right now i don't know how much that $1 trillion or how much that $4 trillion isn't unspent. that we've been told it's close to $1 trillion. it would be nice to have that information real time every day of the week but we don't have that information. reporter: you haven't heard anything yet from ms. young? senator johnson: the process has just begun. reporter: ok, thank you. senator johnson: thank you. >> sunday on "in depth", elizabeth kolbert, staff writer from "the new yorker", her recent book is "under the white sky:the future." and her other books are "the sixth extinction" and "field catastrophe." join us with your emails, facebook comments, texts and tweets. on book tv's "in depth" on c-span2. and before the program, be sure to get your copies of elizabeth kolbert's books. >> "book tv" on c-span2 has top nonfiction books and authors every weekend. saturday at 8:00 p.m. eastern, koch industry president and c.e.o., co-author of the book "believe in people" on how to tackle economic and social challenges. and sunday live "in depth." elizabeth kolbert talks about global im

we spent over $4 trillion, appropriated over $4 trillion. $1 trillion is yet unspent. and we're doing $1.9 trillion. where 90% of it has nothing to do with covid. why are we doing this? because they can. they've abandoned the bipartisan model that worked. they've chosen a partisan model model. no matter what they tell you, my friends on the other side, this is a liberal wish list. this is very much seizing the moment, taking a crisis, a problem in america and using it to advance causes completely unrelated to covid, spending money that hasn't been vetted, spending money that has nothing to do with covid because they can. the only thing i can tell you about spending money, count me in for helping people get back on their feet. i've always been for a direct payment. count me out for a $1.9 trillion spend fest unrelated to covid in partisan fashion. this is everything president biden said he wouldn't do. the inaugural speech rings hollow when it comes to this provision, the $1.9 trillion covid package. everything president biden said he wanted to do for the country, he ab

there is about a $10 trillion to $11 trillion toolbox. let's break it down. administrative response to an emergency, coming out of the executive office of the president, about three quarters of $1 trillion. already allocated is 4.1 trillion dollars. what is not talked about is the enteral reserve. they committed to $5.9 trillion. they disclosed they have only used about $2.8 trillion of that money in response to the coronavirus. congress has left $1 trillion on the table. it is unspent, working through the system. there is another one point $9 trillion congress is putting on the table. after all of this spending, let the dollars work through the system. if there are people at the end of the day who have needs, target a bill to serve those people. host: as we look at the state recipients, california on top, florida, $17 billion. mitt romney mentioned florida. if a state is doing ok or well right now, can they refuse this money? guest: every state should analyze, every local government should analyze whether they need the money and if they do not, send it back.

. $4 trillion was borrowed. every dollar. none of that was budgeted. but there was bipartisan agrees meant one - - agreement this is a global pandemic, emergency, stabilize the economy from going into freefall we have to do difficult things in the middle that we also said we don't need to borrow one dollar morerr than what we need for what we need but not more. interestingly enough of the $4 trillion allocated with covid last year, only 3 trillion has been spent. we still have over $1 trillion unspent from last year. that before the last trillion, imagine how big that is, every single agency in the federal government the total budget for one year is $1 trillion so this little 1 trillion left would cover the total budget for every agency in the federal budget all of next year with this $1 trillion unspent the biden administration in my democratic colleagues say we need want an additional $2 trillion basically near theem end of the pandemic they want to bill as large as he had the very first month one year, ago. w

$3 trillion of that $4 trillion has actually been spent yet. we still have over $1 trillion unspent of the money from last year. but before that last trillion, which imagine just how big that really is. to give you an example, every single agency in the federal government, the total budget for a year is $1 trillion. so this ,quote-unquote, little $1 trillion that's left would cover the total budget for every agency in the federal budget for all of next year. this $1 trillion still unspent, the biden administration and my democratic colleagues are saying we want an additional $2 trillion. basically, near the end of the pandemic they want a bill as large as what we had the very first month of the pandemic a year ago, when we knew we were in economic free fall. all we're asking is a couple of things. one is can we read the bill. number two, can we get real numbers of what is unspent, and anything that is unspent that we can reallocate for something in the future. let me give you an example. the best i can tell, we have about $6 billion still left

right now i don't know how much that $1 trillion or how much that $4 trillion isn't unspent. that we've been told it's close to $1 trillion. it would be nice to have that information real time every day of the week but we don't have that information. reporter: you haven't heard anything yet from ms. young? senator johnson: the process has just begun. reporter: ok, thank you. senator johnson: thank you. [captions copyright national cable satellite corp. 2021] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> book tv on c-span2 has top nonfiction books and authors every weekend. saturday at 8:00 p.m. eastern, c.e.o. and chairman charles koch and charles koch foundation president brian hooks, co-authors of the book believe in people. offer their thoughts how to tackle economic and social challenges. sunday, at noon eastern, live on in depth, pulitzer prize winning author elizabeth kolbert talks about environmental issues, global warming, and ut human impact on nay tumplete she's the author

