the credits in the i.r.a.ld jump start manufacturing pippa is here with more. >> frank, the i.r.a. and incentives have had a huge impact up to $150 billion invested across more than 40 factories since the bill passed in august. this includes from solar to wind to battery plants. the facilities are across the country and we are seeing a concentration in the southeast and rustbelt as the map from american clean power shows some calling the region the battery belt there are few reasons for these new manufacturing hot spots. including proximity to the expertise and infrastructure of the steel industry access to nearby suppliers and business climates as well as historically cheaper labor announcements includes the lithium processing in south carolina and the battery factory in georgia as well as the first solar in alabama and existing factories in ohio. >> pippa, so far, we have seen announcements. how far does it take us with the clean energy asaspects? >> this is big no question we would not see this number of fa

advantage to all of this is that instead of reversion what we did on the -- reversing what we did on the i.r.a. to save the planet or reversing what we did to reduce the cost of prescription drugs, you're wasting time. adam schiff is wonderful. mr. raskin: i yield the gentlelady an additional 10 seconds. the speaker pro tempore: the gentleman's time has expired. the gentlelady's time has expired. the gentleman from maryland's time has expired. the gentlewoman from florida is recognized. ms. luna: i yield myself as much time as i may consume. again, i would like to say that this is not about donald trump. this is about holding accountability for someone who exploited their official position, had access to information that most members of congress do not have access to, and bringing accountability back to the american people. so regardless of whatever the gentlewoman from california says or anyone else, you guys are not being honest about the focus of this resolution and this censure. and that is exactly why we're here today, to debate it out. but i thank you. with order. the speaker: the house

the i.r.a. funding was designed to restore irs core operations and prepare the agency to serve the nation and its future. but that work is outside of our base level funding. that level of funding, which is 12.3 billion dollars for fiscal year 2023, has not materially increased since the fiscal year 2010, in fact, in real terms, we are 33% below our funding level and fiscal year 2010 if we had just received inflationary in just minutes. it is not enough resources to fund a tax system in an economy that grows in size and complexity every year. so i ask for your help to build on the remarkable progress we saw this filing season by supporting the 1.8 billion dollars in incremental discretionary funding requested for fiscal year 2024. this funding will enable us to maintain our current performance in the next filing season, while allowing us to use the inflation reduction act resources as congress intended, to modernize our operations so that we can sustain and improve our service to taxpayers into t

the i.r.a. is going to push major expansion of these other technologies that a rapid basis -- we are looking at battery storage, new things are happening. the governor of west virginia just join together with -- announcing conversion of an old coal plant into a battery error. a battery manufacturing production facility. i am really excited about what is happening technologically. we are going to have breakthroughs. you look at fusion, or there is greater -- . that's in the immediacy, if you are all sitting around asking how we are going to do. this the media challenge is meet our goal for 2030. in the next 70 years that we have to meet that goal, other things are going to come online and develop and create all kinds of new choices and possibilities. >> one of the things of meeting that goal, in fact you can't do it without doing this is lowering emissions in asia, particularly in southeast asia and in china. hence the issue of gas, and the switch from coal. >> this is where the -- lies at times.

barry: my understanding is that not'll europeans are against the i.r.a. i think many europeans, including members of the french government, told us there is an opportunity, perhaps, to change how things are done in europe. cathy, i want to follow up with you playing off of this. i keep hearing from my friends that there is also this spat with president biden, jake sullivan speech, with tai, this is will go you haven't seen in perhaps our lifetime. or working lifetime. so this is something that is really quite astounding that from my experience that we see american labor and the french government agreeing on something really profoundly important when it comes to how to treat working people in our country. we are going to touch on this a bit more in the next panel which is looking ahead. we are going to -- what have we not done? what the biden administration left undone thus far. not because they don't want to do it, but because they haven't got around to t they have done so much there is a limited amount of time in the day. a limited amount of time each mo

