at the time of its selection it happens with writing, that is, the transfer of funds from the federal treasurye federal budget account directly vacation organization. the corresponding product and the third point is that, in principle, citizens most often citizens with disabilities have restrictions in terms of movement, they have the opportunity to obtain a technical means of rehabilitation through an electronic store to obtain a certificate, they will need an identity card application. in it, you need to indicate the number of the current world card and, finally, the very item from the rehabilitation program, that is, recommendations from the doctors , and you need to pay with the world card, specified in the application for a certificate, we repeat the most important thing is to pass a medical and social examination to obtain a disability from 2022. it is possible in absentia , the clinic will simply send the bureau all the documents about your state of health, for further information, the result can be obtained in your personal account on the public services portal to purchase the necessar

card and at the moment his choice, a write-off occurs, that is, the transfer of funds from the federal treasuryederal budget account directly to the organization that sells the relevant goods and the third point is that, in principle , citizens, most often citizens with disabilities, have restrictions in terms of movement, have the opportunity to receive technical means of rehabilitation through an electronic store, to obtain a certificate, you will need a parole application in it you need to indicate the number of a valid world card and, finally, the same an item from the rehabilitation program, that is, recommendations from the doctors and you need to pay with a world card, indicated in the application for a certificate, we repeat the most important thing to pass a medical and social examination to obtain a disability from 2022. it is possible in absentia, the clinic will simply send the bureau all the documents about your state of health, further information and the result can be obtained in your personal account on the public services portal to purchase the necessary technical equipment, fo

due to high world prices, budget revenues from it even increased in general revenues of the federal treasuryst year. increased by 10% amounted to 27.8 trillion rubles, said the head of state. spending also rose, exceeding 31 trillion budget deficit in russia became one of the best indicators among the countries of the g20 inflation, while inflation continues to decline , such as the result of last year. it amounted to 11.9%. this is less than predicted by the central banks of the government on the basis of already a. yes, already in the second quarter of this year, inflation. could drop below the target level of 4%, here we are and i’ve also recently been talking with your submission, dear colleagues, that in the first quarter we expect a decrease somewhere between hmm in the region of five to five percent, and then in the second quarter, maybe even below four and this is fundamentally important for real income of citizens and for the economy. the whole industry is locomotives. economics, road housing construction in the twenty-second put into operation a record volume of housing 111.5 milli

due to high world prices , budget revenues from it even increased the overall income of the federal treasuryncreased by 10% amounted to 27.8 trillion rubles, said the head of state. spending also rose, exceeding 31 trillion budget deficit in russia became one of the best indicators among the countries of the g20 inflation, while inflation continues to decline , such as the result of last year. it amounted to 11.9%. this is less than the government's central banks predicted on the results already, and already in the second quarter of the current year. inflation. may fall below the target level of four percent. here we are recently. i also say with your submission, squeezed colleagues, that in the first quarter we expect a decrease somewhere in the region of five to five percent, and then in the second quarter, maybe even below four and this is fundamentally important both for the real incomes of citizens and for of the economy as a whole of the industry the locomotive of the economy road housing construction in the twenty-second commissioned a record volume of housing 111.5 million m² more th

restrictions on control and supervision activities in the financial budgetary sphere to the federal treasuryhis year. department in cooperation with the ministry of finance. already conduct an analysis of the financial and economic justifications for government contracts. we will receive the first results of such checks in the next week, by the end of january, in detail, and we will discuss them at a meeting of the council. i ask the leaders of the moral working groups to arrange for and tatyana vasilievna golikova report on the fulfillment of the targets on the results of earlier decisions . mikhail mishustin held a meeting of the coordinating council to meet the needs of the russian armed forces, well, and here is another figure of the day of the population of india at the end of 2022, according to world publication reviews, left 1 billion 417 million people, which is 5 million more than in china, that is, the most populous country in the world. now it’s not under heaven anymore, but it’s not about that at all. now russia is changing its main trading partners, european countries are losing

