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A
Welcome. It is a verdict with Senator Ted Cruz. Ben Ferguson with you. And the Senate has sent the debt ceiling package to Biden's desk with the default threat just days away. In translation, the sausage has been made in Washington, D.C. senator, you just left that vote. We are doing this after the vote took place. And I want to start off with asking you this. This couldn't get done without Republicans in the Senate. If the Republicans all stayed together, they wouldn't have gotten the 60 votes needed. So which Republicans went with the Democrats to get this deal done?
B
Well, Ben, that's exactly right. You and I are sitting here. It is 11:52pm on Thursday night. I just came from the Senate floor about a half hour ago. We were voting on the debt ceiling and we were voting on this deal, the Joe Biden deal that he negotiated with Kevin McCarthy. It's a lousy deal. We've talked about it quite a bit on the podcast. And the interesting thing is in the Senate, Republicans had it entirely within our power to kill this. In order for this to pass, the Democrats had to get 60 votes. If they didn't get 60 votes, it wouldn't pass. Which means if 41 Republicans stood together, we could have killed it. Actually, five Democrats voted no tonight. So if those five had held their ground, just 36 Republicans could have stood together and killed it. But sadly, that didn't happen. So who are the Republicans that voted for this deal? Well, in alphabetical order, John Bozeman from Arkansas, Shelley Moore Capito from West Virginia, Susan Collins from Maine, John Cornyn from Texas, Joni Ernst from Iowa, Chuck Grassley from Iowa, John Hovind from North Dakota, Mitch McConnell from Kentucky, Jerry Moran from Kansas, Mark Wayne Mullen from Oklahoma, Lisa Murkowski from Alaska, Mitt Romney from Utah, Mike Rounds from South Dakota, John Thune from South Dakota, Thom Tillis from North Carolina, and Todd Young from Indiana. Those are the Republicans that joined with Chuck Schumer and Joe Biden in adding 4 trillion more in debt in exchange for ultimately what were very small spending cuts.
A
So the question I have to ask you, and I know each of them probably had different reasons, but what did they get out of it? I mean, that's a long list. What was the reasoning for some of them to just say, hey, screw it, we're gonna go along with this? What did they get in return for that vote?
B
Well, in my time in the Senate, Republican leadership always votes with the Democrats to increase debt, to raise the debt ceiling. Usually they get nothing for it. Usually this fight is Republican leadership in the Senate saying we must increase the debt ceiling and get absolutely zero for it. So I guess, you know, we should pause and reflect that at least there were some modest concessions in this deal. Joe Biden and the White House. Initially, Biden's position was he wouldn't negotiate. He would make no concessions whatsoever. That was so patently unreasonable that House conservatives forced House leadership to negotiate for something. And so there were some concessions in this. But look, in the Senate, Senate Republican leadership's view is every time there's a fight over a debt ceiling, every time there's a fight over a continuing resolution, every time there's a fight over an omnibus, 100 out of 100 times, Republican leadership does what the Democrats want. Look, In December, Mitch McConnell led the fight to pass a massive omnibus that funded Chuck Schumer and Nancy Pelosi's priorities. And I want you to think about how insane that was. So December was one month after the November elections when Republicans had just won a majority in the House. So we knew there was a House majority coming in in January. And yet in December, it was Republican leadership of the Senate that said, before those crazy Republicans show up and take a majority in the House, let's fund the entirety of the federal government through September 30th. Let's take nine months out of 2023 off the table. Now, mind you, this Republican majority of the House only gets two years. So if you take nine months of the first year off the table, it means zero of the Republican spending priorities can get enacted into law because Senate Republican leadership decided it was their job to ensure that Nancy Pelosi, on her way out the door, got another $2 trillion in spending. So that's a dynamic that has played out a long time. And sadly, it's a dynamic that played out tonight.
