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Debt Soars Under President Donald Trump Tax Cuts | The Last Word | MSNBC - YouTube
Channel: MSNBC
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>>> OKAY.
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>>> OKAY. WE ARE ABOUT TO TALK ABOUT THE
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WE ARE ABOUT TO TALK ABOUT THE MOST IMPORTANT STORY OF THE DAY
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MOST IMPORTANT STORY OF THE DAY THAT DONALD TRUMP DOESN鈥橳 WANT
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THAT DONALD TRUMP DOESN鈥橳 WANT US TO TALK ABOUT.
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US TO TALK ABOUT. EVERY DAY THERE ARE STORIES THAT
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EVERY DAY THERE ARE STORIES THAT DONALD TRUMP DOESN鈥橳 WANT US TO
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DONALD TRUMP DOESN鈥橳 WANT US TO TALK ABOUT, AND HE IS LUCKY
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TALK ABOUT, AND HE IS LUCKY BECAUSE WE OFTEN DON鈥橳 GET TO
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BECAUSE WE OFTEN DON鈥橳 GET TO MANY OF THE STORIES, LIKE FOR
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MANY OF THE STORIES, LIKE FOR EXAMPLE, THE RAMPANT CORRUPTION
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EXAMPLE, THE RAMPANT CORRUPTION IN HIS CABINET FROM SCOTT PRUITT
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IN HIS CABINET FROM SCOTT PRUITT TO WILBUR ROSS.
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TO WILBUR ROSS. BUT TONIGHT THERE IS ONE STORY
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BUT TONIGHT THERE IS ONE STORY ABOVE ALL OTHERS THAT IS BY FAR
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ABOVE ALL OTHERS THAT IS BY FAR THE MOST IMPORTANT STORY THAT
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THE MOST IMPORTANT STORY THAT DONALD TRUMP DOESN鈥橳 WANT US TO
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DONALD TRUMP DOESN鈥橳 WANT US TO TALK ABOUT, THE BIGGEST STORY.
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TALK ABOUT, THE BIGGEST STORY. REMEMBER THE $19 TRILLION?
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REMEMBER THE $19 TRILLION? >> WE HAVE $19 TRILLION IN DEBT
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>> WE HAVE $19 TRILLION IN DEBT GOING VERY SOON TO $21 TRILLION
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GOING VERY SOON TO $21 TRILLION BECAUSE WE MADE A BAD BUDGET
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BECAUSE WE MADE A BAD BUDGET DEAL.
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DEAL. NOW WE鈥橰E GOING TO HAVE $21
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NOW WE鈥橰E GOING TO HAVE $21 TRILLION IN DEBT.
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TRILLION IN DEBT. WELL DON鈥橳 HAVE ANY MONEY.
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WELL DON鈥橳 HAVE ANY MONEY. >> WE HAVE GOT A MESS IN THIS
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>> WE HAVE GOT A MESS IN THIS COUNTRY.
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COUNTRY. WE OWE $19 TRILLION, SOON TO BE
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WE OWE $19 TRILLION, SOON TO BE $21 TRILLION.
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$21 TRILLION. >> WE HAVE RIGHT NOW $19
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>> WE HAVE RIGHT NOW $19 TRILLION IN DEBT.
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TRILLION IN DEBT. SO I BUILT SOME OF THE GREAT
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SO I BUILT SOME OF THE GREAT ASSETS, LOW DEBT, GREAT CASH
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ASSETS, LOW DEBT, GREAT CASH FLOW, AND I SAY IT FOR A
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FLOW, AND I SAY IT FOR A DIFFERENT REASON, BECAUSE THAT鈥橲
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DIFFERENT REASON, BECAUSE THAT鈥橲 THE KIND OF THINKING WE NEED IN
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THE KIND OF THINKING WE NEED IN OUR COUNTRY NOW OR WE鈥橰E NOT
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OUR COUNTRY NOW OR WE鈥橰E NOT GOING HAVE A COUNTRY LEFT.
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GOING HAVE A COUNTRY LEFT. WE鈥橰E NOT GOING TO HAVE
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WE鈥橰E NOT GOING TO HAVE LITERALLY, WE鈥橰E NOT GOING TO
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LITERALLY, WE鈥橰E NOT GOING TO HAVE A COUNTRY LEFT.
