WEBVTT 00:00:00.000 --> 00:00:03.632 align:middle line:90% 00:00:03.632 --> 00:00:05.080 align:middle line:84% JULIE HYMAN: Right now though, we're 00:00:05.080 --> 00:00:07.960 align:middle line:84% going to talk more about domestic politics 00:00:07.960 --> 00:00:12.520 align:middle line:84% here in the United States, away from the Oscars for just 00:00:12.520 --> 00:00:15.550 align:middle line:84% a moment, because President Biden is out with a new budget 00:00:15.550 --> 00:00:19.990 align:middle line:84% with different priorities, including things like spending 00:00:19.990 --> 00:00:22.930 align:middle line:84% on security, including a proposal for a 00:00:22.930 --> 00:00:24.860 align:middle line:90% new billionaires' tax as well. 00:00:24.860 --> 00:00:27.010 align:middle line:84% Our Rick Newman is here to talk about that. 00:00:27.010 --> 00:00:29.560 align:middle line:84% Now, we should always take these budgets, 00:00:29.560 --> 00:00:31.210 align:middle line:84% I guess, with a grain of salt, Rick. 00:00:31.210 --> 00:00:35.050 align:middle line:84% But it is interesting as sort of a marker of what the president 00:00:35.050 --> 00:00:36.450 align:middle line:90% is trying to prioritize. 00:00:36.450 --> 00:00:38.060 align:middle line:90% So what stands out to you? 00:00:38.060 --> 00:00:38.860 align:middle line:90% RICK NEWMAN: Right. 00:00:38.860 --> 00:00:41.720 align:middle line:84% So the president's budget will go up. 00:00:41.720 --> 00:00:45.190 align:middle line:84% And this will be transformed into legislative ideas. 00:00:45.190 --> 00:00:48.070 align:middle line:84% And the big standout thing is this so-called billionaires' 00:00:48.070 --> 00:00:52.240 align:middle line:84% tax, which would be a kind of a surtax on people with more 00:00:52.240 --> 00:00:54.460 align:middle line:90% than $100 million in wealth. 00:00:54.460 --> 00:00:56.410 align:middle line:90% But this is not going to pass. 00:00:56.410 --> 00:00:58.000 align:middle line:84% This is a different version of what 00:00:58.000 --> 00:01:01.450 align:middle line:84% Elizabeth Warren and Bernie Sanders have proposed before. 00:01:01.450 --> 00:01:03.310 align:middle line:84% They don't have the votes to pass this. 00:01:03.310 --> 00:01:05.930 align:middle line:84% So this is Biden basically saying, 00:01:05.930 --> 00:01:08.650 align:middle line:84% look, I still want to tax the rich more. 00:01:08.650 --> 00:01:12.130 align:middle line:84% This is relatively popular among Americans. 00:01:12.130 --> 00:01:15.700 align:middle line:84% So you can sort of use it as a campaign theme, if you will. 00:01:15.700 --> 00:01:17.170 align:middle line:84% But we're not going to see Congress 00:01:17.170 --> 00:01:18.640 align:middle line:90% pass this billionaires' tax. 00:01:18.640 --> 00:01:21.340 align:middle line:84% And even if they did, there are questions about whether it 00:01:21.340 --> 00:01:22.600 align:middle line:90% is constitutional. 00:01:22.600 --> 00:01:24.130 align:middle line:84% It's difficult to enforce, because you 00:01:24.130 --> 00:01:26.950 align:middle line:84% have to go around evaluating people's 00:01:26.950 --> 00:01:31.060 align:middle line:84% wealth before they have sold it and triggered capital gains. 00:01:31.060 --> 00:01:31.900 align:middle line:90% So it's complicated. 00:01:31.900 --> 00:01:33.370 align:middle line:84% And I don't think it's going to happen. 00:01:33.370 --> 00:01:35.320 align:middle line:84% But Biden is basically saying, here's 00:01:35.320 --> 00:01:38.240 align:middle line:84% what I think I stand for in the second year of my presidency. 