good morning. i'm jose diaz-balart picking up another hour of coverage. it's 11:00 a.m. eastern, 8:00 a.m. pacific. and right now our eyes are on

the white house where president biden will put the economy front and center today. any minute, he's set to speak about his economic plan and our country's deficit. all this week he's addressed the pressure people are feeling at the gas pump, oil prices and infrastructure. it's clear why. with the midterms just 18 days away, poll after poll after poll reinforcing that old mantra, it's the economy. >> these gas prices are getting high. i don't know what i'm going to do. >> it's brutal. >> everything is so expensive now. everything. >> in moments, the message he's now delivering to anxious voters as the economic climate gives republicans a growing edge heading into november. plus, overseas, it was an economic plan that helped sink liz truss after 44 days in office. we'll have the latest on the internal horse race to replace

her. first, we're keeping our eyes on a federal courtroom where steve bannon is facing sentencing for criminal contempt of congress. he's charged with two counts after defying the subpoena from the january 6th committee. bannon arrived this morning to chants of traitor and fascist. he spoke briefly before entering the court. >> remember, this illegitimate regime, their judgment day is on 8 november when the biden administration ends. >> we understand there is a sentencing announced, four months in prison. joining me right now is ken dilanian outside the courthouse. also with us is msnbc legal analyst lisa ruben. ken, what's the latest? >> reporter: that's right, jose. the judge has sentenced steve bannon to four months in prison and a $6,500 fine.

but he has stayed that sentence while steve bannon appeals his decisions about what evidence to allow in in the trial. steve bannon will not be doing to prison any time soon. those appeals processes could take months to a year. four months in prison is the sentence. that is less than what the prosecution asked for. they wanted six months. they said they wanted the maximum under the guidelines. they asked for a $200,000 fine and they got $6,500. a significant sentence and the first time in history that someone has been sentenced after being convicted of contempt of congress. that's the sentence here today. four months for steve bannon. >> again, ken, immediate appeal to this? >> yes, he's already appealing. and the real issue on appeal is this question of whether he could use the advice of council defense, whether he should have been able to argue to the jury that he was just following his lawyer's instructions in refusing to comply with the

subpoena because they told him that executive privilege applied. the judge disallowed that because the case law in washington, d.c.,'s circuit is that that's not a defense. if you have a lawful subpoena, you have to comply. that's not the law around the country necessarily. and even the judge in this case acknowledged that was a close call and so he believes that bannon has some kind of a chance on appeal and so he's staying the sentence while bannon appeals. that would take many months. >> lisa, what does this tell you? ken was talking about the unusual nature of this. >> yeah, this is -- i mean, jose, this is an incredibly unusual case. one of the questions here was whether judge nickels had to impose a sentence at all or give steve bannon probation and there's only one other court to have considered that question with respect to contempt of congress. it's highly unusual to have a contempt of congress charge,

much less a conviction. and to ken's point about the appeal, the question in the appeal is what it means to willfully defy a subpoena that's validly issued by a congressional committee and whether willful means simply that you just willfully didn't appear or whether willful is that you were willful even if you relied on the advice of your lawyers. if bannon is right and it's proper for him to introduce the advice of his council, it doesn't necessarily mean he would win. it likely means he would have a new trial and the department of justice would get to unpack all of the advice that his lawyer gave him. the advice of council defense necessitates waiving the attorney-client privilege. >> and bannon also has, you know, more legal hurdles ahead, right?

he's set to stand trial in november for defrauding donors for former president trump's private border wall. >> that's correct. the case would exist in a different jurisdiction, certainly not in d.c. those are counts that have to do with conduct for which he's already been pardoned federally. i believe you're referring to a state trial in new york state with respect to his defrauding those donors. bannon's legal troubles are not over. but he's nonetheless defiant. he stood in front of court this morning and instead of being remorseful, as the department of justice indicated this morning and the court agreed, he has no remorse. he said that the midterm elections that are coming up are somehow going to be the end of the biden administration and biden regime. this is a person who will continue to pursue his allegations of election fraud and treat the january 6th committee with utter disdain and -- forgive the word --