i went and i was i.r.a. do a murder right away >> got to -- pick a guy up and then stab him in the shower. [ laughter ] usual fare but it's a, yes. i mean, the soundtrack on this movie -- >> seth: it's one of the most iconic it's amazing i watched the scene today and every time you watch anything from the film, you remember exactly how haunting that score is >> yeah. and at the end of the movie, they -- we got to the savoy hotel and i really wanted to drive the car because i knew what the scene was now, that we had the guy, we had bob hoskins, number one guy and i thought i really wanted to drive the car. i just so want to drive the car. i'm going to look like steve mcqueen and be so cool and the director, john mackenzie said, "hey, you're in the front seat in the front, get down there." and i thought, "[ bleep ] this is no good this is really boring. [ light laughter ] and we drove down the strand and john mackenzie, the director, god bless him, he drove. phil meheux was in the back with the camera and he s

i.r.a. funds this way, focused on short term operations, rather than long term systemic improvements, we will not be able to transform the taxpayer experience, modernize outdated irs technology, and deliver more effective enforcement of the tax laws, we as the i.r.a. envisioned. the irs funding was signed to restore irs core operations and prepare the agency to serve the nation in its future. but that work is outside of our base funding levels. that level of funding, which is 12.3 billion dollars for fiscal year 2023, has not materially increased since fiscal year 2010. in fact, in real terms, we are 33% below our funding level in fy 2010, if we had just received inflationary adjustments. it is not enough resources to fund a tax system in an economy that grows in size and complexity every year. so, i ask for your help to build on the remarkable progress we saw this filing season, by supporting the 1.8 billion dollars in incremental discretionary funding requested for fiscal year 24. this fun

the i.r.a. is positive versus the declines for the s&p and nasdaq that is with the big a.i. rally. let's talk about companies benefitting with timna tanners >> good morning. thank you for having me. >> we saw a funny announcement from the biden admin years ago and months ago, why is this not priced into market? why do we see the pop from the ifra etf yesterday up more than 1% >> i think there is an inflation skepticism that the dollars would be spent and some wait and see when it shows up government dollars allocated back in november of 2021 are barely materializing the other issue is last year with diesel costs exploded the companies were not able to pass through prices as quickly as customers or barely were keeping up those are the two biggest things that kept stocks from performing well >> a lot of this money is spent on roads and bridges what companies benefit from this and how big of a tailwind is it? >> it is a big tailwind. we cover materials in the space and steel names that benefit it is a positive i think what the market is in wait-and-see mode is how it impacts the resid

they announced that they were able to -- people say the i.r.a. doesn't really help reduce inflation, but at the end of the day, the morning news this morning, we just learned that inflation continues to drop. i think the annual ice numbers is now down to 4%. and the left job creation number that was reported out of the department of labor a couple of weeks ago, jobs 23 40, 000, in the last month. and unemployment rate for the country is still going, down around three and a half percent, which is pretty darn good number. it's not perfect, there's still things we can do better, but the, i think, for the bad it's not that bad. thank you, senator capito, will now hear from our witness, jalen bhatt. shailen protests just name bhatt, but a lot of us pronounce it bhatt. and bhatt, insoles, the better to play. i will answer to either one, but he the administration of the federal highway administration. sort into his current role on january 13th, 2023. after -- was confirmed by the senate on december 8th of last year. as administrator, mr. bhatt overseas

they announced that they were able to -- people say the i.r.a. doesn't really help reduce inflation, but at the end of the day, the morning news this morning, we just learned that inflation continues to drop. i think the annual ice numbers is now down to 4%. and the left job creation number that was reported out of the department of labor a couple of weeks ago, jobs 23 40, 000, in the last month. and unemployment rate for the country is still going, down around three and a half percent, which is pretty darn good number. it's not perfect, there's still things we can do better, but the, i think, for the bad it's not that bad. thank you, senator capito, will now hear from our witness, jalen bhatt. shailen protests just name bhatt, but a lot of us pronounce it bhatt. and bhatt, insoles, the better to play. i will answer to either one, but he the administration of the federal highway administration. sort into his current role on january 13th, 2023. after -- was confirmed by the senate on december 8th of last year. as administrator, mr. bhatt overseas

