economy if that happens with the former treasury secretary larry summers. also tonight, a huge dust storm causes multiple deaths and dozens of car wrecks in a massive interstate pileup. we're tracking this weather disaster in illinois. >>> and an intensifying man hunt in texas after a gunman killed five neighbors including a 9-year-old little boy. authorities pleading for the public's help as this armed and very dangerous suspect has been on the loose since friday. >>> welcome to our viewers here in the united states and around the world. i'm wolf blitzer, you're in "the situation room." ♪ >> announcer: this is cnn breaking news. >> and let's get straight to the breaking news. trashy secretary janet yellen's very very blunt warning about the u.s. debt limit. cnn is covering the story from every angle. our correspondents are standing by over at the white house on capitol hill, and in the nation's financial center in new york city. we're also about to get reaction from former treasury secretary larry summers. he's standing by live. but first, let's go to our

former treasury secretary larry summers jones me now.t think it's the end of the world if the world briefly defaults. what would happen? what would be the repercussions for most americans? >> this is not an experiment we want to do. it could mean people don't get their social security checks, and a lot of people who are living hand to mouth. it could mean that we have people fighting in dangerous environments overseas who don't get their pay on time and at a time when we've still got people in the military on food stamps, that's got to be a serious thing. we've already seen the spread on u.s. bonds, the interest rate that the united states has to pay to borrow go up, and that means higher taxes for all of us. and it's got to affect our standing as a serious country in the world that people are wondering whether the united states is going to pay its debt. so it's an experiment, but it's one of those experiments like taking a wander with your eyes closed in traffic that might turn out okay if you do it, but why would you want to try that k

thank you very much, larry summers, for joining us tonight. >> thank you. >>> and ahead on cnn, whatng a crisis, meetings inside the italian government. well, alisyn camerota, she'll take that on next. make your dream car...a reality. mercedes-benz certified pre-owned vehicles are rigorously inspected to live up to the highest of expectations. - this is jabra enhance select. it's more than just a hearing aid. it's a smart hearing solution that makes hearing aids more convenient and less expensive. with jabra enhance select's premium package, better hearing doesn't have to start in a doctor's office. it starts with our free online hearing test. you can fine tune your settings with your remote audiology team. with jabra enhance select you can get the same advanced hearing aid technology and professional care you expect from a clinic at a fraction of the cost. try it risk free for 100 days. visit jabraenhance.com. the chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans

treasury secretary larry summers, thank you for joining us. >> it's good to be with you. >> right nowe the votes will be. the votes in the senate. two are 18 in the house. when you hear the, rhetoric you see everything being said, are you concerned? how loud should the alarm bells being ringing right now seven days out? >> i am concerned. i am not panicked, the negotiations tend to close right at the deadline. that is what i still think will happen. here. this is a silly charade and we should be worrying about the nation's big problems. not engaged in this kind of political posturing. but my expectation would be that before any that payment is missed and likely before any kind of payment to a federal worker or program benefit new sherry is delayed, then i think that this will be worked out in some way. this is an unproductive use of political energy and at a time when the nation has huge problems. there is always a risk when you have a negotiation, that something will go wrong. and if we were to miss a payment that would be catastrophic. but i think that the likelihood is that we will

haidi: larry summers speaking bloomberg. is expected to hike by 25 basis points and signal it because. let's talk about how traders are preparing this. jp morgan has laid out different scenarios. annabelle: you can see behind me, all the race -- all the way from elf rate cut, to hiking. there were probabilities of events happening. what is most likely is that we will see a hike cause leader today. -- a hike ending because later today. it coat up as high as 1%. the second most likely scenario from j.p. morgan risk of the fed hiking and continuing signal further move for funds rate on the way to the upside u.s. stocks are lower by as much as 1.25%. the wildcard is u.s. banking sector stress, jp morgan says that is what is not known yet. we have not seen enough signs that the fed would cause. -- would cause -- wouldpause. this has been a big talking point at milken institute global conference. how much of the banking sector stressed is doing the fed's work for it read some say it could be tightening as much as 100 basis points.

