host: you said you have a love of cbo documents. you took a look at the cbo's recent 2023 baseline and ask people to look at that and look at scenarios that could stem from that. can you condense that for our viewers who might be interested in what the cbo has said and where we are at? guest: the biggest things to take away from that is the fact that we are going to be spending over $10 trillion on interest payments over the next decade. that is money that will not be spent on new programs or tax cuts. it is going to pay for interest first. the only way to change that line item is to bring our fiscal situation down. we are going to be spending $80 trillion. when we are talking about cutting a few trillion over the next 10 years, it is important to think about where you are going to cut that. the numbers are small compared to the overall spending. the deficits are going to be too large. we are going to be borrowing over $20 trillion over the next decade. that is going to bring our gdp back up over the record we had before. there is n

host: you said you have a love of cbo documents. you took a look at the cbo's recent 2023 baseline and ask people to look at that and look at scenarios that could stem from that. can you condense that for our viewers who might be interested in what the cbo has said and where we are at? guest: the biggest things to take away from that is the fact that we are going to be spending over $10 trillion on interest payments over the next decade. that is money that will not be spent on new programs or tax cuts. it is going to pay for interest first. the only way to change that line item is to bring our fiscal situation down. we are going to be spending $80 trillion. when we are talking about cutting a few trillion over the next 10 years, it is important to think about where you are going to cut that. the numbers are small compared to the overall spending. the deficits are going to be too large. we are going to be borrowing over $20 trillion over the next decade. that is going to bring our gdp back up over the record we had before. there is n

cbo gave you a baseline. that assumes none of this happened. that is why the president is putting these policies forward. we do believe that staying on the current course is not sustainable. sen. grassley: you can see from the chart that these deficit actions go up. i will just leave that where it is. what is the primary driver of our own long-term problem? dir. young: if you do not want to make a long-term problem worse, you have to deal with yearly deficits. that is why the president has put forward policies to bring down deficits by 3 trillion. some say do no more harm, we have got to get deficits under control and and can -- in return it impacts our debt. as you know, most of the spending in this country is in the entitlement around the aging of our country. that is typically what makes up at least half of federal expenditures in the year. sen. grassley: you don't include the time to change in that list of things the budget goes after. is that right? dir. young: as i exchanged with the chairman, we have got to do a better job incorporating

. >> quite frankly, cbo has her numbers wrong. the double counted individuals that were new categories that were created specifically veterans, the homeless, 18-year-olds that had been living in foster care and i hope you are all aware of the situation that happens there. many times where a young person ages out, they put their belongings in a garbage bag because it all fits their, and they go out and try to find a place in the world. quite frankly, most of those folks are already counted as eligible. cbo basically scored this as a $2 billion cost, which is completely false. it is not the first error at the cbo has done. the most recently recognized in the farm bill baseline that was put out, they blew it by $1 billion related to cottonseed. i think the analyst, i don't know what the variables were that they were working with but it is pretty obvious that double counted here. when you think about snap, employment, career and technical education which has been a part of the farm bill's going back into the 90's, that really provides

the cbo underscoring the urgency and the timeline for getting things done.u hearing will it happen >> i am feeling hopeful and reasonably optimistic and it has to happen. we can't be so stupid as to actually default when there's no reason to. what the cbo underscores is two important things one, it's absolutely critical we lift the debt ceiling and time is running out, and it should have been done months ago. and our fiscal path is unsustainable. it shows we have huge deaf sits and debt and the situation is getting worse. the most important thing is we lift the debt ceiling without drama. if we're able to attach a package of savings, which it looks like we are, that will be helpful and start to move us off this unsustainable trajectory. >> dan, you see it in the t-bills, the one-month treasury bills, highest level since back in 2001. so, even higher than they were in 2011 when we got close again and got downgraded not much in the markets. are investors underpricing the risk >> i would disagree with that. if you look ush the hood of the market, can you see a