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HAVE A COUNTRY LEFT. >> I THOUGHT WE WEREN鈥橳 GOING TO
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>> I THOUGHT WE WEREN鈥橳 GOING TO HAVE A COUNTRY LEFT IF WE DIDN鈥橳
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HAVE A COUNTRY LEFT IF WE DIDN鈥橳 ARREST ENOUGH BABIES AT THE
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ARREST ENOUGH BABIES AT THE SOUTHERN BORDERS.
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SOUTHERN BORDERS. BUT OKAY.
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BUT OKAY. WE鈥橰E NOT GOING TO LITERALLY,
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WE鈥橰E NOT GOING TO LITERALLY, WE鈥橰E NOT GOING TO HAVE A
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WE鈥橰E NOT GOING TO HAVE A COUNTRY LEFT BECAUSE OF THE
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COUNTRY LEFT BECAUSE OF THE NATIONAL DEBT.
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NATIONAL DEBT. SO TONIGHT DONALD TRUMP HAS DONE
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SO TONIGHT DONALD TRUMP HAS DONE EVERYTHING HE CAN TO MAKE SURE
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EVERYTHING HE CAN TO MAKE SURE THAT AS HE PUTS IT, WE ARE NOT
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THAT AS HE PUTS IT, WE ARE NOT GOING HAVE A COUNTRY LEFT
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GOING HAVE A COUNTRY LEFT BECAUSE AS PRESIDENT, HE HAS
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BECAUSE AS PRESIDENT, HE HAS PUSHED US UP TO THAT $21
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PUSHED US UP TO THAT $21 TRILLION IN NATIONAL DEBT, AND
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TRILLION IN NATIONAL DEBT, AND HE IS NOW ON TRACK TO REACH NEW
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HE IS NOW ON TRACK TO REACH NEW RECORD DEBT LEVELS WAY, WAY, WAY
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RECORD DEBT LEVELS WAY, WAY, WAY ABOVE THAT.
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ABOVE THAT. THE LATEST CONGRESSIONAL BUDGET
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THE LATEST CONGRESSIONAL BUDGET OFFICE PROJECTIONS OF THE DEBT
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OFFICE PROJECTIONS OF THE DEBT MADE PUBLIC TODAY FOR THE FIRST
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MADE PUBLIC TODAY FOR THE FIRST TIME SHOW THAT DURING THE TRUMP
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TIME SHOW THAT DURING THE TRUMP ADMINISTRATION, THE DEBT WILL
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ADMINISTRATION, THE DEBT WILL DRAMATICALLY INCREASE EVERY DAY,
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DRAMATICALLY INCREASE EVERY DAY, EVERY WEEK, EVERY YEAR WITH NO
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EVERY WEEK, EVERY YEAR WITH NO END IN SIGHT.
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END IN SIGHT. THE TRUMP TAX CUTS HAVE
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THE TRUMP TAX CUTS HAVE SIGNIFICANTLY ACCELERATED WHAT
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SIGNIFICANTLY ACCELERATED WHAT IS NOW DONALD TRUMP鈥橲 RUSH TO A
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IS NOW DONALD TRUMP鈥橲 RUSH TO A FISCAL CRISIS, MUCH WORSE THAN
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FISCAL CRISIS, MUCH WORSE THAN ANYTHING HE ENCOUNTERED IN HIS
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ANYTHING HE ENCOUNTERED IN HIS ATLANTIC CITY CASINO
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ATLANTIC CITY CASINO BANKRUPTCIES.
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BANKRUPTCIES. THE TRUMP TARIFFS ARE DOING
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THE TRUMP TARIFFS ARE DOING THEIR PART TOO.
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THEIR PART TOO. THEY ARE ALREADY COSTING JOBS IN
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THEY ARE ALREADY COSTING JOBS IN THE UNITED STATES, EVEN THOUGH
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THE UNITED STATES, EVEN THOUGH DONALD TRUMP BELIEVED THAT THE
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DONALD TRUMP BELIEVED THAT THE TARIFFS WOULD SAVE JOBS.
