Episode 4295: Weakness Begins In Spending Fight Over Budget

Summary

Episode Summary: Bannon’s War Room – Episode 4295: "Weakness Begins In Spending Fight Over Budget"
Release Date: February 25, 2025
Host: WarRoom.org (Stephen K. Bannon)

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1. Introduction and Negotiation Strategies

Donald Trump opens the discussion by outlining his approach to arbitration proceedings, emphasizing individual meetings with opposing parties to foster productive negotiations.

• Trump on Negotiations:
  “You begin by meeting individually with the two parties. That's what President Trump is doing right now. It's very logical...” [00:00]

Trump highlights his engagements with both Russian and Ukrainian representatives, aiming to establish a foundation for peace and economic partnerships, particularly in the production of precious minerals essential for the U.S.

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2. Budget Resolution and Deficit Concerns

Steve Bannon questions Donald Trump about critics like Tom Massey who argue that the current budget resolution might exacerbate economic issues. Trump responds by reaffirming the administration's commitment to deficit neutrality.

• Trump on Deficit Neutrality:
  “The objective and our commitment has always been deficit neutrality. That's the goal here.” [01:27]

Trump underscores the moral responsibility to address the $36 trillion federal debt, stressing that without a course correction, future generations will bear the burden. He likens the complexity of altering national spending to maneuvering a massive aircraft carrier—impractical to change direction swiftly but manageable with strategic steps.

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3. Appropriations Bill Challenges

The conversation delves into the difficulties faced by House Republicans in negotiating the appropriations bill due to unprecedented demands from Democrats aiming to restrict the executive branch's expenditure capabilities.

• Trump on Democratic Demands:
  “They are trying to add to the appropriations bill a demand that they want us to somehow limit the ability of the executive branch to do its job.” [03:00]

Trump categorically rejects these demands as unconstitutional, asserting that such measures would violate the separation of powers and set a dangerous precedent. He expresses optimism that Democrats will retract these demands to meet the approaching March 14 deadline.

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4. Government Shutdown Risks

Candace Taylor and Steve Bannon discuss the looming threat of a government shutdown due to the budget impasse. Bannon highlights internal Republican disagreements and the improbability of securing Democrat votes to pass a Continuing Resolution (CR).

• Bannon on Government Shutdown:
  “Get ready for a Government shutdown of President Trump's government being shut down.” [04:27]

Taylor emphasizes public frustration with rising living costs and inflation, advocating for immediate budget cuts to alleviate economic pressures on American families.

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5. Economic Outlook and Inflation

Bannon provides a grim outlook on the economy, citing economists' predictions of a potential depression by 2030 driven by unsustainable Social Security and Medicare expenditures, a shrinking workforce, and escalating national debt.

• Bannon on Economic Crisis:
  “By the year 2030, we're in a perfect storm as Social Security and Medicare hit a breaking point...” [11:24]

He critiques the ongoing Keynesian stimulus, attributing current inflation to excessive federal spending and monetary printing. Bannon argues for substantial federal spending cuts to curb inflation and stabilize the economy.

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6. Artificial Intelligence and Labor Market Impact

The discussion shifts to the impact of artificial intelligence (AI) on the labor market, with Bannon referencing job losses in Asia due to AI-driven efficiencies.

• Bannon on AI’s Impact:
  “Bank in Asia Today one of the biggest banks IN Asia announced 4,000 administrative personnel with good paying jobs gone because of artificial intelligence.” [16:46]

He warns that AI will continue to drive job cuts, emphasizing the need for strategic economic adjustments to mitigate societal disruptions.

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7. Geopolitical Strategies and Tariffs

Trump elaborates on his geopolitical strategy to shift the economic model towards external revenue sources, implementing tariffs not just on basic goods but on premium markets to drive U.S. manufacturing and job creation.

• Trump on Tariffs and External Revenue:
  “He is trying, he's trying to set up the External Revenue Service. The tariffs, they kick in with Mexico and with Canada...” [45:06]

Bannon supports this approach, noting that broader tariffs aim to increase external revenues to help close the deficit, while also fostering domestic manufacturing.

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8. Social Security and Medicare Reforms

The episode addresses critical reforms needed for Social Security and Medicare to ensure their sustainability. Bannon emphasizes the importance of identifying and plugging financial leaks within these programs.

• Bannon on Social Security and Medicare:
  “There's 2.6 trillion in Medicare and Social Security payments to either people who didn't deserve it or people who didn't exist...” [22:19]

He calls for rigorous audits and reforms to eliminate waste, fraud, and abuse, aiming to secure these programs for future generations.

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9. Political Campaigns and Grassroots Movements

Candace Taylor announces her candidacy for the first district in Georgia, receiving support from Steve Bannon. Taylor underscores the public’s demand for immediate budget cuts to address inflation and economic hardships.

• Taylor on Campaign:
  “I am announcing I'm running for first district. So I would love your support.” [12:37]

Bannon praises Taylor’s grassroots efforts, anticipating a fierce primary battle and significant public engagement leading up to the March 14 deadline.

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10. National Security and Financial Stability

Bannon ties the national budget and economic policies to national security, stressing that unchecked deficits and rising debt threaten the country's stability and global standing.

• Bannon on National Security:
  “The additional tax cuts... add up to another trillion dollars. So I get a bigger problem in this financing...” [22:19]

He links financial instability to broader geopolitical risks, advocating for comprehensive budget reforms to safeguard both the economy and national security.