contributions to one payer in one payment, which is distributed by type of insurance directly by the federal treasuryloyers get rid of the need to submit duplicate reports of the services of the social fund of russia ; beneficiaries. issuance of a certificate of maternity capital and the allocation of funds for selected purposes a single allowance for children from zero to 17 and pregnant women payments to military personnel and members of their families allowance for working time, lump sum and regular payments to those injured at work and members of their families vouchers to resorts sanatorium treatment for beneficiaries . and so on. now people have a question. where to go for help now? it is removed by everything the social fund is engaged in. the application can be submitted in electronic format, or you can in paper in the departments of the fund, or in the mfc we will repeat all the most important things in the new year, the social fund of russia began to work, the purpose of its creation. simplify the design and floor. social assistance, for which the pension fund and the social insurance fund

the means to finance a single allowance will come from regional budgets and the federal treasury. in 2023, families will receive more than one and a half trillion rubles. in addition, the system becomes more convenient from january 1, 2023, all children in the family under the age of 17 can be indicated in one application and payment can be made for everyone at once, documents can be submitted electronically through a single time. tal public services elena zhelnina andrey tarasov nikita haskin parliamentary hour look after a short pause, which laws in the priority plans of deputies elena zhunina recognized the best professions in the house were awarded to parliamentary journalists. now the news of the last minutes in georgia, the actor vakhtang kikabidze has died , georgian television reports. he was 84 years old. details a little later. and now the continuation of the parliamentary hour program. this is the parliamentary hour, we go further the law on the creative portfolio of the state duma more than 1.300 bills. the first plenary session is already next week, and in our story,

high world prices of revenues to the budget from it even increased the overall income of the federal treasury. last year. increased by 10% amounted to 27.8 trillion rubles and said the head of state. spending also rose to over 31 trillion 9 russia's budget became one of the best indicators of the g20 register of inflation, while continuing to decline. as for inflation , it amounted to 11.9% at the end of last year. this is less than the government's central bankers had predicted on the results already. uh, already, in the second quarter of this year, inflation. maybe fall below the target level of 4%, i’ve also recently been talking with your submission , dear colleague, that in the first quarter we expect a decrease somewhere, and around five, yes, five percent, and then in the second quarter, maybe , even below four and this is fundamentally important both for the real incomes of citizens and for the economy as a whole. industries locomotives of the economy road housing construction in the 20 second put into operation a record volume of housing 111 million m². more than 27,000 km of roads h

one payer in one payment, which are distributed by type of insurance already directly by the federal treasuryon, employers get rid of the need to hand over. duplicate reporting will give a short list of services of the social fund of russia, these are insurance pensions for old age, disability, loss of the breadwinner by the federal social supplement to pensions up to the subsistence minimum for pensioners, social payments to veterans, the disabled and other beneficiaries. registration of the certificate of mother capital and allocation of funds for selected purposes a single allowance for children from zero to 17 and pregnant women payments to military personnel and members of their families allowance for working time, lump-sum and regular payments to those injured at work and members of their families vouchers for resort sanatorium treatment for beneficiaries and so on. often people have a question. where to go for help now? it is removed by everything involved in the social fund. the application can be submitted in electronic format, or in paper form at the branches. fund, or at the mfc we

only the state of california and the state of new york receive more money out of the federal treasury than u.s. foreign aid. so it's a lot of money. if youoo take a look at a breakdown as to where that foreign aid goes, the number one recipient is visual. for a long time the number two recipient was afghanistan. now we should have gotten a a dividend by pull it out of that afghanistan -- >> we leave this program but you can finish watching it if you go to our website c-span.org here we take you live now to albany, new york, were new york governor kathy hochul is set to give her state of the state address. live coverage here on c-span2. [applause] .. the joint session will come to order. i note the presence of acting chief judge, anthony and esteemed jurors of court of appeals joined by chief administrative judge. welcome. [applause] i also note the presence of our statewide elected officials and legislative leadership. i will now introduce them and ask them to take the seat. please welcome thomas. [applause] [applause] please welcome attorney general leticia a james. [cheering and app