the i.r.a. was this massive, massive bill, climate bill. signed just before the midterms.g against the i.r.a.. they're just, like we're gonna let that go. then what a fight that fight. unfortunately, you see some of these other issues cropping up, now not on renewable energy, which i think is a kind of some room for some bipartisan consensus, on how we're gonna protect the most vulnerable. they there, are unfortunate, the republican party is really failing us. i also think collectively, we're normalizing what used to be completely unprecedented, extreme a vents. you know, just talk about five, 500 year storms in five years. that means we've had several millennia of intense weather, concentrated in just a period of a few years. all of us, we're waking up to climate, we're worrying about. but we're not worrying about it nearly as much as the science tells us we should be. >> i am. privately, i'm terrified every day. the data is staggering. and deeply distressing. david wallace-wells, sort of is on the show. representative james talarico, very, very thankful for your time. an

health care spending particularly by the government is probably politically popular portion of the i.r.a., i would think. the thing is, when you look at pfizer and merck, specifically, these are two names that are particularly cheap a lot of bad news is baked into them we are seeing some other stocks like astrazeneca today, where we saw some bullish options activity, but bearish in these other two. i think, you know, this might actually be an okay time to dip your toe into some of these, because there's already so much bad news baked in. >> guy, how much, when i say there could be a rotation in, how much is that influenced by your belief that this is going to be so far out or it's already factored into the stocks >> the rotation, portion, i believe some of these -- some of the indications, some of the metrics on these high flying tech names are levels we haven't seen in 30 years i mean, we're at two standard deviations in terms of rsis and stuff. so, at a certain point, some of the high growth names are going to break i think a break will get people back into energy, one, but health care

as university of chicago study estimated the i.r.a. would result in 135 fewer new drug approvals in the next two decades. that figure would inevitably skyrocket under the budgets proposed expansion. already numerous manufacturers have signaled plans to table certain projects and light of uncertainty created by the i.r.a.. in recent months we've seen irrational drug shortages, which leading fewest u.s. food and drug administration has contributed to pricing dynamics. doubling down on the i.r.a. price controls would exasperate the laws most harmful consequences. americans deserve better, and more affordable access to prescription drugs, and we can find bipartisan results oriented solutions to advance that goal. government price mandates however are a step in the wrong direction. i have also profound concerns with the budgets bold claims of averting the medical cost -- looming insolvency, largely through massive tax hikes and budget gimmicks. this unbalanced approach has nothing to address medicare's cross drivers. it would also punish th

you talk about your previous service what it is -- oh i.r.a.? >> that's where i used to work. is the office of information and regulatory affairs. it's a small office within the executive office of the president it has a few different roles but the one that's perhaps best known for is reviewing regulations. i spent over ten years working in the government. working with agencies like the food and drug administration. and the department of labor. the department of education to work with them before the regulatory proposals go out the door to the public for consultation. >> is the idea to avoid exactly where we're talking about. congress stepping in and trying to pull back some of these regulations after they go out the door? >> that's definitely part of it. from my perspective if you get into the point of a disapproval it's a failure. agencies work really hard on their rules. it might take them months. it may take them years. it represents hundreds of hours of their effort to try to do the best regulatory proposal that they can. at the end of all of that. to have congress swoop

funding has impacted the i.r.a.' ability to triple that wealth taxpayers are paying off and that low income fillers are not unfairly targeted? >> thank you for the question congresswoman and the critical thing that the inflation reduction act provides the irs that we haven't had previously is the resources to build capacity to assess complicated returns of high income filer's. i've talked earlier in the hearing about our coverage or our audit rate for organizations that make more than 100 million in assets and it is historically low today. that is because as you described there has been an era of divestment in irs resources. inflation reduction indicate -- it allows us to essentially stop that reduction and start to build a capacity that existed previously. we have a lot of catching up to do because the world is very different now in terms of the complexity of these organizations. partnerships are more complex than they were ten years ago, multinational corporations are more complex and i believe even the way that th