.$9 trillion. when there is still hundreds of billions of dollars of unspent relief money from past covid-19. relief packages. state and local government including many that may not even need it. the fight against the pandemic has fundamentally changed in the month since the plan was first devised and plan and proposed and as we are here into the month of march the circumstances have changed but yet the plan remains largely the same that it was so it feels like were fighting the last war using the last words battle plan to leave us and prepared this is a bill that will worsen the national debt and weaken the economy in the long run in the short term this is not without consequence but the book published nearly ten years ago but this time it's different and once we get into this cycle and get accustomed to spending this much and acquiring this month of debt to gdp ratio then we are finding ourselves in dire circumstances in which is more difficult to raise the same revenue based on the same tax stru

, $29 trillion. and we know right behind it is going to come a green infrastructure bill and i'm hearing that could be $2 trillion to $3 trillion more. at some point we're going to run out of digits. at some point we're going to have to change the department of treasury to the department of debt because there's no treasury left. it's all debt. the -- the other thing that bothers me about the bill, mr. president, president biden -- and, again, i understand politics. he has -- he has marketed this bill as an emergency. it's an emergency. we have to do it now. right now we need $1.9 trillion to deal with the economic crisis caused by the lockdown. and i understand that argument. and there clearly are some americans who need help. but if what the president is saying is accurate, then why is so much of the money not even spent -- not even going to be spent until a year from now? i look at the bill and i say, if all of that's true to deal with an immediate crisis, why are we giving money to states and loca

those days everyone was worried about a $1.3 trillion deficit and $13 trillion of national debt. isn't that adorable? pay-go requires across-the-board spending cuts to offset any bill to spend money we don't have. we just spent a lot of money we don't have. as pay-go works, the first installment payment for this biden binge is $345 billion of spending cuts every year for the next five years. and that includes $52 billion in pay-go and b.c.a. cuts to medicare, which is expected to go broke in 2024 as it is. now, that's just to pay for the party the democrats had the other day. so it's time to pay for it. how do you deal with a bill like that? well, it's simple. just forget about it. just wipe it off the books and start planning the next trillion dollar spending spree. in fairness, that's how both parties have addressed pay-go since we passed it. and the net result is that the deficit has nearly tripled and the debt has more than doubled in less than a decade. at least the trble tax cuts in 2017 helped produce such a strong economic recovery that our revenues went up. they didn't g

of the five bills in $4 trillion was allocated for covid last year, only 3 trillion of that 4 trillion have been spent yet. we saw over a trillion dollars unspent of the money from last year. before that lasted trillion, just imagine how that is. give you an example every single agency in the federal government, the total budget for yearll is a trillion dollar. cover the total budget for every agency and their budget for all of next year. with this $1 trillion that is still unspent the biden administration and my democratic colleagues c are saying we want an additional 2 trillion. basically, in the end of t the pandemic they want a bill is large as we had the very first month of the pandemic, a year ago. e when we knew we were an economic freefall. all we are asking, is a couple of things. hey can we read the bill? number two, can we get real numbers of what is unspent? and anything that is unspent for something in the future print let me give you an example. the best we can tell there's about $6 billion still left in the vaccine line item, left over from last year. that's vaccine purc

government borrow 6 trillion dollars a year here from march of 2020 to march of $22016.00 trillion $1.05 trillion of which will be printed by the federal reserve so yes you're having a surge of growth you will have insurance insulation a surge in nominal interest rates. and then you're going to have a massive fiscal and monetary cliff later this year into 22 and i think it's going to cause enough 2nd will market in the bottom south the answer is in your view the bank of america is basically wrong because they're calling for the end of a 40 year ball market in the beginning of a secular bear market and the bond markets a year and says a penny more of the same they'll be a crisis in the markets which will be responded to by another massive purchase of bonds by the central bank so imagine 6 trillion here on here printed in the last 12 months and we know that sense 2008 the spend 17 or 18 trillion or more printed to try to keep pace insolvent banks up and running so how much can they go where as any limit can they go 3040 trillion worth of sculling well you're running into a bit of a problem