00:01:38.240 --> 00:01:43.150 align:middle line:84% He's got more of an increase in defense spending Biden also, 00:01:43.150 --> 00:01:47.200 align:middle line:84% in his budget, wants to spend more money on the police. 00:01:47.200 --> 00:01:49.780 align:middle line:84% So Biden, in his State of the Union speech 00:01:49.780 --> 00:01:53.170 align:middle line:84% back at the beginning of March, he said, we don't 00:01:53.170 --> 00:01:54.680 align:middle line:90% need to defund the police. 00:01:54.680 --> 00:01:55.930 align:middle line:90% We need to fund the police. 00:01:55.930 --> 00:01:59.500 align:middle line:84% So this, again, is another kind of campaign theme. 00:01:59.500 --> 00:02:02.290 align:middle line:84% Democrats are tough on crime, after all. 00:02:02.290 --> 00:02:04.360 align:middle line:84% And of course, that gets to one of the things that 00:02:04.360 --> 00:02:08.199 align:middle line:84% is on voters' minds as we go into the midterm elections 00:02:08.199 --> 00:02:09.350 align:middle line:90% later this year. 00:02:09.350 --> 00:02:10.250 align:middle line:90% JULIE HYMAN: And who knows? 00:02:10.250 --> 00:02:12.083 align:middle line:84% Maybe there would be some bipartisan agreement on that. 00:02:12.083 --> 00:02:14.050 align:middle line:84% But speaking of things that the president stands for, 00:02:14.050 --> 00:02:16.690 align:middle line:84% Rick, he made headlines over the weekend. 00:02:16.690 --> 00:02:20.240 align:middle line:84% Of course, he was in Europe, and specifically, he was in Poland. 00:02:20.240 --> 00:02:22.150 align:middle line:84% And he made a speech where he talked 00:02:22.150 --> 00:02:26.230 align:middle line:84% about what's going on with Russia's invasion of Ukraine. 00:02:26.230 --> 00:02:27.820 align:middle line:84% But there was a part at the end of the speech 00:02:27.820 --> 00:02:32.290 align:middle line:84% that he reportedly ad libbed that caught people's attention. 00:02:32.290 --> 00:02:34.975 align:middle line:84% Listen to what the president said. 00:02:34.975 --> 00:02:37.040 align:middle line:84% JOE BIDEN: We will have a different future, a brighter 00:02:37.040 --> 00:02:40.550 align:middle line:84% future, rooted in democracy and principle, hope and light, 00:02:40.550 --> 00:02:44.000 align:middle line:84% of decency and dignity, of freedom and possibilities. 00:02:44.000 --> 00:02:50.250 align:middle line:84% For God's sake, this man cannot remain in power. 00:02:50.250 --> 00:02:51.550 align:middle line:84% JULIE HYMAN: And those words at the end 00:02:51.550 --> 00:02:53.380 align:middle line:84% seeming to indicate that the president was 00:02:53.380 --> 00:02:55.120 align:middle line:84% advocating for regime change, which would 00:02:55.120 --> 00:02:58.540 align:middle line:90% be a big change in policy. 00:02:58.540 --> 00:03:02.290 align:middle line:84% And I'm curious what you made of that, Rick, and kind of also 00:03:02.290 --> 00:03:06.310 align:middle line:84% what that does to the negotiations 00:03:06.310 --> 00:03:10.730 align:middle line:84% he's been trying to make in Europe but also here in the US. 00:03:10.730 --> 00:03:11.530 align:middle line:90% RICK NEWMAN: Right. 00:03:11.530 --> 00:03:13.210 align:middle line:84% He was obviously talking about Russian 00:03:13.210 --> 00:03:15.640 align:middle line:84% President Vladimir Putin, saying that 00:03:15.640 --> 00:03:17.630 align:middle line:90% Putin cannot remain in power. 