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Administration officials briefing reporters. it is after the president's remarks last hour on the budget and among the headlines, beyond the q&a piece, the conversation about ukraine and the remarks on vladimir putin, also the meat and potatoes of the budget. a billionaire's tax rate. i want to bring in now jared bernstein a member of president biden's advisers. good afternoon. >> great to be here. thank you for inviting me on. >> the minimum tax for very rich americans to apply to people with more than $100 million basically. is this a first step to potentially raising taxes on wealthy americ...

Economic growth? they're not talking about cutting defense. they're talking about cutting programs and government spending in areas that are just not programs. they deal with people. if those folks lose their jobs that just happen to be in the government, which means they then can't spend their paychecks in communities which has a ripple effect, but i leave it to the economist. >> there's two di mentions to what jonathan was just saying. first of all, you're right, when you start cutting too deeply, particularly in the nondefense side of the budget, you're going to start hurting people. and, i...

Signs in domestic auto sales and the housing market, but one of the arguments we've been making is that the short-term fixes like today that was voted on today, this sort of lurching from three-month agreement to two-month agreement to however long agreement they can get, that that actually also erodes confidence and frankly the markets don't seem to like that. >> no, they don't. and while, yes, you get a short-term benefit by putting off this sort of doomsday armageddon discussion until may, but again people shouldn't underestimate the need and desire on the part of business people of wall st...

Moments ago the debt ceiling compromise passed the senate. that's a fiscal crisis temporarily averted. it comes just a day after we learn that gdp, that's the mesh shush of how well our economy is performing, contracted by 0.1%. here is how some of the financial media covered it. quote, the best looking contraction in gdp you will ever see. and, quote, don't freak out about gdp. so what's going on here? less government spending happened. primarily in defense. that overshadowed more spending on the part of consumers and businesses, which is what these reporters were actually looking at. for mor...