host: trillions. you said $3 trillion to $4 trillion. we are talking to trillion dollars over what they just spent on the covid-19 stimulus money. you alluded to it. what is the likelihood of this getting passed through the house and senate and why? guest: as of right now, it looks like there is zero chance. the plans for this one, the last big package, the $1.9 trillion, they tack that on the debt. the plan is to pay for it. the question is how to pay for it. president biden is talking about increasing the corporate tax rates. he is proposing raising the tax rate to 28% and raising taxes on wealthy americans making more than $400,000 per year. the big question is if you can get democrats on board with all of this, let alone 10 republicans, which you would need to break the will of buster. -- filibuster. we know that joe biden is not willing to give up on the filibuster. same with senator joe mansion -- joe manchin. in a 50-50 senate, even to pass something on a majority vote can be tougher you have to get all 50 democrats plus kamala ha

and so talk about $1 trillion or $2 trillion. it doesn't sound as much as $800 billion which is the stimulus package under the obama administration. the fact of the matter is the we have already authorized $4 trillion in covid relief. that's 18% of last year's g.d.p. and roughly $1 trillion is yet to be spent. some of that isn't even obligated. and here we are, we're going to be debating over the next couple days $1.9 trillion. so i just wanted to come down here to the floor and try and illustrate what a massive amount of money $1.5 trillion is. or $1.9 trillion. you have to use analogies. again, the human mind really can't contemplate what a trillion is. our problem -- this first analogies, my wife talked to me about it, in terms of time. so this one is simply talking about, if i could give you, madam president, a dollar per second -- a dollar per second -- how much -- how long would it take me to give you a million dollars? you see the chart here. it would take 11.days. a dollar per second, 11.6 days. how long would it take you

doing this doesn't require $2 trillion. let's remove the pork in this bill. let's set aside the long-term left-wing wish list and work together, as we did before in those five bipartisan bills over the last 12 months, and they have passed both bodies overwhelmingly. several of my republican colleagues approached the white house a few weeks ago with a list similar to what i just said, maybe a longer list of items proposed by president biden that could get republican support with minimal tweaks. a bipartisan package along those lines could well have passed a few days ago. it's still not too late. i hope we can make a bipartisan effort happen yet. i yield the floor and suggest the -- or, i yield the floor. mr. barrasso: madam president? the presiding officer: the senator from wyoming. mr. barrasso: thank you, madam president. first i'd like to associate myself with the outstanding remarks from the senior senator from iowa, whose long experience in this body is one we all look to with great admiration and respect. and when he speaks of this, he's well-known for h

it's trillions and trillions of dollars pouring in. trillion dollars hasn't been spent from last year so we're going to pour more into that. a lot of politicses on the democratic side want to seize on the moment. you keep getting the messages like yeah, we're doing great but these dark messages. don't cheer yet but. i thought it was interesting when nancy pelosi said the other day when asked, when does it all stop? when does the virus stop mutating? judging on the flu, never. that's the answer. we'll keep pumping. it's seizing on the moments. you're right. i wouldn't be surprised if maybe they were to go ahead with a gambet of getting rid of the filibuster. they're going for broke. it's going to feel great to everybody because that's a lot of money sloshing around. show me the trillion dollars and i'll show you a good time. how about if we showed you seven or seven trillion until it runs out? >> neil: charles, this is a family show. keep it down. lee, you know, to differ with some of these future spending efforts is at least this time

and trillions of dollars every year. and that's going to cause the bubble to burst no make no mistake about it we're in a bond market bubble absolutely or they stop printing money and the only buyer indiscriminate and unlimited practically buyer treasuries yielding 1.6 percent goes away and that's going to cause asset prices to absolutely collapse so we are in for a lot of trouble and it's unfortunate but what happens when you have central banks and governments usurped markets obliterate them. not only them for years and years in years we have is as you can never extricate yourself from that and you cause a lot of unintended consequences one of which we're seeing right now is going to be a huge fight. in banja at the moment and this can change at any moment as you suggest a set it and forget it it's very dynamic you've got live indicators and you respond in real time but at the moment you're saying here you think you can squeeze one more rally out of the bond market before at least before the big come up and comes to tha