. >> my worry or my interest in this is around the i.r.a it was called dangerous because it risks theubsidy race. can the prime minister, perhaps, push that agenda the very least and talk about subsidies or does this purely become a relationship they are trying to maintain pto ensure the west remains allies >> there are geopolitical issues at play here particularly given ukraine where the uk and u.s. don't want to drift apart because of decisions in the united states and sub as i -- sub asidizing industry. the uk cannot replicate. the appreciate side in the negotiations and prime minister and foreign secretary will want to do is try to ensure that the trade relationship between the u.s. and uk doesn't do the kind of harm to the competitiveness with the green industries and many have said it could do >> speaking about the war in ukraine, how has the alignment of interests militarily between the u.s. and uk improve the state of the relationship between those two nations? >> i think the relationship is very close obviously, the united states and uk relationship going back a long period.

we're doing it because it's good business and frankly we're doing it a long time before the i.r.a. just supercharge our level of activity. >> very interesting. >> fascinate zblg prologis nevertheless, becoming increasely important >> we're in the business of business if we can do anything that is good for our customers, makes them stickier, makes them appreciate our product over other products, because it's decarbonize or it offersefficiee things are good for the bottom line we think it as a huge business opportunity going forward. >> thanks for joining us we really appreciate it. >> thank you >>> all right, coming up, meta-versus. unveiling a new vr headset and upstaging apple's vr announcement in week this brewing hardware battle when "power lunch" returns a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. this thing, it's making me get an ice ba

existing infrastructure that is one thing but if you put a shovel in the ground that is different and the i.r.ade it more economic and there is air capture that has better subsidies but is more expensive and definitely in the proven yet. guy: a lot of people are saying this is the solution, suck the carbon out of the economy and use it and produce fuel but again theoretically if i write the chemistry down it might work. making it economic not so much. >> if you take occidental dealing with air capture in is a billion dollars it make one project but if it happens and the technology may work and if it happens even with a billion dollars then do you cut that in half and go down and the subsidies are key. if you put the carbon docks dioxide the subsidies are juicy. i think that is with exxon is trying it prove more quickly. guy: yes, and the speed is important at this point. this is not a story with the luxury of time. you have to get on with it and a lot of in feels very speculative. >> yes, there is bloomberg. >> stocks able to pull out a rally. >> we have the s&p 500 up .8% you see bloomberg dol

. >> one big story for evs is the i.r.a. tax credit. is there a chance to build the evs in the u.s.? >> reporter: they would like to eventually, but you will not see it before the next election or well into the late decade. they realize you have to manufacture in the country they are exporting from china to europe that will change over time you will see more production here in europe and ultimately that is the goal in the united states as well that is way down the line. >> certainly something to watch. phil lebeau live in london thank you. >>> sticking with tesla, let's bring in auto analyst tom narayan. they may be laying out a bear case for tesla, but you are taking the other side of the trade. give us a sense of the price target for tesla >> we have a $305 price target for tesla. we raised it significantly from 212. now, we are starting to model autonomy and the robo taxi and software licensing which we think will would be the story. they are trying to get as many teslas on the road they want autonomy in it which is 70% of tesla of t

. >> that means you tackle the i.r.a. from the united states.where together as europe, you move that conversation forward together that will be critical that they are able to do that. yes, it is more difficult with europe, but very necessary. >> absolutely. being the european union is a complex organization bringing everybody together. what i think is there is no win-win outcome in a war or subsidy war. it has never been a solution inside europe. it has never been a solution at the world level. it is really lose-lose of i hope the dialogue with the u.s. and china and throughout the world actually helps us find win-wine win-win solutions to the economies and societies. today's summit is bringing together the different jurisdictions around the world which is a good forum to find the win-win solutions that we need. >> madame, thank you for the time i appreciate it. >> thank you. >> a conversation that is really telling, i suppose, for the most part it needs collaboration a lot of collaboration will be needed nadia, the deputy prime minister and min