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TARIFFS WOULD SAVE JOBS. THE TRUMP TARIFFS HAVE ACTUALLY
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THE TRUMP TARIFFS HAVE ACTUALLY CREATED AN INCENTIVE FOR
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CREATED AN INCENTIVE FOR AMERICAN MANUFACTURERS LIKE
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AMERICAN MANUFACTURERS LIKE HARLEY-DAVIDSON TO MOVE
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HARLEY-DAVIDSON TO MOVE PRODUCTION TO FOREIGN COUNTRIES
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PRODUCTION TO FOREIGN COUNTRIES BECAUSE THE EUROPEAN UNION HAS
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BECAUSE THE EUROPEAN UNION HAS ANNOUNCED RETALIATORY TARIFFS
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ANNOUNCED RETALIATORY TARIFFS AGAINST THE TRUMP TARIFFS ON
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AGAINST THE TRUMP TARIFFS ON PRODUCTS SOLD IN EUROPE THAT ARE
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PRODUCTS SOLD IN EUROPE THAT ARE MADE IN THE USA.
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MADE IN THE USA. NO SURPRISE THAT THEY WERE GOING
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NO SURPRISE THAT THEY WERE GOING TO DO THAT.
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TO DO THAT. AND SO HARLEY-DAVIDSON QUITE
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AND SO HARLEY-DAVIDSON QUITE LOGICALLY CANNOT CONTINUE TO
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LOGICALLY CANNOT CONTINUE TO SELL HARLEY-DAVIDSONS MADE IN
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SELL HARLEY-DAVIDSONS MADE IN THE USA IN EUROPE THANKS TO
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THE USA IN EUROPE THANKS TO DONALD TRUMP.
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DONALD TRUMP. SO THEY WILL MAKE THEM IN SOME
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SO THEY WILL MAKE THEM IN SOME OTHER COUNTRY.
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OTHER COUNTRY. AND THEN SELL THEM IN EUROPE.
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AND THEN SELL THEM IN EUROPE. THE TRUMP RESPONSE TO THAT, OF
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THE TRUMP RESPONSE TO THAT, OF COURSE, IS A SERIES OF ANGRY AND
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COURSE, IS A SERIES OF ANGRY AND UTTERLY INCOHERENT AND
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UTTERLY INCOHERENT AND ECONOMICALLY ILLITERATE TWEETS.
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ECONOMICALLY ILLITERATE TWEETS. THE HARLEY-DAVIDSON STORY HAS
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THE HARLEY-DAVIDSON STORY HAS BEEN A BAD ONE FOR PRESIDENT
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BEEN A BAD ONE FOR PRESIDENT TRUMP, BUT AT LEAST, AT LEAST NO
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TRUMP, BUT AT LEAST, AT LEAST NO ONE鈥橲 TALKING ABOUT THE NATIONAL
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ONE鈥橲 TALKING ABOUT THE NATIONAL DEBT.
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DEBT. JOINING US NOW TO TALK ABOUT THE
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JOINING US NOW TO TALK ABOUT THE NATIONAL DEBT, RON KLAIN, THE
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NATIONAL DEBT, RON KLAIN, THE FORMER CHIEF OF STAFF TO VPTS
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FORMER CHIEF OF STAFF TO VPTS JOE BIDEN AND AL GORE AND FORMER
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JOE BIDEN AND AL GORE AND FORMER SENIOR AIDE TO OBAMA AND DAVID
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SENIOR AIDE TO OBAMA AND DAVID CORN, WASHINGTON BUREAU CHIEF
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CORN, WASHINGTON BUREAU CHIEF FOR MOTHER JONES AND THE
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FOR MOTHER JONES AND THE CO-AUTHOR OF THE BEST-SELLING
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CO-AUTHOR OF THE BEST-SELLING BOOK "RUSSIAN ROULETTE."
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BOOK "RUSSIAN ROULETTE." HE IS ALSO AN MSNBC POLITICAL
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HE IS ALSO AN MSNBC POLITICAL ANALYST.
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ANALYST. RON, IT鈥橲 NOT EASY EVERY DAY TO
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RON, IT鈥橲 NOT EASY EVERY DAY TO PICK WHAT鈥橲 THE BIGGEST STORY
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PICK WHAT鈥橲 THE BIGGEST STORY THAT DONALD TRUMP DOESN鈥橳 WANT
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THAT DONALD TRUMP DOESN鈥橳 WANT US TO TALK ABOUT.
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US TO TALK ABOUT. BUT THE NATIONAL DEBT IS IT.
