a significant shortage of cans and it looks like a good chance to pick up a solid company to reduce price. jack: it can shortage, thank you for grabbing that, carlton and jack great ideas. check out this edition of barron's.com don't forget to follow us on ♪ ♪ ♪. larry: hello everyone, welcome to "kudlow". i am larry kudlow, here we are friday night let me say unfortunately, go woke, go broke according to the budget office through june total federal debt to the public is $21.7 trillion. total debt itself which includes enter government transfers like social security trust funds and so forth comes to $28.5 trillion

call at 100% of gdp a nice round number, by the way this is under current law and the c.b.o. estimates federal debt in ten years will be 35.8 trillion that by 2031 that is the tenure forecast. that by the way does not include the biden spending proposals which could be three and a half trillion or maybe 4 trillion or maybe 5 trillion or maybe more if they're willing to crank up the woke, the ceo also estimates the government will spend more than $60 trillion over the next ten years, that is current law or current services does not include any new biden proposals, i'm very impressed with the 60 trillion over ten years will collect $6 trillion a year, only a few years ago we were spending $3 trillion a year, that is a double in just a couple of years, very impressive, to my

way of thinking the most troublesome aspect of all of this is twofold. first, government spending brings government regulation. that is so important, the massive multi thousand page bills, hardly anyone knows what's inside the legislation before or after it is passed, have many, many strings attached to them, strings are regulations in the regulatory avalanche chokes off business activity of all kinds, in other words it creates a supply-side obstacle, what happens, even the same amount of money created by the fed will be chasing fewer goods because the production of goods and services will be blocked by the new massive spending regulatory state. second point, so much of the new spending we have already had in the covid really packages and

virtually all of the new spending proposed by team biden and the progressive woke left our cash payments, transfer payments, entitlement payments, none of this has worked requirements or any employment incentives. overly generous unemployment benefits causing a massive wave of small business complaints because they can't find enough people to fill job openings, that is the tip of the iceberg, then you plug-in another $3 trillion of new cash benefits for entitlements and you're going to have a larger number of able-bodied people who will stay home because it will pay not to work, that of course weakens the economy. we need faster employment growth plus rapid productivity growth in order to boost out potential to grow from 2% gdp to back over 3% which it was for 50 years up

until the year 2000. i haven't even gotten to the negative effects of across-the-board tax hikes investment on business, blue-collar middle-class, death, foreign profits, all of that creates massive obstacles to grow they are disincentives. companies that pull back as they must blue-collar will decline and so will average family incomes, that of course is another hindrance to grow. a lot of my conservative pals are arguing that out-of-control federal spending is causing the rise of inflation, not exactly. but not wrong either. let's say more or less at third to a half of the cpi inflation spike to 5.5% over the past year, let's say that comes from one-off shocks related to pandemic recovery, supply chain, shortages, nonrecurring commodity increases and so

forth. we've learned however, federal spending multipliers are very weak in terms of the economic impact, they are probably negative. it actually reduces the economy over time. but as i said a few moments ago spending comes a jump in regulations and the employment dropout rate all of which means the economy is producing less output which when matched against the money supply, that leads to more inflation. it's an indirect, negative supply effect. that's the single biggest problem we face, more important the deficit, more important the debt is a rapid increase in spending in the massive expansion of the regulatory state, of course tax hikes are going to make it all worse. it is good to know that some republicans are calling for spending reforms.

house democrat republicans are looking at spending caps which i think would be a wonderful idea. we had spending caps before and they work. when i was a toddler working in the reagan administration we had the famous reagan bill, phil grant and warren rudman to republicans and former senator fritz tolley of south carolina democrat back in 1986 actually got legislation to put caps on spending whereby if those caps were violated the budget would suffer across-the-board spending cuts that was the sequester, there was real spending cuts from the level of spending not the rate of increase, it works. it brought the budget down and help bring the deficit down. similar caps are put in place in the mid-90s during the gingrich congress years. but unfortunately in recent

years we had budget deals with spending caps that were violated. and just for good measure there violated on a recurring basis every year they caps drifted higher along with the level of spending which is another way of saying there was no caps. i don't actually know if this congress is constitutionally capable of budget caps or sequestration, it is worth a try because the woke budgeting is more than an abject physical failure it is a book denigration of the finances of the greatest economy in the world. and we cannot have that. go woke, go broke is a bad slogan and it really needs to be fixed. now, fortunately i'm always looking for the good news reagan used to say you've shown me the manure, where's the pony.