the cbo last night, as you know, came out with their analysis.ey say yes, but changing the work requirements on the cash assistance and snap increases federal spending by $2.1 billion over ten years. >> if you loosk at the snaps an work requirements going forward, states were rolling over exemptions. they were allowed 12% and rolling it over. some were implementing 100 exemptions. they are now capped at 8% going forward. so this is going to be significant savings over the long term. >> but that is -- when it comes to snap. >> but that's not what the nonpartisan cbo says. because the increase in benefits for homeless and veterans basibasic undoes the savings you got elsewhere. >> i disagree with the analysis by the cbo on this. >> why? >> because it is just not accurate when you look at the fact that we're changing the -- what the states are allowed to do. they're now capped at 8%. some states were giving 100% exemptions on work requirements. so, this is a significant change and significant savings over the long haul on snap. the object sieve to g

the cbo, which of course is nonpartisan, and looks at the economic results of legislation. the cbo estimated as a result of the prescription provisions in the ira we can expect anywhere between 15 to 20 fewer carers in the next 30 years because of that. 15 to 20. that is not for me that's from the cbo. i would ask you, which of the 15 or 20 cures will that be? the cure for cancer? the cure for all timers? with -- alzheimer's? which one will it be? i have to disagree that the prescription provision ira is good. it only flies when you have five minutes, -- it flies when you have five minutes. dr. i want to ask you this. i ran a pharmacy -- i've been in a pharmacy for over 40 years, i was like you that had to tell a patient how much the medication cost. to watch the senior citizen make a decision to buy the medicine or pay for groceries. i watched a mother cry when she could not afford anabolic for a child. you have naval bases within your area. recently, express scripts has limited precipitation in that program. has that impacted you in your pharmacy? >> by quite a lot. we we

hire more cbo staff. more are support staff. because we didn't have enough adults that were wrapping our city bear hug around these children. we also needed to really think about how we integrate the after school academic support and social/emotional support throughout the day and into the after school hours. and finally another key area was really focusing in on the social and emotional health and wellness of students and staff. we needed to figure out a way to retain and increase support for staff. so they can focus serving our children and this they can focus on -- supporting themselves and their own wellness so they can support our under any circumstances stereos. those were the key areas we leaned into as we thought about how do we build out a student success fund what met those core needs we found through the sf ride's report. >> next slide. >> and i'm excited. that we have the funding opportunity. to partner with the school district in supporting the whole child and thinking how we aline the goals of of -- of -- well bein

cbo's who come and approach me as a merchant association. if they are not signed up, they should sign up with workforce to be on there, right? >> they should. the one thing i was going to say, we purchase licenses annually for, up to two and if folks, some of the community partners need a third because their staff is so active in doing the work we fund them to do in terms of recruit job seekers and help them get placed and they use this to get them working. we're happy to provide this for free. this is for workforce development systems partners and mostly having that license, it allows us to go into the information, like the client file information, like the personal and private information about the individual's journal and their skills and things that's more informative for someone who is helping to make the connection as a job developer and the employer, what we're looking to do is make sure communities we serve are presented just as qualified as anyone you might recruit off indeed or resource and partner what we do is because our busines

brian: at the time, cbo escorted as saving. now the omb says the same bill will add to hunt at $16 trillion over a 10 year deficit. much of that change is due to the electric vehicle incentives that were originally scored at 14 trillion and are now estimated as costing $390 billion over 10 years. the law at this point does not appear to be a deficit reducer. chairman whitehouse: senator murray. sen. murray: enke for holding this important hearing because the stakes are really high and the clock is thinking. as we all know, we have until june 1 to raise the debt ceiling. that is weeks away. the american economy right now is heading for a cliff. last week, the house republicans voted to drive it off will speed ahead. this should not be hard. when you are heading for a cliff, you turn the wheel. you don't say, i will turn the wheel if you let me cut the brakes or disabled airbags or trash the engine. but that is essentially what the house republicans are offering us. mr. chairman, you called it door one, door two, because house re

a equitable city and grant making to the cbos. our division is one that is a little more confusing. not only does this division focus on our home ownership opportunities but helps implement the inclusionary housing programs across the city and runs the lotteries for all of the affordable housing programs. and then the finance and ad min division supports the other divisions in getting that work done. so as far as budget overview approximately 60% of mohcd's budget does not go through the board's annual appropriation process. it is appropriated by the board at other times, and to give you a sense i took a snapshot from the last complete fiscal year which was 21-22, and per you're request looked at spending, so in that fiscal year about 31% of our expenditures were from g.o. bonds that the board appropriates at other times. about 18% were from federal and state grants through the process. 10% were for development impact fees like the inclusionary housing fee and 1% from loan repayments from housing loans and miscellaneous other 2% o