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BUT THE NATIONAL DEBT IS IT. AND IT IS GOING TO BE
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AND IT IS GOING TO BE FASCINATING TO TRY TO SEE HOW
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FASCINATING TO TRY TO SEE HOW THE REPUBLICAN PARTY TURNS
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THE REPUBLICAN PARTY TURNS AROUND, AS IT HAS ON RUSSIA AND
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AROUND, AS IT HAS ON RUSSIA AND SO MANY THINGS AND DECIDES THAT
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SO MANY THINGS AND DECIDES THAT DEBT IS GOOD, A HIGHER AND
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DEBT IS GOOD, A HIGHER AND HIGHER NATIONAL DEBT IS A GOOD
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HIGHER NATIONAL DEBT IS A GOOD THING BECAUSE THAT SEEMS TO BE
[247]
THING BECAUSE THAT SEEMS TO BE THE ONLY WAY FOR DONALD TRUMP TO
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THE ONLY WAY FOR DONALD TRUMP TO ADDRESS IT.
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ADDRESS IT. BECAUSE THERE IS NOTHING THEY鈥橰E
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BECAUSE THERE IS NOTHING THEY鈥橰E GOING TO DO TO BRING IT DOWN.
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GOING TO DO TO BRING IT DOWN. >> YEAH.
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>> YEAH. I MEAN, THEY鈥橰E NOT ONLY NOT
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I MEAN, THEY鈥橰E NOT ONLY NOT GOING TO BRING IT DOWN, AS YOU
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GOING TO BRING IT DOWN, AS YOU SAID, LAWRENCE, THEY鈥橰E
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SAID, LAWRENCE, THEY鈥橰E SKYROCKETING IT UP.
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SKYROCKETING IT UP. THIS IS THE STORY OF A PROMISE
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THIS IS THE STORY OF A PROMISE BROKEN AND AN ODD PROMISE KEPT
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BROKEN AND AN ODD PROMISE KEPT TRUMP PROMISE HEAD WOULD GET RID
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TRUMP PROMISE HEAD WOULD GET RID OF ALL THE NATIONAL DEBT, TOTAL,
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OF ALL THE NATIONAL DEBT, TOTAL, WIPE IT OUT WHILE HE WAS
[269]
WIPE IT OUT WHILE HE WAS PRESIDENT.
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PRESIDENT. INSTEAD HE IS GOING TO RAISE TO
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INSTEAD HE IS GOING TO RAISE TO IT A RECORD LEVEL.
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IT A RECORD LEVEL. THAT鈥橲 A BIG PROMISE BROKEN.
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THAT鈥橲 A BIG PROMISE BROKEN. THE PROMISE HE HAS KEPT IS HE
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THE PROMISE HE HAS KEPT IS HE SAID HIS DEFICIT WOULD BE
[277]
SAID HIS DEFICIT WOULD BE NOWHERE NEAR OBAMA鈥橲 DEFICIT OF
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NOWHERE NEAR OBAMA鈥橲 DEFICIT OF $400 MILLION.
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$400 MILLION. HE HAS KEPT THAT PROMISE.
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HE HAS KEPT THAT PROMISE. THEY鈥橰E GOING RUN A TRILLION
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THEY鈥橰E GOING RUN A TRILLION DOLLAR DEFICIT THIS YEAR.
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DOLLAR DEFICIT THIS YEAR. THAT鈥橲 NOWHERE NEAR WHAT OBAMA
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THAT鈥橲 NOWHERE NEAR WHAT OBAMA DID IN HIS LAST YEAR.
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DID IN HIS LAST YEAR. I AGREE.
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I AGREE. THEY鈥橰E GOING HAVE TO TURN AND
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THEY鈥橰E GOING HAVE TO TURN AND RUN.
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RUN. BUT IN THE END, RIGHT, THE BILL
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BUT IN THE END, RIGHT, THE BILL WILL COME DUE.
[291]
WILL COME DUE. AND THE HORRIBLE THING ABOUT
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AND THE HORRIBLE THING ABOUT THIS IS JUST LAST WEEK, THE
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THIS IS JUST LAST WEEK, THE HOUSE OF REPRESENTATIVES, THE
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HOUSE OF REPRESENTATIVES, THE REPUBLICAN HOUSE PASSED A
[298]
REPUBLICAN HOUSE PASSED A SO-CALLED FARM BILL THAT CUT
[300]
SO-CALLED FARM BILL THAT CUT FOOD STAMPS, BECAUSE WE DON鈥橳
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FOOD STAMPS, BECAUSE WE DON鈥橳 HAVE ENOUGH MONEY TO PUT FOOD ON
[302]
HAVE ENOUGH MONEY TO PUT FOOD ON THE TABLE OF THE PEOPLE IN THIS
[303]
THE TABLE OF THE PEOPLE IN THIS COUNTRY WHO LACK IT.