A
I want to ask you about the Democrats because you mentioned there were some Democrats that voted no. The question is, why did they vote no? And before I get you to answer that, I want to tell you about our friends over at Chalk. If you're a guy and you're getting a little bit older and you feel like you have just lost that edge, maybe you feel like you've just gotten a little bit fatigued, slow, and you don't have that strength and vitality, you now have weakness, complacency, and you're going, what in the world's going on? Well, the problem has been testosterone levels are off a cliff historically and they are at an all time low. Thankfully, the patriots@chalkchoq.com are helping real American men Take back their right to proudly maximize your masculinity by boosting your testosterone levels up to 20 over 90 days. I have been taking chalk choq.com the male vitality stack for several months now. I can tell you it works. You should check out and get back that strength and vitality. Get rid of that weakness and complacency and fatigue. And the other thing is this. It's manufactured right here in the US of US of A. Chalk's natural herbal supplements are clinically proven to have game changing effects on your energy, your focus, your mood. So go to chalk choq.com use a promo code BEN for 35 off any chalk subscription for life choq.com promo code BEN for 35% off center. You mentioned and it's really infuriating when you hear that Republicans voted for this, including the Senate minority leader Mitch McConnell. But there were some Democrats that voted no. That may shock people. And after there's a big vote like this, we always have a large number of new listeners that come in. They say hey, I just want to know what happened. Right? They may not do politics every day, but this is important. They want to know how we got here. So explain in detail why these Democrats would actually vote no.
B
Well, the final vote was 63 to 36. So there were 36 nos of the no's, five of them were Democrats and 31 of them were Republicans. So the five Democrats who voted no were Elizabeth Warren, Bernie Sanders, Jeff Berkley, Ed Markey and John Fetterman. They're basically the far left wing of the Democrat caucus in the Senate. Now I don't know for sure why they voted no other than I assume they didn't want to make any concessions. The fact that there were even slight modest concessions that Biden made for the unabashed socialist wing of the party, presumably those concessions were too much. So for example, there are modest work requirements that are added to food stamps and welfare. I am assuming I don't know this. You'd have to ask Elizabeth Warren, you'd have to ask Bernie Sanders why they voted no. But I'm assuming their view is that, that even the tiniest bit of work is unacceptable. They want people not to have to work at all at able bodied adults to be able to stay at home and receive welfare payments in perpetuity. I don't understand that reasoning. I genuinely, my brain doesn't work that way. I was always raised in a house if you don't work, you don't eat and that I think work is good for You, I think work is good for the soul. I think it builds responsibility. I think it builds self respect. I think just being dependent saps your dignity and saps, saps your self respect. But for the far left, for them, if they see value in work, they never vote that way. It is possible that one of the reasons they voted no is there was a component of this bill that green lighted a natural gas pipeline in West Virginia that was a payoff to Joe Manchin. It is possible that the left wing Democrats that was a reason they voted no. This was a payoff. Remember last year Joe Manchin voted for the, misnamed, the deceitfully named Inflation Reduction Act. That was a massive bill that was trillions in spending and subsidies for green New Deal policies and taxes on oil and gas. And it hammered, by the way, coal miners in West Virginia. It hammered oil and gas producers. It hurt West Virginia. But Joe Manchin voted yes nonetheless. And part of the deal he cut with the White House and Schumer is that he would get this, this pipeline in West Virginia approved. Well, this was the payoff, the payoff for his vote. And so that maybe that was part of the reason the Democrats voted no. I don't know for sure. What I know is five Ds voted no, which means if we had 36 Rs who voted no, this would have been defeated tonight in the Senate.
A
For people that don't listen all the time, that may be tuning in to this episode because this vote, there's a lot of people in the past that have heard what you've said about this moving forward. As we were keeping updated last week and the week before. But explain why specifically you said no and you voted no from your perspective as a senator from Texas.
B
Well, it's very simple. This does not solve the problem and it doesn't even make a very significant improvement in the problem. Let's step back for a minute. Let's look at this with a broader perspective. Let's go back to 2000. 2000 wasn't that long ago. It was 23 years ago in the year 2000. Do you know where our national debt was in 2000, Ben?
A
Nowhere near what it is now. And it's scary to see how much the number gone up. I don't know the exact number from 2000, but it was nothing remotely close to what we've accomplished now.
B
Well, that's accurate. In 2000, the national debt was $5 trillion. Five.
A
Wow.
