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Steve Bannon: “We don't have a revenue problem. We have a spending problem.”

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 18:43

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 … We don't have a revenue problem. We have a spending problem. … around them. But once again, these are going to be huge fights and they're not going to be painless. What I like about Johnson today for the first time, because I think he's tapped us along and over promise. (18:43–18:51)

CLAIM

Asserts that the U.S. fiscal issue is due to spending, not revenue.

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

“I think the top 3% consume almost 50% of what's going in the country.”
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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.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 34:19-34:30
“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].”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 39:26-39:31
“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.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 52:47-52:56
“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.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 53:43-53:51
“President Trump won the 2020 election.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 04:19-04:22
“No one in American history has the system ever come after [a person] like [it did with Trump].”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 05:44-05:49
“We as a Republican Party are the working class party and viewed as such.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 06:31-06:36
“In 17, I was a big advocate of raising the rates on the upper bracket and doing more to the lower bracket of corporations.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 07:28-07:43
“Today the House will approve the Biden Kamala Harris spending for this year.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 10:13-10:21
“The House has not gotten their act together to get these single subject appropriations bills done.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 10:37-10:43
“I've been a big proponent that Those programmatic have to start in the Defense Department.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 13:49-13:54
“We're at a trillion dollars now. And that's one of the reasons of this post war international rules based order.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 14:01-14:07
“You have to do programs and billets to get, to get the budget deficit to 3 and a half percent of GDP.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 14:13-14:20
“The inflation number went from 2.2% to 4.2% and it really didn't even get mentioned in the business press.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 14:48-14:55
“You have to finance now essentially a third of the debt every year.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 14:59-15:04
“I think President Trump's hemisphere the shift to hemispheric defense, which is from Greenland to the Panama Canal.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 16:47-16:55
“I think there should be significant cuts to the Defense Department.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 17:12-17:16
“There's a lot of MAGA on Medicaid.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 17:24-17:27
“If we went back to pre Covid spending.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 18:39-18:42
“The bond market has turfed out more governments than howitzers.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 22:05-22:09
“The Italians are probably close to a sovereign debt crisis.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 22:15-22:20
“President Trump wants to go back to more external revenue. That's part of the tariffs he looks at.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 23:15-23:21
“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…”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 23:47-23:58
“On April 2nd, you're going to have reciprocity and tariffs and in India and Canada.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 25:19-25:24
“Kids from California are not going to be on carrier battle groups [in the Red Sea] to keep the Suez Canal open.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 28:12-28:18
“Biden in entire four years was $1.7 trillion of capital investment back here from, I think companies.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 30:00-30:07
“Trump's almost at a trillion dollars in four weeks.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 30:11-30:15
“We did the most significant tariffs we've ever done on the Chinese Communist Party in President Trump's first term.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 32:33-32:39
“The tariffs didn't increase prices.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 33:20-33:23
“You've concentrated wealth so dramatically here since the financial crash of 2008.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 35:21-35:26
“Corporate America is my enemy number one. They're the leader in the WOKE movement in this country.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 35:54-36:00
“One of the reasons I hate allowing them to do stock buybacks is they game the system to drive up stock prices.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 36:05-36:13
“Silicon Valley is an apartheid state.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 38:08-38:11
“The financial crash, Geithner and Bernanke went to a classic Wall street bailout.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 39:07-39:13
“We had the greatest concentration of wealth until the pandemic happened with the 1%.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 39:20-39:26
“We wouldn't pursue antitrust, we wouldn't pursue FTC or the Justice Department [against tech companies].”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 39:58-40:09
“They are now about digital platforms and rent. They're rent seekers.”
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“We're going to have a massive problem about unemployment [due to AI].”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 41:56-42:00
“Silicon Valley comes...we need a $500 billion bailout because of the Sputnik moment.”
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“We need to take control of all the national labs.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 42:29-42:32
“We first thing we need is Lina Khan and we love you got Rid of her.”
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“She's a neo Brandeisan after Louis Brandeis, which always warned against the concentration of private power.”
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“The hardcore populist wing of the MAGA movement really wants to target Silicon Valley, break them up.”
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“At Treasury...a very smart analysis about M and A and about the oligarchs.”
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“Their Damascene moment was 11pm Eastern Standard Time on 5 November, when Pennsylvania was called for Trump.”
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“No one's ever written a $250 million check when they know.”
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“He backed it on the least sexy aspect, which is backing grassroots going door to door.”
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“I laid out this concept at CPAC in 17, that it was going to be...populist economics and economic nationalism, America first, national…”
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“The administrative state that's kind of anti democratic.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 48:02-48:06
“We have to get control of federal spending. If we don't, we're never going to get rid of inflation.”
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“No country's ever come back economically that its debts above its GDP.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 53:19-53:25
“No nation, a national security has ever survived as a major power when the interest payments on their debt go above what they pay for…”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 53:27-53:39
“If you want to have a shot to get the three and a half, four percent growth, you got to have a supply side tax cut.”
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“I want them to go back to the old rates and they have to pay the old rates.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 54:28-54:32
“I'm all for increasing taxes on the, they will have a tax increase if President Trump doesn't extend it.”
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“Germany had this maniacal...fetish on [carbon zero]...They've de-industrialized themselves.”
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“The beginning of the kinetic part of the Third World War has got to be stopped.”
And, This is Steve Bannon | This is Gavin Newsom | Uploaded March 12, 2025 | 56:27-56:31