00:03:17.630 --> 00:03:19.270 align:middle line:84% And the reason that would be problematic 00:03:19.270 --> 00:03:22.900 align:middle line:84% is, if Biden is signaling that the United States is actually 00:03:22.900 --> 00:03:25.900 align:middle line:84% going to try, somehow, to remove Putin from power, 00:03:25.900 --> 00:03:27.550 align:middle line:84% well, Putin wouldn't like to hear that. 00:03:27.550 --> 00:03:30.310 align:middle line:84% And it would make him feel even more threatened than he may 00:03:30.310 --> 00:03:32.170 align:middle line:84% feel already with regard to what the United 00:03:32.170 --> 00:03:34.700 align:middle line:84% States and Europe is doing with regard to the Russian invasion 00:03:34.700 --> 00:03:35.500 align:middle line:90% of Ukraine. 00:03:35.500 --> 00:03:37.960 align:middle line:84% If Biden had a chance to do it again, 00:03:37.960 --> 00:03:39.670 align:middle line:90% maybe he wouldn't say that. 00:03:39.670 --> 00:03:43.870 align:middle line:84% He's being criticized by the foreign policy eggheads 00:03:43.870 --> 00:03:46.150 align:middle line:84% inside the beltway here, saying, oh, my god, 00:03:46.150 --> 00:03:49.180 align:middle line:84% you can't possibly say that to Vladimir Putin. 00:03:49.180 --> 00:03:51.580 align:middle line:84% Now he's going to go even more bananas. 00:03:51.580 --> 00:03:54.560 align:middle line:84% But on the other hand, I've seen some analysis saying, yeah, 00:03:54.560 --> 00:03:57.040 align:middle line:84% guess what, if you're a fighter in Ukraine, that's 00:03:57.040 --> 00:03:59.320 align:middle line:84% a heartening message to hear the President of the United States 00:03:59.320 --> 00:04:00.120 align:middle line:90% say that. 00:04:00.120 --> 00:04:03.190 align:middle line:84% What if you're somebody in Russia who wonders about Putin? 00:04:03.190 --> 00:04:05.690 align:middle line:84% Maybe that's a good thing for them to hear as well. 00:04:05.690 --> 00:04:07.960 align:middle line:84% So the White House did say, no, no, 00:04:07.960 --> 00:04:10.490 align:middle line:90% we don't mean regime change. 00:04:10.490 --> 00:04:14.590 align:middle line:84% So I think this has kind of run its course. 00:04:14.590 --> 00:04:16.779 align:middle line:84% And if Biden doesn't say this again, 00:04:16.779 --> 00:04:19.490 align:middle line:90% it will stop being a problem. 00:04:19.490 --> 00:04:20.709 align:middle line:84% Of course, we still have the problem 00:04:20.709 --> 00:04:23.290 align:middle line:84% about what to do with the Russian invasion of Ukraine. 00:04:23.290 --> 00:04:26.140 align:middle line:84% And it's not clear we're anywhere near 00:04:26.140 --> 00:04:28.720 align:middle line:84% any kind of sort of peace negotiations 00:04:28.720 --> 00:04:31.070 align:middle line:90% that'll make a difference. 00:04:31.070 --> 00:04:32.870 align:middle line:84% BRIAN SOZZI: Rick, also a problem for the president, 00:04:32.870 --> 00:04:35.240 align:middle line:84% his approval ratings are at their lowest 00:04:35.240 --> 00:04:38.740 align:middle line:90% levels of his presidency. 00:04:38.740 --> 00:04:40.510 align:middle line:84% RICK NEWMAN: This is all about inflation. 00:04:40.510 --> 00:04:41.730 align:middle line:90% It's not about Ukraine. 00:04:41.730 --> 00:04:45.210 align:middle line:84% It's not about whether Biden's handling this foreign policy 00:04:45.210 --> 00:04:47.260 align:middle line:90% crisis well or not. 00:04:47.260 --> 00:04:50.790 align:middle line:84% I don't see how Biden's approval rating gets any better when 00:04:50.790 --> 00:04:54.630 align:middle line:84% we've got inflation close to 8% and gas prices around 4.25, 00:04:54.630 --> 00:04:56.020 align:middle line:90% 4.40 a gallon. 