07.11.19

Senator David Perdue Talks Trade, Economy On CNBC & Bloomberg TV

“The big picture is that President Trump is trying to create a level playing field.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) joined CNBC’s Squawk Box and Bloomberg TV to preview the Senate Banking Committee hearing with Federal Reserve Chairman Jerome Powell. Senator Perdue also discussed trade negotiations and the need to fund the federal government on time. 

Click on the images below to watch.

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CNBC Highlights:

Hearing From The Fed Chair: “I want to talk to Chairman Powell about labor. I think one of the restrictions on our economic growth is the labor force. Right now, we have about 7.5 million unfilled jobs and only about five million people looking for work, so that’s an issue. The second topic is inflation. The Fed is trying to balance unemployment and inflation, and I’d like to hear a few more details on those based on the chairman’s testimony in the U.S. House yesterday.”

Big Picture On Trade: “The big picture is that President Trump is trying to create a level playing field. If we’re going to grow the U.S. economy at 3.5 percent, we have to grow our exports. We only export an average of $15 billion of agriculture products into China. That’s ridiculous. What the President is trying to do long-term will benefit this economy dramatically. I applaud this President for standing up and telling the world we need a level playing field.”

Running Out Of Time: “Here we are again in crisis mode at the last minute. Congress has just eight working days left between now and the end of July when the Senate and House go back to work in their states, and we have not yet gotten a budget deal. Additionally, we would have already hit the debt ceiling earlier this year had the Treasury Department not used extraordinary measures. We could hit the debt ceiling sometime in September, so we have to get a deal done now.”

Break The Log Jam: “Secretary Mnuchin and Speaker Pelosi are supposed to meet later today, and I’m hopeful they will break the logjam on a budget deal and the debt ceiling. I think we can get Defense and Labor-HHS funding done before the end of July, and that would be two-thirds of the federal government’s discretionary budget.”

Bloomberg Highlights:

Freeing Up Capital: “This economy is moving and reacting to freeing up capital on several fronts – the tax bill, the Dodd-Frank rollback, and also releasing some of the pressure on regulations makes our businesses more competitive with the rest of the world.”

Success In Trade Negotiations: “The question out there right now is are we going to succeed in this trade negotiation long-term, and I believe we will. If we create a level playing field, we can open up markets for our agriculture and manufacturing products in the U.S.”

Economy Is Hot: “Our economy is hot. It’s doing very well. We produced six million new jobs over the last two and a half years. We have the lowest unemployment in 50 years. We have the highest median income in U.S. history right now. I really believe we will be successful in these trade negotiations in the short-term, and over the long-term, this is definitely the right thing to do.” 

Continuing Resolution Would Devastate Military: “Right now, we have got to get Defense and Labor-HHS funded before Congress breaks for the August state work period. A continuing resolution is terrible for the military. It continues funding at the same level we spent last year. That doesn’t sounds so bad, but it ties the hands of the military. In this particular case, it would be devastating. It causes costs to go up dramatically, much more than what we’re talking about negotiating between domestic issues and military issues.”

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When Senator Perdue was elected, he was the only Fortune 500 CEO in Congress. He is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.