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11. Closing Remarks and Future Outlook

In the concluding segments, Bannon reiterates the necessity of decisive action to address federal spending and deficits. He emphasizes the importance of public awareness and proactive measures to protect personal finances amid impending economic challenges.

• Bannon on Future Actions:
  “We have to figure this out and we have to figure out the tax cuts. Like I said, I just added another trillion dollars of tax cuts for you, the people...” [44:47]

He encourages listeners to engage with economic strategies, including investing in gold as a hedge against financial instability, and prepares the audience for continued discussions on these critical issues in future episodes.

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Notable Quotes

• Donald Trump on Deficit Reduction:
  “We're going to take a big bite out of that. We are going to take make a big course correction in this process...” [01:27]

• Steve Bannon on Economic Preparation:
  “This is going to, you're going to see this every day now. Particularly as artificial intelligence is looked at as an efficiency and not an innovation.” [16:46]

• Candace Taylor on Inflation Impacts:
  “If we do not cut right now... that's what matters. That's what impacts for the next 10 years.” [11:24]

• Donald Trump on Negotiation Tactics:
  “He is the only person on the planet who has the ability to make that happen.” [00:00]

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Conclusion

Episode 4295 of Bannon’s War Room provides an in-depth analysis of the current budgetary conflicts facing the U.S. government, highlighting President Trump's strategies to negotiate and reduce the national deficit. Through robust discussions on economic policies, fiscal responsibility, and national security, the episode underscores the urgent need for comprehensive budget reforms. Guests like Candace Taylor amplify the call for immediate action to alleviate economic pressures on American families. As the March 14 deadline approaches, the episode anticipates heightened political maneuvering and public engagement to shape the nation’s financial future.

Transcript

[Donald Trump]

Arbitration proceeding. You don't bring both parties into the meeting for that first table set because they're at odds. Right. That wouldn't be productive. So you begin by meeting individually with the two parties. That's what President Trump is doing right now. It's very logical if you stop and think about it. He's met with the Russian side, with Putin side, through his, through his representatives there, and he's spoken to Zelensky, he's speaking to both parties to set the table, so to speak, for what that negotiation is going to be. This is very productive. He is the only person on the planet who has the ability to make that happen. You have to give the President room to work. His language and his actions and his decisions shouldn't be second guessed. Step by step. You have to allow this process to play out. I think he's been very clear. I think he's been very clear about what the objective here is. And when he speaks to those issues, what he's talking about is, we want to get Ukraine back to a, a posture of peace. There's an idea on the table for them to actually be in partnership with the US with regard to production of the precious minerals that are, that are needed. And also, we want to get back to free and fair elections there, just as we fight for here and we fight for around the world. I think those things are all consistent, and I think President Trump is moving the ball forward in a way that all of us should applaud. Back third row. Yes, sir. How.

[Steve Bannon]

How do you respond to critics like Tom Massey who argue that this budget resolution will make stuff worse, not better? And are you committed to having a.

[Donald Trump]

Goal today or is that. Yeah. So the budget resolution itself doesn't do any of that. The objective and our commitment has always been deficit neutrality. That's the goal here. If we can reduce the deficit, even better. But here's another thing everybody needs to consider. Not only are we working to find savings for the American taxpayer, to find a better, more efficient, more effective use of their dollars, which we are morally obligated to, we also have a moral obligation to bend the curve on the debt. All of your children, all of our children and grandchildren are going to be saddled with the debt that we are spending right now. It's $36 trillion federal debt. The deficits have ballooned. We have to change that trajectory now. You don't turn an aircraft carrier on a dime. It takes miles of open ocean to turn an aircraft carrier because it's such a large vessel. I think the metaphor is obvious here. We can't do it all at once. But we're going to take a big bite out of that. We are going to take make a big course correction in this process and that's why the Republicans in the House and the Senate are so excited about this mission and what we can accomplish with it. So stay tuned on the details. We are going to do this methodically. We're going to do it in a very responsible manner and we're going to achieve these goals and we'll be working with all the members throughout the day to get to that. There may be a vote tonight. There may not be. Stay tuned. That's why you get paid. Hang around here. You'll have lots to report on. And what we're working on is to get to. We're working on that. On appropriate. I'll leave you with that. Our House Republican appropriators have been working very hard and in good faith to negotiate with our Democrat counterparts. The necessary step, as you know, for appropriates is to get to a top line agreement. Chairman Tom Cole addressed the House Republicans this morning on the latest developments about how those we may be getting close to a number on that. The problem is the Democrats have added something new and different that's never been part of this before. They are trying to add to the appropriations bill a demand that they want us to somehow limit the ability of the executive branch to do its job. They want to limit tie the hands of the President on what he is able to do with the expenditures in the executive branch. That's never been done before. House Republicans, as egregious as the actions were of the previous president, Joe Biden, as unconstitutional and outrageous as they were, we never proposed using the appropriations process to tie the president's hands. It'd be, I think, a gross separation of powers violation and a terrible precedent for Congress to engage in. So that's a non starter for us and the Democrats know that. And so it looks like they're in a posture right now that they're making individual appropriations bills almost impossible. We'll find out soon. Stay tuned. There's more discussion today to be had but we are nearing obviously the March 14 deadline and, and, and I'm really hopeful that they'll back off of those outrageous demands because it's unprecedented and I think probably unconstitutional and it's not anything we'll be a part of. Thank you. Thank you.