B
Now in 2000, a president that you and I both worked for, George W. Bush, got Elected. Bush served for eight years. At the end of his eight year term, the national debt had grown from $5 trillion to $10 trillion. In 2008, Barack Obama became president. When he became president, the national debt was $10 trillion. Eight years later, the national debt had grown to $20 trillion. So pause and reflect on that for a moment. It had taken 42 presidents over 200 years to build $5 trillion in debt.
A
Wow.
B
And then two presidents, one Republican and one Democrat, in 16 years, quadrupled the debt, increased it from $5 trillion to $20 trillion. Now, what happened next? 2017, the national debt is $20 trillion. Where are we today? $32 trillion. That's from 2017 to five and a half. Less than six years. We've gone just go back to 2000. From 2000 to today, we've gone from 5 trillion to $32 trillion. What we are doing is wildly irresponsible. It is bankrupting our country. Now let's, let's go back to 2017 again. Let's, let's put this in perspective. 2017, total federal budget, $4 trillion. That's what the federal government spent. What was total Federal tax revenue? $3.3 trillion. So we had, if you can do some quick math, we had a $700 billion deficit. That was the amount that our expenditures exceeded revenues. Now fast forward to today. Today, what we're looking at right now is a total federal budget of about $6.6 trillion. Now think about it. In six years, we've gone from 4 trillion to 6.6 trillion. Like, holy cow, that is massive. Now what's happened to tax revenues? Now remember in 2017, we passed the historic tax cuts. When we passed the tax cuts, all the Democrats, most of the lying corporate media said this tax cut is going to cause federal tax revenues to plummet. It's going to cause massive deficits, massive debt. This is disastrous for the federal budget. Well, the nice thing about making predictions is when time passes, you can see if those predictions are true or false. We now know that every single Democrat who said that was full of crap. We now know that every media outlet that said that was telling you something that is patently false. Why? Because every year since 2017, after the tax cuts, every single year, federal tax revenues went up and up and up and they're now just under $5 trillion from 3.3 trillion. That's a massive increase in federal tax revenue. Why? The economy grew. The tax cuts helped small businesses, helped job creators, created jobs, and that generated much more tax revenue than did the higher rates before the tax cuts. Now getting nearly $5 trillion in tax revenue is great until you realize that the total budget is $6.6 trillion. So 5 doesn't get you there. That's how we've gone from 20 trillion in debt to $32 trillion in debt. And what does this thing do? It greenlights another $4 trillion in debt. And if you contrast it, look, the House, what it initially passed was a bill that would, that would raise the debt ceiling by one and a half trillion dollars. That's a lot of money. But it had real and meaningful cuts. It had cuts that would have saved a total of $4.8 trillion over 10 years. So that was the trade off the House made is, is okay, we're not gonna solve all the problem, but let's have real and meaningful cuts and we'll add 1.5 trillion in debt. What this did is it inverted that ratio. Instead of 1.5 trillion in debt, it's $4 trillion in debt. So it's more than double. It's almost triple the debt the initial deal was. And what is the spending cut? Well, on the face of it, they're claiming it's $2 trillion, which is less than half the 4.8 trillion the House had initially. But in reality, it's much less than that because the bulk of that savings is from the out years where the spending cuts aren't mandatory, which means the Democrats are going to ignore them and waive them. So at the end of the day, Republicans are celebrating, at least Republican leadership is celebrating, adding 4 trillion in debt for what will prove to be nominal spending reductions. And I promise you tonight, right now in the White House, they are popping champagne. That should scare the hell out of you.