we focus on the consumer stimulus but infrastructure, i.r.a., the inflation reduction act, arpa, thecu■ plan act, all just pushing al■ t of money into the system working against the fed.-■ >> it isÑ■ expensive.e it's t(■2:00 eastern let's get to the judge.f >>>e1i] welcome to "the halftime report." i'm scott wapner the great debate, who is r&■y in charge of this x■market the bulls or the bears?e why that answer means everything, of t(■ourse, to your money. joining mei■ó■■■tox■ discuss ith baruch, jim lebenthal. let's check the markets and see what we are doingfá thisx■ hour. stocks are tracking fort(■four down days in a row, thexd■worst■ weekl■ since march.ç the nasdaq about to break its eight-week win streak. the dow is aÑ■ modest loser. the s&p is a modest winner.e so, jim, i feel like we needx■ havei■ this conversation becausi still feel like wye don't have a x■answer >> we don't. >> whof■ is in jfcharge, the bus or the bears the momentum has been on the bulls side you felt a little bit better about your ownt■ case and about where you thought this market was going. and here we are

eight infrastructure dollars, and the i.r.a..h. i think what we did in minnesota, we made a commitment, in a whole agenda was to make life more affordable so it could be the best day to raise a family. whether that sending back rebate checks, which we're going to do. reducing taxes on the middle class, making sure we're making childcare affordable. i'm tell, you are employers, we're home to 16 fortune 500 companies. we have incredibly low unemployment rates. we know there's people on the sidelines that we need to make sure that we're making childcare affordable for. we've done something, we made free breakfast and lunch for all students in schools. i know a lot of people say, lower income students got that. those are a challenge for folks that are making, 80, 90,000 a year. so i think moving those things to make life more affordable for the middle class, making those things that they care about, whether children's education, access to health care. and then sending back a little bit of money and forms of checks, especially in time

up coverage >> another big issue that people have been talking about here at the conference is the i.r.a "inflation reduction act" and what that is going to mean for drug development and what it's going to mean in terms of negotiation. yest you have to take the price or leave it, or they are going to fine you if you don't accept that >> i agree with that there are several defects with this law that's one of them, which is it's called a negotiation. but we already negotiate for almost all access in medicare, we just do it with third parties. our prices are way lower in medicare than they are in the commercial market. so there is negotiation. the government wants to step into that and play a bigger role, that's a problem because it's not a negotiation you have to take it or leave it. but the biggest problem is when they proposed to negotiate, which is for pills or small molecules, as we say, as early as nine yearsinto a 20-year patent life. boy, that's going to really truncate investment in what is one of the most efficient parts of health care, and once they go generic, they become cheap

manufacturers have signaled plans to table certain projects in light of uncertainty created by the i.r.a.. in recent months we've also seen a russian of drug shortages. even leading u.s. food and drug administration officials have attributed to pricing dynamics. doubling down on the price controls would exacerbate the laws most harmful consequences. americans deserve better and more affordable access to prescription drugs, and we can find bipartisan results oriented solutions to advance that goal. government price mandates, however are a step in the wrong direction. i've also profound concerns, with the budgets bold claims of averting the medical trust funds looming insolvency largely through massive tax hikes and budget. -- this unbalanced approach does nothing to address medicare scott drivers. it would also punish the small job business and entrepreneurs who drive our economy. unfortunately, the budget takes a similarly shortsighted approach to medicaid, reviving a number of rejected policies from past proposals, including hundreds of billions in new spending, tied to burdens of condi

we focus on the consumer stimulus but infrastructure, i.r.a., the inflation reduction act, arpa, thet wapner the great debate, who is r&■y in charge of this x■market the bulls or the bears?e why that answer means everything, of t(■ourse, to your money. joining mei■ó■■■tox■ discuss ith baruch, jim lebenthal. let's check the markets and see what we are doingfá thisx■ hour. stocks are tracking fort(■four down days in a

managers capture 50% to 70% of the value of that list price now, unfortunately, the recent legislation i.r.aolicy environment now what we think of as price setting after a fixed period of time that's something we're working hard as an industry to try to get fixed. we also hope congress will take up pbm reform, pharmacy benefit manager reform, so we get a more sensible system, patients can afford theirmedicine and biosub pharmaceutical companies can get more for their research. >> can you put a number for kisqali? >> we believe the early breast cancer market is in the $5 to $7 billion plus range kisqali is trending to be $3 billion in the metastatic medicine this could be a significant medicine over time we're really excited we can bring this to so many breast cancer patients. >> analysts were pointing out on the last call you had sort of mentioned a weight loss drug, which is really the big thing these days do you have one under development right now? >> we continue to explore a lot of different medicines and cardiovascular disease i would not say we had any imminent weight loss drugs in the

