As seen on "The 700 Club," April 24: Tax cuts, border wall, government shutdown – why DC's in a tizzy; Rising interest rates spell major trouble for national debt, and more.
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Well, welcome,
ladies and gentlemen
to this edition of The 700 Club.
My my, is the EU
going to break apart?
Is France the linchpin of
that fated organization?
We're going to find out.
After years of a weak economy
under a socialist president,
the people in France
say, "We're fed up."
And so none of the
mainstream candidates
made it to the final cut.
They voted for
two candidates who
have very different visions for
the future of their country.
Those two are headed
for a runoff election,
and the French will choose
the winner on May 7th.
Dale Hurd brings us the story.
Viva la France!
DALE HURD (VOICEOVER):
39-Year-old centrist Emmanuel
Macron and right-wing
populist Marine Le
Pen will face off
in the second round
of France's presidential
election in two weeks.
Both are political
outsiders, but Le Pen
is the candidate who really
scares the establishment,
because she wants a revolution
in French government policy.
A first round victory
doesn't necessarily
mean final victory for Le Pen.
But final victory would send
shockwaves across Europe,
and around the world.
DALE HURD (VOICEOVER):
Because Le Pen
wants France to leave
the European Union,
dump the Euro currency, quit
NATO, and close the borders.
She's also an economic
protectionist.
Macron, a former
investment banker,
styles himself as pro-business
and pro-European Union.
In his victory speech,
he told supporters,
"I will be the president
of the patriots
against the nationalist threat."
Le Pen and her supporters talk
as if this is the last chance
to save France.
She said, "What is at
stake in this election
is savage globalization, which
jeopardizes our civilization."
The French political
establishment immediately
urged voters to block Le Pen in
the runoff, saying her policies
would spell disaster for France.
Like last month's
Dutch election,
the French runoff will be
a referendum on membership
in the European Union--
one the polls see the pro-EU
Macron will win easily.
Dale Hurd, CBN news.
Well, it looks like Macron
is way ahead of Le Pen.
But we'll just see.
I mean, the revolution
could still take place.
It took place here in America.
Is France going to
be a mirror image?
Well, here at home, the
White House and Congress
are trying to avoid a government
shutdown this weekend.
But they're facing
a roadblock, which
I think is totally unnecessary.
John Jessup has that.
Pat, that roadblock
involves whether or not
Congress will include
funding for President Trump's
request for a border wall.
That request could
throw a monkey wrench
into this week's talks to meet
the Friday budget deadline.
Caitlin Burke has this
look at where things stand.
CAITLIN BURKE (VOICEOVER):
It's shaping up
to be a tough week
on Capitol Hill.
The deadline to avoid government
shutdown is Friday night.
President Trump wants
funding for the border
wall between the
US and Mexico to be
included in a
spending measure that
would keep the government open.
That's prompted
a possible standoff
between the Trump
administration and lawmakers
from both parties--
particularly Democrats
who oppose the wall.
I don't think he
said he was going
to pass billions of
dollars of cost of the wall
onto the taxpayer.
To think that he would
consider shutting down
the government of the
United States of America
over this outlandish
proposal of a border wall--
I think that's a
fight worth having,
and a conversation and a
debate worth having for 2018.
But we cannot shut down
the government right now.
We want our priorities funded.
And one of the biggest
priorities during the campaign
was border security--
keeping Americans safe.
And part of that
was a border wall.
CAITLIN BURKE
(VOICEOVER): And there's
more coming from the
president this week,
as the White House
is also planning
to release the outlines
of his tax cut plan
to boost the economy.
The moves come as a
new ABC-Washington Post
poll shows that President Trump
has a 42% approval rating.
That's the lowest of
the last 13 presidents
at this point in
their administrations.
But the poll wasn't all
bad news for the president.
It also showed that if the
election were held today,
Trump would still beat
Hillary Clinton 43 to 40%
in the popular vote among
people who voted last year.
Trump responded to
the poll on Twitter,
posting, "New polls
out today are very good
considering the media is fake."
Polls aside, the president
and congressional Republicans
are going to be
working hard this week
to make sure they avoid a
shutdown of the government.
Caitlin Burke, CBN News.
Thanks, Caitlin.
Pat, there's some talk
of a stopgap measure
to give Washington more
time to reach a deal.
Of course, they're
going to have to do that.
They'll probably put
a stopgap budget in.
But listen, ladies
and gentlemen,
you know, this border wall--
I mean, hey, it's kind of nice.
But it's impractical.
You know, you
can't build a wall.
I mean, the whole southern
part of the United States--
you've got to go across
rivers and canyons and all
the rest of it.
And those people that
are trying to get in,
they'll figure out ways.
Electronic would probably do
it, or surveillance with drones.
There's a number of ways to
shut off the flow of migrants.
As a matter of fact,
they've already
shut it off considerably.
But please, Mr. President, don't
make this the prevailing issue.
Let's get tax cuts.
Let's get a reform
of Obamacare quickly.
These are the two
signature issues
that will make a
difference in the election.
And then later on
down the wall--
I mean, down the way-- if
you've got enough votes, well,
by all means, put something
through for a few billion bucks
on this wall.
But the big place to put
there is an infrastructure
bill, where you're going
to redo the bridges
and highways and overpasses and
all that, and just kind of slip
in a few billion dollars for
border m and you've got it
made.
You don't have to do it.
But goodness gracious, do
not shut down the government.