A
I want to ask you about the green lighting the 4 trillion in new debt because I think it's so important that people understand. How do we just throw around 4 trillion in new debt? And what, and what time period is this gonna happen over? Before I get you to answer that though, you're. We're talking about the economy, we're talking about what's happening in this country. We've talked about interest rates. They've more than doubled in the last year. And if you are in retirement or close to retirement and you haven't looked at what gold can do to protect your hard earned dollars, you need to check out Augusta Precious Metals. They're doing three things right now when you open a new account with them. One thing is you can actually get free gold. Number two, you can get the free Investor's guide on gold so that you can see if gold is right for you to protect your assets. And number three they do a sit down conference with you over the Internet to talk about your retirement right away before you do anything else. So if you have a hundred thousand dollars or more that you've saved for retirement, Augusta wants to talk to you. They want to learn, they want to teach you about how a gold IRA can protect you and your hard earned dollars. Reach out to Augusta Precious Metals a day and get started with gold. Don't let the bank failures the interest rates get you down. Get the free Gold Guide. Get free Gold and get peace of mind. Eight seven seven the number four gold IRA is their number. Have that web conference and see what they can do for you. 877 the number four gold IRA to learn how to protect your retirement and get your free gold coin. That's Augusta precious metals.com 877 the number four gold IRA center you mentioned green lighting a 4 trillion in in New debt. How quickly are we going to spend that, that $4 trillion? What's it going to, what was the reasoning behind it?
B
So that's in less than two years.
A
Wow.
B
So the initial bill, the quote limit, save and grow bill that the House passed increased the federal debt limit by $1.5 trillion. It was a fixed dollar amount and once you hit the additional 1.5 trillion you had to come back to Congress and get authorization to go up again. The value of the debt ceiling is historically it's proven the only effective lever point to any meaningful fiscal restraint. Well this deal, it doesn't have a fixed dollar amount. There's actually not an amount of debt that's authorized. What it did instead is it suspended the debt ceiling altogether until 2025, until after the election, until January 2025. So based on current spending that will be in excess of $4 trillion. But the reason they did that is they did is the politicians didn't actually want to vote for 4tr trillion in debt. They just said oh no, no, we just suspended the debt ceiling. So we didn't vote for a dollar amount. That's a way to avoid responsibility for what you're voting for. It's also designed by the way, we're going to hit the debt ceiling again in January of 2025. Now what will have just happened? We will just had an election in November of 2024. We will be in a lame duck session with a bunch of retiring politicians going out of office. And this is designed so that in December of 2024, they're gonna go back and pass another massive spending bill just, just like Mitch McConnell and Nancy Pelosi did in December of last year. They're gonna do it again in December of 2020, four trillions more. And they're gonna say if we don't do that, we'll default on the debt. This is designed to create another crisis. And they pick that date. It's not by accident, by the way. We had an amendment to shorten that time period, to shorten it to November of this year. Of course, the Democrats all voted against it. We had a bunch of different amendments, one amendment. So one of the things House leadership is pitching is they say, well, there's some permitting reform here that's really important. And the original version of the House bill had what's called the Rains act, which is a bill I strongly support, that says any economic regulation that would impose $100 million of cost or more on the economy has to get an up down vote from Congress before it goes into effect. It would be incredibly meaningful regulatory reform. Well, of course the White House objected and so that got jettisoned from this instead. There are some modest permitting reforms that are in this and regulatory reform of what's called pay go to off the set of costly regulations. And guess what the bill provides after it says that, it says, oh well, the White House can waive them. So in other words, it has a provision that seems really tough. Oh, okay, this is actually. This will slow down massive job killing regulations. Except for the fact that they wrote into the bill, the White House can waive that reform. Now Mike Lee, my good friend, Senator from Utah, had an amendment to strike the waiver to say, okay, if you actually have meaningful regulatory reform, don't give Joe Biden the ability to waive it. And guess what? Every Democrat voted no. So they said, nope, we want the waiver. And every single amendment we considered was voted down. That was by design. They wanted to change nothing because there.
A
Was a lot of excitement about the amendments. I mean, Mike Lee went on tv, several others saying, I'm going to do Rand Paul, et cetera. You know, we're going to do these amendments and we're going to hold this thing, thing and forced their hand. You're saying that basically none of that worked.
B
None of that worked. And none of that worked because number one, Schumer whipped the Democrats to make sure every amendment was defeated and McConnell whipped the Republicans to make sure every amendment was defeated. Look, the final margin was 63 to 36. And at some level that's a little bit better than I had expected. But it might have even been, we might have gotten a 39 or 40 no's. What they were not going to let happen was 41 no's because 41 knows kills this. So at some level leadership in both sides was fine with people voting no. If we'd gotten to 41 nos, Schumer would have gone to the five Democrats, voted voting no and twisted someone's arm to switch their vote or McConnell would have gone.