i got me a pony, jason smith i ranking republican on the house budget committee and he's looking for conservative six, welcome jason. i'm reading about you and some of your colleagues and your actually talking about bringing back budget caps and i presume or if not i will encourage you to include the penalty of sequestration if those caps are violated. so congrats for the thought, tell us what's going on actually. >> it's great to be with you, if we don't do something about the excessive spending and put some kind of statutory requirement of budgetary caps and you have to have a penalty without weather sequestration or whatever can be agreed upon, we have to do it, you're looking at the presidents budget that has came out $69 trillion worth of proposed spending over the next ten

years, that would lead to averaging $1.3 trillion a year, this year having the deficit over 3 trillion we've got to do something. as you can see and as you been talking about we are in a crisis right now. larry: let's back out some of this as i tried to explain and i had a great conversation with art laffer about this this afternoon, the federal spending is bad but by itself it doesn't necessarily cause inflation, those are just multipliers and they don't do anything they don't boost the economy or aggregate demand we learned that through obama years. but it's a regulatory underbelly of all the spending that clause the wheels of commerce and cuts back on the output of goods and services, then you have the same money supply as goods and services i think my problem mick

mulvaney was on the network earlier today or yesterday saying something similar. that is the problem spending leads to regulation, regulation leads to more inflation like backdoor supply inflation that's why i want you to fight like hell to get reforms on spending. >> i like what you said, spending leads to regulation, you had it right in the trump white house were 22 regulation for every new one created. that's what helped grow the economy, you dangle out the federal dollar, that creates the incentive to try to get more command control over the lives and livelihood of families, small businesses and farmers and that's where the regulation will come they will say how you can spend it, what you can do with it and we sell in the $1.9 trillion biden bailout, some people called it a covid package which it really wasn't

coded and had all the guidelines, requirements of how that money could be spent weather with state or whatever it was and that was causing such a disastrous impact to our economy right now and making the cost to put food on the table or close on your back or gas on your car is all for working americans. larry: i don't want to go there tonight but we looked at this, you probably know this, some of those eligibility requirements were racial, they had racial requirements for various loans and things of that nature, home mortgages i was reading about yesterday and so forth and so one it is even worse, let me ask you this are your colleagues, are you going to put something together concrete proposal i notice you have people that are with you on this maybe would spread to the senate budget committee, republicans budget caps it sequestration is a big deal and i think the public

would welcome it. >> i think the public would definitely welcome it, the public knows what it is to live within their means and balance budget, they want physical restraint i was happy every republican member of the budget committee that i lead was more than happy to sign on to this letter calling for the physical restraints and i think you will see a might come out of the senate budget committee as well that led over by lindsey graham, we have to do something to get our fiscal house in order and the clock is ticking, the debt limit expires the end of this month, now is the time for the democrats to get with republicans and figure out a way to try to stop this uncontrollable spending. larry: really quick lightning fast, on the debt limit it expires july 31, that was the suspension deal, by pelosi and

my pal steven mnuchin, that expires july 31, we have resources to continue to borrow money but in a quick sentence what will happen or what do you want to happen. >> basically we will be able to operate and pay her bills to mid fall which the left over money from covid and other things but waiting to get together and pass an agreement to put the physical restraint on our spending. larry: can't you get this in the reconciliation bill, the budget caps? >> you absolutely could get that within a bipartisan agreement, it needs to be done they will have to have ten republican senators to go along with an increase or suspension of the debt limit i think they have to get with us unless they want to do it purely alone on a reconciliation package with 51

votes, if they do that they will have to do it on an exact number if they increase the debt to 34 - 35000000000000 whatever they decide which is very scary because that allows them to continue to raise the government credit card. larry: a good fight, jason smith, thank you. i hope you come back and talk about this. larry: biden says it will lower inflation, more spending will lower inflation, does not add up. my pal liz peek is here and she will discuss and help walk us through and also i got a biden credit he's tough around here but getting tough around china, might be tough on taxes. anyway i am "kudlow", plenty to do on a friday (struggling vehicle sounds) think premium can't be capable? think again. ♪ (energetic music) ♪ ♪ ♪

