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Steve Bannon: “If we went back to pre Covid spending.”

Featuring: Steve Bannon, Former White House Chief Strategist | National

And, This is Steve Bannon | This is Gavin Newsom

Published March 12, 2025 | Video Starts at 18:39

The first couple of years the deficits were under, I think four or five hundred billion dollars. We came very close to actually trying to balance it. If we went back to pre Covid spending. I mean, Scott Besson says this all the time. We don't have a revenue problem. And this is for everybody would think about having to increase your taxes. (18:39–18:42)

CLAIM

Asserts that returning to pre-COVID spending levels could help address fiscal issues.

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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Steve Bannon

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“There's 2 trillion on the audit. I think there's 2 trillion assets they can't put their hands on.”
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“Our trade deficit in I think in January alone was a record trade deficit. I think it was $100 billion.”
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“Between 1998 and 2005 we lost 5,000 small manufacturers and a couple of million jobs because we shipped it all to China.”
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“Goldman Sachs got bailed out. AIG, no corporate guys ever went to prison on the worst bailout.”
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“The Federal Reserve's balance sheet went from $880 billion to I think, four and a half [trillion].”
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“We will never pay off one penny of the face amount of the debt as we increase this now about every hundred days of another trillion dollars.”
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“Our national security right now is $1 trillion. And we are, I think at about a trillion two to a trillion four in interest payments alone.”
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“President Trump won the 2020 election.”
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“We as a Republican Party are the working class party and viewed as such.”
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“In 17, I was a big advocate of raising the rates on the upper bracket and doing more to the lower bracket of corporations.”
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“The House has not gotten their act together to get these single subject appropriations bills done.”
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“I've been a big proponent that Those programmatic have to start in the Defense Department.”
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“You have to finance now essentially a third of the debt every year.”
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“I think President Trump's hemisphere the shift to hemispheric defense, which is from Greenland to the Panama Canal.”
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“I think there should be significant cuts to the Defense Department.”
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“There's a lot of MAGA on Medicaid.”
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“The bond market has turfed out more governments than howitzers.”
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“The Italians are probably close to a sovereign debt crisis.”
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“President Trump wants to go back to more external revenue. That's part of the tariffs he looks at.”
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“Over the last three or four weeks you've had almost a trillion dollars. I think it's $800 billion from Honda, from Siemens, from Apple, it…”
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“Kids from California are not going to be on carrier battle groups [in the Red Sea] to keep the Suez Canal open.”
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“Biden in entire four years was $1.7 trillion of capital investment back here from, I think companies.”
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“The tariffs didn't increase prices.”
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“Corporate America is my enemy number one. They're the leader in the WOKE movement in this country.”
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“One of the reasons I hate allowing them to do stock buybacks is they game the system to drive up stock prices.”
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