now, one hiccup in all of this is the federal budget. treasury secretary janet yellin late last week warned the u.s. would have to get creative with its bookkeeping to pay the bills starting thursday, unless congress raised the debt ceiling. that deadline is much sooner than we were expecting, and a reminder the debt ceiling deals with money congress already spent. to debate whether we should raise the debt ceiling is like debating with visa over whether you should pay your credit card bill. you know, marcus, you don't have to pay your credit card bill, but visa is going to make it miserable for you if you don't. >> and you don't want that. thanks, scott. >>> happening today, america is honoring the reverend dr. martin luther king jr. and i want you to check this out. san francisco's great cathedral church lit up to commemorate dr. king. the sermon he delivered that day will play all day in the cathedral. church leaders will help lead the march south of market street. here are some other bay area e convenience honoring dr. king. the african ameri

that interest between -- difference between long and short term is significant for a treasury bond, -- the federal funds rate target is the short rates to short rates. that should be somewhere around 2.5%, that is neutral with respect to the economy. neither adding or subtracting. the 10-year treasury yield should be about 4%, 2.5% fund rate, one point five percentage points is typical different -- difference between long and short rates that has prevailed historically. host: there is if viewer off of twitter who asked can you explain why china japan switched to little or no inflation, what are they doing differently? guest: in the case of japan, there inflation rate is pretty high. it is low by our standards, but they are looking at inflation around 3%. you go back before the pandemic, they were flirting with zero. they were always battling deflation, declines in prices. that is the situation they have been in going back into the early 90's. their economy is more or less, in terms of the working age population, declining. people did not come to japan like to come to the united states. the size of

however the constitution prohibits agencies from spending federal treasury without appropriations madey law, unquote. in its decision, the fifth circuit said that an expansive agency insulated expressly exempt from budgetary review and headed by a single director at the president's pleasure is the epitome of the unification of the purse and sword of the executive. i believe it is highly likely that the supreme court reviews this case and upholds the fifth circuit decision. we have asked for our colleagues to join us in reforming the cfpb and that remains on the table and i turn to my questions. during your last appearance, you stated following a question of mine, consumers benefit. a transparent and competitive market will help develop lower cost and smaller dollar loan products. under your leadership what steps has the bureau to create an open and competitive market for consumers to ensure continued access to small dollar loan? mr. chopra: credit cards are the best small dollar loans in america and people are able to afford things. we are looking at ways for small banks and credit uni

the federal reserve introduced in 2020 and the national treasury can greatly expand its spending to finance a crisis as long as it has a central bank to print money in order to buy its debt. and table 3.1, we'll show you 22 special u.s. treasury programs invented by the treasury in 2020. these were wild and frightening days, but with the passage of time, now that we know how the recovery unfolded and finally were sold, it's already becoming difficult, isn't it, to remember how bad and how frightening it was at the time, how intense the uncertainty was. how dizzying was the sense of collapse? seeing market prices, and how opaque the future seemed as financial markets went into freefall with seemingly no bottom? now we hope the will help the group memory in the future of what it was like in those frightening days and those days. certainly included uncertainty, as we said. and that's the second point i want to talk about. and we discuss in the book how a highly placed political officer and a top financial ceo both predicted that another this was after the. 2007 to 2009 crisis. both predicted t

to help cities recover from covid and cities are now competing for hundreds of different federal grants. >> treasury secretary janet yellen is warning of stark consequences for americans of lawmakers fail to raise the debt ceiling. the u.s. hit its debt limit yesterday, triggering, quote, extraordinary measures from the treasury department. those could allow the country to keep paying its bills until june. lawmakers don't agree to raise debt ceiling by then yellen says result could be a global economic crisis. yellen says the default on u.s. debt would cause a recession and every american would see their borrowing costs increase. 2023 is off to a busy start at the state capitol where lawmakers have already started to offer legislation on some key issues facing california kron four's capitol correspondent eytan wallace spoke with senate leaders from both sides of the aisle about their legislative priorities. >> homelessness, drought, water. those are just some of the issues. legislators here at the capitol hope to tackle this year. but they acknowledged doing so will not be easy, especially with the

