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The Ticking Debt Clock

The latest CBO report shows the national debt is skyrocketing—and projected to only get worse.

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CNN Newsroom Live

of the night, but to me it was one of the most scariest things he said. >> it's remarkable because he never posted serious spending cuts when he was president, ever, much to the chagrin of deficit hawks like speaker paul ryan and others who wanted him to, it's bad politics, why cut spending, bad politics. something you care a lot about is the war in ukraine being perpetrated by vladimir putin and russia. he wouldn't say whether he wanted russia or ukraine to win. did that surprise you? >> no, no. god bless kaitlin for continuing to ask him. but you know, he's really good at just walking away and saying nothing. he didn't want to say -- byron donalds earlier on this network didn't want to say he wanted ukraine to win because there's a little group of people in the gop that are somehow pro-russian, partially because it makes liberals mad, that's why they're pro-russian, and they don't want to make them mad. but donald trump, look, he's shown admiration for vladimir putin since day one.

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Special Report With Bret Baier

he has to do his job as speaker. that's up to the speaker to see if he can whip the votes. we have been very clear the president does not support this bill. >> it's all about the math. mccarthy can only lose four republicans and pass the bill. but two republicans are expected to be out this week. that makes the margin tighter. american republicans are concerned about a program for ethanol. >> i think they know that those ethanol tax credits are highly unlikely to be taken out of code as a part of a final negotiation. they are not concerned about it. smaller number, six, seven, eight, more concerned and they have been engaged in conversations throughout the weekend. >> those fretting about ethanol meet with mccarthy tonight. the bill reduces the debt by nearly $5 trillion. but deficit hawks worry about increases in revenue which could be new taxes. one source tells fox they were more optimistic monday about having the votes to pass the bill than today.

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MSNBC Reports

to a boiling point. you know will that that lines are not really respected until we get closer to them. i cannot see much happening here in the next few months until we get closer to the possible looming deadline sometime in the summer. once again, kevin mccarthy is up against a very slim majority in order to win the gavel. he made those concessions to some deficit hawks in his own party. they made it clear there should be no debt ceiling increase without cuts to future spending. >> there's a lot going on the hill with the debt ceiling. you are in delaware where president biden is hanging out for the weekend. tell us a little bit about his thinking when it comes to the controversy over his handling of classified documents. he spoke out. i wonder what the decision for him to do that. >> i am sure that you were keeping track as much as i was. look at how many days in a row president biden had ignored reporters questions about classified documents and their

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Yasmin Vossoughian Reports

learn more information out of nepal. john, thank you. all right, let's go down to washington, the clock is ticking for congress to raise the debt ceiling by thursday or whisk the u.s. defaulting on its loans and sending the economy into chaos. republicans looking to use their leverage to stop that feeling from being lifted. julie tsirkin is on capitol hill for us. what are you wearing? >> yeah, so janet yellen said to her opening play in this whole dead fight a few days ago, telling congress that by thursday, this upcoming those day, the 19th, that the government will default on its debt, but not until june. to where she predicts those emergency measures will potentially run. out so she is trying to get the ball rolling early, because she knows how challenging it will be to negotiate with the house republican majority. and that is a large part because of that key concession that kevin mccarthy made with the wing of deficit hawks in his party to get him that speakership gavel. the concession he made was that in order to live that -- left the debt ceiling, they

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MSNBC Reports

conceded in the rules package. any one of these guys can now bring up a vote of no confidence and strip him of the gavel if he doesn't go along with the concessions he made to them, primarily with the debt limit. now, we're hearing of some plans being discussed from a group of house republicans led by chip roy, those house freedom caucus members who are deficit hawks trying to force mccarthy's hand here. this is really a crisis. if they don't go along with this, it will be the first time that the country default on its debt. we had a letter from treasury secretary janet yellen warning congressional leaders and members here that they need to start negotiating hard before that deadline is up next week, and the money officially hits its debt limit in june. >> all right, julie tsirkin thank you so. much we appreciate it. joining me that was charles coleman, junior, civil rights attorney at msnbc legal analyst, and glenn kershner, former federal prosecutor and msnbc legal analyst as well. both joining us to kind of further unpack this, what's happening on capitol hill and at the white house. glenn, let's start with.

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MSNBC Reports

his speakership gavel. the main concession here made on the debt limit, these deficit hawks, as they describe themselves, don't want to add any more money to the national deficit, which is now at 31 and a half trillion dollars. and one of their tools is, they made a disagreement with mccarthy, this backroom handshake,. listen, we will not provide you any votes unless you lift the debt ceiling, with strings attached, meaning future spending will be cut. so, that's an important place to watch here and you heard chip roy there, not closing the door on potentially calling up a motion to vacate mccarthy from that position, which is one of those main concessions he made in that rules package last week. >> and in addition to this, what can you tell us about the numerous house investigations being launched by the republican majority? >> well look, when president biden comes here on february 7th to deliver his state of the union address with kevin mccarthy sitting behind him, you see that list on your screen, the house republican majority is already in the middle of launching these investigations. in fact, just two days after

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Alex Witt Reports

the u.s. will hit its debt limit in just five days on thursday, this is the amount the u.s. can borrow to pay for the obligations like social security, like medicare, military, salaries and truth on the national debt, tax refunds, other payments as well, and house republicans are expected to demand some major spending cuts. let's go now to nbc's julie tsirkin on capitol hill for us, so julie, it is a showdown that is looming over how u.s. is going to continue to pay for the nations bills. what are republicans playing to do to respond to the treasury secretary's warning that congress needs to act fast. >> look, republicans in the house are already coming up with creative solutions if the debt limit is reached. that is in part because a group of them led by jim, what some of those deficit hawks on the freedom caucus ended up doing a secret handshake with mccarthy saying look, if you put a clean bill to lift the debt ceiling which is what most republicans and most democrats want on capitol hill, then we are going to put up a fight.

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Your World With Neil Cavuto

brian brenberg following those developments. hillary vaughn on capitol hill with other ways to deal with the inflation problem. not all of it very popular or for that matter practical. hillary, what do you have? >> neil, deficit hawks are sounding the alarm over rising u.s. debt, especially as interest rates rise that makes paying off the debt even more expensive. senator manchin dashing progressives dreams of billions of new spending with inflation so high, even though manchin has become the target of attacks from his own colleagues that think that climate crisis is bigger than inflation. tim ryan says manchin has a point. >> just because i'm a democrat doesn't mean -- we have to plans the budget. we have a trillion dollar a year deficits. even though they're coming down, these are long-term problems that again, just like the environment, we have a steward

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Morning Joe-20220119-11:25:00

you know, we obviously kept banging that drum when republicans were in power, saying, you can't just worry about deficits and debt when democrats are in the white house. you've got to worry about it all the time. they never did. nobody would ever talk about the deficit. nobody would ever talk about the debt. they passed these massive tax cuts for the richest americans. they weren't paid for. there's no way they were going to generate enough revenue. put us deeper and deeper and deeper into debt. now, when i hear republicans even starting to open their mouth about deficits and debt after what they did during the bush years and the trump years, you just have to laugh. there's no consistency there at all. there are no small government conservatives left in the republican party, at least in washington, d.c. none. >> yeah, those deficit hawks seem to go into hiding when the republicans are in power. for example, when donald trump got through the tax cut. then they come back out when a democratic president comes in. david, this is a fascinating piece because it says so much, not just about the republican

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