[305]
COUNTRY WHO LACK IT. BUT WE HAD A TRILLION DOLLARS
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BUT WE HAD A TRILLION DOLLARS FOR TAX CUTS THAT ARE RUNG UP
[308]
FOR TAX CUTS THAT ARE RUNG UP THE FEDERAL DEBT.
[308]
THE FEDERAL DEBT. THAT鈥橲 JUST A HORRIBLE SET OF
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THAT鈥橲 JUST A HORRIBLE SET OF CHOICE.
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CHOICE. >> AND DAVID, THE LARGEST
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>> AND DAVID, THE LARGEST FOREIGN HOLDER OF OUR NATIONAL
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FOREIGN HOLDER OF OUR NATIONAL DEBT, WHICH YOU CAN HOLD SIMPLY
[317]
DEBT, WHICH YOU CAN HOLD SIMPLY BY BUYING TREASURY BONDS IS OF
[320]
BY BUYING TREASURY BONDS IS OF COURSE CHINA.
[321]
COURSE CHINA. SO THIS -- AS THIS DEBT GOES UP,
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SO THIS -- AS THIS DEBT GOES UP, AS IT BECOMES MORE BURDENSOME
[324]
AS IT BECOMES MORE BURDENSOME HERE IN THE UNITED STATES, CHINA
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HERE IN THE UNITED STATES, CHINA GAINS MORE AND MORE LEVERAGE AND
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GAINS MORE AND MORE LEVERAGE AND CONTROL OVER THE PRESIDENT.
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CONTROL OVER THE PRESIDENT. >> THIS IS DONALD TRUMP鈥橲 BIG
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>> THIS IS DONALD TRUMP鈥橲 BIG CON.
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CON. YOU PLAYED IT OVER AND OVER
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YOU PLAYED IT OVER AND OVER AGAIN.
[338]
AGAIN. HE MADE A PROMISE, AND HE CAUGHT
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HE MADE A PROMISE, AND HE CAUGHT THE HEADLINES.
[342]
THE HEADLINES. HE WILL GET RID OF THE DEBT AND
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HE WILL GET RID OF THE DEBT AND HAVE SMALLER DEFICITS.
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HAVE SMALLER DEFICITS. WELL, YOU KNOW, THE BILL WILL
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WELL, YOU KNOW, THE BILL WILL COME DUE.
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COME DUE. BUT WE鈥橰E LIVING IN A TIME NOW
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BUT WE鈥橰E LIVING IN A TIME NOW WHERE THERE WILL BE NO
[353]
WHERE THERE WILL BE NO ACKNOWLEDGMENT OF THAT.
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ACKNOWLEDGMENT OF THAT. TRUMP WILL NEVER ACKNOWLEDGE THE
[355]
TRUMP WILL NEVER ACKNOWLEDGE THE REAL NUMBERS.
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REAL NUMBERS. THE REPUBLICANS WILL NEVER
[358]
THE REPUBLICANS WILL NEVER ACKNOWLEDGE THE REAL NUMBERS.
[361]
ACKNOWLEDGE THE REAL NUMBERS. WHERE ARE THE BOB DOLES OF THE
[362]
WHERE ARE THE BOB DOLES OF THE WORLD?
[362]
WORLD? THEY鈥橵E GONE AWAY.
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THEY鈥橵E GONE AWAY. NO REPUBLICAN CARES ABOUT THE
[365]
NO REPUBLICAN CARES ABOUT THE DEFICIT ANYMORE.
[366]
DEFICIT ANYMORE. AND EVEN NOW, THE HOUSE
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AND EVEN NOW, THE HOUSE REPUBLICANS HAVE SAID THAT COME
[370]
REPUBLICANS HAVE SAID THAT COME THE FALL, THEY ARE GOING TO PASS
[371]
THE FALL, THEY ARE GOING TO PASS OR TRY TO PASS ANOTHER TAX BILL
[374]
OR TRY TO PASS ANOTHER TAX BILL THAT WOULD MAKE PERMANENT SOME
[376]
THAT WOULD MAKE PERMANENT SOME OF THE TAX CUTS IN THE PREVIOUS
[379]
OF THE TAX CUTS IN THE PREVIOUS TAX BILL, AND THAT WOULD EVEN
[382]
TAX BILL, AND THAT WOULD EVEN EXPLODE THE DEFICIT AND THE DEBT
[384]
EXPLODE THE DEFICIT AND THE DEBT MUCH MORE THAN IN THE NUMBERS
[384]
MUCH MORE THAN IN THE NUMBERS THAT CAME OUT TODAY.