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♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ >> so if larry: if your primary concern is inflation you should be more enthusiastic about this plan. >> today a wall street therm not a liberal think tank says if we pass the other two things i've tried to get done we will in fact reduce inflation, reduce inflation, reduce inflation. larry: stateen again. president biden saying spending to brings down inflation, makes

sense to me butnt it makes uttey no sense to me i just met fiveil or six minute rift on the subject, joining me too help me through this, i need help liz peek fox news contributor and columnist and hill, columnist. more spending will bring down inflation, right, everyone knows that, that's an easy one. >> i think it is magic if you say it three times it's like the wizard of oz, maybe it actually takes hold. larry: the which is click their heels three times, that is fabulous. >> infrastructure program over a long period of time could resolve bottlenecks and make the country in various aspects more efficient and that can be theoretically a way to lower cost i will grant you that but how long does it take to unplug accord by increasing its size how long does itin take to help

traffic moving in out of new york by building a new bridge those take years and even a semi conductor facility to ease the shortage of semi conductorsg te forever this is not something that will impact prices that consumers are paying this year or next year or probably even in 2023, joe biden is delusional if you think that's going to help with inflation, particular between now and the midterm election where democrat strategist are saying inflation is a big problem he can click his heels three times in which t it away, and will not happen and on the other side the theory and have trained dollar bill that just increases consumer demand by putting out enormous amounts of welfare payments and programs in the kinds of things that are boosting demand and i think it's an extremely poor idea. you mentioned earlier artve lafu saying the government spending doesn't necessarily boost

inflation, i would agree with that when the economy is in a recession and make sense to boost spending to help with demand. right now the economy is growing at sevenoi or 8% what are we dog fueling more demand and printing for trig and dollars a year of new money, it is insane. larry: the thing what so worrisome from a supply perspective is the regulatory strings attached to many of these which will block goods and reservices production.he and we are creating employment disincentives which means the workforce will not be as large as itis should be, that is also inflationary indirect sense. let me move on. i'm kind of impressed biden had a slow start on cuba, first they said it was mismanagement problem then they remembered

communist country that seizes the memes of production and choose people who have no freedom of speech. but biden slaps new sanctions on cuban officials for human rights abuses and try to make internet access possible. they are aat little late but they're getting it tough on cuba, how do you get that. >> the sanctions are meaningless and are ready in place and it will deter the officials from doing trade with american, institution banks, american companies that is already there. they are totally toothless. in terms of allowing the internet and making internet available to cuban people, if we could do it we should've done a week ago. i don't know why we wouldn't immediately jumpou on that, the internet should be available to all people everywhere including conservative americans. what should be be doing? the equivalent of tear down that

wall would be opening our arms to cuban refugees, put the regime on trial and say were willing to take people unhappy in your country, if there out protesting instead of shooting them allow them to immigrate to the united states, biden will do that and he hasn't had support from democrats, because 50% of cubans vote b republican and they're very committed voters unlike a lot of his hispanic. larry: that is a great point, put them on notice and shame them instead of having the you and investigate racism let's publicize the cuban outrage to the rest of the world. the last one the chinese communist government has sanctioned a number of americans my friend wilbur ross the former secretary of commerce, colleague of mine wasas sanctioned i'm kia jealous i wasn't sanctioned i feel left out but they're

getting tough and on the other hand team biden is underscoring their investment restrictions and so forth do you think biden is being tough enough on china? >> i do think it's possible to be tough enough on china, the myth sees of this country know no bounds in the ambitions of china and xi jinping is frightening the entire world. i did think it was very positive that joe biden got her allies on board to confront china over the origins of the wuhan virus, that didn't go down very well because it wasn't done immediately. i don't think we'll have a problem getting our allies on board for sanctions or import fees or anything ofoo the sort, there's too much money at stake follow the money on china and relations of policy and i'm afraid that's what speaks