former treasury secretary larry summers says he is more worried about u.s.urmoil. we will get latest next. this is bloomberg. ♪ >> i am concerned today, but i have to say i am not highly alarmed by what is happening in the banking actor. i am frankly more alarmed about what is happening in the political sector where it's clear that we have only got a certain amount of time, and something has got to come together or something very serious is going to happen. tom: that of course was former u.s. treasury secretary larry summers speaking to bloomberg's david westin on the u.s. debt ceiling and his concerns. washington's ability to avert catastrophic debt default risks coming down to as few as seven days in may. that is the length of time that president biden and at the house and senate members are due to be in washington together between now and june 1, the date flagged by the treasury secretary as to when the u.s. may run out of money. let's bring in bruce einhorn. what is the outlook for the talks between the two sides, particularly given that we had the seven

the international monetary fund and harvard research led by larry summers says that the cost of corona restrictions for the united states was 16 trillion dollars. a billion dollars for nothing. we took 4 thousand dollars from the middle class and gave it to the super rich. we created a new 500 billion in the country. according to the oxfam report , billionaires increased their mojo syrup by 30% . corona restrictions were a gift to the rich . dear fellow countrymen at 17:30 , we are at your service with some news in the field of science and technology. good luck

larry summers former secretary says raise twice that amount. it will raise a lot of money. why do they want to get rid of the people who, in fact, would be able to do those audits. and my budget has some of the strongest anti-fraud proposals ever proposed, strengthens the number of-- i know some of you covered me in the last administration, cutting inspector generals how the money was spent and inspector generals watch dog of taxpayers dollars and it's estimated that we'd save $10 for every dollar spent on funding inspector general. my budget cuts wasteful spending, closes loopholes and does one more thing, it makes the wealthiest americans and biggest corporations begin to start to pay some of their fair share. just some of their fair share. >> and speaker mccarthy offered a different way forward, proposed deep cuts i believe are going to cut american families, millions of americans rely on medicaid for health care. would be at risk of losing that. and there would be 30 million fewer outpatient visits for veterans to the va hospital and we just increased the va budget so t

larry summers, a former secretary says it would raise twice that amount. it will raise a lot of money. why do they want to get rid of the people who, in fact, would be able to do those audits? and my budget has some of the strongest anti-fraud proposals ever proposed. it strengthens the number of inspector general's. remember, i know some of you covered me with my arguments in the past, with the last administration, for cutting inspector generals, as to how the money was being spent. and the inspector generals are watchdogs for taxpayers' dollars. and it's been estimated that we would save $10 for every $1 spent on funding inspector generals. my budget cuts wasteful spending, closes loopholes, and does one more thing -- it makes the wealthiest americans and the biggest corporations begin to start to pay some of their fair share -- just some of their fair share. speaker mccarthy offered a very different way forward. he's proposed deep cuts that i believe are going to hurt american families. and millions of americans relying on medicaid for their healthcare

former treasury secretary larry summers.hank you very much for joining us. >> thank you. >>> and just ahead, a new ruling on whether the accused pentagon leaker has to remain in custody ahead of his trial. amid growing questions right now about the red flags that were missed or ignored. what about work? i got you. looking great you guys! ♪ go to your happy price ♪ ♪ priceline ♪ like ours is spoiling their dogs. good, real food is simple. it looks like food, it smells like food, it's what dogs are supposed to be eating. no living being should ever eat processed food for every single meal of their life. it's amazing to me how many people write in about their dogs changing for the better. the farmer's dog is just our way to help people take care of them. ♪ (♪) this electric feels different... because it's powered by the most potent source of energy there is ... you. this is the lexus variety of electrification ... inspired by, created for and powered by you. ♪ my name is joshua florence, and one thing i learned being a firefigh

and it becomes this very public battle between nancy and larry summers. and what was so amazing to me, going back to to look at for the book was how many people stood up and said, well, larry summers, he's just raising up he's just raising a point of data. you know, shouldn't we at least consider analysis? and the reality is, like we had data for many years showing that that not the issue, that there's more there's more diversity among men, among women than there is between men and women. so that was not the case. so so i do think that that yes, it was still because these men had blessed it. and i think there was a sense, among other some other university presidents who i won't name that chuck vass, the president of mit, had kind of rolled for these women. and they, you know, again, like there was an article in i can't remember if it's the wall street journal. they referred to the mit. at mit. he had caved. mit had had produced a report of junk to which the dean of science, you know, there was a guy on that committee who discovered quark. you think he bel