00:04:56.020 --> 00:04:58.200 align:middle line:84% So if you want to know what's going 00:04:58.200 --> 00:05:01.120 align:middle line:84% to help Biden get out of that hole, just watch prices. 00:05:01.120 --> 00:05:03.310 align:middle line:90% I think it's that simple. 00:05:03.310 --> 00:05:05.410 align:middle line:84% JULIE HYMAN: Well, but what does that do when he's got 00:05:05.410 --> 00:05:06.400 align:middle line:90% an approval rating like that? 00:05:06.400 --> 00:05:09.470 align:middle line:84% Traditionally-- I mean, already, we have a divided Washington. 00:05:09.470 --> 00:05:12.250 align:middle line:84% What does this do in terms of his agenda, 00:05:12.250 --> 00:05:13.750 align:middle line:84% going back to the budget and sort 00:05:13.750 --> 00:05:16.480 align:middle line:90% of signaling his priorities? 00:05:16.480 --> 00:05:19.870 align:middle line:84% RICK NEWMAN: It torpedoes his so-called political capital. 00:05:19.870 --> 00:05:22.990 align:middle line:84% With Biden just not that popular, 00:05:22.990 --> 00:05:25.270 align:middle line:84% it makes it easier for members of Congress, 00:05:25.270 --> 00:05:27.550 align:middle line:84% including members of his own party, 00:05:27.550 --> 00:05:30.040 align:middle line:84% to say, eh, I'm not really going to support 00:05:30.040 --> 00:05:31.930 align:middle line:90% this thing that Biden wants. 00:05:31.930 --> 00:05:33.580 align:middle line:84% What does this mean specifically? 00:05:33.580 --> 00:05:36.940 align:middle line:84% I mean, let's go back to the Build Back Better agenda, which 00:05:36.940 --> 00:05:39.130 align:middle line:84% died last year because Joe Manchin 00:05:39.130 --> 00:05:41.530 align:middle line:84% and maybe one or two other Democrats wouldn't support it. 00:05:41.530 --> 00:05:46.780 align:middle line:84% Now Biden's rebranding it as Build a Better America, BABA. 00:05:46.780 --> 00:05:51.070 align:middle line:84% And he's still going to try to get some of those policies 00:05:51.070 --> 00:05:55.930 align:middle line:84% passed, such as some green energy tax breaks, 00:05:55.930 --> 00:05:57.490 align:middle line:90% perhaps some social spending. 00:05:57.490 --> 00:05:58.870 align:middle line:84% The one thing that Biden seems to have 00:05:58.870 --> 00:06:02.290 align:middle line:84% highlighted in his budget is money for child care. 00:06:02.290 --> 00:06:06.190 align:middle line:84% So Democrats could still try to pass some 00:06:06.190 --> 00:06:08.480 align:middle line:90% of the Build Back Better stuff. 00:06:08.480 --> 00:06:09.940 align:middle line:84% But it just makes it that much harder, 00:06:09.940 --> 00:06:13.270 align:middle line:84% because when the president is not popular, 00:06:13.270 --> 00:06:17.770 align:middle line:84% it means that members of his own party can buck him, 00:06:17.770 --> 00:06:20.740 align:middle line:84% if they choose, without any punishment. 00:06:20.740 --> 00:06:22.700 align:middle line:84% Their own voters back home won't punish them. 00:06:22.700 --> 00:06:24.910 align:middle line:84% So I think it means we're just not going to see Democrats 00:06:24.910 --> 00:06:27.820 align:middle line:90% get very much done this year. 00:06:27.820 --> 00:06:29.800 align:middle line:84% JULIE HYMAN: Not even BABA, the other BABA 00:06:29.800 --> 00:06:31.610 align:middle line:90% now that you've just coined. 00:06:31.610 --> 00:06:32.410 align:middle line:90% Thanks, Rick. 00:06:32.410 --> 00:06:33.270 align:middle line:90% Appreciate it. 00:06:33.270 --> 00:06:34.070 align:middle line:90% Have a great day. 00:06:34.070 --> 00:06:36.120 align:middle line:90% RICK NEWMAN: Bye, guys.