contempt, jose. >> and so this sentencing today, the four months which as ken was saying, he's not going to jail as of right now. it just seems, lisa, i'm just asking, a $6,500 fine doesn't seem to be kind of a very high bar there. >> no, it doesn't. and i will say. i'm interested in whether ken agrees with this or not. i think the jail term here is higher than what i would have expected. judge nickels found that he had a range in front of him on each count. i didn't think he would impose as much as four months but i can surprised particularly given what we know is bannon's capacity to pay. when forced with the option of paying as much as $200,000, he only chose $6,500. that's not a large amount for a person of means as steve bannon is and as we know, jose. >> and so, lisa, is that something that a judge should

take into consideration when determining how much of a fine the person is going to get? >> not necessarily. but here one of the things that the department of justice pointed out is that steve bannon wasn't cooperative with the presentence report. meaning, he didn't even give the department of probation, which is part of the federal government's submission to the court about what sentence is appropriate, he wouldn't even comply. and one of the things that he said is, it doesn't matter what my finances look like. no matter what the fine is, i can afford to pay it. that's a defendant that is thumbing their nose at the process and it's the thumbing the nose at the process that i think a court could have and maybe should have taken into consideration in determining what the proper sentence should have been here, jose. >> ken, what are your thoughts on that? >> reporter: look, i think there's so many unusual things about this case, jose. one is, you don't generally see a criminal defendant who has

been convicted be so defiant and essentially as lisa said, thumb their nose at congress and the judicial system. at the same time, this was a misdemeanor in a courthouse behind me where they're dealing with serious felonies that carry years in prison. the guidelines called for six months. it's not all that surprising that the sentence was four months. the way we're all looking at this case, the implications here in terms of the january 6th investigation, there are profound implications for our democracy. but at the end of the day, what the judge had in front of him was a misdemeanor charge that carried a maximum of a year in prison on each count but sentencing guidelines that called for six months, jose. >> and, ken, there's some activity outside the court? >> reporter: i am not -- i'm limited in my range of view here. there's nothing on this side. but there's two different exits through which both sides can depart and we have cameras at both places, jose.

>> that's exactly what it is. thank you very much for that. sorry to lob that question to you and i didn't see the exactly where you were. i appreciate it. thank you for being with us this morning. meanwhile, we are still watching the white house where president biden will speak any moment now about the economy. looming over this, the electoral boost republicans are seeing 18 days from the midterms. kelly o'donnell is at the white house. also with us is business and data reporter brian cheung and host of public radio's "full disclosure" and a former biden campaign adviser. kelly, what should we expect to hear from the president moments from now? >> he's, i believe, running a little bit behind schedule based on our hearing from the pool reporters who will be in the roosevelt room with him. they've not moved to that space

yet. it might be a little bit of a wait, not jumping ahead of what the president is going to do. but the purpose of this is for the president to talk about his administration's economic plans and how they relate to reducing the deficit. something that he believes is a part of the policy decisions his administration has made that have reduced the deficit in part because -- and the biden administration doesn't always account for this publicly, the spending related covid that existed in prior years and certainly with the prior administration which encompassed a lot of government spending, that that has pulled back as, of course, we're in a different place with covid now. and so because of that, that is one component of deficit reduction. that, of course, is a big piece of the economic picture the president wants to tout. he likes to point to things like the strong job picture, that wages are still strong. of course, on the other side of

that ledger, inflation has been a persistent problem and the president has acknowledged that recession is possible, although he says not inevitable. talking about deficit reduction is something that really is a way for the president to try to speak to those americans who find themselves in the political middle and those who definitely are concerned about long-term economic picture for the country. republicans, that is often an issue they harness and the president -- >> kelly, i understand steve bannon is walking out of court. we have those videos. i apologize, kelly. let's go to the live pictures right now in washington, d.c. -- >> can't we all just get along? that's not my line. anyway, as you know mr. bannon was sentenced today -- as usual -- >> we love that -- >> as usual, the judge listened

carefully and entered a decision that he thought was appropriate. we certainly fully respect the judge's decision, but we'll be filing a notice of appeal, as the judge indicated. very grateful to the judge for thinking through the issues candidly and it's an extraordinary move to permit a stay pending appeal. it was the appropriate move. there are -- the standard is whether the case raises substantial issues that reasonable jurists could differ over, meaning, is there a solid chance for an appeal to be successful and there certainly is more than that in this case. i've said before and i would confirm it, i believe that the appeal in this case is bulletproof. the constitutional issues involved in this case are very important, but mr. bannon never got to tell the reasons for his actions with respect to the subpoena, never got to tell his story because the government insisted from day one on prohibiting any mention, any evidence or any discussion to go