[Candace Taylor]

Given where you are, would you support a CR right now?

[Steve Bannon]

Let me have it. I mean, right there you see it. Get ready for a Government shutdown of President Trump's government being shut down. Just get ready for it. What they're saying there is that I'm sure on the appropriation side, what the Democrats are trying to do is this whole thing on the unitary theory of the executive another ideas have consequences. There's this stronger than a belief. I mean it's one of the things that the Project 2025 CRA Russ FOT over at OMB, many of lawyers about the appropriations process, that the appropriations is a ceiling and that either through impoundment or rescissions, the executive branch has ability to hold back the funds or reprogram. And I'm sure that in code that's what he's talking about. They want to have, the Democrats want to have wording in there that that's not going to happen and you have the constitutional fight. Now bottom line though, that is a bigger and tougher fight. He just told you right there, you ain't getting any Democrat votes on this cr. So you tie in with Dusty Johnson saying that they're 15 or 20. What we're hearing, maybe more folks right now saying, hey, you know, there's not, we don't see the cuts and we're not going to just kick the can down the road in the 14th. That's the first time I've heard, I might be wrong, but we filed this pretty close. It's the first time I've heard Johnson come across his lips the 14th of March. Everything's been on this reconciliation, which to me is a very important. But it's a side, it's a, it's a, it's a, it's a sidebar. You gotta take care of this year of funding the government. And I also wanted to say to Johnson is, brother, when I see these reconciliations and I see these sidebars and you're talking 2 and 3 trillion dollars of savings and all this, this is the moral equivalent of conservative wins. Remember McCarthy, that's the reason he doesn't have the job. And you got it. It's 10 year budgeting. And the people come back and say, well Steve, the law says we had the 10 year budget. I got that. I understand that, but we're bankrupt. Why are we bankrupt? We're not actually going concerned because our expenditures are $2 trillion every 12 months greater than our revenue. And President Trump's doing. No, he's trying, he's trying to set up the External Revenue Service. The tariffs, they kick in with Mexico and with Canada on 4March. He reiterated that yesterday. That's all going to take a while to kick in. And you've got something in front of us. And somebody better, somebody better go up to the White House today and tell the President of these United States, hey, just put this on your calendar, sir. At Midnight on the 14th, we don't have enough Republican votes because we don't have a plan and we don't have individual appropriations bills and we've kind of wasted these 90 days that we gave ourselves and promised you back in December that we would have a budget and have it done. Remember, we had this fight before Christmas and here's what it comes down to when they talk about this 10 years budget, 2 trillion. That's all in the out years. The only thing that matters is now. Tell me what we're going to do between now and September 30th, and then tell me what we're going to do from October 1st of this year to September 30th of next. That's all I want to talk about. I'm not interested in anything else right now. I'm not interested in all your theoretical exercises of what you're going to do to Medicaid in the out years. I want to know what you're doing now and I want to know how this six and a half or seven trillion dollars becomes less. Because every month we're running up record deficit numbers. I think we're almost to a trillion dollars right now. We were 900 billion and the first quarter was a record. Oh, and by the way, we had a record trade deficit also. And they blamed that on that. They lied and said, oh, that's every front running before the tariffs. It's not. It's not. We have a record trade deficit. We have a record financial deficit. There's no plan at all about what to do here. And we're just hurtling down and you're going to get this happy talk and run around. They go in this meeting and that meeting and this meeting and hey, it ain't Steve Bannon anymore. You got mtg. I got three data points of folks in the House. I got MTG and the fire breather, right? I've got Warren Davidson, kind of in the traditional classic, you know, Republican, limited government conservative on financial matters. And I've got what Dusty Johnson, who's the head of the mainstream caucus, who's probably as moderate as you can get. And all three of them today are putting up things on Twitter saying, hey, you know, mtg, saying, beware the Ides of March. I don't see this thing happening. I don't know what's going on. 14 March is everything Warren Davidson saying, hey, I'm going in at a meetings. I want somebody to talk about. I'm not interested in talking about a reconciliation now. I'm not talking about having a vote on a budget resolution. I want to know what the hell you're going to do to finance the government, President Trump's government, between now March 14 and the end of the year, full stop. And Dusty Johnson puts out the implication that we're going to need Democrat votes to secure this. And then you got Johnson sitting right there, which says, well, they have a major deal, they want to strap the thing. Hey, here's what they want to do. They want to humiliate Trump. That's what they want to do. The discussion about impoundment and rescission and all those that they may put in this bill, if you agreed to all that, they still going to vote no, I think because now they're going to say, you guys are big talkers. You got Elon Musk running around, you got this guy running around. It's no unless you do one thing, and that's a, and that's a full year. CR you know, which you don't have. You don't have the votes. Candace Taylor, you want to run for Congress, what would your vote be on the 14th of March? Would you be, would you be up for the rest of the year? CR that had Biden's numbers, a $2 trillion deficit and that one penny out of. From cut out from Doge, ma'am.