A
In other words, you would have got a pipeline like in West Virginia to buy a vote basically.
B
Well, and I have to say really the most amusing moment on the Senate floor was an amendment about the pipeline. So Joe Manchin, as part of the disastrous so called Inflation Reduction act that actually increased inflation and had nearly 2 trillion in spending last year, he got an agreement from Biden and Schumer to approve this natural gas pipeline in West Virginia. And it didn't get done last year, but it's rolled into this deal now. And Tim Kaine, liberal Democrat from Virginia, introduced an amendment to strip out Joe Manchin's pipeline in West Virginia. And the vote was very interesting because the more liberal Democrats voted for Tim Kaine's amendment because they hate energy, they hate natural gas, they hate oil, they hate any American energy produced here unless it's windmills or solar. And what was interesting is several Republicans ended up voting for it as well. Mike Lee voted for it, Rand Paul voted for it and a bunch of the left wing Democrats stayed silent and they were scared how to vote because they didn't want to vote for a natural gas pipeline. But they knew that this was the deal cut with Joe Manchin and they couldn't undercut that deal. And in particular they were terrified if any amendment got adopted this bill would get sent back to the House. If we amend it, it goes back to the House, the House has to come back and vote on it then. And so as we went through the vote, the clerk is calling, calling the senators and the clerk calls the senators alphabetically. And a whole bunch of the Democrat senators, Mazie Hirono, one of the most liberal Democrats there is, when they called Ms. Hirono, she stayed silent. She was sitting right there, she just didn't vote and it went alphabetically through. Now Mike Lee was leaning on me hard saying vote yes for Tim Kaine's amendment. Let's, let's number one, deny Joe Manchin the benefit of the corrupt deal he cut with Schumer. And he said number two, if we actually adopt this amendment. This could tank the whole bill. And I told him, I said, mike, look, I'm from Texas. We produce a lot of oil and gas in Texas. I am very hard pressed to vote against any oil pipeline or natural gas pipeline. That's just there are millions of jobs that depend on oil and gas. And I believe in American energy. But I did say, look, the point about denying Manchin the benefit of the corrupt deal, that's real. And if this could take this entire deal down, I'd be enthusiastically yes. So I told Mike, I said, I'll tell you what, I'll refrain from voting. I'll just sit back and see what happens. I won't vote early. And so we went through Alphabet.
A
For people that don't understand how it works at first, you vote like when you say alphabetically, if you don't say anything, you, you don't lose the right to vote at the end. Right. You can kind of see how it plays out.
B
Right. So typically a vote is, is 15 minutes, although they usually run much longer than that. And there's a clerk who's sitting there reading from this long skinny card. The long skinny card has the names of every senator on it. And this is old school. So the House has like, electronic voting where you put in a card, you push a button and it lights up. The Senate is still in the 1800s. The Senate, we still vote with a clerk who calls your name and you either say out loud, you yay or nay, or more typically, you just do thumbs up or thumbs down. You look them in the eye and they will repeat. So they'll be like, Mr. Cruz. And you'll look at them and you'll do a thumbs up and they'll go, Mr. Cruz, aye. And with a pencil, they will mark you as an eye. And so each person, they're marking with a pencil as the votes are cast. But when they call your name, you don't have to vote. So they call Mr. Cruz. And you stay silent. They go to the next name. They go to the next name. And so, you know, I decided, all right, I'm going to sit back. And it was hysterical watching the Democrats squirm because they were like, oh, no, if this thing's about to pass, we're all going to have to vote against it. And, and, and our crazy environmentalists will be mad at us if we vote against killing a natural gas pipeline. Now, at the end of the day, very few Republicans were able to vote strategically, so a whole bunch of Republicans voted no, no, no, no, no. Including Mitch McConne outset. No. So, like what Mike was trying to do, if we actually had effective leadership on our side, we might have whipped everyone to vote for Kane's amendment to strip out Mansion's deal. But our leadership didn't want to do that because then the Democrats, they're going.
