Venture capitalist and “All-in” podcast host Chamath Palihapitiya said on Friday’s show that SiriusXM’s Megyn Kelly will see the Trump administration face a difficult battle to tackle US debt due to previous actions by the Biden administration He said that.
Billionaire hedge fund manager Scott Bescent passed the Senate with bipartisan support and said he would help the president bring about a “new economic golden age” on January 27th. He became the Treasury Secretary of the In “The Megyn Kelly Show,” Kelly nurtured a Democrat pushback to Trump’s plan to clear government waste. She said some people already speculate that the US budget remains the same despite the cuts. Trump is making a cut with that help Government Efficiency Bureau.
“We’re in a really difficult place, so I think it’s important for listeners and viewers to know this. In the past few years, the Biden administration, especially Biden, with the Biden administration. [Janet] Yellen did one thing he hoped the government wouldn’t go before. That’s what they were effectively guessing the fees,” Parihapitiya said. “What they did was that the Treasury job was to fund the government, right?”
“Their job is to go into the bond market, sell bonds, use that money and redirect it to HHS, Social Security, defense. They funded it with all of this short-term paper. ” added Palihapitiya. “Part of that was that we believed inflation would be curbed and future interest rates would fall. No matter what happens, we will be able to go back to the market and rent cheaply later. That’s what It turned out that it was a very false assumption and that they should not have made that decision.”
Former President Joe Biden and his White House staff said that the US economy had been on track for four years, but inflation peaked at 9.1% in June 2022, affecting businesses and consumers . The Federal Reserve target is 2%, but in December 2024, the central bank announced that it would reduce its federal funding target range from 4.25% to 4.50%. (Related: “Powell is ruined”: Charles Payne warns that “real crimp” can be placed in Trump’s economic plan)
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“So today it’s very difficult for Trump and Bescent to have to do. They have around $10 trillion. So, you know, 25% to 30% of our total debt. , we will have to refinance in the next six to nine months,” Palihapitiya said. “We’re doing it against the background of inflation being etched by moments and fees being etched.”
Palihapitiya said the House budget bill could cause “problems.”
“We have the Senate version, this is very light, let’s deal with border security and the military. And then there’s what Trump wants. This is the house version, and this is “one big, beautiful bill.” “is. The problem is that these two things are on the conflict course, and the big bill may be a little too early in the sense that, as your point, you don’t know how bad the situation is,” Palihapitiya said. .
“If Bessent enters the market and you get a club above your head and suddenly you have $10 trillion you have to borrow at 5-5%, I think it’s really bad for the US economy. There is no choice but to make a very deep cut in a wide range of ways,” Palihapitiya added.
To support the US economy, Trump said on Thursday that it was a “fair and mutual plan” to fix long-standing imbalances in international trade and ensure full equity. has been announced.
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