before the jury as to why mr. bannon reacted as he did to the subpoena on the advice on counsel. thank you very much. >> your silence was noteworthy during the case -- >> his silence is at my direction. >> hang on. i want to -- by the way, i want to say one thing. i respect the judge, the sentencing came down with today is his decision. i fully respect it. i've been respectful of the entire process on the legal side. also want to make one other statement before i talk about a broader topic. more than any person in the trump administration, i testified before the mueller commission for more hours, i testified in front of schiff and the house intelligence committee more than any other person in the trump administration. all about the issues related to

russiagate is and all of that. i had lawyers who were engaged. they worked through the issues of privilege and at that time i went and testified. and this thing about i'm above the law is an absolute and total lie. now, more importantly, more importantly, the judge -- today was my judgment day by the judge. and he stated it for the appeal. we'll have a vigorous appeals process and is there will be multiple areas of appeal. as that sign says right there, can we have the vote sign? on november 8th, on november 8th, there's going to have judgment on the illegitimate biden regime and quite frankly that nancy pelosi and the entire committee. and we know which way that's going. either they've already been turfed out like liz cheney,

right, or have quit like kinzinger and other democrats, or they're about to be beaten like others, or they will lose their power and become a minority and nancy pelosi and all of them, this is a -- this is democracy, this is democracy. the american people are weighing and measures what went on with the justice department and how they comported themselves. they're weighing and measuring that right now and they will vote on november 8th. they will vote -- hang on. they will -- >> we noticed your silence -- >> can i finish? thanks. on november 8th, on november 8th, the american people will judge them and we will biden administration ends on the evening of the 8th of november. the department of justice,

merrick garland will end up being the first attorney general that's brought up on charges of impeachment and he will be removed from office. thank you very much. >> okay. so that's what is occurring just outside the courtroom. i'm going to go back to nbc's ken dilanian and msnbc legal analyst lisa ruben. ken, i guess in the first part of that -- i don't know what we would call that. the first part of that gaggle, the lawyer said that they respected the judge. apparently bannon said the same thing. but there is a bulletproof process under way as far as going forward. >> reporter: yes, he did say that. as lisa made clear earlier,

that's not at all -- that's extremely debatable to put it charitably. the justice department filed a brief this morning arguing that this advice of counsel thing was a red herring. when you look at the evidence in the case, he was using it as a shield. he never intended to comply. the record is clear about that. he thumbed his nose at the whole process. it wasn't about executive privilege or advice of council, he didn't want to cooperate with the january 6th committee and he didn't turn over documents. and so if they win the appeal, then there will be a new trial and all that will get litigated. and that obviously will take a long time. for that reason, bannon is sort of waxing victorious today. he has a four-month prison sentence and he was -- he's only too happy to have the megaphone and talk about impeaching the attorney general when -- if and when republicans seize control of congress. but he's still in some very

serious legal jeopardy. as you were mentioning earlier, this new york case, which is a fraud case, is -- we're talking about felonies which carry ten years in prison per count. that's a very serious criminal proceeding that he's facing and the trial date, as you mentioned, has been set for next november, jose. >> lisa, your reaction to what bannon's attorney started speaking about. >> yeah, first of all, jose, this was a master class in deflection and projection and to ken's point, what bannon was deflecting from is the very real legal jeopardy that he is going to find himself in, not only in new york, but with respect to this case. to the extent that there is a new trial and he wins on appeal, and i agree to some extent with david that there are some legal reasonings for thinking that the case law, as it a stands, won't necessarily stand the test of time. that being said, that doesn't mean steve bannon would win on a trial in the future.

in order to prevail on an advice of counsel defense, you have to show that you relied in good faith on the advice of your counsel. and there's a bunch of evidence here that would suggest that that reliance to the extent that steve bannon was in fact relying on his counsel's advice and not just doing whatever the heck he pleased, that's not a good faith reliance. and here's why, you have justin clark who is representing former president trump telling the fbi in a sworn statement, he wasn't meaning to exculpate steve bannon. former president trump did not believe that steve bannon was immune to the subpoena served by the january 6th committee. to the extent that he asserted executive privilege at all, that was for bannon to decide whether or not the two gentlemen had had conversation that should have been protected by executive privilege and at the time frame that was in question here, bannon was years away from ever having worked at the white house or having a position within the