loudest. larry: this is tricky business, we undoubtedly prefer free-trade but would china trade is not really free. so catherine tie is the trade route and she wants to keep the trump tariffs, there's 350 billion which we kept to help enforce the phase i deal which i don'tea even know where the deal stands janet yellen is going to oppose keeping the tariffs on, at this point what would you prefer? >> i think tariffs thatag encourage american competition with china are just fine and by the way they also encourage american companies to go elsewhere for sourcing, as you know chinese wages have gone up dramatically over the next two decades because of foreign companies coming in a building facilities, now you can manufacture in turkey and mexico and vietnam, thailand, other

places and american corporations need to be pushed to diversify their sources so were not so depended on china, as for specific, if they help in that goal, they are very worthwhile. larry: liz peek we cannot thank you enough, terrific stuff. more spending equalsll lower inflation, anyway back to "kudlow" freedom caucus calling on kevin mccarthy to remove nancy pelosi as speaker after she vetoed jim jordan from the goofy january slick and hogan gidgly select committee jim jordan come talk to us, how about the cleveland guardians what is that, we will tell you, we're "kudlow". ♪ ♪ when i was young ♪ no-no-no-no-no please please no.

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larry: the house freed larry: freedom caucus is asking kevin mccarthy to out nancy pelosi as speaker after she picked on my friend jim jordan she's always picking on jim jordan who is right here. what did she have against you, did you run over her dog or is there bigger issues? >> there is one issue and that is politics we know january 6 committee is about politics. one more time to go after president trump, get to be with you but yeah that's what this is, frankly what else are they going to talk about you were just talking about inflation, everything is up the gas, eggs, milk, bread, lumber, airline tickets, they can't talk about that they can't hike about crime inhe urban areas because they defunded the police, they

detoxed the police and they can talk about the border, think about this march was the worth month on record for illegal crossings until april april was the worst until may, may was the worst until june that's what you call a bad trend, theyon have nothing else to talk about so they will continue to go after president trump and focus on gin racing's committee. larry: i think all ofs that stuf is a distraction and as well put in the long and short things are not going well for biden woke progressive left pelosi policy you have inflation and as you mentioned you have the border in the whole defunded policing has turned into a political catastrophe. i agree this is distraction and nonsense. >> this is probably the worst six month start to a presidency, certainly in our lifetime i've

never seen anything this bad, inflation, the border crisis comedy from the police not to mention he's in the middle east and joe biden comes in and thousands of rockets on hero allies in israel. you can go on and on this is a terrible s start they have nothg else to talk about, their old playbook bob mueller impeachment one, peach me too and this is impeachment three and the only play is to attack president trump i don't think it will fly now. there is one question thater nes answering and that's why she kickedes us off, the question ws why was there proper security present that day. we knew there was a big rally, it's not like we didn't know that or when president trump has a rally a lot of people come on in the rank county ohio. why was it that the proper security, my hunch because what happened last summer, democrats no normalize anarchy basin if you're a writer, looter you attack police and destroy small businesseses and hurt innocent

civilians we will defund the police and raise money to bail you out of jail withh that backdrop and background and made it tough to say we need more police on january 6 and the national guard that's a question that needs to be answered, i don't think they will answer on this committee i think they will go after president trump. larry: can you stop the committee, can it be stopped? >> they may try to add a couple of other people and make it more democrat and focused on what after president trump will do her own investigation the senate has done bipartisan investigation and said here's what should've happened and we need to do in the future but she doesn't want to look at officer evans who was run down on easter weekend on the senate side capitol hill police officer hit with the car, she don't one look at that in thehe overall securiy she wants to focus on attacking president trump. larry: some of these republican

house members do not like trump but why did they willingly go t along with pelosi. what is the point of that, trump is not the president now. in other words liz cheney is out there, i don't want to go there because her father is a dear friend and she's a friend but some of the other republicans, forget it let's go beyond that, that's what i love what do you say, your message, they do not want to talk about their failures of policy in the first six months, they've gotten off to a lousy start and headed for a republican midterm sweep, they will do anything not to talk about it and i think every gop house member should get that. >> went back the house and the senate so we can stop allo the crazy economics the four dumbest thing that you can do they continue to lock down their state, they spend like crazy and pay people not to work in the hard-working they get ready to