yes, and this is not news, larry summers discipline no rush, teach some way to was so just in the for the, in the notation signal go, the less tell me splint he goes to store this up. so you study, you must be less than the use of use unless you bullet which in your body of the of know those bills progress with us, that you engage the opinion paper. you go months to bring you see what they do because the way in which you, i'm somebody to kind of look at as an ocean. um we put you tell me your name and what particular media to be is that should double store. uh, i see a to, to move this up nice. i to do show you yesterday. good. would it be glad to which do to do in the category. who do you do? uh, sibling the voice capability leaving you'd be a good grandmother thermal. there's no recording for the completeness. maggie. it's a related subject to the traditional good the last time you have to get the general june is good. show us to us as this on the of course you will talk and you'll actually get your thoughts to sort of talk to you what you'll actually of it in a p and also brownsvil

the international monetary fund and harvard research led by larry summers says that the cost of corona restrictions for the united states has been $16 trillion. for nothing, we took 4 thousand billion dollars from the middle class and gave it to the super rich. we created a new 500 billion in the country. according to oxfam's report, mojo billionaires increased by 30%. corona restrictions were a gift to the rich . if you want us to use quality products, then we must use the products of golpayegan polymer company. this company produces products without speed and health principles are carefully observed. there is no harm to the consumer and the environment. all kinds of water test pipes, increasing one second to 14 inches industrially and galvanizing, ahmad, city gas test pipes from the size of one and a half inches, made of cans and hot galvanized pipes with a quality mark, added by the organization of standard management of iran, polad gostar , haddad. welcome to the signing of 15 cooperation documents between iran and syria on the first day of the president's visit to damascus and rel

yes, and that is, my name's larry summers discipline. know breast eats some way to to us just though just to know i put in the notation signal go the less tell me when you young goes to store this up. so you studies plus the most the use of use unless you bullet which a whole bullying very of no students progress with us, that you engage the pin in your paper, you go months, doping you see what they do, but it is a way in which you i'm somebody to kind of look at as an option that we put you really need me to name a particularly media to be is that should double store. uh, and i see a to, to move this up nice. i should do seeing this today. would you describe which do to in the category which um you could do uh suited me a voice capability leaving you'd be a good grandmother. is there? no, there's no recording for the cold business. maggie, this related subject to the dish will go to that. but then mostly love us if i'm yes to get the girls such as eunice girls show us to us as this won't be. of course you will talk and you'll actually g

larry summers, who served under bill clinton asked jeffrey epstein for help securing million dollar donationpoetry project his wife was working on and the schedule included meetings with woody allen and former israelis prime minister at his residence and jeffrey epstein met with linkedin founder hofman and leon black. jackson mahomes, brother of patrick mahomes was arrested yesterday for an incident at a kansas restaurant. a judge barred mahomes and his attorney from speaking publicly about the charges, but the two deny the accusations in march. the 22-year-old was released on bond and will appear in court next thursday. >> ashley: a california high school student taking a stand against her school board for allowing biological male to use the women's locker room after altercation between the female classmate and trans student who has history of violent and erratic behavior. >> hello, ladies and gentlemen, why are we affirming mental confusion of this boy and putting the safety of women in jeopardy by allowing mentally confused men to use women's spaces. what about the girls who are female do

the international monetary fund and harvard research led by larry summers says the cost of corona restrictions for america has been 16 trillion dollars, 16 trillion dollars for nothing, we took 4 billion dollars from the middle class and gave it to the super rich, we created 500 billion new dollars in the country, according to oxfam's report, billionaires increased their wealth by 30%, corona restrictions it was a gift to the rich, the approval and the project was successfully completed, and what do you suggest to use for the building fittings that are of high quality, of course , you have followed the standards, so we must definitely use the products of the golpayegan polymer company . strict compliance it does not harm the consumer and the environment. danesh banyan folad gostar haddad company is a producer of all kinds of water test pipes, increasing one second to 14 inches industrial and galvanizing from city gas test pipes from the size of one half inch, making cans and hot galvanized pipes. nishan khafte added iran standard management organization , polad gostar, haddad . in the morning,

jeffrey epstein private calendar and meeting with powerful figures including former secretary larry summersryl casone has more. good morning. >> cheryl: disgraced financier jeffrey epstein's calendar revealing notable names. the convicted sex offender had meetings with former treasury secretary, lawrence, former israelis prime minister and leon black and even actor woody allen. the documents include thousands of pages of e-mail and schedule from 2013 to 2017 and provide details about nature and frequency of contact with array much powerful people long after he was a registered sex offender. the timeframe is key, because jeffrey epstein had already pleaded guilty to soliciting a minor. >> todd: is this the end of rate hikes for a while? >> cheryl: looks like it is going to be. yesterday raised interest rates by a quarter point, a 16-year high. they signalled the end of the campaign. sits range of 5 to 5 and quarter percent, highest since august of 2007. fed has target of 2%. we are in the 5% range, according to reports, if you look at inflation. inflation is coming down issue not at 2%, but