trump political apparatus. there are really good reasons to question if executive privilege applied here at all. >> i thank you so much for being with us this morning to help shepherd us through this -- what we just witnessed. i appreciate it. coming up, we expect to see president biden speak this hour on deficit reduction. we're going to get a preview of that ahead. plus, who is going to be britain's next prime minister? can that person last longer than the 44 days liz truss had on the jobs? and why so many babies and young kids are ending up in the hospital. talk to a doctor about this respiratory illness that is affecting so many. if you've seen a child in that kind of distress with that labored breathing, it's the most terrifying thing as a parent because you're completely helpless. becausyoe u're completely helpless ♪ ♪ ♪

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and turning our attention back to the white house where president biden is expected to talk this hour about the economy. kelly o'donnell is at the white house. also with us brian cheung. host of public radio's full disclosure and jessie moore and a former biden campaign adviser. kelly, i've got to say, one of the things that i really kind of disliked the most about any live-breaking tv is having to interrupt people when they're speaking. i want to apologize to you and all of us for the interruption. but do we have an update on the timing for when the president is expected to speak? >> reporter: no apology needed. it comes with the territory. there were maybe people in the white house who also paused to

watch what happened with steve bannon. i'm not putting the president in that category. we don't have an update yet. but clearly the president's message today is about putting deficit reduction in the larger picture of the economy and trying to say to constituents across the country who are voters that he has a plan that is already reducing the deficit for various reasons, trying to say that the policies of his administration are putting a dent in the deficit. part of that is because covid spending has been greatly reduced and he's trying to argue that that's one piece when you look at the strong job picture right now with unemployment at a very historic low, job wage growth has been strong. we understand that's all offset by the pain people feel with inflation which is also been at a 40-year high. so trying to walk through what

is a mixed bag on the economy and trying to highlight the things that the administration believes are positive. that's what the president is going to do today in the roosevelt room. having been in the roosevelt room with him just yesterday, that space is one that when he makes remarks there, there might be an opportunity for some give and take because it's a small room. reporters will be in the room with him. maybe we'll get reaction on some of the issues of the day. later in the day, he'll be talking about student loan debt reduction and the controversy around that and his argument that that's another way to try to save people money. jose? >> kelly, thank you. brian, let's talk about that. talk about deficit reduction is an important subject. i presume a lot of people that aren't really up to speed -- for example, what's the difference between the debt and the deficit and why are these issues so critical? >> those two terms are often confused with one another. if we start off with the word

deficit, what that measures is what is the government spending versus the revenue that it takes in. expenditures would be on things like defense spending, welfare programs, infrastructure, all the things that we pay attention to. the revenue side of things is the tax revenue that comes in from what the irs collects. if you're collecting more than you're paying, that's a surplus. but if you're spending more than you have coming in, that's a deficit. we haven't had a surplus since 2001. what the debt means, again, not deficit, but debt is especially the accumulation of every year that you have a deficit and the way that the government pays for that accumulation of debt is by issuing u.s. treasuries. our government bonds. and for the people that are willing to help the government pay their bills, they'll be paid interest by the u.s. treasury. the accumulation of all of that is the debt. in some rate, the deficit is the year over year kind of balancing the books versus how much is

going out on spending. but the debt is the accumulation over time of all those deficit. >> and so, jesse, when these concepts that are superimportant and superrelevant, but if you're writing the president's speech today, for example, how do fine tune that message so folks across the country can understand it? >> well, i think folks across the country do understand what's happening, that this is an historic storm that we're being led through by a president who is tactical and calm and doing the work. the culture right now, it's really toxic in that it prioritizes kind of a look at me culture and we have a president who is literally just doing the work and we're seeing results. we're seeing prescription drug costs come down, we're seeing 10 million jobs created. we gained back the jobs that we lost during the pandemic.