[387]
THAT CAME OUT TODAY. SO THEY ARE NOT DOING ANYTHING
[390]
SO THEY ARE NOT DOING ANYTHING EXCEPT COMPLAINING ABOUT
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EXCEPT COMPLAINING ABOUT SPENDING, BECAUSE THAT鈥橲 THE
[393]
SPENDING, BECAUSE THAT鈥橲 THE WHOLE GOAL HERE.
[394]
WHOLE GOAL HERE. THEY鈥橰E GOING TO USE THIS DEBT
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THEY鈥橰E GOING TO USE THIS DEBT TO SAY, WELL, WE CAN鈥橳 SPEND
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TO SAY, WELL, WE CAN鈥橳 SPEND MONEY ON THE FOOD STAMPS THAT
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MONEY ON THE FOOD STAMPS THAT YOU JUST MENTIONED.
[400]
YOU JUST MENTIONED. WE鈥橰E GOING HAVE TO SQUEEZE
[402]
WE鈥橰E GOING HAVE TO SQUEEZE MEDICARE AND SOCIAL SECURITY
[403]
MEDICARE AND SOCIAL SECURITY BECAUSE WE鈥橰E GOING TO HAVE TO
[404]
BECAUSE WE鈥橰E GOING TO HAVE TO BE PAYING FOR SERVICING THE
[405]
BE PAYING FOR SERVICING THE DEBT.
[406]
DEBT. >> AND ANYONE UP THERE HOZWHO HA
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>> AND ANYONE UP THERE HOZWHO HA HAD CREDIT CARD DEBT, THIS
[411]
HAD CREDIT CARD DEBT, THIS BEHAVES LIKE CREDIT CARD DEBT.
[412]
BEHAVES LIKE CREDIT CARD DEBT. IT鈥橲 THE MOST EXPENSIVE KIND OF
[415]
IT鈥橲 THE MOST EXPENSIVE KIND OF DEBT YOU CAN ENCOUNTER.
[415]
DEBT YOU CAN ENCOUNTER. AS THIS DEBT GOES UP, THE
[417]
AS THIS DEBT GOES UP, THE INTEREST ON THE DEBT GOES UP
[419]
INTEREST ON THE DEBT GOES UP DRAMATICALLY.
[419]
DRAMATICALLY. AND, RON, THAT INTEREST ON THE
[421]
AND, RON, THAT INTEREST ON THE DEBT EATS UP IN THE BUDGET EVERY
[423]
DEBT EATS UP IN THE BUDGET EVERY YEAR.
[424]
YEAR. NO ONE MENTIONS IT, BUT IT IS
[425]
NO ONE MENTIONS IT, BUT IT IS ONE OF THE LARGEST PIECE OF THE
[427]
ONE OF THE LARGEST PIECE OF THE BUDGET, GETTING BIGGER AND
[429]
BUDGET, GETTING BIGGER AND BIGGER EVERY YEAR.
[429]
BIGGER EVERY YEAR. AND IT鈥橲 ON TRACK TO BECOME THE
[433]
AND IT鈥橲 ON TRACK TO BECOME THE LARGEST SPENDING ITEM IN THE
[436]
LARGEST SPENDING ITEM IN THE BUDGET, DWARFING ALL OF THE
[438]
BUDGET, DWARFING ALL OF THE DISCRETIONARY SPENDING IN THE
[439]
DISCRETIONARY SPENDING IN THE BUDGET.
[440]
BUDGET. AND WHAT THAT MEANS IS IT WIPES
[441]
AND WHAT THAT MEANS IS IT WIPES OUT THAT SPENDING ON EDUCATION,
[443]
OUT THAT SPENDING ON EDUCATION, ON ALL SORTS OF PROBLEMS, ALL
[445]
ON ALL SORTS OF PROBLEMS, ALL SORTS OF ISSUES OUT THERE THAT
[447]
SORTS OF ISSUES OUT THERE THAT ALL HAVE TO GO INTO BASICALLY
[449]
ALL HAVE TO GO INTO BASICALLY ZERO SPENDING MODES JUST IN
[450]
ZERO SPENDING MODES JUST IN ORDER TO PAY YOUR DEBT.