[Candace Taylor]

No. And this is what, this is what we're dealing with. The people are sick of the gas prices, they're sick of the egg prices, they're sick of the inflation. They know they're making the same amount of money, but their house sales are through the roof. You can't buy a home, you can't build a home. They're through the roof. It's $125 a square foot in South Georgia to build a home. That's astronomical. And so we feel the inflation, we feel the spending. And so we need common sense people in there to advocate because these people have been there for so long, are so far removed and they're throwing all these fancy words and do this and do that and playing games. But in reality, if we do not cut right now, like you're saying, Steve, right now is what matters. That's what impacts for the next 10 years. And the people are fully cognizant of that. We understand that language.

[Steve Bannon]

Candace, you're not running today. You announced you're not going to run for governor. I know there's a bunch of folks that are probably very happy about that, but you're going to run in a primary in the first in Georgia. Georgia won. One more time before you bounce. Where do people go and find out about your crusade to do this, ma'am.

[Candace Taylor]

So, Candace Taylor, on all social media apps, I want to say really quick, I want to give a shout out to Lieutenant Burt Jones. I called him this morning. He was very kind and gracious. I do have a ton of people in Georgia who wanted me to run for governor as a grassroots candidate, but the Lord said different and Lt. Burt Jones was glad. He hasn't announced his run yet, but I think that's on the way and Burt's a great guy and I think he'll do a good job for the people. I also reached out to Congressman Carter, who is holding the seat currently as courtesy to him, and let him know that I would be running. I plan to honor, honor him. I think we need to honor more people in our society. And so I did that this morning and I am announcing I'm running for first district. So I would love your support.

[Steve Bannon]

Thank you, ma'am. Appreciate you coming on here to kick it all off. Candace Taylor, a a grassroots fire breather. Tough fight, tough primary, tough general, tough job. Didn't say the job is easy. Gonna have a firestorm between now and the 14th of March, trust me. Because now it's down to. Now it's down to decision making. I would have used a barnyard phrase, but it's a family show in the morning. In the afternoon, too, or what would happen. My mother would wash my mouth out with soap, which she frequently did, God bless her. We're gonna need you at the ramparts. Not today. Just. You're just collecting information. You're thinking this one through the common sense revolution. You are the salvation of this republic. You had President Trump's back from the beginning and particularly from the darkest days in 21, and now we're in the middle of it. The entire world is watching the moves you make. We're gonna try to get you as much information as possible so that your agency fully comes through on your moves. Next in the war.

[Unknown]

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[Stephen K. Bannon]

Here's your host, Stephen K. Bann.

[Steve Bannon]

On top of all this, the, the conference board, which is the, you know, kind of a CEO run thing up on zero hedge right now. Conference board. Consumer confidence collapses as inflation fears soar. The and this is why this work has to be done. It has to be done because the bond market and the in the equity markets are going to get a vote here in this inflation. The inflation is coming from one central thing. The inflation is coming from the massive federal spending. We're printing too much money. Massive federal. We're still having a Keynesian named after John Maynard Keynes. We're still having a massive Keynesian stimulus because we're spending so much money, particularly money over and above what we're taking in. The physics of this are not hard. If we put the, if we can put the. Let's put the Axios part piece up. What I really like about the Axios piece and this we need to get. Okay, we need to get you as up to speed as possible. What, what's going on. What I really love about this Axios piece of Mike Allen and Jim Vanderhay, it kind of breaks it all down and separates not just the signal from the noise. It's like in any political warfare, there's tons of smoke and you know, wilderness of mirrors and misinformation. You have to keep completely objective about this. And this is why I want to make sure we bifurcate for this audience what doge is doing. And then what is about spending? Doge right now is going through and doing these audits or doing these kinds. They're like special forces going in there and getting this information. They are coming up with what they say is misallocation, inefficiency, waste, fraud and abuse. Some of the numbers they're talking about are huge, are massive. What they've shown to date is, I think, $55 billion, which they validated with the first month. Now, there are analysis out by the Wall Street Journal, the New York Times and Politico that say that's not $55 billion. That's more on the line of 15 to $20 billion. But let's go with their number to 55 for now. They're also out there and I believe, and this was, I think, reaffirmed in Zero Hedge, they have basically terminated 90,000, let's say 100,000 government employees. Now, remember that employee base started at about 3 million. Some people say 2.4 million, even take the lower number of that. So that's not a small number. And they're doing it more. In fact, they doubled down again last night and saying, if you haven't answered this email, you're going to be terminated. The email is the five things you did last week. Of course, a couple departments like Cash Patel at the FBI, Tulsi Gabbard at DNI Ratcliffe or with the CIA. I think Pete Hegseth at at the Pentagon and Marco Rubio at State said, we're not going to be doing that. I think Bobby Kennedy agreed, but the rest of them said we're not going. A lot of them said we're not going to do that. We're going to do that ourselves. DOGE is hurtling through and there are clearly inefficiencies and misallocations. Some of it may be just computer coding. That's fine. But then that ought to get up to speed, too. This ought to be tightly run. I want to go back to the 2.6 trillion. This is what MTG brought up in her first subcommittee meeting. She's going to have a meeting again tomorrow. We're going to cover that live because I think she's going to try to. MTG is she's going to try to merge both together and make the point that why are we not including this in the CR that we're going to do on the 14th, which we've advocated from the beginning. Back in December, when I said that the DOGE effort through OMB has to be merged into the appropriation process immediately. But Doge is still looking for waste, fraud and abuse inefficiencies. Where they hit a target that's been identified by the Eli Cranes and the Matt Gates is like usaid, they've done a great job. That's a full takedown right now. That should be at least 40 or $50 billion, I think annually. And not just that, it keeps on all the nefarious activities. Now the 2.6 trillion has come up through other government reports that there's been 2.6 trillion in, I think there's Medicare in Social Security payments to either people who didn't deserve it or people who didn't exist or whatever. Now it's taken place over a long time, but it's still a significant amount of money. It's not that you're going to save it. It's already been spent. However, you got to find out in this today if that still exists. You got to plug the leakage. But that still doesn't get down to the basics. And this is why we ran it and ran it and ran it for so long that that Elon has to cross the Potomac and go to the Pentagon. But the Axios and I would advise everybody to keep print the Axios out or put it on your phone where you can get to it. It's a very good summary, succinct summary of the physics of what we're dealing.