treasury secretary, larry summers has had to say.ng than the continuing turmoil as far as the u.s. banking goes. summers spoke to us about the value of bank assets under higher interest rates. >> i think we are going to need to do some very careful thinking about marking bank assets to market and assessing the value of assets in more real ways. but, i think there is some alarmism in the calculations you are describing. it inefficiently recognizes that yes if you hold a bond or a mortgage and the interest rate goes up, the value of that mortgage goes down. but equally, if you are having a deposit and that deposit is at a low interest rate, so you are going to be able to do was spread -- able to earn a spread there is an asset there. when interest rates go up the value of the asset goes up. it is alarmist and wrong to focus on the first adjustment and not pay attention to the second adjustment. yes, absolutely, we have not been as careful in thinking about interest rate increases as we should have been. it was kind of amazing, and very

larry summers, who is not what you call a whacko liberal out there, right?ormer president of harvard -- my kids who went to penn would disagree, but that's ok. i went to a great school, i went to a state school, the university of delaware. but all kidding aside, estimates it will raise another $400 billion a year. a year. and they still wouldn't be paying very much tax relative to their income to begin with. my budget also has some of the strongest anti-fraud proposals ever. you may remember when we had that -- the legislation to help deal with the pandemic. what trump used to keep doing was cutting the number of inspectors general to sign out whether or not money is not being wasted. guess what, turns out there was about -- sever billions of dollars that were being wasted. people were getting money they didn't need or deserve. and they were playing the system. i think that we should have inspectors general again looking at what we are spending and whether it's going where it's supposed to go. it calls for an unprecedented effort to combat identity fraud by

larry summers says it would raise twice that amount. it will raise a lot of money. did they want to get rid of the people who would be able to do those audits? my budget has some of the strongest antifraud proposals ever. it strengthens the number of inspectors general. i know some of you covered my arguments in the past for cutting inspectors general for how the money was being spent. they are watchdogs for taxpayers dollars and it's estimated we have saved $10 for every one dollar spent on funding inspectors general. my budget cuts wasteful spending, closes loopholes and it makes the wealthiest americans and the biggest corporations to start to pay some of their fair share. just some of their fair share. speaker mccarthy offered every different way forward. he's proposed deep cuts that i think will harm american families. many rely on medicaid for their health care and would risk losing it. there would be 30 million fewer outpatient visits to veterans. we have to cut 30,000 law enforcement agents. fbi, dea, water patrol. 100,000 teachers and support personnel will

those include former clinton secretary and harvard president larry summers apparently more than a dozeneetings scheduled with epstein from 2013-2016. apparently even requesting donate to his wife's poetry project. film director woody allen, according to the journal he and epstein were scheduled to get together nearly every month in both 2014 and 2015. and then there were at least three dozen meetings between epstein and former israeli prime minister a hued barack between 2013 and 2017. but perhaps the most interest aring epstein pal of all was billionaire venture capitalist and linked co-founder reed hoffman. he visited epstein's private island in the caribbean and was scheduled to stay over at that creepy manhattan town house in 2014. in 2018 hoffman was forceded to issue an apology for funding a group that smeared alabama roy moore strongly applying the russian government was backing moore against doug jones. hoffman is the same man who's funding e. jean carroll's lawsuit against president trump. what's his justification, supporting woman fighting progress and justice has been a long

when you can get larry summers and ted cruz to agree that something this -- debate changed my life andmen will miss out as a result. >> dana: briann yeah is a member of the national speech association. has this been something you have experienced? >> absolutely. in march at a tournament before the round even started, we were debating president biden's foreign affairs track record and my judge warned me not to bring up president trump as she deemed it inappropriate. if a student like me going into debate to have free and open conversations is being censored in this way it is no longer debate. the nsca must be recognized as an organization not allowing students like myself to express openly. >> dana: it is shocking to me. i think speech and debate was the pivotal moment for my future and i think you feel the same way. this is what the association said that basically the 47,000 judge paradigms housed on tab room represent the opinions and viewpoints of the individual paradigm authors. it goes on to say on each and every ballot we ask all judges to reflect and remove bias and unfair feedba