we're carrying for veterans, bringing manufacturing back. it's absolutely clear that the work is being done and also it's worth mentioning republicans are doing plenty to beat themselves. they're picking unqualified candidates, they're denying the legitimacy of our democracy, they're pushing a national ban on abortion. i think his message is going to come through clear. early voting has started in these states and we're already seeing the middle, the middle 20% that we need to convince showing up to continue us on the right path. >> and so, robin, when we talk about the national debt, it topped $31 trillion for the first time this month. but, quote, the committee for a responsible federal budget estimates that mr. biden's policies have added 5 trillion to deficit since he took office. that projection includes biden's signature economic stimulus

bill, a variety of approved spending initiatives and student loan debt forgiveness plan that is expecting to cost taxpayer 400 billion over 30 years. president biden will address this student loan issue this afternoon. what are the implications of that move, do you think, when you contrast that with his focus on the deficit? >> this stuff is all theoretical to john q. public. it's like high school trigonometry or the price of tea in china. the headline is inflation. it's what i'm paying for eggs, what i'm seeing at the gas pump. the last time i paid for extra guacamole it was like 20 bucks. i kid. but these are the things that the president can't control and you have the federal reserve saying we're going to do another rate hike. and all manner of ceos and executives and founders saying

we're hurdling into this terrible recession. it's like self-fulfilling prophesy. who has time to think about deficit versus debt, 5 trillion under biden. under trump there was ppp and that added to the deficit and various things that happened during this extraordinary pandemic that has laid the country and the world low for more than 2 1/2 years. and i think economic growth solves a lot of that and tax revenue and the problem is digging ourselves out of this trench. >> i thank you all so much for being with us this morning. jonathan capehart sat down exclusively with president biden. he joins joy reid tonight to share a little bit of their conversation. you can see it tonight at 7:00 p.m. eastern right here on msnbc. and now turning to a big question on capitol hill, will the house january 6th committee finally issue its subpoena to

former president trump today? it's now been more than a week since the committee voted unanimously to subpoena him. we do know the committee was set to meet yesterday to flesh out some final details. i want to bring in ali vitali. you, i'm sure, know a lot of the details that were fleshed out. what can you tell us? >> reporter: we know enough, jose. and specifically the fact that they were meeting was over finalizing some of the language in this subpoena, finalizing the dates that we're likely to see in the subpoena for when the former president has to comply for records and a deposition. but, look, this is where they are now a week later. everyone on the committee from members to sources that i'm talking to keep using words like soon and shortly and we are now a week after that. so they're stretching the meaning of that. but it could still come as early as today. and then this is where we get into uncharted territory.

will he or won't he appear before the committee? we've seen just today with steve bannon the worst-case scenario for someone who ignores a congressional subpoena. it's an open question of what the committee is willing to do to enforce a trump subpoena if he does not come forward and speak to them. but we know from the bannon case just how long it takes to actually do that enforcement and penalization for ignoring a subpoena like this. the committee in the case of trump just doesn't have that kind of time given the fact that we already are at mid-october and this september, itself, lapses at the end of december. this goes back to what my sources told me when we broke the news that they were going to subpoena him in the first place. it was important for the committee to get it on the record and now we'll see what happens next. >> so, ali, it's expected that that subpoena could come today? >> reporter: yeah.

it could come today. they also could decide to push it. >> ali vitali, thank you so much. it's great seeing you. the ali vitali that knows everything. i'm telling you. everything on capitol hill. and so much more. i understand we were given a two-minute warning as far as when the president would be speaking from the roosevelt room there at the white house. i don't know if we have pictures of the white house. oh, look, we have the podium set up. in about a minute or so, we expect to see president biden come and speak. he's going to be speaking on the economy. we're going to go to a quick break -- no, we're not. there he is. president biden. >> i ran for president to rebuild the backbone of the middle class, this country, that's the backbone. build an economy from the bottom up and the middle out and for -- make sure the economy is stronger than it was before the pandemic. since i came to office, that's what we've done. historic vaccination efforts

that save lives, helped the economy recover from lost jobs, 10 million jobs created, a record for any administration, 3.5% unemployment, 50-year low, 700,000, nearly 700,000 manufacturing jobs created with companies investing billions of dollars to build industries of the future here in america proving, proving that made in america is no longer just a slogan. we're building our roads, our bridges, our ports, our airports. we're delivering clean water, high-speed internet to every american and the price of gas at the pump is coming down. it's down $1.20 since this summer and just this week, last week, it's fallen another 10 cents. today we have further proof that we're rebuilding the economy in a responsible way. today my administration announced that this year the deficit fell by $1.4 trillion. the largest one-year drop in

american history. $1.4 trillion decline in the deficit. i'm going to repeat that. the largest ever decline in the federal deficit. let me be clear. this record deficit reduction includes the cost of my student loan plan and everything else we're paying for. the deficit is down $1.4 trillion this year, even after accounting for 30 years of debt relief paid in advance. this follows last year's drop of $350 billion in the deficit. because we're making sure the largest corporations pay their fair share, cracking down on billionaire tax cheats and giving medicare the power to negotiate lower drug prices in the future is just getting under way which lowers one of the biggest costs that government and families have to pay. we'll reduce because of that the deficit another $250 billion over the next ten years.