$1.9 trillion coronavirus relief bill. live of the senate when they return here in cspan2. >> you're watching c-span's to your unfiltered view of government. cspan2 is crated by america's cable television companies and today were brought to by these television companies who provide cspan2 to viewers as a public service. ♪ ♪ >> tomorrow the senate is expected to work on the house passed a $1.9 trillion coronavirus relief bill. this afternoon a group of republican senators came to the floor to explain their opposition to the bill. here's a look at what they had to stay starting with senator shelley capitol of west virginia. west virginia. >> vegaco mr. president. today i rise to speak on a coupleic of topics prefers i went to take this opportunity to thank a real icon in our state that is west virginia state senate pro tim.out boley preaches a good friend of mine she's now in her tenth term. she's the longest continuously serving our states senates. at one point in history donna boley was the only republican. she was a ranki

printed in those 12 months 6 trillion the market cap of gold is only $8.00 to $9.00 trillion so it's printed all of that nothing hasn't moved between is up 574 percent probably about in line with money supply growth or proves again that the price of gold does not enjoy a free price discovery. whereas because it does so because it is proving what many have said for years going all the way back to the gold antitrust action committee when we 1st started talking about them 18 years ago the price of gold is manipulated it doesn't have true price discovery and because it doesn't equate to showing you what the money printing stilling now when you have assets on your books and all the money printing is allowing those assets to go up in price is that good i mean you can't take your house down to the grocery store and eat it right it's good because you can borrow against it. and if interest rates are near 0 then you've got the ability to print your own money remember living in the u.k. during the housing boom people had their house tied to their bank account and every month the value the house

it's $1.9 trillion, that's a lot money, no doubt. but this country has never, ever faced a health care crisis or an economic crisis like we do today. this is an unprecedented moment in our nation's history, and it requires us to step up and do something that isn't just going to sound like it will work and help people, but actually will. and i guess, to me, what's ironic about this claim that it's too expensive, that it's going to cost our kids and grandkids too much money is that republicans passed a tax bill that was almost to the dollar the exact same amount as this relief bill is. they passed a $1.9 trillion tax bill where the majority of the benefits went to the richest americans who needed no more help. there was no crisis in 2017 amongst american millionaires and billionaires, and yet republicans were very willing to draw down $1.9 trillion in debt-financed tax cuts, $1.3 trillion in corporate tax cuts, $83 billion to let heirs of huge megaestates be able to inherit more money without taxation, $435 billion tax cut for the weal

, $6 trillion. that amount of money is absolutely hard to comprehend andom that valve them. we are talking about compounding w the 4 trillion or so that's arty out there with another 2 trillion with this bill. as i pointed out yesterday, mr. president, some point, some point the chickens come home to roost. you cannot continue down this path without consequence on the economy. now the argument import of this is we need to do more but we need to get this out there. we got to stimulate the economy. my fear and a lot of super specs right now is the economy could be overseen later. the budget office said recently that without any additional assistance the economy's gonna grow in 2021 at 3.7%. we are flooding the zone with so much of money that the money supply numbers have been exploding in 2020 money supply was up into 26%. year over year from 2,002,019 average about 6%. this year's going to have another 12% there is a lot of money, mr. president out there in the economy. what is that mean long-term fo

, $6 trillion. i mean, that amount of money is just absolutely hard to comprehend and fathom. we're talking about compounding the $4 trillion or so that's already out there with another $2 trillion with this bill. as i pointed out yesterday, mr. president, at some point, some point the chickens come home to roost. you cannot continue down this path without consequence on the economy. the argument in support of this legislation by the democrats is we need to do more. we have to get this out there. we have to stimulate the economy. my fear in a lot of respects right now is the economy could be overstimulated. the congressional budget office said just recently that without any additional assistance, the economy is going to grow in 2021 at 3.7%. and we are flooding the zone with so much money that the money supply numbers have been exploding. in 2020, money supply was up into -- as they measure it, was up 26%. year over year, from 2000 to 2019, average about 6%. this year it will be up another 12%. ther

the house began debates on the senate version of the $1.9 trillion pandemic relief bill a final vote in the house is expected tomorrow republican senator marsha blackburn of tennessee spoke against the bill on the senate floor. >> thank you, mr. president, this past saturday senate democrats signed off on the largest and most partisan transfer of wealth in the history of the united states congress, in the weeks leading up to the boat they insisted that the $1.9 trillion giveaway would bring the relief, the american people were seeking, they quoted suspect pulling in antidotes to support their ridiculous claim bipartisan and chose to use the reconciliation process they did that on a partyline vote in the claims of bipartisanship and necessity began to show almost immediately after the final vote the majority leader called it and i'm quoting one of the most regressive pieces of legislation if not the most progressive in decades. but we all know his definition of progressive is not compatible, compatible with the targeted relief everyone here would probably agree that this. country need