federal government. as we discussed, that pushed out our national debt five times over the last 20 years. and the spending problem in addiction is bipartisan. as discussed, it is republicans and democrats draining the treasurynd right. host: do you have a sense of what kind of federal budget you think the federal government could operate on? do you think it is $3 trillion, is it a target you want to get to? guest: i defer to the u.s. senator rand paul on this. to balance the budget in five years, right now, it will take a six penny cut to spending. and if you do that cut on the numbers coming out of the pandemic and covid, you get to a balanced budget over five years. you can get to a balanced budget sooner or do less cuts if you grow the economy. so i think, if any policy that spurs economic growth and invest in the private sector and unleashes the power -- those are policies that need to be put on the table. host: tax about $4.6 billion a year. -- trillion dollars a year. -- more than $3.1 trillion budget deficit he year. u.s. debt clock.org breaks the numbers down and helps you understand the federal budget. this is colleen out of iowa. republican, good morning. caller: hello, thank you. host: are you wi

federal revenue fluctuates daily. for example, when i retired i didn't call the treasury and say hey, you know what, i retired. you're not going to get my $15,000 in federal income tax so you better pair off $18,000 of spending. so like i said, income fluctuates daily. congress is just projecting how much they will spend in the kindest that a budget a year in advance, plus no one really knows how much national devastation is going to be from natural disasters. you know what they are. >> host: got it, , got it. let's hear from mark in minnesota, independent line. we are just about to start this hearing shortly so going and jump on in. >> caller: this is mark from milford new hampshire. i got a quick message for my fellow americans out there. stop voting for this broken two-party system that no longer works for any of us except the chosen few like millionaires and billionaires. if you don't like what's going on, please vote for third-party presidential candidate in 2024. >> caller: okay. mark in new hampshire finishing off of this round of open for and mr. durbin: mr. president. the presiding officer: the democra

i think that's something that the federal reserve and treasury are studying but there's other ways towith treasury and house democrats moving towards a stable coin bill. this would tell investors and consumers what's the value, what backs the stable coin, how do you know what the value is, how frequently is it valued, when are financial statements published and how is it overseeing for consumer an investor safety as well as use out in commercial marketplace and we just don't have that, maria, and that's what our committee is going to focus on and then you see in the ftx collapse we need to know what kind of trading regulation we need for the kind of digital assets, where they can be traded and how they can be valued. maria: all really good questions, congressman, we will be watching your important work, thank you, sir. >> you bet, maria. thanks. maria: french hill, quick break, the ripple effect of big tech layoffs and job cuts are impacting the real estate market as well. back in a moment. ♪ ♪ ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. i was a diet soda addict

have been doing over the past year and when that yield curve inverts and the federal funds rate rises above the 10-year treasury yield at least historically and we've had 12 recessions since world war ii and go back and look that yield curve and 10-year treasury yield and that inverted back in december and if you were taking the yield curve literally and assuming that interest rates are a perfect guide, that would suggest that recession by some point and going down and there's some reasons to be cautious about literally interpreting the change and recession data ahead and a lot of economists think a recession is likely in 2023. >> talked a lot about the federal reserve and if it reacted sooner to what it's seeing as far as what's going on with the economy, would results be different? >> probably. they were slow. this time last year it was becoming an and shall it was strong and degree ago lot of jobs declining and i hesitate to be too critical here and critical at all really because russia didn't invade ukraine until february and that was a very significant global economic event and it caused oil prices to go s

