NEW FLIP in the Debt Ceiling Crisis

many updates just out this one most

recent here an append or pre-pen since

we're putting this at the beginning of

the video potential development here

that Republicans may be easing their

demand to boost defense spending and

instead just keeping it levels where the

Biden administration had them but the

more interesting one is potentially

rather than pairing back money from

rental Aid or SNAP food program benefits

or work requirements for recipients of

uh essentially government support rather

than potentially pairing as much or any

money from that back Republicans are now

potentially suggesting hey you know what

you know how we authorized 80 billion

mostly uh Democrats did you know how

y'all authorized 80 billion dollars for

thousands of new IRS agents

since you haven't really used that all

that money yet since you know it's for

multiple years how about uh we pair that

back by about uh 20 or actually 25 20

billion dollars let's pay her back by 20

billion dollars and uh maybe then we

won't demand any cuts from your food

programs or assistance programs that's

great news for anybody relying on a

support programs to try to get back on

their feed or however and it's also

great news for millions of Americans who

are like the last thing we want is

another call from the IRS I don't even

want another letter from the uh the r

and the rest

anyway let's get into some of the other

updates but this is a breaking one that

in editing came out and that's a pretty

big flip right here especially since

everybody's been caught up in work

requirements and that the flip is now

cut this is great this is great I think

this weekend will be very fruitful but

never have too much hope for Congress

they don't work as hard as

us Americans

they're taking off today

because you gotta have four days off a

three-day weekend isn't enough well

we've got another debt ceiling update

you've got a Fitch ratings agency

complaining that we're going to have to

lower the United States's credit

standards because well we're getting so

close to the brink again this is exactly

what happened back in 2011 when our

credit rating got reduced leading up to

the debt ceiling crisis and and this

partial government shutdown we got with

TSH agents not getting paid in federal

Parks shutting down it was a lot of

volatility in the stock market

everything ended up just fine when they

passed the bill just brinksmanship and

political nonsense but it's important to

know what the latest updates are because

it's worth remembering the treasury

Department did send out notices to

United States departments asking them to

basically say what's the latest they

could start taking payments from the

treasury in other words how long could

they make their existing budget go

without getting another payment the

treasury Department is preparing to

basically fund the government with

pennies by the day which is pretty wild

because is if we do strike a deal this

weekend which is what rumors are

circulating around that the framework

for a deal could be in place this

weekend we do have Memorial Day on

Monday where the stock market will be

closed but then we'll be following up uh

with uh really we'll be going into June

uh next week already and uh and the

potential start of the X date when the

treasury Department will run out of cash

is June 1st at least per Janet Yellen

the Secretary of the Treasury and uh

basically abide admin puppet at this

point uh Goldman Sachs and many on Wall

Street think the X8 is closer to the

sixth through the 12th and then the

treasury does get an influx of cash

around the 15th from tax collections but

what's very important is that if we have

the framework for a deal this weekend

and we end up passing a deal then the

Market's going to have a big negative

Catalyst behind it this is very exciting

now here are the latest updates from

McCarthy McCarthy just spoke with

reporters uh just minutes ago he said

that there are some issues still

outstanding on a deal and that

negotiators worked well past midnight oh

my gosh they worked past midnight I feel

like any entrepreneur or hard worker

watching this has had a long night

before it sounds like not a big deal but

anyway what is interesting is McCarthy

says quote a couple of issues remain he

says quote not everyone will be happy

with the current deal McCarthy told his

negotiators to work 24 7 on the issue

this is uh partly political because he's

trying to contrast to Joe Biden

suggesting ah Joe Biden's not taking it

as seriously but anyway yeah he says

there are still some outstanding issues

uh however he's not worried about the uh

rating or a potential re-rating from uh

Fitch and uh ultimately it seems like

the framework for a deal is in place now

that's that's pretty exciting that means

we're getting really really close uh to

getting this deal done which is

fantastic uh it uh it is an indication

that uh we are uh I mean I don't know

how well the stock market is positioned

for the deal getting done because

there's so much fear there's so much of

a belief that we are going to develop

because a lot of people are suggesting

that we need to default which is pretty

remarkable because that's probably the

worst thing we would expect uh from from

our government is actually to see a

default but this is the latest from

McCarthy if we jump on over to wappo

they seem to be pretty uh uh you know

resilient in their coverage here and

their latest coverage talks about uh

demo Democrats voicing frustrations over

Biden's approach to dealing with

Republicans worrying that their

priorities aren't being championed

enough and that Biden isn't forceful

enough now this is really interesting

because on one hand you have McCarthy

saying ah Biden's not negotiating enough

and now you have some Democrats going oh

Biden's not negotiating enough but

that's actually a sign that Biden's

probably trying to reach a realistic

middle ground when you reach a realistic

Middle Ground the people on the far left

and the far right are going to be pissed

uh so let's see here a house uh the

house is encouraging Hakeem Jeffries the