>> i have 7.3%. >> and the cbo is at 8.9? >> the cbo has not scored the budget yet. >> where did the 8.5% number come from? is that from our committee? >> maybe. >> you are saying in this budget defense increase is 3.3%. as that correct? >> that is correct. >> senator, i know you and i go back and forth in this. in december, grew 10%. some things not necessarily administration party that we think will fund. >> inflation is 6%. the defense budget increase is 3.3. of those two numbers are accurate? -- those two numbers are accurate? >> have i got the numbers right? >> you got the top numbers right. >> i will end with this effort. you do not agree with the proposition that at 3.3% increase for defense spending when inflation is at 6% is increasing defense spending less than inflation? >>>> absolutely not. >> thank you, mr. chair. good to see you. despite the recent rain in the state of california and other areas of the west, we still face a crisis of the colorado river, as drying conditions bring water reservoirs along the color

so, we are trying to educate the cbo as well. but to do that, we need the help from the department of veterans affairs with the information and data and statistics that they have. am i missing anything? >> no, sir. it sounds like we're in 100% agreement on that. >> all right. thank you all. >> i do want to thank you for being here, and i appreciate what you guys do. how you represent your members and being able to be here. look, some of you guys have caught in the back room and you're here at every hearing and i appreciate that. we make a promise to those that serve our country to deliver for them and if the va's going to make good on that promise, they have to have resources to do so. i think that both the secretary and you gentlemen have shared valuable insight as we move forward with the appropriations process for 2024. and this includes ensuring the va has resources in the pact act and improved care, and services for veterans of all areas.

it's the cbo that says this. not naming democrats. i'm giving you the congressional budget office. congressman, thank you so much for joining us. we do appreciate your time. >> great to be with you. thank you. >>> coming up, a teen arrested for crashing a u-haul into a set of barriers. >>> plus, break out your records. is this real life or just fantasy? records. is this real life or just fantasy? at pnc bank, you can find us in big cities and small towns across the us, where our focus is to always support the people who live and work there. because you call these communities home, and we do too. pnc bank. (woman) with verizon's new myplan, i get exactly what i want. and only pay for what i need. (man) now i'm in charge... ...of my plan. (vo) introducing myplan from verizon. you get exactly what you want and only pay for what you need. and it all starts at just $30. it's your verizon. type 2 diabetes? discover the power of 3 in the ozempic® tri-zone. ♪ (oh, oh, oh, ozempic®!) ♪ in my ozempic® tri-zone, i lowered my a1c, cv risk, and lost some weight. ozempic® provides powerful a1c r

that is not true because we raised more revenue than cbo projected. if you bring in more money than your projections are how are you adding to your deficits, chuck. >> if somehow you keep cutting taxes and more revenue comes from the government you can have it in the first year due to various accounting tricks, but it doesn't work all of the time. >> no, chuck, that is not true. the purpose of tax policy is to raise revenue for the federal government and not to equalize society. after the trump tax cuts were passed and more tax revenue would come to the federal government than in any other time in the history of the nation and those are the facts. >> dollars can happen. >> and a percentage of the economy. >> let me ask you this on caps. >> sure. >> do you want to see caps on spending as well as domestic spending because right now there seem to be i caps on domestic and republicans also want caps on defense spending. >> we're having this discussion about the feds. we're trying to see a way to keep defense spending in line because there are threats all

but listen, let's assume the cbo was right. many republicans like myself have said the work requirement policies are not about saving a buck, they're about moving people out of poverty, work requirements are proven to do that and growing the american policy. i think they will be smart economic policy long-term. i don't mind if we spend a few more dollars on making sure that somebody who is transitionings -- transitioning out of foster care to have more time to find a job. >> if you have not made an endorsement for 2024, i wonder if you're thinking about one. mike pence is now scheduled to get into the race according to nbc news reporting and chris christie also scheduled to get in the race. how do you feel about those two candidates? >> i'm not really interested in endorsing anybody. that's been kind of a long standing view on my part. i'm never sure politicians endorsing politicians makes even a tiny hill of beans to most american voters. and i don't know who i would vote for. i'm going to watch the primaries play out. i think