united states and have a fighting chance simply because of the barriers that are erect in terms of the i.r.ag certain processes to be in the united states and chinese automakers don't have that capacity yet. >> yeah, you're exactly right, melissa. they're not going to be eligible for the $7500 incentive that's available if you need the local assembly requirements and element requirements of the batteries. that being said, if they have a major cost advantage to start with, you could argue that even if they don't have those incentives, they could still be competitive from a price point standpoint, but then you get into issues around, okay, they have to either build a distribution network or sell direct, which is a challenge and then the geopolitical issues you know, buying a chinese vehicle in the u.s. and all the thoughts that go along with that, you can't calculate the impact that would have >> mark, i haven't spoken to you since we got those announcements from gm and ford in terms of using tesla's charging network i'm curious to get your take on the significance of that, what it's going to

if you take a long-term view of lithium and what's going on with the i.r.a.here it's got to be the ingredients, the components have to be made in the u.s., they are perfectly well positioned to capitalize you've got to get through the short-term volatility. >> are you going to buy the stock? it sounds like you're making a case to buy it >> i'm definitely going to do some work on it. i haven't looked at it for a while. i'll do some work. maybe i'll have jim do the work for me. >> as usual? >> exactly. >> hopefully he comes out bearish on it. >> coming up, broadcom shares higher after strong earnings stephanie told us she was trimming her position. she's caing llin for reaction and strategy about what she's going to do from here. we'll do that next ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all o

they offered them plausible deniability, i'm sure you remember the i.r.a., which interfered in the u.stions in 2016. they run mercenary operations in africa. they were involved in syria. so they give a lot of powerful deniability and movement, treatment movement, to take actions that the russian government would not have directly ascribed to them. so i doubt that they were mercenary group like them is going to go away completely. my guess is that they will try to preserve something. of. it but there are certainly going to be concerned about a group that isn't pulled into the putin's power structure. and that's what's happened here. prigozhin has -- essentially making money in africa. he had its own military. so it continues to grow and as we found out about a month ago, it's turned out he was potentially selling russian positions in ukraine. or trying to sell them to the ukrainians. so he was operating very independently. so i that i think is one of the reasons why they tried to bring them under the hold of the mlb. but long term, these types of proxy groups and loosely allied governme

they agreed to joe, if you vote on the i.r.a., will try to make this happen. we'll put it in many bills. but i never should have put it in a debt ceiling bill. they never should've put it in a bill where americans at the precipice of default. they could've put it in a permitting reform bill. they could've put it in energy appropriations bill at the end of the year. putting in a debt ceiling? this is a menu fractured issue, there's bipartisan interest right now in permitting reform. i'm a supporter of permitting reform. i support the permitting reform portions of this bill, other than the mountain valley pipeline. we could've gotten this done according to -- an regular order. for some reason, they decided to drop mountain valley pipeline in the midst of a completely unrelated bill, we've got to save america's full faith and credit and will drop mountain valley pipeline in that? who are these owners of this company that think they're that important? they're so important that they get to write the terms of their own deal, eliminating all administrative and judici

republicans want to get investments we made in the i.r.a., the inflation reduction act, that are driving a new generation of american manufacturing, billions of and billions of investments and thousands upon thousands of jobs. we fought and fought. that ain't happening. the hard right maga republicans wanted to cut critical investments by as much as 30%, all these vital programs by 30%. as we say in brooklyn, nfw. that ain't happening. republicans wanted to put to falls back on the table in a few months. that ain't happening. republicans wanted to rollback medicaid expansion -- >> well, on chuck schumer's nfw we will leave it there and keep monitoring. the white house did put out the statement that the president will be signing this as soon as it gets to his desk. and he will be making a primetime address tomorrow evening. and we will bring that to you. with that, let's get smarter with the help of our lead off panel. leigh ann caldwell, an anchor for washington post live and author of its newsletter, 202, former democratic senator senator heidi heitkamp. she served on the senate banking