as larry summers points out, protecting the 60,000 workers in the american steel industry sounds smartou do it by raising the price of steel, the 6 million workers who you steal as an input in their goods all suffer. a foreign policy that produces persistent, systemic inflation will fail to deliver for the middle class who are, as joe biden often says its intended beneficiaries. go to cnn.com/fareed for a link to my washington post column this week and let's get started. ♪ ♪ >>> the freshly crowned king being kissed on the cheek by the next in line for the throne. that seems like a perfect clip to frame a conversation about the future of the british monarchy, and i asked joanna coles to talk to me about that. born in britain, coles is a longtime editor in chief of everything marie claire, cosmo. what -- how do you contrast this coronation with the last one and this is the longest gap between coronations in history. >> it's been 70 years and it's extraordinary to think how the world has changed when princess elizabeth was crowned in 1952 britain was still a huge dominant global power an

elevated stubbornly high inflation combined with data points into an economic downturn, here we are larry summersbe and that's a potential for stagflation is the fed worried about this and how does it react. >> the job opening numbers that you put up there are unimportant the fed wants to see demand for labor slowing down. we were at 10.5 million openings in january, 10 million in february now down to 9.6 that's a positive sign for the fed the other thing in the report was a share of private sector workers who are voluntarily leaving or quitting their jobs, if you quit your job, you think you might be able to go get were money from another employer. when wages are rising, last year we saw the panic races that employers were offering. when people start to quit their jobs less that could also be assigned of less tight labor market those are positive signs for the fed and of course they come after employment cost last friday which shows the wage growth accelerated you can pick what you want for your narrative wages are getting worse but labor demand might be cooling. maria: do you think this'll be t

revealed epstein had meetings with several powerful figures including former treasury secretary larry summers product that would allow publishers to sell ads alongside post and take home half of the revenue. it's called pulse premier. surprised move by the popular app which is largely focused on independent creators, brands including buzzfeed, nbc universal, wwe, they are all going to be the first to join pulse premier. and finally this, twitter's workforce reportedly down to just one thousand employees. that's actually a lose of nearly 90% of jobs at the company since elon musk took over. musk making several rounds of layoffs telling bbc last month, quote, the company is going to go bankrupt if we do not cut cost immediately and, of course, maria, a lot of has changed at twitter since he took over as you know. back to you. maria: that's true. yes, cheryl. thank you so much. >> you bet. maria: we are watching house oversight committee james comer and next move. she's issuing a subpoena for an fbi document which a whistleblower says the agency possesses and that document shows details of a dea

. >> and larry summers said, the chinese are paying their bills.ald, that is a different story. stand by, everything, the nikki haley names when she is calling for older americans to take competency tests. she singled out one in particular today. it wasn't president biden. that controversiy coming u up n. s in the projects that power our economy. from the plains s to the coast, we help americans invest for their future. and help communities thrive. (music throughout) get the royal treatment. join the millions playing . download now. i need it cool at night. you trying to ice me out of the bed? only on game nights. you know you are retired right? am i? ya! save $500 on our next gen sleep number smart beds. plus, special financing. only at sleep number. they need their lawn back fast and you need scotts turf builder rapid grass. it grows grass 2 times faster than just seed alone. giving you a stronger lawn. smell that freedom, eh? get scotts turf builder rapid grass today, it's guaranteed. feed your lawn. feed it. lomita feed is 101 years old this ye

when you can get larry summers and ted cruz both of which pointed out the article and support event toe a national problem. which are mentioning trey, this one judge and many others who said if you merely mention the word illegal immigration in the debate they're going to cut you off, so you automatically lose and give you a stern lecture in front of your peers. that's unacceptable. >> i was at cambridge last fall for a debate. but i admired about the students was they did not vote based on content. they do not agree with me on politics. they voted based on what you're supposed to vote on. which makes me wonder if university students can do that, why can't adult debate judges? why can't they separate they think or believe or feel from what's happening in front of them? >> i don't think it's a mistake this is happening. i think this is a feature of the national debate that operates. they'd rather keep certain views largely conservative views out in order to make this a safe space and avoid the awkward conversations about immigration or policing. as a result the kids are stripped of the