[Donald Trump]

With.

[Steve Bannon]

And particularly shows the big chunks of how it's broken out. On the spending itself, it works its way up to the six and a half to $7 trillion of spending. Where the inflation's coming from is the, the increase. We still having a Keynesian stimulus. And now we have this added problem that the deficits are so big at $2 trillion. It's how do you finance that? And that gets added to the debt. We keep saying 36 trillion. The congressional Budget Office, the Congressional Budget Office. And I'm not saying they're perfect, they're not perfect. I'm just saying directionally and on directionally they are perfect. Are they pretty close? And they're saying your growth, the assumptions that they're taking this model, your growth is about 1.8%. This is reality. That's why what President Trump's trying to do is a supply side tax cut. As Scott Besson says, probably the last shot we have to do that. And Scott and these guys are talking about two, two and a half percent growth. Nirvana would be 3%. Elon in the Oval Office they said 5%. I think Andreessen, these guys are talking 5%. If you're talking 5% growth I would assume that's something you're dealing with artificial intelligence and cutting out a big swath of the labor force. Massive increases to productivity and potentially growth. But that in and of itself ain't that easy because that's going to, that's putting a, that's going to have tremendous societal implications. You think these people now are hesitant about cutting spending or increased social programs like Medicaid income security which is, if you look at, if you look at the Axios, they break it down, all the food stamp programs, all that's called income security, which is a big number I think 6 or $700 billion. Bank in Asia Today one of the biggest banks IN Asia announced 4,000 administrative personnel with good paying jobs gone because of artificial intelligence. This is, this is going to, you're going to see this every day now. Particularly as artificial intelligence is looked at as an efficiency and not an innovation. Not driving innovation but just driving efficiency. That means cutting jobs. So this is not going to be easy. But the first thing you have to do is get a handle on this. And I think this current year and or next year you got to have a significant, we got to figure out how do we get back to the pre pandemic levels. The pre pandemic levels. The budget was a four and a half or five trillion and you have to look a lot of this is in Social Security. A lot of things that popped some of these entitled programs that's got to be reviewed exactly what it people just have to understand what are the drivers here. I'm not saying touch Social Security and Medicare but you clearly have to know just like we talked about all the time on Birch Gold we're not there to sell your fish. We're there to have the Birch Gold guys teach you to think through how you fish pattern recognition so you become smarter. It's not the simple fact that gold's hitting all time highs every couple of days. It's why it's doing that and what is it going to do in the future based upon current trends and understandings that's the same here. It's going to be painful. I've said this, there's no way that there's impossible that this process we're going to go through is not going to be painful. The question is going to be who's going to get the pain, how's it going to be shared? One thing that is jumping off the page at you is that the, the additional tax cuts, the populous Tax cuts for tips, for overtime for the military, the veterans, the first responders, that's another one. And Social Security, that adds up. Folks, my very rough math, that adds up to another trillion dollars per year that you take that off the revenue side if you did all those, and I strongly recommend that we do them. Those four categories, we didn't even throw bonuses in there. Maybe a little too complicated. But tax on tips, tax on overtime, tax on the first responders, veterans, military, to cut the taxes there, cut the tax on Social Security. Those four add up to about a trillion dollars. So I get a bigger problem in this financing. Now, clearly that is the supply side cut. That could be very. That could potentially add a lot of stimulus to the economy. But we still have this massive problem. Inflation's not going to go away until you cut federal spending because you had these massive deficits. You have these huge interest payments. And on top of all that, you're increasing this debt. You know, in our calculations, a trillion dollars about every hundred days that gets added to the face amount and has to be refinanced. Scott Bessens out there today. What did Besson say? What have I been saying? He's saying he's going to make Treasuries more attractive. He's going to do things to make Treasuries more attractive. Why is that? He's got about $10 trillion of treasuries. I think he has to sell between now and the end of the year. You have to refinance approximately one third of this every year. Birch Gold. One thing I recommend you do today, it's quite simple. Take your phone out, text Bannon B a n n o n at 989-898. Get the brochure. The pamphlet the Ultimate Guide to Investing in Precious Metals and Gold in the Era of Trump. It explains exactly where we are economically and why gold is a hedge for turbulent times. Short break.

[Unknown]

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[Steve Bannon]

To be standing in line depending on.