the obama era, there was a similar crisis where there was talk of treasury minting a $1 trillion coin and depositing it into the federaleserve to get around the whole thing. a lot of talk of getting rid of it altogether but not in the cards for the moment. >> thank you very much indeed. great to see you. kathleen is waiting for the big -- waiting by the big board. greta thunberg detained in germany there are viral claims on social media that the activist stage the entire thing. tell us more. >> greta thunberg was surely detained and then released yesterday in germany during a protest against the demolition of a german village to make way for a coal mine. following the detainment there are extremely viral claims on twitter that the entire thing was staged. here is the viral claim on twitter with over 12 million views online. this user claims the fake arrest of greta thunberg all set up for the cameras. it's take a look at the video here and this claim where under the context right here the whole thing does seem a bit suspicious. we do see greta thunberg in late mood. she is posing for cameras as journalists take her pic

entire delegation from all countries, the representative of the russian federation spoke about biolaboratories, about the treasuryrainian army from the ukrainian military. see if we have a statement on general assemblies of the united nations organization. maybe someone will believe her. and if we have a fictitious appeal to the international criminal court and the international criminal court makes a decision that there was no violation, it seems to me that this will only help. because there will be fewer and fewer such fictitious statements and for that reason i would not be afraid if this person did not commit any international crime, then he will not be brought to justice, the truth is the truth and the decision of the judicial institution is much more important than any political statement that can be made absolutely from received, nevertheless, i want the semi-final under the veil of our conversation to put the dots above and below, in particular, regarding the responsibility of putin, regarding the responsibility of lukashenka, regarding the responsibility of the entire top leadership of russia if these se

treasury started taking extraordinary measures as the federal government hit its debt ceiling today, treasury secretary janet yellen sent a letter to congressional leaders urging them to act to raise the limit. a political fight is now underway and the clock is ticking on a compromise. >> there will not be any negotiations over the debt ceiling. it should not be used as a political football. i think it's a sign of arrogance. if you would say he wouldn't even discuss it. >> congress is expected to continue working on the issue when it gets back to work next week. there's finally some good news for bay area. home buyers prices actually are going down. that's according to the latest national housing report from home prices in our region experienced the largest year-over-year decline in the country. according to the real estate company, fremont led the way seeing a 10% decrease in home prices followed by san jose decreasing by almost 9%. san francisco saw a 4% de decrease in prices and prices in mountain view or just below that home sales are also down. the bay area saw a 41% decrease in

decades ago that gives the secretary of the treasury to mint platinum coins of any dim emanation to theoretically meant a trillion dollar coin. then the federal reserve can credit our account and we can keep paying the bill. her problems with that. you have to figure at how to not have that affected by inflation. it's not really a great thing for economies around the world and it shake confidence in u.s. credit. it's not a great option but it is theoretically possible with another option called premium bonds. this is a way to disguise the size of the debt. you basically would say we will issue new bonds we will pay an extra 100% or something in interest on those bonds. the value that investors would put on those bonds would be higher and they would pay a giant premium but that won't count against the -- against the debt limit. theoretically, you could find -- finance lots and lots of bonds. it's kind of a shell game and the $31 trillion debt would look smaller but in reality, you are in the exact same financial position, you still owe the $31 trillion, you've just gone through some games to look at dez to make it look smaller and you would po

that interest between -- difference between long and short term is significant for a treasury bond, -- the federals the short rates to short rates. that should be somewhere around 2.5%, that is neutral with respect to the economy. neither adding or subtracting. the 10-year treasury yield should be about 4%, 2.5% fund rate, one point five percentage points is typical different -- difference between long and short rates that has prevailed histically. host: there is if viewer off of twitter who asked can you explain why china japan switched to little or no inflation, what are they doing differently? guest: in the case of japan, there inflation rate is pretty high. it is low by our standards, but they are looking at inflation around 3%. you go back before the pandemic, they were flirting with zero. they were always battling deflation, declines in prices. that is the situation they have been in going back into the early 90's. their economy is more or less, in terms of the working age population, declining. people did not come to japan like to come to the united states. the size of the nation is declini