we're going from historically strong economic recovery to a steady and stable growth while reducing the deficit. building an economy where everyone does well, where the poor have a ladder, the middle class does well and this is the economic vision i've had for america and one of the reasons i ran. republicans in congress have a very different vision. listen to me closely, congressional republicans love to call democrats big spenders. and they always claim to be for less federal spending. let's look at the facts. the federal deficit went up every single year in the trump administration, every single year he was president. it went up before the pandemic. it went up during the pandemic. it went up every single year on his watch, the republican watch. in fact, in three years before covid hit, the deficit ballooned by another $400 billion. one big reason for that is

republicans voted for a $2 trillion tax cut, a trump tax cut which overwhelming benefit the wealthy and biggest corporations and that racked up the deficit significantly. on my watch, things have been different. the deficit has come down both years that i've been in office. i just signed legislation that's going to reduce it even more in the decades to come. now, republicans in congress are doubling down on their commitment to explode the deficit again. just this week, just this week republican leaders said if they get their way, they're going to extend the tax -- the trump tax cuts which are due to expire in a couple of years. extend them. they said they'll repeal the corporate tax of 15% that i just signed into law. 15%. they would allow the largest corporations in america to go back to paying zero in federal income tax. which 55 of them did in 2020.

they said they'll repeal the lower prescription drug costs and it will take effect next year which that's -- and they don't -- these major reduction drug costs don't really kick in until next year. the republicans are going to repeal it, it's going to raise costs on millions of seniors, and the cost of the federal government will -- to the federal government will be billions of dollars. put it all together, and the republican plan would add $3 trillion to the deficit. $3 trillion. that's their plan. that's what they did under my predecessor and that's what they intend to do again. add another $3 trillion to the deficit is reckless, it's irresponsible, and it would make inflation worse. for americans, the deficit could not be clearer. we don't have to take their -- my word for it what they're for. they've laid out a plan that -- out -- they laid out very clearly, congressional

republicans say -- and you will know this, their number one priority is to repeal the inflation reduction act. here's what that means. if they get their way, the power we just gave medicare to begin to negotiate lower prescription drugs goes away. gone. if they get their way, the $2,000 cap on prescription drug costs which takes effect next year, maximum, any senior would have to pay no matter what their drug costs are would be $2,000, goes away, gone. the $35 a month cap on insulin which takes effect next year, folks on medicare, gone. the savings on health care premiums of $800 a year for millions of americans under the affordable care act, gone. and, of course, there's still determined to repeal the affordable care act which means and under the protections for tens of millions of people who cannot afford health insurance because they have a pre-existing

condition. let's remember that. we're talking about millions of people will lose their health insurance because they do not have a way to get it because they have a pre-existing condition. that's gone as well. and they're doing everything they can to get gas -- we're doing everything to keep gas prices down. the republicans are against it all. it's all part of the trickle-down mentality that says it doesn't matter what's happening on main street, as long as wall street is feeling good. one more thing, if you're worried about the economy, you need to know this, republican leadership in congress has made it clear they will crash the economy next year by threatening the full faith and credit of the united states for the first time in our history, putting the united states in default unless, unless we yield to their demand to cut social security and medicare. you heard that one, right? y'all heard them say that? that's what they're saying. let me be clear, i will not

yield. i will not cut social security. i will not cut medicare no matter how hard they work at it. folks, we know what the republican congress will do if they regain power. they're telling us. they're being straight up about it. they're going to repeal lower prescription drug prices and raise drug prices. they're going to cut social security and medicare. they'll pass massive tax cuts for the wealthy, make them permanent. they'll threaten the very foundations of the american economy if we don't meet their demands. and they talk about inflation, everything they -- are proposing will make inflation worse. everything they're proposing will make inflation worse. let me close with this, over the last few years, we faced some of the most difficult challenges in our history, both at home and abroad. we're making real progress.

