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Budget Deficit Sees Unprecedented Surge Under Trump | Morning Joe | MSNBC - YouTube
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is going to fight with members of
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congress to bring responsibility
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to the federal government and actually
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to make the federal government do what
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americans have to do around their table
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every night and figure out a way to
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balance their budgets
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that's what these liars said they were
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going to do in 2010.
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that's what these liars said that they
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would bring to washington dc
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when they went in as a tea party savages
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they were we're going to be savages we
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they talked a lot like we did in 1994
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that we were the barbarians at the gate
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and we were proud of it and we were
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going to go and we were going to end
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pork barrel spending and we were going
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to balance the budget
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and we were going to pay down the debt
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now
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there's a big difference between what we
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did
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in 1994 and what republicans did
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in 2001 and again in 2010.
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what we did is we balanced the budget
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for the first time in a generation and
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in fact
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we balanced it four years in a row
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only time that's happened in the century
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in 2001 when i left congress
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we had a 155 billion dollar surplus
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republicans took took control not only
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of congress they took control of the
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white house
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by the time george w bush left office we
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were pushing
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trillion dollar deficits and now
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after the tea party came in in 2010
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what's happened since the tea party took
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control of congress
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in 2010 well
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when they took control you had a deficit
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around 12 trillion dollars
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they're 25 26 trillion dollars right now
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even before the pandemic it was 23
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trillion dollars republicans
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have been spending like drunken
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socialists
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since donald trump got elected president
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the biggest deficits ever
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the biggest federal debt ever the
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biggest most blooded
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bloated budgets ever what are
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republicans going to do
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i went to congress because i'm a small
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government conservative and by the way
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all you yahoos that come up to me go i
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to like you and you're a conservative oh
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my gosh hey y'all
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say that to him hey yahoo hey yahoo
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get your head out of your
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sandbox because when i went to congress
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i was for balancing the budget
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when i went to congress i was for
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responsible
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uh budgets when i went to congress i was
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for actually
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pushing back on russian aggression when
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i went to congress
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i was actually for the support of u.s
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democratic allies when i was for
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congress i went
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to look down to stare down
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actually tyrants and autocrats across
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the globe
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communists in north korea
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and of course yes pushing back on the
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russians
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when the russians needed to be pushed
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back upon pushing back on the chinese
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when the chinese needed to be pushed
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back upon it just doesn't happen now
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and now the u.s budget deficit
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has skyrocketed to three wait get this
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okay hold on yep 3.1 trillion dollars
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in one year now when i went to congress
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you can look at my campaign material and
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i'm railing against a four trillion
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dollar
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national debt you see it took us 220
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years
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220 years to pile up a 4
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trillion dollar national debt
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donald trump and the republicans in
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congress have pushed a 3.1 trillion
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dollar
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deficit in just one year
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and by the way even before the pandemic
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i know you don't want to hear this
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because my god
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it reveals what a hypocrite you are
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what a socialist you are that you are
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supporting
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hey and i said i pro i told you this i
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told you donald trump wasn't a
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conservative and you didn't listen to me
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i told you he was a big spending
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democrat you didn't listen to me
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and even before the pandemic donald
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trump
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was piling up larger deficits than the
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united states was accumulating
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over its first 200 years
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as a nation okay the biggest spending
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ever and that's
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what you have turned your republican
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party into so the next time you want to
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talk about
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who used to be conservative put a mirror
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in front of your face
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steve ratner you've got a couple of
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charts on this
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joe i have a couple of charts but you
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laid it out so clearly and passionately
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i'm not sure we need the charts but
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let's take a look anyway
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and see what's been happening to the
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budget deficit going
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we can go all the way back to the era of
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bill clinton and i want to give bill
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clinton a little bit of a shout out here
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as well as your republicans
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for having produced the surplus all the
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way over on the left you see as you
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described george bush coming in you had
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a recession
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uh you had two tax cuts you had a war
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you had incredible spending
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and the deficit went from surplus to
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deficit
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you can then see in the middle of the
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chart the great financial crisis and the
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recession that happened after that when
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i think everybody agreed we had to spend
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and you can see us you can see under the
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obama administration and the tea party
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the deficit working itself back to just
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in quotation marks about 500 billion
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and then donald trump arrived and we had
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a huge tax cut
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we had rampant spending we had our own
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we almost got back to a trillion dollar
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deficit even during
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an expansion a very successful time in
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the american economy
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and then the bottom fell out and we got
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to the 3.1 trillion that you mentioned
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and nobody at this moment
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i think very few people anyway believe
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that we can't spend to fight the virus
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but to your point we obviously went into
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this uh very unprepared in the sense
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already having a trillion dollar deficit
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now let's take a look at the impact on
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the debt and you can see over on the
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right
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that we have passed a hundred percent of
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debt to gdp in fiscal 20 that's the year
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that just ended that you were mentioning
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and that is almost the same almost the
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same as the peak we got to of 106
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percent
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during world war ii so we are about to
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pat enter into record territory
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you can then see the red and blue lines
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which represent
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the committee for responsible federal
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budgets estimates of both the
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uh the trump and the biden plans and
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they essentially get you to a very
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similar place they both want to
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incur additional spending to deal with
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the virus and other priorities
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getting to about 127 percent of gdp by
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2030 a level that under the
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before the virus nobody thought we would
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get to until uh even over a hundred
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percent
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until sometime after that and to one of
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your earlier points donald trump is
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still talking about the fact that he's
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going to reduce the deficit
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and how economic growth is going to bail
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us out of this
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debt mess and so on and so forth thanks
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for checking out msnbc on youtube and
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make sure you subscribe to stay up to
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date on the day's biggest stories and
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on any of the videos around us to watch
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more for morning joe
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and msnbc thanks so much for watching
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