they use funds that are built into federal government pension programs to fund themselves rather than borrowing through the treasury market. they use the funds and cover the spending with that. what happens is after the debt ceiling is raised a few months down the road, they pay back the pension programs. well you know, those programs and other short-term measures it's like in your household if you have a little bit of money tucked away in an envelope for emergencies, you might have it and then if you can start borrowing again you put the money back in an envelope. it's only going to run a few months and it's not a long-term solution. host: to follow all of the reporting on this by john hilton >> looking ahead at our live events friday, the transportation secretary and merrick garland address the united stateerence of mayors live at 10:30 a.m. eastern. at noon we will be live from the 40th annual march for life. our coverage will start following a brief house session. later a discussion on alleged threats to the first amendments. that is live at 2:00 eastern. watch all of these programs on c-span, c-span now our fr

they use funds that are built into federal government pension programs to fund themselves rather than borrowing through the treasury market. they use the funds and cover the spending with that. what happens is after the debt ceiling is raised a few months down the road, they pay back the pension programs. well you know, those programs and other short-term measures it's like in your household if you have a little bit of money tucked away in an envelope for emergencies, you might have it and then if you can start borrowing again you put the money back in an envelope. it's only going to run a few months and it's not a long-term solution. host: to follow all of the reporting on this by john hilton ross, you can go to wsj.com. appreciate you. guest: thank you so much. host: harold, king street, thanks for hanging on the line. what do you think it, should there be conditions for raising the debt ceiling? caller: i don't think it should be raised. host: why? you just heard what could happen. caller: we might as well have the problems that come with it now because down the road it's just going to be harder. host: what abou

old law from decades ago that gives the secretary of the treasury ability toe have a.of any denomination, the trillion dollar coin of the federal reserve and they credit our account and we can keep paying the bill. there are some problems with that, you'd have to figure out how to not have that add to inflation, usually money to pay your bills and not a great thing for economies around the world and it could shake confidence in u.s. credit. it's not at great option but theoretically possible. there is another option called premium bonds, a way to disguise the size off the debt and basically you would say okay, we are going to issue new bonds and paid an extra one 100% or something in interest on the bonds will guarantee an extra one 100%. the value they would put in would be higher, they would pay a giant premium and it won't count against the nameplate debt against the debt limit so theoretically you could refinance a lot of bonds doing this in sort of a shell game and the 31 trillion-dollar debt would look smaller even though reality you are in the same financial position, to do 031 trillion, you've just gone through some gai

treasuries. that is the ramification that secretary yellen and every federal reserve chairman wants to avoid, to the financial system. >> nearly all of the financial assets on the planet are priced in relation to u.s. treasury bonds. if the u.s. does default, what would happen? the entire financial world becomes riskier? >> as we have seen in the case of the 2011 debt ceiling crisis, there is a possibility for a last-minute cap increase. or, there could be other avenues of policy action by the u.s. government that we do not know yet. it is not something we can anticipate at this moment because it won't be played out until june. >> let's look ahead and hypothetically say that does not happen. >> that it does not increase? >> would be -- would you agree that that scenario cannot exist? >> it would be absolutely economically catastrophic to not -- to the united states and the rest of the world. historically, the threat of that catastrophe has prompted action, albeit last-minute action. in 2011, woodhead previously been a partisan but not perilous pattern of raising the debt ceiling, all of a sudden

dani: elsewhere, the treasury secretary janet yellen declaring that the u.s. has hit the federal debt limit. i personally want to know when they are going to mend the trillion dollar coin. what is the treasury going to do? they talked about extraordinary measures. what did they do to keep this potential risk contained? enda: they have internal measures that they can navigate to stop payments to certain pension funds and stop state gara went -- governments borrowing. they can shuffle money around and keep the government to a ceiling that they can continue to borrow. all of that is ultimately a money shuffle. whether or not january -- governments can agree. they want the spending cuts that the democrats are unlikely to agree to. we've been through this before. there seems to be an extra sense of caution this time around given how polarized the politics are in the u.s.. maybe the agreement won't be as simple as it was previously. dani: i didn't hear you mention the possibility of a coin is all . my heart is broken because of that. we broke a few minutes ago. let me recap some of the