we just have to keep going. i know we can. for everything we've been through, i've never been more optimistic about america's future. we just have to remember who we are. we're the united states of america. there's nothing beyond our capacity. and we're better positioned than any other country in the world to get through this difficult period. inflation is worse all around the world. keep the faith. keep the faith. and god bless you and may god protect our troops. i want to say one more thing, actually, you know, i know -- and i don't blame you. you want to ask me about the midterms. here's what i think. it's been back and forth with them ahead, us ahead, them ahead. back and forth. and the polls have been all over the place. i think that we're going to see one more shift back to our side the closing days. we're starting to see some of the good news on the economy.

gas prices are down sharply in 46 of the 50 states because of what i've been doing. we're moving in the right direction. state unemployment today was all-time lows in 11 states and 17 states have unemployment rates under 3%. the new deficit numbers, there's a -- it's a record, a record decrease. it's never happened before. the election is not a referendum. it's a choice. it's a choice. and the republican criticized my economic record, but look at what i've inherited and what i've done. and look at what they're offering. they want to double down on the trump tax cuts for the wealthy because they're going to expire in 2025. they want to send jobs overseas where big corporations can, in fact, pay lower wages and increase their profits, and these are tax cuts that give most benefits to billionaires and wealthy corporations. let's get specific. they want to abolish the 15%,

15%, what a terrible thing to ask a corporation to pay, 15% tax that i insisted that those 55 corporations who made $40 billion and didn't pay a red cent, now they got to pay 15%. if republicans get their way, the deficit is going to soar, the tax burden is going to fall on the middle class and republicans are working hard. this is what's -- i have to admit, every once in awhile they surprise me. they have three, not one, not two, three plans to cut social security benefits. three plans. not going to stop there. they're going to do big pharma's bidding to repeal my plan. we pay the highest in the world. in doing so, it's going to raise drug prices and they're going to raise big pharma's profits. they're doing fine, big pharma. they're not hurting at all. and they're going to raise your

health insurance premiums. it's mega maga trickle down. mega maga trickle down. the kind of policies that have failed the country before and have failed it again. it will mean more wealth to the very wealthy, higher inflation for the middle class. that's the situation we're facing. that's why i think we're going to do just fine. thank you. >> reporter: on the debt ceiling do you support the permanent repeal of the debt ceiling, sir? >> what do you mean? you mean just we don't have a debt limit? no. that would be irresponsible. >> reporter: we have the -- you have the means and the will -- >> let's get one at a time, okay? >> reporter: thank you, sir. you heard the republicans, you have the means and the will to support ukraine. >> yes. because if we support ukraine,

we're supporting all of europe, we're supporting nato. you think that mr. putin decides he's just going to deal with ukraine and that's the end of it? no. i don't understand the threat that they're saying they may have to stop funding the ukrainians in their war against this brutal dictator. yes, last one. >> reporter: on the midterms, sir, last night you said you need 53 not 51 votes to pass your agenda. >> i'm just getting greedy. >> reporter: what did you mean by that? were you referring to manchin and sinema. >> i think the more we have, the more we're certain. i like to have three more. it would make it a lot easier. thank you very much. >> thank you. >> president biden taking just a couple of questions after his comments on the economy. back with us is host of "full

disclosure." clearly the president was focused on the midterm elections. there was two comments that i would like your thoughts on. one is, well, he said, the election is not a referendum, it's rather a choice when traditionally midterms are in some way a referendum. and then the other issue that he said, keep the faith to the american people, we're moving in the right direction. economically, that's a -- that's something that polls seem to show folks feel is not happening. >> you wish. you wish, wish, wish, wish if you were the biden administration that you could tout 3% unemployment and 3.5% inflation. mortgage rates are piercing 7%. you have worries about the bond market, something akin to britain going to happen over here. it's very hard to cherry-pick the stats and say look over here, the deficit reduction. again, these things are captured

in the theoretical. getting down to brass tacks, it's the price of gas, price of eggs, price of groceries, price of clothing, all of these things that you're feeling and deteriorating your well-being in realtime. it's brutal if you think back to jimmy carter, inflation is a brutal foe. you have so many things as the president to throw at it. it's not like he's the former dictator of venezuela, can have a talk show and say, here, send this man a chicken for his daughter's wedding. he can't cut out gift cards. he can nudge at the margin and prices and certainly the president's tapping into the strategic reserves, it's something that on that level hadn't happened in the past. is that something that is actually -- that you can bank on to make a difference in the price of gasoline going forward?