. >> let's listen to what former treasury secretary larry summers is saying about where we are. >> duringefault was being debated, in 2011, the stock market went down by a little more than 15%. today, that would be in the range of six trillion dollars that is $20,000 for every american. in wealth for a time would be destroyed. >> that drive from your point. >> i don't have to say any more clearly than that. you think about people who are on fixed income, and we talk about not being able to potentially pay military members, not pay social security benefits. this really, the ripple effects are giant. >> today also, did i see that president biden's trip was going to be cut short a little bit because of these? >> good, point we should talk about that because he is traveling abroad. he is going to the g7 in japan. but we learn today, to your point danny that there was back and forth on what he continued on. he had planned to go to new guinea and australia and ended up, they will just postpone all of that and do it another time. because again, it is just a very condensed timeframe. that we are

maria: are we where larry summers said we would be in terms of stagnation fleven? >> yeah, we are. i guess wouldn't call it spiral almost like a trap -- we've got low growth high inflation, you know 1% growth, high inflation, and, you know, if you cut rates to -- to help solve inflation you are getting growth down into negative, have a recession if you don't, then inflation can go back to 9, 10%. i think the way to think about inflation remember i have very variants of covid waves of covid wat okay another wave a that is what inflationary spirals are like kind of in a low could go either way could take off again. >> the. adam: real wages, the data came out this morning as part of cpi, real wages year-over-yeardown 1.1% average hourly earnings down half a percent, i mean that sounds like good news, from -- from i would think your point of view you are worried about wages continuing to rise driving prices higher if real wages are coming down isn't that a positive? >> you know, of course, a negative for the folks whose wages aren't keeping up. in terms of economic outlook what it mean

larry summers, who's not what you would call a whackco liberal, former president of harvard, he says it's more like -- my kids who went to penn would disagree, but that's okay. but i went to a great stool. i won't to a state cool. i went to the university of delaware. but all kidding aside estimates it would raise another $400 billion a year. a year. and they still wouldn't be paying very much tax relative to their income to gbegin with. my budget has some of the strongest anti-fraud proposals to gbegin with. when we had legislation to help deal with the pandemic, what trump kent doing was cutting the numbers of inspector general to be able to find out whether or not this money is actually not being wasted. guess what? turns out there was about several billions of dollars that were being wasted. people were getting money that they didn't need or didn't deserve. and they were playing the system. well, i think that we should have an inspector general again looking at what in fact we're spending and whether it's going where it's supposed to go. it calls for an unprecedented effort to co

larry summers who's not what you call a whacko liberal, former president of harvard, he said it's more like -- my kids who went to penn would disagree, but that's okay. but i went to a great school. i went to a state school, university of delaware, but anyway. but all kidding aside, estimates it would raise $400 billion a year, a year, and still wouldn't be paying very much tax relative to their income to begin with. my budget also has some of the strongest antifraud proposals ever. you may remember when we had the legislation to help deal with the pandemic. what trump used to keep doing is cutting the number of inspectors general to be able to find out whether or not this money is actually not being wasted. guess what, turns out there was about several billions of dollars that were being wasted. people were getting money they didn't need or didn't deserve, and they were playing the system. well, you know, i think that we should have inspectors general again looking at what, in fact, we're spending and whether it's going where it's supposed to go. it calls for an unprecedented effort t

congressional budget office says it would raise $200 billion, larry summers the former secretary saysnt. it will raise a lot of money. why do they want to get rid of the people who, in fact, would be able to do those audits? and my budget has some of the strongest antifraud proposals ever proposed. strengthens the number of inspector generals. remember, i know some you covered me my arguments in the past with the last administration for cutting inspector generals. as to how the money was being spent. and the inspector generals watchdogs for the taxpayer dollars. and it's been estimated that we saved $10 for every dollar spent on funding inspector generals. my budget cuts wasteful spending, closes loopholes and does one more thing. it makes the wealthiest americans and the biggest corporations begin to just start to pay some of their fair share. just some of their fair share. speaker mccarthy offered a very different way forward. he has proposed deep cuts that i believe are going to hurt american families. [clearing throat] millions of americans rely on medicaid for their healthcare, w