say capitalize will help you look for your account and then if you find one you can roll it to an i.r.amed retirement benefits. is online at unclaimedretirementbenefit.com. the rock >>> then click the map. check every state where you used to work or live. >>> all right that does it for this edition of the fast- forward. we will see you at 4:30 with more afafter advil l dual actioin baback pain..... yo! uh! haha! ha! [dogog bark] whatat? my b back feels s better. before advdvil... new advil l dual action bacack pain fightsts back painin two way. fofor 8 hours s of relief.. my momom says thatat breyers is made wiwith real mimilk. i i think i cacan hear thehe m. breyers s natural vavanilla is made e with 100% % grade a milklk and creamam. and only s sustainablyly farmrmed vanillala. better s starts withth breyer. moderatete to severere eca still l disrupts m my skin. moderatete to severere eca despite e treatmentt it disruptpts my skin n with it. it disrurupts my skikin with ra. but t now, i canan disrupt e ea it disrurupts my skikin with ra. wiwith rinvoq.q. rinvoq i is not a ststeroid, w

advantage to all of this is that instead of reversion what we did on the -- reversing what we did on the i.r.a. to save the planet or reversing what we did to reduce the cost of prescription drugs, you're wasting time. adam schiff is wonderful. mr. raskin: i yield the gentlelady an additional 10 seconds. the speaker pro tempore: the gentleman's time has expired. the gentlelady's time has expired. the gentleman from maryland's time has expired. the gentlewoman from florida is recognized. ms. luna: i yield myself as much time as i may consume. again, i would like to say that this is not about donald trump. this is about holding accountability for someone who exploited their official position, had access to information that most members of congress do not have access to, and bringing accountability back to the american people. so regardless of whatever the gentlewoman from california says or anyone else, you guys are not being honest about the focus of this resolution and this censure. and that is exactly why we're here today, to debate it out. but i thank you. with

not for people like me, who are 60, but in your 30s and 40s, plan for your 401(k) and i.r.a., we needosts down >> who are your backers at this point, financially because we might like to think that anybody can get elected without financial backing, but you need it. >> you can't and i wouldn't have got sten ino the race unless i had some very significant people we'll put out a report, but i think what you'll find are a lot of people who were with donald trump before are now with us some folks who were with other candidates in 2016, like jeb bush, like marco rubio are now with us. and i think folk who is want someone who's going to take us on directly. we were talking about this before we came on. how do you win this race it's fantasy to believe you can win this race by not taking on donald trump he's in front! how do you beat someone and not talk about them? i look at the other candidates in this race -- >> they're trying to keep the 30%. >> they're never getting the 30, joe. if you like coke and new coke comes out, why you buying new coke you say, i like coke, it's right over here, i'

the last year as my friends across the aisle have pushed through legislation called the iija, the i.r.a., the chips act, all these acronyms. and what it means to you, what it means to the american people, mr. speaker, is it means that $10 trillion in extra funds have been spent. $so trillion. , -- $10 trillion. let me tell you what that means. today, a child born in america is going to inherit about $4.5 million in debt at their birth. $4.5 million. the amount of money they're going to pay over their lifetime, according to the committee for a responsible federal budget. right now we have hit our credit card limit as a nation. we don't have the ability to pay the monthly payment. and so we're in a quandary. we've got to figure out how we're going to raise that credit card limit. and just like you would do with your own family, you would have a conversation, mr. speaker, with your child and you would say, hey, how did you get yourself in this situation? we have to fix it. look, the situation we're in right now, we have four options in front of us. there are four. number one, we can defaul

act and the i.r.a. into the american economy, people aren't feeling it yet.ong time for the money to get out, it hasn't actually been disbursed from the two big pockets of money. i know the president is wanting that to happen as quickly as possible. you know how successful it was for barack obama in 2008 to go around the country, i remember standing in front of the bridge brought to you by the recovery act. or this proceed brought to you by the recovery act. that is something the president would love to be able to do, he can't do it yet because the money hasn't been disbursed and the applications aren't processed. in a way that's to advantage, because if the money goes out next year, you'll see real tangible returns from the public sector money. there's already still returns from private sector matching funds but they hope come next spring, come next summer, you have those panels saying this is a bridge brought to you by -- and that would be hugely beneficial to the president as well. >> rick, you know who will knows how politically powerful joe biden's agend