A
To ask you why though. Like you would think that would be a no brainer to say you're not going to get these, you're not going to get these deals, you're not going to get to hook people up this way. And yet here the Republicans are in the leadership going, yeah, no, we kind of, we're, we're gonna let this happen. In fact, we're gonna protect it to make sure it happens. This is what drives the American people's insane, as obviously you know this.
B
So Ben, I genuinely don't know, but what happened? So we got to the end of the voting alphabetically, and they read it out and there were over 51 no's. And so then two things happened. All the Democrats who hadn't voted, they immediately rushed to vote yes. So they, they, once it was clear that Cain was going to be defeated, that it was Republicans who were going to defeat it, a whole bunch of Democrats rushed in and voted yes. See, Yay. I'm a crazy environmentalist. And secondly, actually Most of the Rs, several of the Ds who had voted no initially switched their vote to a yes once it was clear it was going to be defeated. And Most of the Rs, most of the Republicans who had voted yes switched their vote to a no once it was clear it was going to be defeated as well. So, but there was a moment. So Democrat leadership was whipping against the Cain amendment, was whipping in favor of the Joe Manchin pipeline. So Schumer voted with Joe Manchin. Schumer's whips voted for Joe Manchin. So one of the more liberal Democrats who's part of Schumer's whip team voted for it. And I walked up and said, all right, tell me, have you ever voted for a pipeline before in your life? And he kind of laughed and said no. And I'm like, well, you know, there are 49 other states. We could use some pipelines too. How about the rest of us? Is there love for any other state? And he just laughed. And the answer of course is no. But it was an amusing moment on the floor. How nervous Democrats were that Republicans might actually support this amendment and strip out the deal with Manchin, which would mean it would force all of them to Vote for the pipeline. Ultimately they didn't have to do that. But. But we came. There was a moment where it looked like it might.
A
You, you mentioned earlier there's going to be another showdown that's going to happen later this year and I want to ask you about that. I also want to ask you about the debt. How big of an issue you think this is going to be and how big of an issue should it be in the 2024 presidential election? Before I get that, I want to tell you about our friends over at Patriot Mobile. There are so many Americans right now that are sick and tired of woke corporations. You're sick and tired of what happened with Bud Light and Target and Kohl's. The list goes on and on. And if you're ready to give your money to companies that stand with your values then you need to know about Patriot Mobile. They are America's only Christian conservative wireless provider. They also offer you what matters dependable nationwide coverage on all three major networks. So there's no doubt that you get the best possible service in your area. Period. Now when you switch to Patriot Mobile, here's what your money is going to go to support. It's going to go support free speech and religious freedom, going to support the sanctity of life and adoptions. Going to support the second amendment and support our military. Our veterans are first responders. They also are an American company. They have a hundred percent US based customer service team. They don't outsource it overseas. They do it right here in America. Switching is also easy. So call them. Go to patriotmobile.com verdict now use the promo code verdict and you'll also get free activation and the best pricing of the year. 878 Patriot is their number. That's 878 Patriot 878 Patriot or patriot mobile.com/verdict. Senator, there's another showdown that's going to happen and people are going to roll their eyes and they're going to say here we go again. How big of an issue should that showdown become for the 2024 presidential and how big of an issue do you think this debt that we are in as a nation right now, should this be the top issue in the presidential election in your opinion? I'm talking about both sides. I'm saying in general for all American voters. How concerning of an issue should this rank?
B
Well look every conceivable presidential candidate in the Senate voted no on this deal. In the Senate the only two Democrats who might conceivably run are Elizabeth Warren or Bernie Sanders. They both voted no. Tim Scott, who's the only senator currently running, he voted no. Any others who had previously run? I voted no. Rand Paul voted no. Marco Rubio voted no. Lindsey Graham voted no. Other people who might conceivably run, Tom Cotton voted no. Josh Hawley voted no. Like anyone thinking of running for president votes against this deal. By the way, Barack Obama, when he was in the Senate, voted consistently against raising the debt ceiling when George W. Bush was president and gave speeches on the Senate floor about how the fact that we had to raise the debt ceiling back when the debt was down below $5 trillion, how it showed how irresponsible the Bush administration was. So that dynamic is, is a very real dynamic. If you look at the current presidential contenders, obviously Joe Biden supports this, will sign this and will trumpet this as a big victory. If Donald Trump said anything about this deal, I have not seen it. I don't know if he's commented or not, but if he did, I wasn't aware of it. So at the end of the day we'll see how big an issue this is in the presidential debate. The incumbent president supported it enthusiastically and you know we're headed towards $36 trillion in debt.