concept of the northern delivery support infrastructure is introduced and federal support is provided for its development . the us treasuryd sanctions on the assets of an international holding vion, it includes the vimpelcom company, which manages the beeline brand, so far the agency has allowed action only with the prices of veon limited securities. now this can be done with the assets of veon holdings bv operations, which previously fell under anti-russian sanctions again. it is possible if the papers were issued before june 6 last year, while specific persons blocked by the us treasury are still prohibited from disposing of assets. the decision of the department may simplify a major deal in the domestic telecommunications market in november last beeline management agreed to buy out its management company from the veyonce holding for 130 billion rubles. approximately all procedures should be completed. yes june of this year. german business is interested in cooperation with russia and is looking for ways to continue it, our ambassador to germany, sergei nechaev, said in an interview with rossiyskaya gazeta. he noted tha

. >> treasury secretary janet yellen warned congress that the federal government will hit its debt limit next thursday. after that date, the treasury will take what she called extraordinary measures to shift funds around and prevent a national default. >> there has been a bipartisan cooperation when it comes to lifting the debt ceiling and that's how it should be. it should not be a political foot wall. this is not political gamesmanship. this should be done without conditions. >> congress is in recess through next week and the new house republican leaders have said they will demand concessions on spending in exchange for raising the debt ceiling. yellen estimated that the treasury can avoid a default until early june. russia's defense ministry issued a new claim that a small town in eastern ukraine has fallen after weeks of fierce fighting. the capture of soledar would mark moscow's biggest victory since last july. ukraine insists tt the battle is not over. tv footage showed heavy fighting around the town on thursday. a top epidemiologist in china is warning that rampant covid-19 infect

the usaa treasury secretary has even warned that federal lawmakers don't raise the limit for those obligations or the so called debt ceiling with result. the result could be that of a catastrophe, meaning another global financial crisis. well, there have been a rising cause for the government to tackle the debt simply by printing more currency. literally in the form of a trillion dollar coin. and prominent economists have spoken out against that saying it wouldn't actually solve the broader problem. so we put the issue to financial expert and artic contributor christians the idea that you just create more money out, the fin, and that's just going to solve all the problems. i mean, we saw during the, during the pandemic, we saw that strategy being implemented by a number of different governments, particularly the united states. and then most of the allies following suit. what we saw is we saw this massive sort of boom on the stock market. and equities and pretty much everything. but what we've now seen, you know, over the past year or 2 years, even we've now seen the, the, the effect of doing t

contain its mounting national debt, which is around 30 trillion dollars of the us treasury secretary has was that have federal lawmakers don't raise the circle debt ceiling to let it borrow more. the result could be yet another global financial crisis, but there have been rising colds for the government to tackle that debt simply by minting more currency, literally in the form of a trillion $1.01 ounce platinum coin. many economists to spoken out against the scheme saying it wouldn't actually solve the broader problem when we put the issue to financial expert and the contributor christians, the idea that you just create more money out to finn and that's just going to solve all the problems. i mean, we saw doing cobit during the pandemic. we saw that strategy being implemented by a number of different governments, particularly the united states, and then most of the allies following suit. and what we saw is we saw the massive sort of boom on the stock market and equities and pretty much everything. but what we've now seen, you know, over the past year or 2 years, even we've now seen the, the, the effects of do

the federal debt limit is in law by congress that limits the ability of the treasury department to borrow a certain dollar figure. right now, the dollar figure is $31.4 trillion. it has increased many times over the course of the last hundred or so years. especially over the last decade, you have these recurring debt limit apples where there are negotiations and demands about what should be attached to the debt limit and an extendedperiod about uncertainty how that will take place in the debt limit gets extended. the last time we had one of these was in 2021 and we are here again at the beginning of 2023. it comes in the cycle of having these debates. there is no clear path off that road. we need to get out of the paradigm we are in otherwise we will keep having this over and over and. we have very large fiscal challenge. that is expected to grow substantially larger over the coming year. the reason we keep running up against the debt limit is because we have this federal credit problem. it's not an effective tool to manage that. unfortunately, we will keep running back to this unless con