It will not play
well in the election.
John.
Pat, one issue that isn't
getting much attention right
now--
interest payments
on the government's
enormous national debt.
Rates have been incredibly
low in recent years.
But they'll inevitably
start rising again.
And when that happens it will
mean the cost of those interest
payments will be
much, much higher.
And that could be an expensive
proposition for Washington,
and as Jenna Browder reports,
for you, the taxpayer.
JENNA BROWDER (VOICEOVER):
It's a grim picture.
$20 trillion in national
debt, with interest payments
about to go up, making that
debt even more expensive.
Right now, we're,
you know, just a couple
of percent of the budget.
By the end of 10 years, it's
going to be over 6% or 7%
of the budget--
almost $770 billion a year
for the national defense.
JENNA BROWDER
(VOICEOVER): Justin Bogie
with the Heritage
Foundation says
government estimates show the
national debt could nearly
double by 2046.
There's plenty of blame
to go around, unfortunately.
JENNA BROWDER (VOICEOVER): He
says the finger-pointing starts
with lawmakers who have
promised to scale back spending,
but failed to make it happen.
Some financial experts also
blame former President Obama.
During his administration the
national debt roughly doubled.
And with the Federal Reserve's
record low interest rates,
it was easy to keep kicking
the can down the road.
JENNA BROWDER
(VOICEOVER): The buck's
now been passed to
President Trump.
If we don't do
anything, it's just
going to keep getting worse.
JENNA BROWDER
(VOICEOVER): Bogie says
the time to cut
spending and start
dealing with this
exploding debt is now.
You know, at some point,
something's got to give.
And the options are really
to either cut programs
in a big way, or to
increase taxes in a big way.
So the longer that
we put off changes,
the longer that we
delay entitlement reform
and spending reforms
and all these things,
then the higher the
likelihood that there
will be a tax increase.
JENNA BROWDER (VOICEOVER):
He doesn't think
raising taxes is the answer.
But if Washington fails to
change the way it spends,
it could happen.
And given the turmoil
around the world--
So when you have issues
surfacing in Syria,
North Korea, other
parts of the world,
then that's a major problem and
a big concern for-- it should
be for all Americans.
JENNA BROWDER (VOICEOVER):
There are too many
other big fish to fry
for the United States
to be swimming in its own debt.
In Washington, Jenna
Browder, CBN News.
Pat, as Jenna just said, we
have a lot of other big fish
to fry.
You know, the
last president said
deficits really don't matter.
Do you think they don't?
You know, debt doesn't matter?
Well, we kind of owe it to
ourselves-- yeah, sure--
$20 trillion.
And people have been
warning about this.
You know, there was a
very excellent proposal.
A group was put
together by Obama
that featured two
brilliant lawmakers-- one,
actually, a senator,
the other an economist
and former educator.
And they gave a proposal
that would have brought
this whole thing down and had
a soft landing over a few years
that would have been brilliant.
They just ignored it.
And Congress has spent as
if there's no tomorrow.
It doesn't matter.
And this group needs money,
and that group needs money.
And we need to fund this, and
we need to fund the other.
And there's so much waste
and obscene cut-outs
in the federal budget, it
makes you sick at your stomach.
And nobody has
called a halt. Well,
the time is going to come that
the world markets are going
to call a halt. The
American currency
is going to lose its
status as the reserve
currency of the world.
And all of a
sudden, we are going
to be treated like
third world country.
And the pain is going
to be extraordinary.
What we just showed you--
the interest on that
monstrous $20 trillion dollars
will be in excess of
the total spending
on defense in the United States.
And it means discretionary
programs will be thrown
out the window automatically.
And you just wonder--
all these people that make
these speeches about, "Well, we
can't do this on the backs of
the poor," and all that stuff.
We've got to get
our house in order.
If we love the poor,
we don't go bankrupt.
You don't help the poor people
if you bankrupt your country.
But so far, there's not
been any voice of reason.
But as I say, that
Simpson-Bowles proposal
was so excellent--
totally ignored.
Well, maybe our grandchildren
will live to see it.
I've got 10 great
grandchildren--
10.
They will have to pay
the pay the price of what
the profligacy of this
particular generation--
we're not loading it on
the backs of the poor.
We're loading it on the
backs of our grandchildren
and great grandchildren.
John?
Pat, Chinese president Xi
Jinping called for restraint
in dealing with North
Korea during a phone
call with President
Trump this morning,
according to
Chinese state media.
Xi told Trump that China
strongly opposed North Korea's
nuclear weapons program.
And he said he
hoped that, quote,
"all parties will exercise
restraint and avoid aggravating
the situation on the
Korean peninsula."
His phone call came after
rumors that Pyongyang
could hold a sixth
nuclear test this week,
and after North Korea
detained another American--
58-year-old professor
Tony Kim taught at--
taught accounting, rather--
at Pyongyang University
of Science and Technology
for about a month.
Officials detained him
Saturday as he and his wife
were trying to leave
on a flight to China.
The regime is already holding
at least two other Americans.
North Korea also
announced this week
that they are, quote, "ready
to sink the USS Vinson aircraft
carrier," which,
Pat, will arrive
in the region within
the next few days.
You know, you ask yourself--
all parties must
exercise restraint?
Don't aggravate the
situation any further?
The United States isn't
aggravating anything.
All we're trying to do
is to keep that madman
from blowing us up.
And then, you know-- so we
must exercise restraint?
Please.