What Biden & Warren JUST Said | Stimulus & Infrastructure

a meteor is heading to crash into our

economy says joe biden hey everyone meet

kevin here joe biden's obviously

complaining about the debt limit and

congress's inability to get the debt

ceiling raised let's talk about the

latest updates on that three and a half

trillion dollar infrastructure package

and this debt ceiling negotiation

remember that janet yellen says our x

date appears to be october 18th for when

the government defaults on its debt for

the first time in our history meaning

that social security payments might not

be able to get made we might not get

those child tax credits we might not see

our bond payments get paid which could

reduce the united states credit rating a

lot of bad things could happen so many

bad things could happen that folks are

basically saying if the debt ceiling

doesn't get raised joe biden will not

get a second term which of course has 50

percent of people saying don't worry

he's not getting a second term anyway

but the other 50 percent of people are

saying uh well we need to make sure that

this debt ceiling gets raised but anyway

we're not taking sides here we're

providing the facts and the fact is

chuck schumer made it very clear that he

wants to increase the debt limit by the

end of this week it is tuesday right now

and chuck schumer wrote a letter to the

senate saying we must get a bill to the

president's desk dealing with the debt

limit by the end of the week period

schumer did not detail exactly how he

plans on achieving this he has two ways

to do it one is to use budget

reconciliation which he can only use one

more time and he really wants to use the

three and a half trillion dollar

infrastructure plan for uh they could

bundle these two things together but

they better get moving on it and

honestly i feel like they've been i've

been saying for weeks now they better

get moving on and it just feels like

they haven't really been getting moving

on it and the other option would be to

pass a bill in the house and then vote

on that in the senate but get 10

republicans to agree to close the debate

to prevent a filibuster on that bill

which just basically means extending

debate in perpetuity essentially being

able to kill a bill without 60 votes and

this is where we heard from elizabeth

warren today elizabeth warren today said

that republicans should get out of

democrats way she makes it very clear

that mitch mcconnell says that democrats

should raise the debt ceiling on their

own so elizabeth warren says fine let us

raise it on our own vote to end debate

so that way

we can pass raising the debt ceiling you

all don't have to do it all you have to

do is say we can end debate avoid

filibustering this bill let us pass it

none of you actually have to vote for

the bill it's common sense response but

republicans know the real reason they're

voting

to not uh close debate on the debt

ceiling standalone bill or that's what

we expect they will do is because they

want to use the debt ceiling to force

democrats into speeding up the

infrastructure talk in that three and a

half trillion dollar bill because if

they speed it up and have to get that

three and a half trillion dollar bill

done with an infrastructure

budget reconciliation process and the

debt ceiling increase the package is

probably likely to be a whole lot

smaller which will be a win for

republicans now schumer is setting a

vote for tomorrow on a standalone debt

ceiling suspension bill it is likely

that 10 republicans will not

join democrats

and the

gop leader the minority leader mitch

mcconnell is maintaining that democrats

should use that budget reconciliation

plan but we've got some updates now on

where we stand with the three and a half

trillion dollar infrastructure package

and this is interesting the final

infrastructure plan is now likely to be

significantly less than three and a half

trillion dollars in fact joe biden told

a group of house progressives today that

the bill will likely need to be between

1.9 and 2.2 trillion dollars

representative ro khanna said that it is

clear the bill will be quote

significantly less than the original

three and a half trillion dollar

infrastructure plan and when bernie

sanders was asked about this he said he

was not open to a 1.5 trillion dollar

package but really convincing bernie

sanders isn't what's most important here

what's most important is convincing joe

manchin and kirsten cinema joe manchin

has not ruled out being okay with a 1.9

to 2.2 trillion dollar infrastructure

package so we're starting to align that

joe biden's recognizing we're going to

have a smaller package joe manchin's

okay with a smaller package now we got

to make sure

the house progressives caucus chairwoman

and people like aoc are okay with a

smaller package because that smaller

package is going to have to get through

those progressives in the house as well

to make sure that it happens on both

sides

so far we have a counter offer from the

house progressives at 2.5 to 3 trillion

dollars and it's really interesting

because we're not really even debating

what's going to be in it it's all just

the top line number is what it appears

right now at least that's what we're

hearing in media so the chair of the

house progressive caucus countered with

2.5 to 3 trillion dollars joe biden and

joe manchin seem to be around 1.9 to 2.2

if we take the high here and the low

here we're within 15 of a deal 2.2 to

2.5 ish that's that's not bad we are

getting closer

getting closer than we have really been

at any point before and it really feels

like this is probably going to get

solidified around that two to two and a

half trillion dollar range despite the

fact that two weeks ago joe biden said

we will not

do a two and a 2.9 trillion dollar bill

that was 2.9 he said we're going to do a

3.5 trillion dollar bill i think he uh

realized the writing was on the wall

that his plan was going to fall apart

but wanted to maintain that sort of

facade of optimism that didn't go where