larry summers says it raises twice that amount. it will raise a lot of money.people who, in fact, would be able to do those audits? and my budget has some of the strongest anti-fraud proposals ever propose d. it strengthens the inspector generals. cutting the inspector generals, as to how the money was spent. inspector general is a watchdog for dollars, and it's an estimate we save $10 for every dollar spent on funding inspector generals. my budget cuts wasteful spending, closes loopholes and does one more thing. it makes the wealthiest americans and the biggest corporations begin to start to pay some of their fair share, just some of their fair share. speaker mccarthy offered a different way forward. he proposed deep cuts that i believe are going to hurt american families, and millions of americans relying on medicaid for their health care would be at risk of losing that. and there would be 30 million fewer outpatient visits for veterans to the va hospitals, if we just increased the va budget so they could accommodate seeing these folks. we would have to cut 3

the list of those individuals include former clinton treasury secretary and harvard president larry summershe reportedly had more than a dozen meetings scheduled eppstein from 2013 through 16 , apparently even i guess requesting eppstein donate to his wife's poetry project . then there's film director woody allen. according to the journal, he and epstein were scheduled to get together nearly every month in both twenty , fourteen and twenty fifteen. and then there were at least three dozen meetings between epstein and former israeli prime minister ehud barak. that's between 2013 and twenty seventeen. but perhaps the most interesting eppstein powell of all was billionaire venture capitalists and linkedin co-founder reid hoffman. he visited epstein's private island in the caribbean and was scheduled to stay over at that creepy manhattan townhouse in 2014. now a little back story for all of you . here in 2018, hoffman was forced to issue an apology for funding a group that smeared alabama republican roy moore. that organization had strongly implied that the russian government was backing moore

a lot of people when you can get larry summers and ted cruz, both of which you tweeted out the article in support of it, to agree that something is this egregious. we know we have a national. problem. what you're mentioning today >>ot of pee and manyevent to others as well who said that if you merely mention the word illegal immigration in the debate, they're going one ut you off, say you automatically lose and give you a stern lecture in front of your peers. rd illegigrationthat's unaccept you know, i actually was at cambridge last fall for a debate. and what i admired about those students>> idebate. was they dit vote based on content. they do not agree with me on politics. they actually voted based suppt you're supposed to do to to vote on. which makes me wonder if if university students can do that, why cannot adult debatethd judges? why can't they , like, separatd what they think or believe? ey or feel from what's happeningt in front of them? >>of you know, i don't think is a mistake that this is happening. >> i thinka mistake this is a feature of the way the national speech and de

larry summers, not what you call a whacko liberal out there, right, former president of harvard, he says it's more like -- [cheering] [laughter] -- my kids went to penn would disagree, but that's ok. but i went to a great school, i had went to a state school, the university of delaware. but -- but all kidding aside, estimates it would raise another $400 billion a year, a year, and they still wouldn't be paying very much tax relative to their income to begin with. my budget also has some of the strongest anti-fraud proposals ever. you may remember when we had the legislation to help deal with the pandemic, what trump used to keep doing is cutting the number of inspectors general to find out whether or not the money is actually not being wasted. turns out several billions of dollars wasted, people were getting money they didn't need or didn't deserve and they were playing the system. well, you know, i think that we should have inspectors general again looking at what in fact we are spending and whether it's going where it's supposed to go. tripling anti-fraud strike forces to prosecute pan

larry summers, former secretary of treasury says twice that amount. it will raise a lot of money. want to get rid of the people who would be able to do those audits? and my budget has some of the strongest anti-fraud proposals ever proposed. it strengthens the inspector generals. i know some of you -- cutting inspector generals as to how the money was being spent. inspector general are watchdogs for the taxpayer dollars, and it's estimated we'd save $10 for every dollar spent on funding inspector generals. my budget cuts wasteful spending closes loopholes and does one more thing -- it makes the wealthiest americans and biggest corporations to begin to just start to pay some of their fair share. speaker mccarthy offered a very different way forward. he's proposed deep cuts that i believe are going to hurt american families, millions of americans relying on medicaid for their health care would be at risk of losing that. and there would be 30 million fewer outpatient visits for veterans to the va hospital, and we just increased the v.a. budget so they could accommodate seeing these f

larry summers, democrat former secretary of the treasury and a number of other democrats warrant that all of this spending by the federal government costly to inflation. we've inflation this country for basically two reasons. one, because we have been printing money to cover our debt. you have $20 chasing it to a few quotes. there is a second reason, and that is the problems related to supply chains because of covid. but there is no denying that, why do you think the fed is raising interest rates? why do you think they are trying to cut back? because they know that the flow of dollars, too many dollars chasing too few goods, creates inflation. so, look, i am just back to the fact that, the point i'm trying to make is, are there things that can be done to clean up the tax code, absolutely? are the things that can be done to clean up corporate welfare, i was in the middle of, it of course there are. but at the end of the day, we just don't want the answer to this problem to be to raise everybody's taxes and somehow that will help. >> it is not raising everybody's texas -- >> governor, w