[451]
ORDER TO PAY YOUR DEBT. >> YEAH.
[452]
>> YEAH. IT SEEMS LIKE TRUMP IS RUNNING A
[454]
IT SEEMS LIKE TRUMP IS RUNNING A CONTEST BETWEEN TRYING TO RUN UP
[456]
CONTEST BETWEEN TRYING TO RUN UP THE PENTAGON BUDGET AND RUN UP
[457]
THE PENTAGON BUDGET AND RUN UP THE DEBT TO SEE WHICH NUMBER CAN
[459]
THE DEBT TO SEE WHICH NUMBER CAN BE LARGER IN OUR BUDGET.
[462]
BE LARGER IN OUR BUDGET. INTEREST PAYMENTS ON THE DEBT OR
[464]
INTEREST PAYMENTS ON THE DEBT OR INCREASINGLY LARGE PAYMENTS TO
[465]
INCREASINGLY LARGE PAYMENTS TO THE PENTAGON.
[467]
THE PENTAGON. BUT LOOK, LAWRENCE, I THINK THE
[469]
BUT LOOK, LAWRENCE, I THINK THE SCARIEST THING OF ALL IS WE鈥橰E
[470]
SCARIEST THING OF ALL IS WE鈥橰E SEEING THESE KINDS OF NUMBERS AT
[472]
SEEING THESE KINDS OF NUMBERS AT A TIME OF RELATIVE PROSPERITY.
[475]
A TIME OF RELATIVE PROSPERITY. SOONER OR LATER, THE BUSINESS
[476]
SOONER OR LATER, THE BUSINESS CYCLE WILL TURN.
[477]
CYCLE WILL TURN. AND IF TRUMP KEEPS PRESSING
[479]
AND IF TRUMP KEEPS PRESSING THESE TARIFFS, IT WILL TURN
[480]
THESE TARIFFS, IT WILL TURN SOONER RATHER THAN LATER.
[481]
SOONER RATHER THAN LATER. AND THAT MEANS THAT THE DEFICIT
[483]
AND THAT MEANS THAT THE DEFICIT WILL JUST EXPLODE EVEN MORE.
[484]
WILL JUST EXPLODE EVEN MORE. WE鈥橪L SEE THE TRUMP RECESSION.
[486]
WE鈥橪L SEE THE TRUMP RECESSION. IT WILL COME.
[487]
IT WILL COME. AND THEN THESE NUMBERS WILL LOOK
[488]
AND THEN THESE NUMBERS WILL LOOK WORSE AND WORSE AND WORSE.
[489]
WORSE AND WORSE AND WORSE. AND THE GOVERNMENT WILL BE OUT
[491]
AND THE GOVERNMENT WILL BE OUT OF DRY FISCAL POWDER TO TRY TO
[493]
OF DRY FISCAL POWDER TO TRY TO STIMULATE THE ECONOMY OR DO
[494]
STIMULATE THE ECONOMY OR DO SOMETHING ABOUT IT.
[495]
SOMETHING ABOUT IT. TONIGHT鈥橲 NEWS IS BAD.
[496]
TONIGHT鈥橲 NEWS IS BAD. BUT THE FUTURE NEWS IS EVEN
[497]
BUT THE FUTURE NEWS IS EVEN WORSE.
[498]
WORSE. >> IT鈥橲 A VERY DIFFICULT SUBJECT
[500]
>> IT鈥橲 A VERY DIFFICULT SUBJECT TO RUN CAMPAIGNS ON BECAUSE THE
[502]
TO RUN CAMPAIGNS ON BECAUSE THE PUBLIC DOES NOT EASILY GRASP IT.
[505]
PUBLIC DOES NOT EASILY GRASP IT. AND IT DOESN鈥橳 HAVE ANY OF THE
[507]
AND IT DOESN鈥橳 HAVE ANY OF THE EXCITEMENT OF SOME OF THE OTHER
[508]
EXCITEMENT OF SOME OF THE OTHER THINGS THAT COME OUT IN THE
[509]
THINGS THAT COME OUT IN THE COURSE OF A DAY, ESPECIALLY THE
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