CNBC's "Last Call" cover image

Biden, McCarthy Fail to Reach Debt Ceiling Deal as Default Risks Grow 5/22/23

CNBC's "Last Call"

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The President's Plan to Raise Revenue

The President said that he's willing to cut spending, but he also wants to raise revenue as well. Are you willing to talk about that? No. When you look at the 50-year average of America, how much money have we brought in by revenue? That would be roughly about 17% of GDP. Right now, we're bringing almost 20% of GDP in revenue. Only twice has that happened in modern history: In 1944 and in 2000. The Americans need to do anything to prepare for the potential of default.

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