minority leader to attend meetings to

see how basically well Biden is

negotiating

uh

uh White House is keeping negotiations

behind closed doors

it's my expectations that if Republicans

continue to play games with the American

economy threat and default and drive us

into a very dangerous situation Jeffrey

says

that we'll hear from the administration

if not the president himself

but so far they haven't that's an

interesting argument they're basically

saying yeah we're not we're not hearing

much of what's going on but since it's

not bad news maybe no news is good news

okay

uh Biden has not held a public event

regarding negotiations since uh late

Sunday

and obviously today's Thursday uh he did

comment on the negotiations while in

Japan you've heard multiple times from

the president over the weekend but

beyond that it's been relatively quiet

relatively Silent People Say Democrats

on Capitol Hill want to want the

president to frame Republicans as

extreme hostage takers of the debt limit

uh when the reality is most Republicans

are trying to make the argument that hey

like if we can't negotiate the debt now

like when are we ever going to negotiate

spending and budget cuts

so a fascinating

that advisors want to escalate the

debate the White House on Wednesday

afternoon accused Republicans of trying

to actively harm their own constituents

I mean yeah but you hear this kind of

nonsense political jargon all the time

every if you're a republican every

Democrat is trying to kill you and the

economy if you're a Democrat every

Republic is trying to do exactly the

same thing it's wild but anyway look I

think overall this this is all trending

towards very good news not bad news so

I'm happy about this uh looking at uh

some other uh Capitol Hill coverage we

could go to the hill or Politico

uh let's see here

um so we've got debt seal a debt ceiling

deal appears to be coming in close this

is a political piece that just came out

about uh 20 minutes ago

with it with seven days until the

earliest possible fed default the

default of the deal appears to be

getting closer multiple people close to

the talks told political that

Republicans at White and the White House

are closing the gap on spending levels

critical part of negotiations

Republicans are eager to show real

progress before members hit the road on

Thursday for Memorial Day weekend even

if negotiations fall short of a deal

despite the movement one person briefed

on negotiations say the two sides are

still tens of billions of dollars apart

well if I remember anything from the

days of covet tens of billions of

dollars on an annual budget for the

entire United States government is

actually really small

uh Republicans are I know that sounds

crazy but it's like a rounding error

uh Republicans are eager to show real

progress okay we already read that I

think we made some progress fine seems

to me that there's a resolution that

involves the spending freeze to certain

whatever

whatever whatever together uh progress

is being made on two of the four pillars

on a deal laid out spending caps in

energy permitting uh basically have

reached a deal the required pillars left

to negotiate are tightened work

requirements for food Aid recipients

that's really been slowing down uh

progress and negotiations and the

clawing back of unspent covered dollars

so I mean these are like you know 30 to

50 billion dollar uh discussions here uh

this to me this is actually very

optimistic this is a sign that we

probably have a deal in place right now

if we needed to have a deal done right

now we could now it's just the leftover

junk that needs to be cleaned out

uh you've got an update here 11 minutes

ago

uh Democrats seek unlikely debt ceiling

savior from the hill Mitch McConnell

well these these headlines are just

ridiculous anyway uh with time running

short and the danger of the National

Default growing Democrats are hoping an

unlikely savior will come to the rescue

Mitch McConnell of Kentucky Democratic

lawmaker Sam McConnell and other

Republicans are fooling themselves if

they think McCarthy is in a position to

reach a debt deal with Biden they

believe McCarthy is under tremendous

pressure to not agree to any Deal

Democrats would accept because the house

rules allow for one disappointed

conservative to offer a motion to vacate

the speaker's chair basically to fire

him now Senate Republicans are putting

their heads in the sand if they think

that extremists in their party will have

a change of heart if McCarthy is forced

to choose between holding power or

taking us closer to default we know he's

going to move us closer to default yikes

uh so now they're trying to get

McConnell to negotiate a deal with the

quote reasonable Republicans oh dear

McConnell I would have never been con I

mean this is wild they're now calling

McConnell a reasonable Republican

maybe he is maybe he's changed I just

think anybody who remembers the kova

days so frustrated by Pelosi and

McConnell we're so like Shell Shocked by

hearing those names uh it's politics

they don't want to blame it on the

speaker blah blah blah conservative

Senators caught off guard when McConnell

proposed that Democrats could move

legislation uh without a GOP filibuster

to raise the debt ceiling in 2021 and in

an interview with the Wall Street

Journal last week he agreed that

McCarthy would be uh the point person in

negotiations but that he would also be

involved bloody bloody bloody bloody

bloody okay well there's your debt

ceiling update and uh quite frankly it

sounds very good I'm very happy about

that and uh I'm very happy to also

announce to you that June 1st is just

around the corner it's just about five

six days away here from uh uh the uh not

only the AI sectors releasing but then

uh a big big big increase in the price

since all of the value will be present

now so we're still on pre-sale for the

how to make more money and get sh 19

done faster course obviously uh you can

check out the other programs as well

bundle them up if you want to email us

for a bunch little coupon code send it

to staff meet kevin.com for the fastest

reply staff at me kevin.com

[Music]

foreign

[Music]