A
It's incredible. Don't forget, if you are new to verdict today, make sure you hit that follow button. If you are listening on Apple. Many other places where you may be listening, they'll either have follow the subscribe or auto download. Make sure you select that you'll get this podcast every day that we publish Monday, Wednesday and Fridays. Also, when there's other breaking news, the center is going to be joining me on my podcast, which I do every day. It is Ben Ferguson podcast and so we will make sure that you guys get great breaking news each and every day. So subscribe here, follow Write us a five star review. The Senator and I will see you back here in a couple of days.
The Inside Story on the Biden-McCarthy Debt Disaster and What It Will Cost You!
The 47 Morning Update with Ben Ferguson
Release Date: June 2, 2023
Host: Ben Ferguson
Guest: Senator Ted Cruz (Texas)
Duration: Approximately 34 minutes
The episode delves into the critical Senate vote on the debt ceiling package, highlighting its passage to President Biden amidst an impending default threat. Ben Ferguson initiates the conversation by questioning the bipartisan nature of the deal, setting the stage for a deep dive into the intricacies of the agreement.
Key Quote:
Ben Ferguson (00:01): "The Senate has sent the debt ceiling package to Biden's desk with the default threat just days away. In translation, the sausage has been made in Washington, D.C."
Senator Ted Cruz addresses the pivotal role Republicans played in passing the debt ceiling deal. He emphasizes that without certain Republicans crossing party lines, the deal might not have succeeded. Cruz lists the Republican senators who joined Democrats, underscoring the gravity of their decision to support what he terms a "lousy deal."
Key Quote:
Senator Ted Cruz (00:39): "If the Republicans all stayed together, they wouldn't have gotten the 60 votes needed."
He further enumerates the Republican Senators who voted in favor, highlighting their support for adding $4 trillion to the national debt in exchange for minimal spending cuts.
Ferguson probes into the reasons why specific Republicans chose to support the deal, seeking to understand what concessions or benefits they received in return. Cruz responds by critiquing Republican leadership's pattern of voting with Democrats on debt ceiling issues without significant gains, noting that while there were "modest concessions" in this deal, they fell short of meaningful fiscal restraint.
Key Quote:
Senator Ted Cruz (02:56): "Senate Republican leadership's view is every time there's a fight over a debt ceiling... 100 out of 100 times, Republican leadership does what the Democrats want."
The discussion shifts to the five Democrats who opposed the deal, a stance that surprised many given the bipartisan support. Cruz speculates on their motivations, suggesting that the concessions made were too liberal even for the far-left wing of the Democratic Party. He expresses his confusion over their opposition, emphasizing the importance of work and responsibility over dependency touted by these Democrats.
Key Quote:
Senator Ted Cruz (07:11): "They want people not to have to work at all at able-bodied adults to be able to stay at home and receive welfare payments in perpetuity."
Cruz also touches upon the potential influence of Joe Manchin’s pipeline deal in West Virginia as a possible reason for some Democrats' opposition, highlighting the complex interplay between regional interests and national politics.
Ferguson invites Cruz to explain his personal decision to vote against the debt ceiling deal. Cruz articulates his concerns about the escalating national debt, drawing comparisons to past administrations and emphasizing the irresponsible fiscal trajectory the country is on.
Key Quote:
Senator Ted Cruz (10:32): "This does not solve the problem and it doesn't even make a very significant improvement in the problem."
He provides a historical perspective, noting that the national debt has quadrupled from $5 trillion in 2000 to $32 trillion in just over two decades, attributing much of this increase to bipartisan policies that failed to control spending.
