WEBVTT NOTE recognizability 0.877 NOTE language en-us 00:00:00.240 --> 00:00:05.036 Hello, folks. Welcome to kudlow. I'm Larry kudlow. Save America, kill 00:00:05.036 --> 00:00:10.704 the omnibus bill. That's a good place to start tonight. Stop the lame 00:00:10.704 --> 00:00:15.500 duck spending spree being conducted by the Democrats in both houses, 00:00:15.500 --> 00:00:19.860 but with the support of Senate Republicans, including Mitch McConnell 00:00:19.860 --> 00:00:22.912 and retiring Appropriator Richard Shelby of Alabama. 00:00:23.650 --> 00:00:28.366 Mr Shelby, who has a fine conservative record down through the years, 00:00:28.366 --> 00:00:34.654 is blowing it up in his last weeks. He won't be around to pick up the 00:00:34.654 --> 00:00:38.584 higher inflation pieces that may result from his omnibus spending 00:00:38.584 --> 00:00:42.514 increases, including his status as the league leader and Most 00:00:42.514 --> 00:00:46.837 Valuable Player of the Earmarks World Series. When I say Senator 00:00:46.837 --> 00:00:51.946 Shelby is the league leader, I know whereof I speak, according to his 00:00:51.946 --> 00:00:54.304 own Senate Appropriations Committee, his earmarks. 00:00:54.450 --> 00:01:00.225 Come to $650 million. The runner up is another retiree, Republican 00:01:00.225 --> 00:01:06.525 Senator Jim Inhofe of Oklahoma, with 511 million. That is followed by 00:01:06.525 --> 00:01:11.775 recently reelected Senator Lisa Murkowski of Alaska at 490 million. 00:01:11.775 --> 00:01:18.600 So of the top 10 Most Valuable Player candidates for earmarks, 8 of 00:01:18.600 --> 00:01:20.175 them are Republicans. 00:01:21.030 --> 00:01:25.014 Remember how the GOP ran in the midterms to cut spending and 00:01:25.014 --> 00:01:28.998 inflation didn't do all that? Well, did they? Well, here's just one 00:01:28.998 --> 00:01:33.314 little reason why they are the the reigning earmark kings of the US 00:01:33.314 --> 00:01:38.294 Senate. 8 out of 10 of the top ten. All of them have made the 00:01:38.294 --> 00:01:41.614 playoffs. Then of course, the Republican Senate leadership has thrown 00:01:41.614 --> 00:01:45.598 in with Chuck Schumer to back the so-called omnibus spending bill put 00:01:45.598 --> 00:01:49.914 together in a dark, smoke filled room by a handful of senators coming 00:01:49.914 --> 00:01:54.465 up with decisions. That affect the risks of high inflation and deep 00:01:54.465 --> 00:01:57.930 recession for 350,000,000 Americans breaking process rules in an 00:01:57.930 --> 00:02:01.395 incredibly undemocratic effort. You can call around senators or 00:02:01.395 --> 00:02:06.400 Senior Hill staffers right now and nobody will be able to tell you 00:02:06.400 --> 00:02:11.405 what the top line spending total is going to be or what the 00:02:11.405 --> 00:02:15.640 individual committee deals are going to be. So once again, please 00:02:15.640 --> 00:02:20.260 take a listen to what Senator Rand Paul and his scathing attack. 00:02:21.830 --> 00:02:26.702 The omnibus will be 3000 pages will get it 2 hours before they wanna 00:02:26.702 --> 00:02:31.922 pass it. No one will read it. But hidden in the 3000 pages will be 00:02:31.922 --> 00:02:36.794 we're going to waive pay go. So Steve Moore's right, it would take 41 00:02:36.794 --> 00:02:41.318 votes. But the other thing is 41 votes would stop the big spending, 00:02:41.318 --> 00:02:44.798 if completely and totally abdicated the power of the purse. 00:02:44.798 --> 00:02:48.278 Republicans are emasculated, they have no power and they are 00:02:48.278 --> 00:02:50.366 unwilling to gain that power back. 00:02:51.620 --> 00:02:56.352 So hats off to Senator Paul for his brilliant synopsis of a painfully 00:02:56.352 --> 00:02:59.992 broken process. In just a moment, another staunch Senate critic, 00:02:59.992 --> 00:03:04.360 Senator Marsha Blackburn's gonna be here to tell us some more. But 00:03:04.360 --> 00:03:08.364 let me make two additional points on this Republican emasculation and 00:03:08.364 --> 00:03:12.368 breaking the power of the purse. First, there's growing evidence by 00:03:12.368 --> 00:03:15.644 economists that the principal source of skyrocketing inflation and 00:03:15.644 --> 00:03:20.376 the equally rapid Federal Reserve run up of its M2 money supply was 00:03:20.376 --> 00:03:21.832 actually caused by huge. 00:03:21.920 --> 00:03:27.112 Federal overspending going back to the Biden COVID Relief Bill of 00:03:27.112 --> 00:03:31.832 March of 2021, which Republicans did oppose. Nonetheless, that bill 00:03:31.832 --> 00:03:36.080 essentially mandated that the Treasury Department just write checks 00:03:36.080 --> 00:03:40.328 to the bank accounts of many millions of Americans. 00:03:41.110 --> 00:03:46.414 I'm not absolving the Fed, which didn't have to keep 0 interest rates 00:03:46.414 --> 00:03:50.902 and monetize the deficit, but the source seems to be federal 00:03:50.902 --> 00:03:55.390 overspending. They just put that money into the bank accounts. This 00:03:55.390 --> 00:03:59.470 inflationary budget spending will be enhanced by an omnibus that 00:03:59.470 --> 00:04:04.366 probably will add 150 billion to 200 billion in brand new spending 00:04:04.366 --> 00:04:08.854 above the FY23 baseline. And don't forget the phony IRA Inflation 00:04:08.854 --> 00:04:11.302 Reduction Act and the CHIPS Act. 00:04:11.460 --> 00:04:16.884 Was already added 1.3 trillion together to that baseline. So we are 00:04:16.884 --> 00:04:22.308 off to the inflationary races once again with the omnibus bill. And 00:04:22.308 --> 00:04:26.828 my last point is that the Senate Republican leadership's apparent 00:04:26.828 --> 00:04:31.800 support of the omnibus bill is an unbelievable betrayal of the 00:04:31.800 --> 00:04:35.868 victorious House Republicans. Kevin McCarthy and Company don't want 00:04:35.868 --> 00:04:41.744 an omnibus for all next year. They want a short term CR continuing 00:04:41.744 --> 00:04:46.380 resolution. That mine carried through mid late January when they take 00:04:46.380 --> 00:04:51.156 over the house. This would give them a chance to restore regular 00:04:51.156 --> 00:04:55.136 budget order with 12 appropriation bills that would substantially cut 00:04:55.136 --> 00:04:59.514 back on all this inflationary overspending in the omnibus bill, or 00:04:59.514 --> 00:05:03.892 even implement the budget caps with automatic spending cuts. Why the 00:05:03.892 --> 00:05:07.474 Senate Republican leadership wants to undermine the House Republicans 00:05:07.474 --> 00:05:12.250 is beyond me. I don't get it, but I know it's bad. 00:05:12.400 --> 00:05:16.234 And Amex, in addition to being very bad politics. 00:05:17.000 --> 00:05:21.914 So I repeat, save America, kill the omnibus bill.