[Unknown]

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[Steve Bannon]

Your host, Stephen K. Band. President Trump is trying and when I say the change of the geo economic model, remember he is and this is going to take longer to kick in. But his idea, this is that and this is this whole concept of external revenue service, that the entire burden of this should not just be on the shoulders of corporations and citizens. Internal revenue, that part of this should come from the world. As far as what he calls external revenues. And that's why his tariffs are bigger than just tariffs. He's not putting a tariff on a avocado coming from Mexico or an under the hood part coming from coming from Canada down into Detroit. It's deeper than that. He sees the fact that this is a premium market. People should be paying premium prices or bring your manufacturing and manufacture out of here, out of the United States to drive jobs and wages. And they've got all kind of information. Peter Navarro's on cnbc. We'll try to get those clips. Maybe I'll play them tonight. Peter Barr is out making the case on this right now. Those tariffs are coming. Part of that is to drive additional external revenue to try to close this deficit. President Trump understands as a finance guy, as a deal guy and he's an individual that uses leverage in real estate transactions. Leverage, the correct amount of debt and the correct capital structure is what can turbocharge, turbocharge returns in real estate by using the asset side to borrow against using as little equity as possible. This is also not lost on Scott Bessant. Scott Bessant keeps talking about using the asset side of our balance sheet to set things right. You hear a lot of people talk, a lot of people finance, I shouldn't say a lot of people. Some people are talking finance. Well, it's not that bad because I don't know, we have $100 trillion of assets in the country or more and you only got $36 trillion of debt. Right? You're not upside down. The problem is when you look at the liquidity, you have a liquidity issue. The revenues, you don't have revenues coming in to pay it. So therefore you got to Borrow additionally and this gets back to modern monetary theory. This is why we did the Birch gold. And you can understand it if you do. Go to birchgold.com Bannon now get the the sixth free installment. I would recommend you read them all at your leisure. Even if you don't understand it, just go through it and just you'll, you know, all of a sudden you'll hear these terms and they'll play over and over again. And this is how you build your mental map. This is what we're trying to do here in this show. This is why we don't chase most of the rabbits that are out there that other people do. I'm not saying that's bad. That's fine. They do a great job of it. The one I did want to get to today, I've got Michael Benz on, I think Wednesday in the evening show and Terry Schilling is going to try to join us and some other folks. This thing at the NSA about the chat rooms shows you some of the deep rot we have in the government. This chat rooms that I guess have been verified show the depravity of people you have working in the highest, you know, NSA is one of the highest, you know, highest security clearances of, of anyone, of any people, any sets of people, CIA and the in the nsa, in this chat room, which it looks like it's been verified is depravity. That's something we want to drill down on. We normally don't chase a lot of stories like that, but you got to, because I think this shows the problem we've got in the deep state and one of the reasons going to be so hard to take it down. This is why President Trump in this geo and this is historic. We're living in historic times with what, 33, 34 days into this. Look what's been accomplished so far just getting these on the table. Just if Elon Musk, if Doge was just all performative, which it's not, but let's say it was all performative, it's worth it just to see the response of the administrative state and to let you know how hard this is going to be to take down. Elon Musk is the wealthiest guy in the world and a genius when it comes to engineering. He's got these Doge guys. He's given blunt force trauma to the administrative state. But look at the pushback there and look at the pushback you're seeing on the networks that are opposed to President Trump in the color revolution, folks, that Natalie Winters is Drilling down on to show you the resistance. None of this is going to be easy, but it has to happen. Number one, it has to happen to unlock the animal spirits of entrepreneurs in this country and also give us our liberty back, much less financial. Also the financial part, as I kept saying the entire time, that middle vertical on the financial is the existential threat. Now, Johnson just came out. We said there in that press conference we picked up, we're going to have a vote tonight or we're not. When you say or not, I'm not feeling it. What I'm hearing is that there are at least 15 or 20 Republicans. They're not there on this budget resolution and this is on the sidebar, not the cr. And I think now he's finally getting blowback on. What we've said is you got to take care of that first. And President Trump has to be totally informed. But I'm not sure he is. I'm not so sure they've given you the details, particularly the three most brutal facts, unless you come up with something different and present to people a cr, like an omnibus CR that you know, you waved off on in before Christmas, because nobody was prepared to accept it. They wanted President Trump and the Congress that we control both houses to have a shot at this. So now we're coming down to the last couple weeks and guess what? We squandered the shot, or we shot a brick or an airball, or nobody wanted to address it. Because the reality, unless it changes, is that you've got Biden's number two trillion dollar deficit baked in. And not one penny of