raise their taxes for of the dumbest ideas i think about buta that the economic plan and we need to win back the house to stop then help regular working americans that were doing great under president trump you know under your policies and president trump policies they were doing great, they were saying i did ace bargain for all of this everything is up to getting ready to raise my taxes and hikes it up more, they are paying the people not to work which means money is going for them. people don't like that, that's what we've got to stop if you talk about that i think you're right. larry: the stupidest thing we've heard is biden saying he will lower with more spending and taxing andpe regulating i cannot resist. anything, he's going to have a textbook. i cannot resist, i'm a big baseball fan i know the yankees hosted boston, we have in cleveland which is someplace near your district the cleveland indians since 1915 are now the

cleveland guardians, i don't really get this, i don't really like this, donald trump, they called it a disgrace, he said it's offensive to many indians of our country this will destroy the culture and the history woke stuff? >> yes sports was the one area where you could go that you did again politics the one page of the paper you could read where they would cover the winners who won the game, who got the winning hit in the winning basket you talk about the winners it was apple pie now sports is become political and the american people do not likee it and it could be a little worse, it could be cleveland baseball, at least they have a name, it's ridiculous and i'm tired of the left, he said the

left ruins everything in touch, the left controls big tech, big media, big corporation and now they control hollywood higher education in the white house and the congress in bureaucracy now they will control big sports. the america people said the one place i go that i did again politics i see who win the games, his plane hard, who's doing what and now that's political. larry: the cleveland guardians, calm on. that is going to be hard to swallow, they should've went with the cleveland baseball team, that has a little more elegance. dan snydereg in washington.the redskins but at least he didn't go to the washington guardians. i can't do it, i love you, great stuff. a wonderful message. up next on "kudlow" democrats want to cram amnesty into reconciliation, the question is can republicans block it, they

need to, we will talk to hoagland gidley and katie miller of what the gop could do to throw themselves in front of the train. right afteraf the break in justa right afteraf the break in justa moment or there's an america we build and one we explore. one that's been paved and one that's forever wild. but freedom means you don't have to choose just one adventure.

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larry: so a larry: question for the white house can republicans stop democrats from putting amnesty into reconciliation and should the majority of senators walkout, texasin democrat style joining us to discuss katie miller, former director for vice president pence and hogan gidley former white house press secretary, going first amnesty in the reconciliation bill i don't know the numbers i've seen 150 billion tossed around what it would cost to achieve that i guess it makes it a physical issue but what immigration is doing in a budget reconciliation bill is beyond me, you probably saw today the health secretary

javier becerra is given a primer on how the state can get medicaid assistance to illegal immigrants. katie, should they walkout? that's what lindsey graham is saying what do you think. >> the republican should've walked away weeks ago when president biden said they were tied together, the bottom line infrastructure is a gateway to higher taxes, the gateway to a goodiemo bag for democrats. it's never getting past nancy pelosi she made that clear every other day that she will use reconciliation to holding above not only all the democrats but republicans as well until republicans and whoever claims to be moderate or in this group walk away, republicans don't really have a chance. larry: i can think of 5 trillion reasons why this is all bad, i agree with katie, amnesty is one of them i don't know if katie

was talking politically metaphorically or does she want tthe republican senators to tae their feet and walked out of the chamber no quorum, no vote, is that what we should do, mitch mcconnell doesn't say, he's not there, what do you say. >> i think you should stand upth and fight if you're not at the table you're on i the menu. what you are both missing in this argument, illegal aliens are now infrastructure, i guess we heard the rhetoric from joe biden and kamala harris and sworn into office, on and on the border isou wide open and when u get here you'll get a hamburger, plane ticket and bus to get in shape you into our american communities taxing our already strained education system in our hospital system et cetera et cetera that's a clear problem, we know this will impact this country negatively limits time for the folks in the house and senate to stand up against it and offering them free

they'rere, of course gonna flood the board and they have in record numbers. thankfully this is the main issue that pulls the worst for joe biden and if they understand what's good they will run faster than the republicans because the american people do not want to because they know is detrimental to their very livelihood. larry: i agree with all of that and i agree with the analysis but we still have not answered do you want gop senators to stand up and follow lindsey graham out of the chamber, maybe he goes to the golf course or a poker game, it's hard for me too know but do they physically get up and walk out? >> i guess it's falling in the footsteps of the texas democrat when national media heroes the