>> it has put a dent into things but not as much as the saudis relenting after the fist bump. this is a problem. the saudis and russians want to keep their thumb on production. the 2 million cut, that's something we need like a bullet in the head. it's a frustration. people will judge you by gas prices. if you are the opposition, you say, look what grocery costs you, gas costs you. inflation is the -- the boogie man for inflation is joe biden. the midterm election is a referendum on the incumbent president. >> kelly o'donnell, the election is not a referendum, it's a choice. the president focused on the good aspects of the economy. of course, the reduction is one very obvious one. >> reporter: certainly a fact that he can tout and try to put

it in terms that is -- that are more relatable to the american people. as you were asking before about the issue of deficit, it's not something that rolls off most people's typical conversation when they're talking about the things that matter to them in an election. he was trying to put it in a more relatable context. the thing that struck me is the president anticipated questions and wanted to sort of get in front of that and speak about the midterms more plainly and politically. i was struck by the fact that he acknowledged that the pendulum, which has been swinging between republicans and democrats at different points, acknowledging that it has gone back toward republicans immediately after the dobbs decision. we saw momentum towards democrats, especially with state level votes. in kansas, they supported abortion rights.

the president acknowledging the republicans are feeling headwinds. he thinks it will come back towards democrats. that will play out by choices voters make. the president is an election pundit himself today as he is -- he has so much on the line, even though he is not on the ballot. >> kelly and robin, thank you both for being with us. >> may i say, it's a trip -- i grew up watching you in miami on wtvj. it's a trip to do national tv with you. you are like my childhood. >> well, there's two things, i deeply appreciate that. number two, yes, i am old. i'm getting older. >> no, no, no. >> i appreciate the opportunity to be with you on this, on msnbc. i appreciate that. kelly, thank you very much. your elder saying thank you. coming up, there could be a new british prime minister as soon as next week. will the replacement last more

than 44 days? i think it was liz truss 0, the lettuce 1. we will talk about that next. t t will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. ♪ ♪

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and twice the choice. sirloin salisbury steak and all-natural salmon. perfect for lunch or dinner. only at ihop. download the app and earn free food with every purchase. in britain the race is on to replace liz truss after her record 44-day tenure. whoever comes next will immediately be saddled with the task that ultimately was her undoing. joining us now is katty kay, an msnbc contributor. it's great seeing you. the lettuce won out on this one. now, what are the names being bantered about for the next pm? >> one of them is very familiar to american audiences. that's boris johnson, who is currently on holiday in the caribbean but thinking of flying back in order to make a bid to

succeed his successor, effectively, because liz truss took over when he was thrown out of office unceremoniously after scandals. the current head of parliament is declared -- she's the only one who declared of the three candidates we are thinking of. and the man who was chancellor, he is in the running. the one getting the most attention is boris johnson because he is so well-known but also because markets might be spooked by boris johnson. the reason -- it was fascinating listening to joe biden criticizing trickle down economics, tax cuts for the wealthiest and wealthy corporations. that is exactly what got liz truss thrown out of office. she was thrown out for proposing those kinds of policies. markets are worried if boris johnson came back in, he might try to resurrect some of those policies. and they are feeling nervous

about the prospect of boris throwing his hat in the ring. >> as far as timing on issues, i guess their big concern is no elections, no general elections. right? for the time being. they will get clobbered if there were an election now. what's the timing on choosing the new pm? how is that process going to go forward? >> yeah. you are right. the polls suggest that the labor party is 30 percentage points ahead of the conservative party, which is far ahead. if there were a again election, then labor would win. it would be like a turkey for thanksgiving. they don't want a general election. they will try to get this sorted out as soon as possible. liz truss said that even by monday they could have chosen a candidate. it's a parliamentary system. it has to be the head of the

parliamentary party. it's possible that by 2:00 p.m. london time, morning on monday, we know who will be the next prime minister. the key here is stability. britain cannot take any more financial insecurity or instability. they need to find a new leader fast. >> thank you. it's great seeing you. i appreciate your time. that wraps up the hour for me. thank you for the privilege of your time. i will see you tomorrow night. peter alexander picks up with more news right now. passing through their uk port every year. don't just connect your business. right on time. make it even smarter. we call this enterprise intelligence. it's the subway series menu. 12 irresistible subs. the most epic sandwich roster ever created. ♪♪ it's subway's biggest refresh yet!

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