Speaker of the Home Mike Johnson and different congressional Republicans are blocking a $60 billion support deal to Ukraine, claiming America ought to be involved with its personal wants earlier than giving extra to the continuing battle between Ukraine and Russia. As well as, Congress is going through a deadline to go a stopgap invoice earlier than a partial authorities shutdown on March 1.
Yahoo Finance Senior Columnist Rick Newman joins Yahoo Finance to debate why he believes the blocking of support to Ukraine is “dumb logic.” He additionally notes that People aren’t seeing the larger image of presidency spending.
For extra knowledgeable perception and the most recent market motion, click on here to look at this full episode of Yahoo Finance Reside.
Editor’s observe: This text was written by Nicholas Jacobino
Video Transcript
AKIKO FUJITA: Properly, $60 million support deal for Ukraine is being blocked by conservative Republicans. Home Speaker Mike Johnson saying, America has to maintain its personal wants first.
“Yahoo Finance’s” Rick Newman has the small print. And Rick, you are calling the blocking of Ukraine support, in your phrases, dumb logic. Why?
RICK NEWMAN: It is simply sophistry what we’re listening to from Mike Johnson and different conservative Republicans. He retains saying, as you identified, Akiko, we have to maintain America first. Particularly, they need fixes for this big movement of migrants on the border, as if the US authorities isn’t doing something for People, the place all we ever speak about is sending US taxpayer cash abroad. That’s not the case in any respect.
The federal government’s fiscal yr began October 1. The federal government has spent $2.1 trillion since then. Virtually all of that’s cash spent on People to assist People. The US authorities spends $14 billion a day. A variety of that goes out in Social Safety funds, Medicare advantages. And virtually, everyone within the nation advantages from all the cash the federal government spends each day.
President Biden is asking for $60 billion to assist Ukraine. That’s equal to solely 4 days value of spending. That is what the US authorities spends in 4 days. And most of this, this isn’t cash. We’re not sending stacks of $100 payments to Ukraine. That is not what they need. What they desperately want is weaponry. And virtually all of that’s made in the US by People.
What’s actually occurring right here is Republicans are simply making an attempt to stoke immigration issues. They need this to be a giant election marketing campaign level for President Trump. So they really don’t– they’ve truly blocked payments to really do what they are saying they need to do, which is repair immigration. There’s laws to do this. Republicans will not vote for it.
So that is simply round logic. And, actually, what People ought to get behind is simply extra funding for Ukraine.
AKIKO FUJITA: Rick, I’ve to ask you about what performed out yesterday in Michigan within the major there. After all, there was a variety of questions going into that major for President Biden, given the large demographic of Arab-People saying they’ll be voting uncommitted.
We noticed that. They exceeded greater than 100,000 votes there. What does that inform you about simply how sophisticated that path is for the president in making an attempt to seize that state, which could be very a lot in play and significant to that November election?
RICK NEWMAN: Properly, Biden– this could be overplayed just a little bit within the media. Biden nonetheless got– I believe, he bought 81% of the vote amongst Democrats. That is a fairly decisive victory.
It’s extremely clear. It is not simply Arab-People. It is younger People will not be pleased with Biden’s what started as full-throated help for Israel, as a result of there are actually some People who suppose Palestinians are the victims right here.
And the Biden administration is getting that message. One thing– the State Division has not too long ago stated, they oppose sure new settlements within the West Financial institution. That could be a key level. So Biden is addressing these considerations. I believe a number of the Arab-People in Michigan, they simply need to be heard.
So Biden– I believe he’s saying, he’ll hear them. If you wish to ask, what does this all imply for the overall election? It appears just a little bit exhausting to consider that Arab-People, who do not love Biden’s insurance policies, are going to vote for Trump, as a result of Trump– bear in mind, one of many first issues he did when he grew to become president in 2017 was ban Muslim immigrants. The Muslim ban, which courts struck down. And stated, you’ll be able to’t try this.
So it is not like these persons are going to essentially vote for Trump. However they need Biden to listen to them. And I believe Biden has to listen to them.
AKIKO FUJITA: And that’s, a minimum of, what the White Home has stated. They will attempt to earn each vote. It has been the road from the White Home. We’ll proceed to look at that.
Rick Newman, thanks a lot.
RICK NEWMAN: Yeah, Akiko.