to paraphrase larry summers, we offer them a lecture and china offers them an airport?verstated about larry - an airport? i think that is a bit. overstated about larry certainly made _ overstated about larry certainly made a — overstated about larry certainly made a point. many countries in the world _ made a point. many countries in the world are _ made a point. many countries in the world are sympathetic to america and the 67's _ world are sympathetic to america and the g7's efforts to address the issue — the g7's efforts to address the issue of— the g7's efforts to address the issue of economic coercion because they are _ issue of economic coercion because they are the — issue of economic coercion because they are the recipients of it themselves. it is not irresponsible or doesn't— themselves. it is not irresponsible or doesn't like to purchase to try to make — or doesn't like to purchase to try to make a — or doesn't like to purchase to try to make a case that we collectively should _ to make a case that we collectively should work to stop the use of economic— shoul

former treasury secretary larry summers says he is more concerned with the debt dealing then the u.s.king sector. he spoke exclusively to bloomberg about the value of bank assets under increased interest rates. >> i think we are going to need some very careful thinking about marking inc. assets 2 -- marking bank assets -- in more real ways. there is some alarmism in the calculations you are describing. it is sufficiently recognizes that, hold a bond or a mortgage, up, the value of the mortgage goes down. equally, if you have a deposit at a low interest rate, and you earn a spread, there is an asset there, when interest rates go up , the value of the asset of it is alarmist and wrong to focus on the first adjustment and not pay attention second adjustment. yes absolutely, we have not as careful in about interest rate increases as we should have been . it was amazing and unfortunate that fed stress testing did not put weight on interest rate scenarios in the way that it should have. that is a failure by the federal reserve system but i also think the kind of analyses you are citing are

but we needed to to think about doing this in a way where again the assistance was, you know, is larry summers would say what a timely, targeted and temporary as he say often, well, let's talk turkey for a second. i want to i to hear firsthand account about the underbelly of the imperial city here. washington, d.c. we've we've mentioned you've worked at the white house, you've worked on capitol hill, and very positions you've served as a regulator regulator. i checked the text this morning and the first amendment still protects against creating a law that somehow with people assembling peaceably and seeking redress of grievances. so what did you learn during this whole episode that you write about about lobby and how lobbying works? it's a great, great question. and unlike you, i, i might have some disagreements. some individual lobbyists, but i'm an ardent believer in, the right of people to be able to lobby grievances their government. and i will defend that we're lobbyists truthful with you. what is anybody really always true for you in these circles? of course not. but you know. but but th

we get his perspective i sit on the board with santander with larry summers and hear his perspectivensumer doing, we saw from walmart's results 60% of their sales are driven by groceries. consumers are not spending as much on discretionary items. we saw that from home depot and target as well we have to be mindful of the consumer delivering value to them there are a lot of questions about china. if, you know, china could change in a moment's notice if something were more aggressive to happen and a lot of the companies that i certainly sit on are doing business in china we have to be very mindful of that i think, interestingly enough, the russia-ukraine war, a shock to the system, believe it or not the cee advertising market is one of the higher growing markets this year. the market has absorbed the shock of the war and settled in and is actually performing quite well so those are the main topics that we talk about and then it comes down to the business and what is the business doing to serve the consumer. >> right just to get your -- you said a.i. is transformative or this generative

especially away from larry summers stagnation to something way less inflationary.people calling for inflation to be stickier which is more than the world is pricing. tom: we have the inflation report near labor day. inflation report at 8:30. this is "bloomberg surveillance". lisa m: keeping you up-to-date with news from around the world. with the first word, i am lisa mateo. president biden and congressional republicans made little progress toward a writing a first ever u.s. default. they agreed on another meeting friday which would include house speaker kevin mccarthy. president biden said he view the meeting as productive. bloomberg has learned new york republican congressman george santos has been indicted on federal charges. he has been under investigation over possible campaign-finance violations. he took office despite fabricating much of what he claimed about his education and career. former president trump plans to appeal after a jury in new york found him liable for sexually assaulting a woman and then defaming her. it is the first verdict against him in a