what Elon's found on the 55 billion plus of his numbers in the Doge audits comes out. In fact, you actually finance it for another six months, which is ridonkulous. Remember, you're not going to get any, none, zero Democratic assistance on any of this. They're in shell shock right now. Their numbers are falling through the floor. Their numbers as a party are horrible. They're getting chewed on every night on these cable channels that support them and back them up, that they're not fighting hard enough. It's Republicans. Democrats are coming to Republican town halls. Those are Democrats in there. Well, I can tell them, the Democrats, they're all trashing President Trump. These are not maga, these are not independents. These people are all sitting up trashing President Trump. It's obviously it's gun decked. You're having Democrats sitting there that are freaked out about taking on the administrative state. So think about it. President Trump is Doing a complete and total reformulation of the system that governs the world. And what he's doing is trying to make sure that our allies In World War II, the Russian people, are somehow not in the sphere of control of the Chinese Communist Party. Because what Biden left us with is what I warned people he was going to leave us with. Beijing, Persia, Russia and now Turkey, all kind of working in unison to control the Eurasian landmass. And when that happens, it's a tough road to slog. We don't have to do that. And President Trump understands that. That's why he's working on this Russian rapprochement. A subset of that is what's happening in Ukraine. And you have this deal that Scott Besant and Secretary of State Rubio and others are working on. Steve Witkoff just came out, just report just came out from the World Bank. Take it, take the analysis for what you want. They're saying it's a half a trillion dollars, $525 billion to rebuild Ukraine. Now take that number and double it. Trillion dollars. That's what it's going to take, minimum. And that money, maybe that money comes from their side of the cash flow of the, of the, of the minerals. That's the way they're structuring the deal. Let's see, unless that fits into an overall rapprochement with the Russians, I'm not so sure. Independent of that, I don't think we ought to have anything to do with it as part of, contextualize in that and what President Trump's trying to do at the same time what he's doing here for the, for The Monroe Doctrine 2.0 from Greenland to Panama Canal, from the Arctic to the Pacific, maybe throw in a iron dome, although God knows how we're going to pay for that right now because it came prepared for the military that we, that they want. Don't forget the military, the NDAA and the military is $900 billion. They haven't allocated totally how that's going to be spent. $900 billion. That does not include, that does not include the, the reconcilia, this two part reconciliation they're talking about that has $175 billion just for securing the border and deportations. 175 billion. Make sure you give that a nice warm embrace of what Biden, these guys, mayorkas did to this country over those four years. In addition, I think there's 100, $150 billion additional money for defense. That would be, in my simple mind, that would bring us to over a trillion dollars of defense spending. That just can't happen. If we're going to talk, we're going to spend a trillion dollars in defense, particularly in the reorganization of our strategy. The kind of President Trump hitting the reset. We're not going to make it as a country. We're just not. Now Ferguson, Neil Ferguson has a stat that when interest payments are greater than your defense budget, the country always collapses. That's kind of a modern day on Paul Kennedy, the great British naval historian that wrote a seminal work during President Reagan's the last years of President Reagan's term called the Rise and Fall Great Powers, which is still an incredibly powerful book and makes the same point. And we are here, folks. The debt levels are higher, I think 125 or higher than it was in World War II. Note to self, the budget they want to vote on tonight I think takes the debts, I think takes the debt, total debt to GDP up to a higher number. I think it's 135. I had to run. It's a higher number. Doesn't decrease, it takes it higher. What they're talking about on this, on reality, like a bankrupt company, it's next day, next day, next day. Where's the cash? How we're cutting cost, all the costs you're hearing cut when they're talking about trillions of dollars. A cut is all fantasy. It's all out years. It's Kevin McCarthy. We have so many conservative wins here. It's not true. And now you have the expectations of inflation increasing and you have this what the conference board. And they're no friend to Trump. They're no friend to mag. Economy collapse in consumer confidence. But clearly consumer confidence starting to come down. President Trump's got to understand he's going to get no help on this. Just a reality. He's going to get no help. He's going to have to do this himself. That's he's not to do himself. There's not enough, there's not enough courage up on Capitol Hill for them to do it. The political class just wants to kick the can down the road. We're going to need you at the ramparts. Not today with Bill Blaster and all that. What we need you to do is make sure that you're not a casualty of financial or economic war. Like about your title to your home, remember, and particularly in this day and time, I don't know, 80 or 90% of your net worth is tied up in that title. You can't let anybody monetize it that's yours. Hometitle lock.com Steve25 you get triple $1 million triple lock protection. 24. 7 coverage alerts immediately if anybody's messing around with your title. And a restoration project. If all else fails, they'll put up a million bucks, principally the legal, to sort your mess out. Hometitleock.com Steve25 do it today.