so we are trying to educate the cbo, as well. but to do, that we need the departments of veterans affairs with information and data, and statistics they. half of my missing anything? >> no sir, it sounds like we are in 100% agreement. >> thank you all. i too want to thank you for being here, i appreciate what you guys do. i represent your members, and being able to be here with some of you guys, you are here at every hearing. and i appreciate that. we make a promise to those who serve our country to deliver for them, and if the va is going to make good on that promise, they have to have resources to do so. i think both the secretary and you gentlemen have shared valuable insight as we move forward with the process for 2024. this includes an improved care for veterans and all areas. with that we will keep the record open for a week in this hearing is adjourned. fbi whistleblowers on alleged abuses of power by fbi leadership. watch live thursday morning at nine eastern on c-span 3, c-span now, our free mobile video app, for online

cbo's who come and approach me as a merchant association. if they are not signed up, they should sign up with workforce to be on there, right? >> they should. the one thing i was going to say, we purchase licenses annually for, up to two and if folks, some of the community partners need a third because their staff is so active in doing the work we fund them to do in terms of recruit job seekers and help them get placed and they use this to get them working. we're happy to provide this for free. this is for workforce development systems partners and mostly having that license, it allows us to go into the information, like the client file information, like the personal and private information about the individual's journal and their skills and things that's more informative for someone who is helping to make the connection as a job developer and the employer, what we're looking to do is make sure communities we serve are presented just as qualified as anyone you might recruit off indeed or resource and partner what we do is because our busines

host: you said you have a love of cbo documents. 2023 baseline and ask people to look at that and look at scenarios that could stem from that. can you condense that for our viewers who might be interested in what the cbo has said and where we are at? guest: the biggest things to take away from that is the fact that we are going to be spending over $10 trillion on interest payments over the next decade. that is money that will not be spent on new programs or tax cuts. it is going to pay for interest first. the only way to change that line item is to bring our fiscal situation down. we are going to be spending $80 trillion. when we are talking about cutting a few trillion over the next 10 years, it is important to think about where you are going to cut that. the numbers are small compared to the overall spending. the deficits are going to be too large. we are going to be borrowing over $20 trillion over the next decade. that is going to bring our gdp back up over the record we had before. there is not a single part of the budget --and

cbo estimates hr 1163, also makes clear increase collection. all over payments of those unemployment benefits the tenures fund the up underpayment democratic amendments that will only protect innocent workers makes clear clause back without fraud. these amendments increase direct spending proves the republicans bill will make the innocent workers we pay overpayments. millions of dollars have been given or released from businesses. ridge worker who through no fault of their own it's gone, there is no way so we will be able to recover. by definition there tongue what people who are out of work for a period of time any of these benefits to get by. certainly through no fault of their own to social security or otherwise. the government try claw something back they did not knowingly take when they should have thank you appreciate your testimony. recognize for questions german smith democrats to keep talking with the $2 billion the rescue plan act. it's interesting to me by repeated calls to oversight hearings congressional democrats failed to hold a

so while this will change the trajectory of spending when you see cbo, when we all see the cbo report when it comes out, where we really need to make headway is on our revenue proposals which has long-lasting deficit reduction abilities and just structural change to change the unfairness in the tax system. >> that 1.7 trillion that went off in the past two years was covid spending that ran off, and the cbo says the deficit will actually increase next year. it was 1.7 -- 1.4 this year, 1 is.7 next year and up to 2.something by 10 years. >> well, that assumes this president did not preside over getting covid under control. it was an stent that he -- accident that he managed vaccine programs that was highly successful. had we not done that, what additional measures would we have needed to insure that more americans did not die needless arely from the covid pandemic -- needlessly. so i get the argument. you didn't need covid spending mihm, so you shouldn't take credit for the deficit reductions. well, he got it under control. he used the tools congress gave him in the american rescue plan

cbo always get that is part wrong. >> ali vitali, i can see you, i want to go back to you. we missed the top of that. tell us what he had to say. is he feeling optimistic? what's the word from the speaker? >> reporter: look, he has been trumpeting the same talk through the course of the day, project k -- projecting optimism over the fact -- chris, i'm sorry, but the speaker is expressing confidence that he has the votes he needs to get this through. he was on his way back from opening the floor. one of the questions he was asked during the short moment he spent with us was about the cbo score that says that by expanding work requirements for certain antipoverty programs like s.n.a.p., it actually adds to the deficit. mccarthy was faced with the same question, and frankly so was steve scalise, his deputy last night, they maintain that work requirements is still something that was important to them. they consider that a win. it's a win for their conference. of course that's something that progressive democrats have been equally as upset about but now the cbo score, something

