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Gavin Newsom: “It's 3 trillion even before COVID hit.”

Featuring: Gavin Newsom, Democratic | Governor of California

And, This is Steve Bannon | This is Gavin Newsom

Published March 12, 2025 | Video Starts at 18:08

… your point about both parties, but you know, another $8.4 trillion went to the debt under Trump administration. And to be fair, Covid had a huge part of that, but It's 3 trillion even before COVID hit. to your point. And I remember talking, by the way, you'll appreciate this, Steve. I remember being in Marine One, talking to Trump, President Trump about the issue of the deficit. (18:08–18:11)

CLAIM

Asserts that $3 trillion was added to the national debt before COVID-19 during the Trump administration.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Gavin Newsom

“Biden tripled tariffs on aluminum and steel, of course, is getting a lot of attention in this country today as it relates to Canada, and…”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 01:24-01:35
“Another $8.4 trillion went to the debt under [the] Trump administration.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 18:02-18:07
“That's $1.3 billion small ball, but it's symbolic and subsidy. What about the $3 billion in oil gas subsidies?”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 36:42-36:50
“I say that as governor of the largest manufacturing state in America, a state that has more corporate headquarters... than any other state…”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 37:41-37:51
“You've been pretty critical about the proposed tax, the extension of the existing tax cuts that disproportionately favor the wealthiest.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 07:10-07:20
“His current proposal doesn't add up then in that respect blows the deficit and continues those corporate tax cuts and continues the tax cuts…”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 09:17-09:25
“Moderate the income taxes for middle class working folks.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 20:58-21:03
“We doubled another 25% back to aluminum steel.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 21:21-21:26
“On tariff policy, it seems a little chaotic. There's no stability. The markets are reflecting that.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 21:45-21:51
“It had nothing to do with the tyrannical nature of a Prime Minister or 51st Governor of America, Justin Trudeau's policies.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 25:00-25:12
“You mean with all the uncertainty, the market uncertainty, the Trump slump, all of the stress and the anxiety that people are feeling.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 25:26-25:33
“The industrial policies of the Biden administration, as it relates to the infrastructure bill, aspects of the IRA, aspects of the Chips and…”
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“There was record investments in coming back during the [Biden administration].”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 29:52-29:58
“Why does [President Trump] go after the carried interest? Why is he going after corporate subsidies?”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 36:25-36:30
“California did [create this market]. It was our regulatory process and our subsidies to create this market.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 46:48-46:56
“He's been the beneficiary of billions and billions and billions of dollars.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 47:11-47:16
“That's why this tax cuts, extending the tax cuts, it's reckless in this respect.”
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“By definition, that substantially increases the problem.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 54:01-54:05
“You want to see it increased on corporations in the 1%.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 54:17-54:21
“I don't know what more evidence you guys need of Mother Nature's fury than we've had in the last year.”
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