the one.rither$9 trillion when d to the corona relief bill is $6 trillion. that amount of money is absolutely hard to comprehend and fathom and we are talking about compounding what's already out there with another 2 trillion and as i pointed out yesterday, at some point the chickens come home to roost. you cannot continue down this path without consequence on the economy the argument to support this legislation is we need to do more and get this out there and stimulate the economy. my fear is the economy could be overstimulated the cbo said recently without any additional assistance the economy will grow in 2021 and three.7 percent. and we are flooding with so much money the money supply numbers have been up 26 percent year-over-year from 2000 from 2019 average 6 percent this year another 12 percent. that's a lot of money in the economy. what does that mean long-term for the economy and individual workers? first fewer goods with higher dollars that will be inflation and then typically interest rates follow because those that by the debt if it is lost to inf

we spent over $4 trillion, appropriated over $4 trillion. $1 trillion is yet unspent. and we're doing $1.9 trillion. where 90% of it has nothing to do with covid. why are we doing this? because they can. they've abandoned the bipartisan model that worked. they've chosen a partisan model model. no matter what they tell you, my friends on the other side, this is a liberal wish list. this is very much seizing the moment, taking a crisis, a problem in america and using it to advance causes completely unrelated to covid, spending money that hasn't been vetted, spending money that has nothing to do with covid because they can. the only thing i can tell you about spending money, count me in for helping people get back on their feet. i've always been for a direct payment. count me out for a $1.9 trillion spend fest unrelated to covid in partisan fashion. this is everything president biden said he wouldn't do. the inaugural speech rings hollow when it comes to this provision, the $1.9 trillion covid package. everything president biden said he wanted to do for the country, he ab

and is now looking beyond covert $1000.00 relief and proposing another 3 trillion dollars in spending as part of what they call the bill the back better plan focused on infrastructure green energy and education but as part of the funding they are looking at increasing taxes on americans making more than $400000.00 a year is biden likely to find success in those goals or is this just the start of plans that we're going to be talking about for the next few years well so many things total out there 1st of all people who make $400000.00 a year in the neighborhood i live in are not considered rich you're barely making it in mom's county new jersey on 400000 years don't you don't don't cry for me i'm not asking for it i'm just saying that taxing people who actually employ other people taking away their capital isn't a very good weight rolled on but i find it shocking that after borrowing 6 trillion dollars from march of 2020 to march of 2021 we're not talking about another 3 trillion dollars package when you think on the $1.00 trillion dollars over the package isn't even dry i mean you know

pre-pandemic levels, we had 1.4 trillion. we have 3.9 trillion just waiting to be spent.'ve got a infrastructure bill for 2 trillion. i think inflation is going to be an issue at some point in the future. you need to keep an eye on that. i think the market wants to go higher but it's going to be volatile. maria: it will be volatile for sure. but you are expecting growth in the economy this year? >> yeah, as a matter of fact, i think we could get 8, 9, possibly 10% and if infrastructure passes, that could bode well for the next several years. if we don't get the infrastructure bill, once this last stimulus passes, i think we'll be back to the 2 and-a-half, -- 2, 2 and-a-half gdp number. maria: all right. we will leave it there. a lot of expectations for between 7 and 9% growth for 2021. ron carson, allie mccartney, great to see you both. thank you so much. heather, you're sticking around with us this morning all morning long. coming up, taking on the china threat. house foreign affairs committee member lee zeldin is here to discuss beijing's upcoming meeting with washingto

, a two trillion dollars, trillion dollars.is going to bankrupt us. it does not have to happen this way. you have to understand money. money is created by wall street. the treasury department does not create your money, of the federal reserve system does not create money, wall street does. that's the fundamental explanation that economists and mass media and congress does not want to explain. the constitution says the congress will coin money. read it in the constitution. in 1913 under the federal reserve system, congress abdicated that right and gives it to this so-called fed institution, of the 12 federal reserve banks are owned by wall street, that is true. it is a privatized system that hides under an image of republicans to duchenne, the fed. -- institution. president lincoln dealt with this in 1862. he was losing the civil war. he created greenbacks, he took the advice of the head of the ways and means committee and he created greenbacks with no debt. the fundamental difference between greenbacks and the federal reserve s