if you read the latest cbo report, there's no way out to say that it is. it is. i mean, we're going to double our debt in the next ten years. if look at the total debt of the u.s., we're like 121% of gdp and we'll go up to 130 some of gdp in that ten year period. and, you know, the big problem, our entitlement programs, the i think the same cbo report said something like 81% of the increase in federal expenditures over the next ten years are social security, health care and now interest because interest is going to skyrocket with all the debt. and you on to that defense spending. and then what does that leave us? well, if you wanted to read those separate and not touch them, you have to cut the rest the budget by like 70% to have a balanced. and i don't think that's going to happen. so you got to touch entitlements. one of the i think in my first chapter of the book, i have a quote from ben and what says is some people call the u.s. government an insurance company with an army and many ways that's what we are. gao did a report most recently had 150 to insurance c

and i don't believe we will, we will, we will see that's in there for cbo feature. okay, k g, thank you very much for your input and, you know, moving on to some other news here to some of the short global business storage. germany's inflation rate is expected to fall to 6 and a half percent in may of the lowest level in more than a year economist surveyed by voice. here is a tribute the full to lower gas prices on the introduction of a nation wide $49.00 euro, monthly public transport tickets be care of pm central bank is unlikely, however, it to be deterred from raising interest rates. again, china is for us domestically made, passenger aircraft, has completed its inaugural commercial flights from shanghai to beijing. the c 919 was built by state owned company co mac, which is hoping to challenge airbus and boeing's dominance in the single iowa jet market. while co mac designs, many of the parts western firms supplied key components you as president obama is urging congress to approve a deal to raise the mind to the government can borrow in order to prevent the co

this is from the cbo. would lead to distress and credit markets, disruption in economic activity. the day the united states runs out of cash, the ex--date could come this summer. there's a graphic about mortgage rates if it does happen, current 30-year fixed mortgage is 6.35%. no deal reached, they are projecting 8.4%. which obviously affects lot of families across the country. >> which is why house speaker kevin mccarthy passed a plan to raise the debt ceiling. i remember in 2019, when nancy pelosi said i won't raise the debt ceiling absent these other item. joe biden voted against at debt increase in 2003 and 2009. kevin mccarthy can say i'm the only one to pass an immigration plan. reuters reporting that white house officials they must accept some spending cuts. it seems like white house might be walking towards mccarthy. it took the white house 97 days between kevin mccarthy to come back to the table. >> because mccarthy managed to hurt the cats on those votes. there's a little leverage. >> certainly.

we're waiting for the cbo score which could give people the talking point baseline. right now, wall street isn't very worried about it at all. kailey: assuming that this deal does pass in congress and it raises the debt ceiling the treasury will start to borrow. how should we be thinking about that? michael: if they do it along the lines before the deal has been reached, they will get back to about a $500 billion level in the treasury general account by the end of june. that would be an awful lot of paper going to market. the question would be who buys it? that would be ok. if they don't, then the banks are going to have to buy it or individuals are going to have to buy it which would bring down reserves and sap liquidity from the markets. the real issue for money market funds is going to be whether or not the fed keeps its reverse repo program rate at 5%. you're going to have rates above that to get the money funds to buy. and that's a problem for the fed because at this point, their effective fed fund rates is two basis points above where the money market fund is a

cbo estimates hr 1163, also makes clear increase collection. all over payments of those unemployment benefits the tenures fund the up underpayment democratic amendments that will only protect innocent workers makes clear clause back without fraud. these amendments increase direct spending proves the republicans bill will make the innocent workers we pay overpayments. millions of dollars have been given or released from businesses. ridge worker who through no fault of their own it's gone, there is no way so we will be able to recover. by definition there tongue what people who are out of work for a period of time any of these benefits to get by. certainly through no fault of their own to social security or otherwise. the government try claw something back they did not knowingly take when they should have thank you appreciate your testimony. recognize for questions german smith democrats to keep talking with the $2 billion the rescue plan act. it's interesting to me by repeated calls to oversight hearings congressional democrats failed to hold a