message heroes for leaving the state and taken off on the plane without masks traveling with covid passing it around and passing into nancy pelosi's office, it is a shame politics have gone to this and it's a shame we can't do what we say will do because infrastructure 10% is roads and bridges and i don't know what to do anymore when democrats say is our way or the highway, we should just take the highway on this. larry: your point, when oregon republicans walked out in the legislature they were blasted by the media but when texas democrat brought that they were praised byfr the media freedom fighters or something like that that's a problem you lose the media but who cares if you lose the media, make the fight right up until the very end make the political arguments every place on the floor, on the tv shows they're all welcome on this program and lots of other programs on this network and

others make the op-ed fight and if you have to the day of or before sitdown and talk about them. >> are you telling me that the mainstream media covers democrats more glowingly with more circumstance and phrase than republicans? is that what you're trying to tell me, all three of us on the show, we live this for decades watching democrats do what they do and watching the media andng absolutely praise them for doing it the hypocrisy knows no bounds with the mainstream media and the left and they will continue in this form and fashion if republicans walked out, lindsey graham was my senator i lived in south carolina for 15 years and if he walks out iho would love o see the media try to blast him as being cowardly for doing it when you have the position of how they treated the democrats as katie pointed out and praise them as heroes of being brave

and i'm fairly certain the word bravery has taken a hit since normandy if you consider getting on private plane flying across texas to d.c. from mormon strength and bravery. larry: this can be lindsey graham finest moments i'm not sure, katie miller terrific stuff, hogan gidley wonderful stuff. next up the stock marketot is ht with 35000 on the dow. if things are so bad why is the market so good and we have noned other than jim iuorio to tell us what is happening. the best of the experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing. this past year has felt like a long, long norwegian winter. on the 2021 rx 350.

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investment icon and great friend ofy mine said yesterday or the day before at current interest rates nothing is overvalued in the stock market, so my friend, what do you think of all of us. >> i like the evaluation and that's something i look at all the time and earning yield in otinvestable, you mentioned a lt of good things i'm going to point out one thing i'm going to get to the fact that i agree with you on the bull but there's one thing i did not like leaders like microsoft and google and the nasdaq, i think that's a tiny bit of a worry that could be some lockdowns in the future if the russell was leading but the smp did find two both being in the nasdaq and when they rejected those on monday and finished higher, i know we like to talk about the fundamentals but to me at some point the

fundamental picture has its failing because those prices i keep rising the story has not changed that much but the story is still pretty good the stock market wants inflation if they can convinceo themselves that te government can ignore it, we heard from the president two days ago he said three-point by trillion and other spending will reduce inflation, i think if you say it three times is supposed to make it true like dorothy going back to kansas. larry: that's what liz peek said, that is fantastic. all great americans remember the wizard of oz. joe biden had a senior moment with this. that's the way i'm going to write this off. as you all know fundamentals profits are soaring and the results are coming in very well but more important the future profit estimates are j very strg

jim iuorio, while the fed keeps up i don't know jim and kevin wrote the book 36000 unfortunately they wrote that 15 years ago but they're gonna come on the show, do you think it will hit 36. >> yeah i do run syllable, monday was tough and i said this is bad and everybody seems to be panicky but it doesn't seem to be that big of a deal if we make new highs on monday and the nasdaq and s&p i think we will go higher. go higher. larry:st jim iuorio, best of the ♪all by yourself.♪ you look a little lost. i can't find my hotel. oh. oh! ♪♪ this is not normal. no. ♪♪ so? ♪♪

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larry: it's great to be optimistic on aop friday night w 35000 terrific stuff a lot of americans are you a wonderful e. "the evening edit" starts now. ♪ elizabeth: the white housed today acknowledging that, yes, gun violence is on the rise across the country. another >> gun violence is on the rise another shocking shooting in our nations capital growing talk of action against that, what law enforcement has been warning for some time the historic rise and gun violence, drug smuggling and overdoses internation cities is directly linked to the border crisis, former washington, d.c. police detective, ted williams e, former acting i.c.e. director tom