further slowing, does it not? with respect to where we are economically, almost any outside lan list, jpmorgan, morgan stanley, bank of america, citigroup, jpmorgan, they have all in the last couple of weeks said nothing in the data right now is consistent with the economy being in recession. on the consumer side, we re absolutely seeing a transition and this is a transition that ....