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Transcripts for CNN Heavens Gate The Cult of Cults 20240604 00:34:00

A critical agreement over the debt ceiling. in the last couple of hours between president biden and sources have been down to one final sticking point, work requirements on social safety net programs. but progressive democrats and far right republicans have been adamant on getting their way. and this rice against time the white house and republican leaders have as little as eight days to prevent the u.s. from defaulting on debts. u.s. economic experts expect disaster if that happens. small businesses are keeping a wary eye on the negotiations in washington. many say their livelihoods could be crushed. gabe cohen explains. reporter: from a construction site in baltimore. i get really frustrated by that. reporter: brandon is ....

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Transcripts for CNN Heavens Gate The Cult of Cults 20240604 00:05:00

Default. yeah. when i was talking to congressman maxwell frost earlier in the evening, he sounded like many democrats in the house now. very cool to the idea of these work requirements on social safety net programs. he said there are requirements in social safety net programs. he s wondering why the republicans are clinging to this position. but it would seem to me the president could not buckle on that particular sticking point because he would have to worry about democrats over in the house just being up in arms over that sort of thing. that sounds like that s a problem. reporter: yeah. exactly, jim. it is not just people like maxwell frost. it is the democratic leader of the house, hakeem jeffries. he made it clear he can t accept work requirements. we have heard from moderate members, progressive members that aren t in line with that. that s the biggest concern with democrats, that they may be asked by the president to vote ....

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Transcripts for CNN CNN Newsroom With Jim Acosta 20240604 20:21:00

i talked to a political science professor here at rice university, and he believes that the votes are there. and the math is the following. there are 149 members in the texas house of representatives and a simple majority is needed. that s 75. there are 64 democrats in the state house and there are three republicans part of that general investigating committee. now based on his math, he says that would leave about eight republicans that they would need afr those 64 democrats and 3 republicans for this vote to pass. now we ll just have to see, jim, because a lot of the republicans here in the state of texas have been very quiet, probably calculating their political moves because if they vote against the speaker of the house ....

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Transcripts for CNN CNN Newsroom With Jim Acosta 20240604 20:09:00

Powerful position right now. you talked about the democrats. let s talk about the republicans. let s play a bit of what then president trump said on the national debt almost five years ago. the economy, we can go a lot higher and, you know, people don t talk, we have 21 trillion in debt. when this really kicks in we ll start paying off that debt like it s water. we will start paying that debt down. you know, congressman, former president trump, then president trump promised to pay down the debt. he never did it. in fact, under president trump it climbed from about $20 trillion to about 28 trillion, now stands at about 31 trillion. doesn t your party and former president trump have a credibility problem when it comes to this issue of the national debt? we re all at blame, jim. you know, i voted against under trump and i voted against the budgets, actually, under him. i have a record a track record of that, you know? ....

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Transcripts for CNN CNN Newsroom With Jim Acosta 20240604 20:05:00

Me negotiations are continuing and saying they are very close to a deal. as you heard there from manu, there are still sticking points more particularly on work requirements for the social safety net programs. when asked about this, president biden said he would vow to no one or anybody. later a white house spokesperson going on saying the white house is, quote, standing against this cruel and senseless tradeoff. still something to work through here. not only with republican negotiators but also something the white house may have to work through with house democrats who have expressed frustration about this being included in a deal but time is of the essence here. we heard yesterday from treasury secretary janet yellen who put a firm date on when the u.s. would not be able to follow through or at least run out of funds. that would be june 5th. it puts the urgency on the ....

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