it didn't go anywhere i should say to

try to continue to cheer his

infrastructure package joe biden spoke

in front of a union today with

caterpillar trucks in the background

talking about the fact that we are at an

inflection point in america and that the

bills the two bills we have are hard

infrastructure package worth between one

and 1.2 trillion dollars and the social

infrastructure package now potentially

worth between one and a half and 2.5

trillion dollars we'll see instead of

three trillion dollars that these bills

are about competitiveness and creating a

rising america there's a lot of talk

about americans paying their fair share

especially millionaires and billionaires

which what's really interesting is it

this a lot of the references that joe

biden makes in my opinion are very

similar to what teddy roosevelt said

back when he was president in the early

1900s teddy roosevelt was known as the

trust buster a progressive reformer and

he wanted a square deal to make sure we

had fair deals for the average citizen

and the average business person i

thought this was really interesting

because this is exactly what joe biden

talks about with his interest in having

a fair deal between

workers the middle class and lower

classes and the upper class the

millionaires and billionaires making

sure that millionaires and billionaires

pay their fair share and fair tax rates

joe biden spent a lot of time talking

about not progress updates on how

negotiations were going but how

important it is that we lead the world

in electric vehicles we build hundreds

of thousands of charging stations that

economists agree we're going to create

jobs he references that moody says we're

gonna create two million jobs but he

doesn't reference the fact that the tax

foundation thinks his three and a half

trillion dollar infrastructure plan

would actually lose us jobs joe biden

says his hard infrastructure package uh

would

create jobs where 90 of the jobs we

create don't require a college degree

and they can't be outsourced and he

wants to make sure we can do whatever we

can do to finally get america on the

path of having better infrastructure

building new electrical lines and

getting rid of lead

based

water pipes or or pipes that contain

lead in the metal alloy

so joe biden mentions also very clearly

that there is no gas tax increase on the

infrastructure bill this is because

there's a lot of murmuring in social

media that there's going to be a gas tax

increase joe biden made it very clear

that there is no gas tax increase in the

infrastructure package and that he

doesn't think that a gas tax increase

would be fair because that would lower

or that would increase taxes on those

making less than four hundred thousand

dollars which something he's promised

not to do now he also says that it's not

fair that millionaires and billionaires

are paying taxes at lower rates than

normal american workers are or average

earning american workers are this is

obviously a reference to the fact that

corporations currently pay 21 in taxes

but a lot of americans pay somewhere

between 25 to 37 percent in income taxes

now it is also worth noting that

corporations pay taxes twice you pay

taxes at 21 at the corporate level then

profits go from the corporations and get

distributed to shareholders and

individuals and then they pay taxes

again in the form of capital gains taxes

and when you combine that double

taxation you tend to pay more taxes

going through a corporate and then

dividend tax structure than you do if

you were just receiving money directly

like individuals do that usually doesn't

get mentioned in politics though that

double taxation also some folks say well

but some people they just invest in

stocks and only get paid in dividends

they're they're not paying that

corporate tax the corporation makes

money and they just get dividends and

they live off the dividends that's fine

but at some point that money was taxed

before it got invested

generally there are ways to never pay

taxes and joe biden is trying to close

those loopholes as well like getting rid

of the perpetual 1031 tax deferred

exchange and then the stepped-up tax

bases joe biden went as far as calling

himself a tax or i'm sorry a capitalist

to to make sure that things were fair

but that way we were still spending and

investing in our economy but in this

particular speech joe biden did not give

us any particular negotiation updates

all he mentioned is that you should get

life insurance in as little as five

minutes by going to memkevin.com life

link down below and you can sign up in

as little as five minutes

obviously you didn't say that but anyway

let's keep going now aoc has actually

chimed in on this and this is something

we've talked about before as being

likely to happen she says quote one of

the ideas that's out there is fully fund

what they want to do but instead of

funding it for 10 years just fund it for

five now janet yellen says that we

should not consider the idea of the

treasury secretary borrowing more money

to pay off the debt she's doing this to

sell the idea of the package right hey

it's not going to cost us anything let's

get this done so that's where we stand

right now is we are compromising on the

top line number and we're actually

getting closer in my opinion this is

bullish for the stock market this is

good for investing because we're going

to see uncertainty evaporate remember

jobs data this friday cpi inflation data

next wednesday then we're going to get

this infrastructure plan and debt

ceiling issue done then the ever grant

issue is going to be in the past what do

we have left then what the taper of the

beginning of november to look forward to

which we already expect is going to

happen a big deal

and uncertainty is evaporating in the

markets it's a good thing we're finally

uh looking like we might be able to make

some progress here and i'm excited about

that thank you so much for watching

folks and we'll see you in the next one

bye

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