Cruz analyzes the economic ramifications of the deal, pointing out the discrepancy between federal tax revenues and expenditures. He criticizes the minimal spending cuts promised in the deal, arguing that they are insufficient to mitigate the ballooning debt.
Key Quote:
Senator Ted Cruz (10:53): "In 2000, the national debt was $5 trillion."
He contrasts the initial House bill, which proposed raising the debt ceiling by $1.5 trillion paired with substantial spending cuts, with the Senate's approach of suspending the debt ceiling until 2025, which effectively permits an additional $4 trillion in debt—a move he deems dangerously irresponsible.
A significant portion of the conversation centers around the contentious amendment related to a natural gas pipeline in West Virginia, brokered by Joe Manchin. Cruz recounts the Senate floor drama where an amendment to strip out this pipeline faced stiff opposition from both Democrats and some Republicans.
Key Quote:
Senator Ted Cruz (22:30): "Senator Cruz with you... And Tim Kaine, liberal Democrat from Virginia, introduced an amendment to strip out Joe Manchin's pipeline in West Virginia."
Cruz highlights the strategic maneuvers by both party leaders to prevent amendments that could derail the deal, depicting a scene of political chess where individual senators navigated their votes under significant pressure.
Cruz criticizes Republican leadership for not effectively rallying their members to oppose the pipeline amendment, suggesting a disconnect between leadership and the Senate's broader Republican base. He foresees future showdowns regarding fiscal policies and the debt ceiling, signaling ongoing political turmoil.
Key Quote:
Senator Ted Cruz (28:35): "Republicans are in the leadership going, yeah, no, we kind of, we're, we're gonna let this happen."
He warns of impending crises, positing that once the debt ceiling is hit again in January 2025, another high-stakes negotiation will ensue, potentially exacerbating the national debt further.
Ferguson queries the significance of the national debt issue in the forthcoming 2024 presidential election. Cruz asserts that debt management should be a central concern for voters, pointing out that virtually all presidential contenders oppose the current deal, emphasizing its unsustainable nature.
Key Quote:
Senator Ted Cruz (32:35): "We're headed towards $36 trillion in debt."
He underscores the urgency of addressing fiscal irresponsibility, advocating for it to be a top priority for the electorate to ensure long-term economic stability.
The episode wraps up with Cruz reaffirming his stance against the debt ceiling deal, framing it as a symptom of broader governmental fiscal mismanagement. He calls for greater accountability and strategic fiscal policies to prevent the national debt from reaching catastrophic levels.
Key Quote:
Senator Ted Cruz (34:19): "We are headed towards $36 trillion in debt."
Senator Ted Cruz on Republican Betrayal (00:39): "Those are the Republicans that joined with Chuck Schumer and Joe Biden in adding 4 trillion more in debt in exchange for ultimately what were very small spending cuts."
On Historical Debt Growth (11:03): "In 2000, the national debt was $5 trillion... Now, in 2023, we've gone from 5 trillion to $32 trillion."
Critique of the Senate Deal (10:32): "This does not solve the problem and it doesn't even make a very significant improvement in the problem."
Amendment Process and Political Maneuvering (26:24): "They were like, oh, no, if this thing's about to pass, we're all going to have to vote against it."
In this episode, The 47 Morning Update features a critical discussion between Ben Ferguson and Senator Ted Cruz regarding the recent Senate vote on the debt ceiling package negotiated between President Biden and Speaker McCarthy. Cruz articulates a strong opposition to the deal, highlighting the bipartisan failures that have led to an unprecedented increase in the national debt—from $5 trillion in 2000 to a projected $36 trillion by the end of 2025. He underscores the minimal spending cuts included in the deal as insufficient measures to curb this growth.
Cruz also critiques both Republican leadership for capitulating to Democratic demands and Democratic factions for obstructing amendments aimed at mitigating undue concessions, such as the natural gas pipeline in West Virginia. The conversation emphasizes the looming fiscal crisis and positions the national debt as a pivotal issue for the upcoming 2024 presidential election, advocating for more responsible fiscal policies to ensure economic stability.
Note: Advertisements and promotional segments embedded within the transcript have been omitted to maintain focus on the substantive discussions between Ben Ferguson and Senator Ted Cruz.