million, service employees union one million, police, 350 7000, american federation of government employees 300,000 and the treasuryloyees union 89,000. so what should we take away from the fact that only one third of the possible members have joined? philip: actually those actuallys demographically disguise the fact that in state and local governments, what i will call the unionized states, are like new york, california, massachusetts, new jersey are very heavily unionized. so those are overhaul national figures but the concentration is in certain states. it is a much higher percentage in most states. the federal government collective bargaining is i think roughly 25% of the federal government and it is in certain kinds of occupations not most occupations and the federal government collective bargaining does not include bargaining over salary or benefits. susan: they operate under the gs system? philip: yes, there is a very heavy layer of civil service. one of the reasons why there is never any -- the origin story of public unions was never needed. we had civil services. there were no scandals associated with the

officially hitting its debt limit now the treasury department taking extraordinary measures to pay federale what's happening right now >> reporter: treasury secretary janet yellen has notified congress that the nation is using extraordinary measures to keep paying its bills. the deadline for default is f usee she wrote the period of time that extraordinary measures may last is subject to considerable uncertainty, including the challenges of forecasting the payments and receipts of the u.s. government months into the future i respectfully urge congress to act promptly to protect the full faith and credit of the united states but a compromise in washington feels very far away. house republicans have said they won't agree to an increase in the debt limit without significant spending cuts. in fact they're discussing a bill that would let treasury prioritize certain payments if the debt ceiling is not raised in a statement today, jason smith called on president biden to work with the gop and address the debt ceiling in a way that imposes some fiscal sanity. but democrats are placing the blame o

federal reserve banks stopped transferring remittances to the treasury by september now the difference between september and now is they registered a loss of nearly $19 billion over that time well to remember, the fed has transferred almost $1 trillion to the treasury in the last ten years. what's going to happen this year is the fed will not be giving much money or any money at all to the treasury because of the amount of money it's paying to the banks in interest on reserve in order to keep that money on reserve at the federal reserve and not have those reserves creating inflation is the idea. >> right steve liesman, thanks very much. >>> well, from big banks to big ceos in the spotlight, we're taking a look at big players feeling the heat in recent days and recent weeks bob iger entering into a proxy battle and elon musk, of course, always in the spotlight but being forced to cut prices on tesla vehicles with slowing demand as he heads to trial over his 2018 tweets let's kick it off from iger. focussing in on the loss of stock dividends, dwindling free cash flow, total shareholder r

that debt ceiling on thursday because the treasury secretary announced she's going to do what's called extraordinary measures to stretch out the money that the federal government currently has. now, first, they're going to suspend basically putting into government retirement health benefit plans and they'll suspend the investments and the civil informs retirement and -- service retirement and second the treasury department spending investment in the government security's investment fund for the federal work herb retirement plans. the secretary says thiothece moves will extend the money the government has until at least mid june. hire's the new house speaker on sunday morning futures about the current spending. >> eliminate all the money spent on woke itch. eliminate all the money they're trying to find different fuels and worried about the environment to go through. i want our men and women trained to be able to defend themselves, to secure to have the best weapons systems possible. so, yeah, i'm sure they can find some places that they could be more efficient. reporter: now, having the conversation though, that might be difficult. speaker mccarthy

yes, treasury secretary has even warned that if federal law makers don't raise the limit for those obligations, the so called debt ceiling, the result could be a catastrophe. another global financial crisis there have been rising calls for the government to tackle with that simply by printing war courtesy, literally in the form of a trillion dollar coin. but prominent economists have spoken out against the proposal saying it wouldn't actually solve the broader problem later this week. us present, joe biden is scheduled to meet with senior officials to discuss potential raising the debt ceiling. joining me now in the studio is what i'm seeing, contributed chris and chris. great to have in this, you know, many people including the head of the us treasury of spoken out against this idea of mincing a trillion dollar coin. would you make it? i mean, what that mean was actually mean for the us, just print more money, more coins, more paper. seems a bit. i think, i think you're completely correct morality. you just hit the nail on the head with that. that statement that you've just given the, the ide