the debt is already at $28 trillion. so higher interest rates will cause a catastrophic debt spiral. this bill does not rescue our country. it literally puts us in peril. i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from missouri reserves. the gentleman from kentucky is recognized. mr. yarmuth: mr. speaker, i yield 45 seconds to the gentlelady from texas, a distinguished member of the budget committee, ms. jackson lee. the speaker pro tempore: the gentlewoman from texas is recognized. ms. jackson lee: the january 6 insurrectionists did not win. the american government, the people of the united states won with a democratic government that has come to the rescue with the american rescue plan. the long lines will stop with $20 billion for vaccines. cash-strapped americans will get $1,400. and extended unemployment. we will recognize that our children will get back to school with $130 billion. they will be able to stay in school. they will be able to regain lost learning. they will be safel

on a so-called covid relief pan and moving onto another bill estimated cost 3 trillion, 4 trillion, trillion maybe something more than that. but you did not necessarily get the idea what's going on in washington from this week's news conference with president biden who struck a reasonable and moderate tone. joe concha, our media colonist for the hill and a fox news contributor, thank you for joining us. >> it's good to see you, happy friday. the biden agenda is essentially a massive transformation of the united states, certainly its economy moving us whether you call it the beginning, they're down payment of a renewed deal or something else, we are talking about spending which is unprecedented as the united states soars past the dead of a hundred% of gdp but i would say in the press conference this week the combination of questions and answers did not really give people a sense of what is going on there. >> we did not hear anything about spending, think about this now nearly 2 trillion spent in a covid age package that had nothing to do with covid aid and 9% of it or something went

it was about $1.5 trillion or $1.6 trillion. this was a little more. substantially a little more. $300 billion or $400 billion. but in the same ballpark. there were no hearings on that bill. there were no amendments on that bill. came to the floor. there were no amendments. to that bill. none. zero. of course that bill advantaged 83% of that bill went to the top 1% in america. this bill, just about the opposite. 85% to 90% go to probably the bottom 2/5's in terms of income level and wealth. hundreds of amendments were offered. as the committees marked up their instructions from the budget committee. hundreds. amendments were of course offered in the senate as well. as you know. they had their vote-a-rama, they met for over 24 hours. so i think to indicate that this bill did not have a robust committee process in which republicans and democrats could offer amendments and have them departmented -- have them adopted is not accurate with all due respect, madam speaker. furthermore this bill enjoyed the overwhelming support of the american people. 77% of am

♪ >> the $1.9 trillion u.s.timulus, we think that will lift global gdp growth. >> we are about to have to $2 trillion stimulus, so the propensity for consumers to spend is very high. >>>> there's going to be a burst coming in the next month, and then it is going to calm back down again. >> when they start to sniff out inflation, they are going to wait. >> policy at some point inevitably is going to shift. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: there is a monster plan in washington. from new york city, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. the price tag, $1.9 trillion. it goes to the house later. tom: we get voting at noon into the 1:00 p.m. hour. you wonder within this churn this morning, when do we pick it up again with rising gdp estimates? jonathan: morgan stanley's ellen zentner, who really kick this off, goes again, lo

and we have already now spent more than $5 trillion.r ii we only spent over $4 trillion. it's a real concern that -- your viewers understand this more than others -- the amount of money going into the system, it really could cause inflation in the future. maria: can you walk us through the specifics that are mind-boggling in terms of what's not covid to make it real clear? >> yeah. i think if you're republican, democrat or independent, this is what you care most about. we want to put people back to school, back to work and back to health. if you're concerned about the schools opening, two-thirds of this money doesn't even come til 2023. what they're doing for states, they're rewarding bad behavior for states. many of these states, just as you showed, had a higher revenue than they had last year. less than 9% goes to covid or testing. then they plussed up in here, now if you're a state employee, you get a $25,000 bonus. they plussed up in here where illegals get health care. this is not related to what we need happening today. it doesn't

>> a trillion here, a trillion there, i don't know how you count that. stock market in my view and the focus on how good the earnings and economic growth will be because of the massive stimulus and that's the positive side, but to your question, interest rates will go up. at some point the stock market will wake up and say higher taxes along with higher regulation, it's not all the panacea of this economic growth and we will have to have more of a balancing act, so for now damn that hard-- damn the torpedoes, but eventually the stock market won't like this, significant trillion dollars of tax increase. stuart: what about the economic growth rate for this year, 2021. >> i missed six plus, but i would not be surprised to see a timing this is unprecedented. you have to go back to the 1950s to see growth like we are talking about. remember, americans depending on who you talk to have two to $3 trillion of excess savings from the government checks, from wanting to do things and they can because they are closed or because they are afraid. as vaccines prolifera