[Unknown]

What if he had the brightest mind in the war room delivering critical financial research every month? Steve Bannon here. War Room listeners know Jim Rickards.

[Steve Bannon]

I love this guy.

[Unknown]

He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning speeds, algorithm driven crashes and even threats to national security. Right now, War Room members get a free copy of MoneyGPT when they sign up for Strategic Intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it.

[Steve Bannon]

You should read it.

[Unknown]

Time is running out. Go to Rickards War room dot com. That's all one word. Rickards War Rooms records with an S. Go now and claim your free book. That's Rickards War room dot com. Do it today.

[Stephen K. Bannon]

Here's your host, Stephen K. Banner.

[Steve Bannon]

So we're going to get down into more of this in the afternoon show. I don't think this budget vote is going to happen today. Otherwise we have the ramparts. I don't think it's going to happen. I don't think it's going to happen tomorrow either. Things a lot of work has got to be done and there are too many moving pieces to this. One thing we do know is they're going to need tax revenue and they're going to come looking at it from everybody. If you got a letter from the irs, don't put it in the drawer. Let me give you one piece of advice. Do not put it in the drawer. It's got to be dealt with. You got two ways of dealing with it. Either you rip it open, look at the number and call them. Or what? We would recommend you call Tax Network USA and just bounce it off them of what your situation is. A totally free consultation. 800-958-1000. That's 800-95810.00 or tnusa.com put in Bannon. You get a cheaper rate, but the first consultation, they can even help you is free. Remember, the fees, the penalties, the interest, it all continues to build. So don't. You can't wish this one away. You got to address it. Two ways to address it. We would strongly recommend at least talk to the tax network people before you call the irs. But you eventually got to make contact. Tariffs going to go on for March right now, Mexico and Canada also the least 10% tariffs going into China. Chinese Communist Party blowing back again today. They're just not going to take that sitting down. Jace Medical make sure that you're not hung up in some trade war when they control 100% of active pharmaceutical ingredients and 80% of generic drugs. India with the other 20% is still dependent upon China for the API. Go to jacemedical.com today. Put in Bannon, get a better deal. But Joe, go check to that, go to that site today and just check the information. Drill down. Don't be caught unprepared for that. So a lot going on today at the White House. Also, the United Kingdom's coming this week. You got these massive budget fights. Doge just announced that the unemployment rate in the District has gone up. They're relaying that to Doge. It's going to happen. You've got 2.5 to 3 million federal employees, a large proportion of them in the Washington, D.C. area. I think there's 150,000 just in Northern Virginia alone. This is what the DOGE effort part of. It's done and they're at 90,000, I think to 100,000 right now of the 2.5 to 3 million federal employees. So a long way to go. And this is not going to be done without pain. Let me just reinforce that it's not going to be done without pain. We have to figure this out and we have to figure out the tax cuts. Like I said, I just added another trillion dollars of tax cuts for you, the people, Social Security, for the veterans, first responders, troops, all that. Also no tax on, on, on tips and no tax on overtime. That adds up to another trillion dollars and that's a pure turbocharged populous tax cut. But you got to come up with another trillion dollars in cuts and, or wait for it, maybe tax increases somewhere else. Don't know. We'll be drilling down on that one because things are going to have to happen unless you can see significant cuts somewhere else. These cuts are not going to do with a meat ax, even over defense Got to be very smart how it's done. Mike Lindell, the president gave you a huge shout out the other day from the stage at cpac. That had to feel pretty good, recognizing all the fights and effort you'd had. Tell me what it felt like when he got that.

[Stephen K. Bannon]

It was surreal, Steve. And it was really encouraging because our fight's not done. We're going to keep going to secure our election platforms and for him to let all the media know too, that, you know, that he said that we're all on the same, we're all on the same page as far, as, you know, getting secure elections, that the 2020 election was stalled. One of the things he said, it's okay to say it. And I shouted it out right at cpac. Of course it was stolen. And it was a lot different. You know, he'd always shout my pillow out at rallies, you know, being a great marketer. But this was different. This was thanking. For thanking myself. And basically that's everybody that's helped with this election. And I was, it was very humbling and very, I was really excited.

[Steve Bannon]

Tell me about. You spent a couple hours, you spent a couple hours over the White House without giving up confidences of the President. What was your day like over there?

[Stephen K. Bannon]

It was about maybe 45 minutes, I suppose an hour in the Oval Office. And then I was in the White House for quite a while and it was in the briefing room and where the press is. But with him, we talked about the elections, even the 2024 election here, you know, too big to rig. And I brought him all the stuff that we for his administration, he called the people in to give them all the stuff that they would need to secure our elections that we remember. We're four years ahead of anybody even looking into anything. So we, you know, anything, any help they needed. I said, if anybody, if you have any part of the administration needs help with the elections because he wants to get to same day voting paper ballots hand counted and voter id. He said it numerous times. In fact, he said it in the governor's meeting right before I went in the Oval Office. In fact, the media, when I came out, she goes, yeah, the president mentioned paper ballots hand counted in the governor's meeting. I suppose you talked to him beforehand. I said, no, lady, he did that.

[Steve Bannon]

All on his own.

[Stephen K. Bannon]

I said, mine was after. So they couldn't do a little hit job there. And I brought him a couple other things that would affect the whole country that has nothing to do with the elections. And Steve, I was very encouraged because two of the things we talked about, they were already doing it. I mean this administrator, they're just like. I was very. I'm going, wow, you're already looking into this. And. And so I was very encouraged that the. All the things that they're not getting done, but all the things they're going to be doing.

[Steve Bannon]

Yeah. And Tina Peters. All that.

[Stephen K. Bannon]

Yeah.

[Steve Bannon]

Real quickly.

[Stephen K. Bannon]

Mike Peters, by the way, everybody. Yeah, they. They're very real quickly.

[Steve Bannon]

I want to make sure everybody knows. Go to this. Go to right now. If Mo and Grace can put up. I'm speaking on Friday. Patriot Mobile is one of the sponsors of Political Action Committee. Their political action site in Tarrant County. I think it's sold out, but there's standing room only. You can come or there's not standing. I think there's some additional seating. They're going to have on a meet and greet. Everybody to go to Patriot Mobile. If you go to Patriot Mobile, by the way, the best service in the world for patriots. Mike, 30 seconds. Sell me a pillow you guys were.

[Stephen K. Bannon]

Bringing back for you guys. I just got back to Minnesota, my factory and we have some left. This is the MyPillow 2.0. There's four different styles. Up with God, all things are possible. You have the American flag. 998, 998. Exclusive to the war room posse. If we put up that graphic. This is an Explore room exclusive for 9. 98. Free shipping on your entire order. Everybody.

[Steve Bannon]

Free shipping and MyPillow.com MyPillow.com promo code Warham Charlie Kirk is next in the war room.

[Unknown]

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