tonight or later today the president will be discussing far beyond the american rescue act, but the i.r.a and the infrastructure bill and the chips act. >> it's going to be interesting to watch the president take some victory laps while powell tries not to take victory laps and maintain some discipline, at least on the rate environment, but yeah, as for the -- if you look at the g7, the u.s. has the highest post-pandemic gdp growth we have the lowest inflation, core and headline, and as for the factory construction that david mentions, construction spending by manufacturers has gone 2x in the last year the reaction function has been right out of the legislation >> it accounts for a tremendous amount of the gap between the expectations of overall economic slowdown and what we're getting. that's been something you would have expected to have had an impact from 500 basis points of fed rate hikes is commercial construction and it's just gotten overwhelmed by that new capital mandate going that direction >> yeah. there are those who question whether we needed the american rescue plan, the firs

there was quite a bit of spending with the chips act and i.r.a.ms of debt-to-gdp. would you push more legislation and more spending although we are at $32 trillion in total debt is that still a good idea or do you take a step back >> i would not take a step back. the investments that the president and congress made in 2022 were wise and add to the productivity of the economy for years to come. the chips and science act to help chip factories will create six figure jobs for people in left behind parts of the country. i read about the electric battery belt creating high-tech manufacturing jobs in places where they were left behind before. >> none of the inflation was -- you don't think it was a binge >> i don't think it was a binge. you look where we are as an economy where europe is. europe has higher inflation and worse economic growth. i would take the u.s. economy over the european economy any day of the week. >> they rushed the green transition quicker than we did that has something to do with their issues of the. >> we will produce more oil in

now you got to put more weight on where is the chips act, where is that money going, where is the i.r.a money going? all of a sudden the government is a much bigger part in terms of subsidies and trying to, you know, it is a great thing as we talked about it a lot, that maybe is as important as the tax structure. >> especially this year. so many things are on hold right now because of rising interest rates, because of recession fears, whatever else but that chips act money is huge spent some time last week in syracuse, where micron is going to build their $100 billion factory and they're obviously over the moon there. >> in new york in. >> i spent some time there i spent some time in a lot of states. >> what other states have you been to? >> what other states have i been to >> where have you spent the most time >> these days i live in california so -- >> that's not going to win >> you measured job creation >> we measured job creation and job growth it is part of the economy category and we're also this year looking at new business formation as part of the economy. we want to look at the

basically they were caught flat-footed in europe big difference with the united states, where the i.r.ad, okay, look, if you're going to get these incentives for ev sales, which we believe will stoke the market, we want the batteries made in the u.s., final manufacturing to take place in the u.s. the chinese are not yet ready to enter the u.s. in a big way. that will lewill likely change r this decade. what we're seeing here in europe will be replicated in some fashion in the united states because the chinese believe they have the lower cost vehicles, they now believe that they have the quality of evs that can compete with vehicles from europe or from the united states, and it is only a matter of time until we see the chinese really try to make a push into the u.s. we're already seeing it here and they are coming strong here in europe guys, back to you. >>> what is the tariff situation like >> well, that's the problem. they don't have the quotas in place here so there are some tariffs that go into effect in terms of vehicles that are exported from china into europe. it depends where the

advantage to all of this is that instead of reversion what we did on the -- reversing what we did on the i.r.a. to save the planet or reversing what we did to reduce the cost of prescription drugs, you're wasting time. adam schiff is wonderful. mr. raskin: i yield the gentlelady an additional 10 seconds. the speaker pro tempore: the gentleman's time has expired. the gentlelady's time has expired. the gentleman from maryland's time has expired. the gentlewoman from florida is recognized. ms. luna: i yield myself as much time as i may consume. again, i would like to say that this is not about donald trump. this is about holding accountability for someone who exploited their official position, had access to information that most members of congress do not have access to, and bringing accountability back to the american people. so regardless of whatever the gentlewoman from california says or anyone else, you guys are not being honest about the focus of this resolution and this censure. and that is exactly why we're here today, to debate it out. but i thank you. with that, i reserve the rest of my