--:-- [Upbeat music fades out]
--:-- Host (Georgia Howe): The NFL is back, and FanDuel's got everything you need to play your game. From same-game parlays to live betting. Right now, new customers bet $5 and get $300 in bonus bets if you win. 21-plus in president select states. 18-plus in Kentucky and Wyoming. Must be first online real money waging. $5 deposit required. Bonus issued is non-withdrawable bonus bets that expire seven days after receipt. Restrictions apply. See full terms at FanDuel.com slash sportsbook. Gambling problem? Call 1-800-GAMBLER.
--:-- [Music transitions to a news theme]
--:-- Host (Georgia Howe): After saying no to negotiations with Republicans over the debt ceiling, President Biden has come to the table and is being condemned by his own side for caving. Why has the president changed his stance on negotiating and what are his demands? I'm Georgia Howe with Daily Wire editor-in-chief John Bickley.
--:-- Host (Georgia Howe): It's Thursday, May 18th, and this is Morning Wire. Americans are putting more miles on vehicles as the price tags on cars have shifted upwards over the past few years. Almost $50,000 for a vehicle. And then, of course, the government's pushing the electric vehicles and their average price is $66,000. That's a lot of money. How much will a new or used car set you back? And what's causing the spike? And a whistleblower has made some explosive claims saying the IRS and DOJ shut down an investigation into Hunter Biden.
--:-- Host (Georgia Howe): The fundamental thing to remember about Hunter Biden is that what he was doing, he was doing on behalf of the family. We have the details. Thanks for waking up with Morning Wire. Stay tuned. We have the news you need to know.
--:-- [Music transitions to a news theme]
--:-- Host (Georgia Howe): With the debt limit crisis coming to a head, a game of chicken has played out between President Biden and House Speaker Kevin McCarthy, and it appears that the president may have blinked. Treasury Secretary Janet Yellen has pressured lawmakers to reach a deal, stating that in just a few weeks, the U.S. will be unable to service its debts if Congress doesn't act.
--:-- Guest (David Marcus): Good morning. Yes, Biden's position really became untenable after Speaker Kevin McCarthy managed to pass a debt limit bill on the tiniest of margins, which took away Biden's ability to claim that the GOP didn't have a plan.
--:-- Host (Georgia Howe): So the position of the White House and Democrats is that this is debt we already incurred and it should be paid without conditions. McCarthy and Republicans, though, see this as a rare opportunity to get concessions both from Biden and the Democrat-controlled Senate. They want spending cuts. They want work requirements for welfare programs. And it seems increasingly likely that they're going to get some of what they want.
--:-- Guest (David Marcus): How much? Nobody knows. This is creating consternation among a number of progressive Democrats who see this as Biden caving to what some have called a hostage situation.
--:-- Host (Georgia Howe): The criticism is relatively tame, but it's telling nonetheless. Representative Jamal Bowman said he's, quote, concerned because the president has every now and then moved to the right, if you will, to acquiesce to a so-called independent voter. And the American people want us to be bold and stand firm, end quote.
--:-- Guest (David Marcus): But that easier for progressives to say than for Biden who running for president and staring a potential economic disaster in the face if the debt limit isn raised
--:-- Host (Georgia Howe): Other Democrats like Joe Manchin of Ruby Red West Virginia have been urging Biden to make a deal. So the president is in a tough spot.
--:-- Guest (David Marcus): It's also worth noting that Biden's getting some heat from left-leaning media outlets like The Atlantic, which are really hammering the Biden caves angle.
--:-- Host (Georgia Howe): Biden has now assigned two White House staffers to negotiate on his behalf, And these work requirements for entitlements have emerged as a key sticking point. Why is that?
--:-- Guest (David Marcus): It's interesting because it's not an enormous pot of money that's saved by this GOP-backed measure, but it is very symbolic.
--:-- Host (Georgia Howe): Far-left Representative Pramaya Jayapal cautioned Biden against the requirements, saying, quote, we didn't elect the Joe Biden of 1986. So that's hearkening back to a time when Biden was viewed much more as a moderate.
--:-- Guest (David Marcus): And the message is clear. Jayapal is saying Democrats are not that middle-of-the-road party that entertains entitlement cuts anymore.
--:-- Host (Georgia Howe): Now, Donald Trump has also weighed in on the issue at a CNN town hall. And his answer, I think, took some conservatives by surprise.
--:-- Guest (David Marcus): Yeah, on some level, it was surprising. Trump basically said that if the GOP doesn't get the cuts they want, they will have to let the debt limit run out and risk the economic damage that could come from it, as well as a possible degradation of the country's credit rating.
--:-- Host (Georgia Howe): It's important to note that Congress regularly raised the debt limit under Trump's presidency without any deals.
--:-- Guest (David Marcus): But look, Trump says a line has to be drawn. And also, I think he's saying that McCarthy has to signal that he's willing to go all the way if he's going to ring as much as possible out of Biden.
--:-- Host (Georgia Howe): Yeah, it makes some sense. For as difficult a spot as this is for Biden, is there also some potential upside if he can reach a deal and be seen as sort of working across the aisle?
--:-- Guest (David Marcus): I think there is, especially at a time when he's struggling with independent voters. I think the political calculus at 1600 Pennsylvania Avenue is that you appear moderate with a bipartisan deal. You appeal to indies and then you hope the progressives will hold their nose and stay on the farm.
--:-- Host (Georgia Howe): Because, look, without the independents, the progressives really just aren't enough.
--:-- Guest (David Marcus): Yeah, independents always end up holding a lot of the cards.
--:-- Host (Georgia Howe): Yeah.
--:-- Guest (David Marcus): David, thanks for joining us.
--:-- Host (Georgia Howe): Thanks for having me.
--:-- [Music transitions to a news theme]
--:-- Host (Georgia Howe): That was Daily Wire contributor David Marcus. Coming up, the price of new cars has Americans holding onto their vehicles longer. As the price of new and used cars continues to rise at a record pace, Americans are holding onto their current vehicles for longer than ever. New data shows that the average car on the road is older than at any point on record.
--:-- Guest (Cabot Phillips): Well, according to new data from S&P Global Mobility, the average car on the road today is 12 and a half years old. That is the highest mark we've ever seen and a 28% increase compared to 20 years ago.
--:-- Host (Georgia Howe): The average car age has been increasing for the last six years, but the rate has really picked up over the last two years in particular.
--:-- Guest (Cabot Phillips): Now, it's worth noting for a long time when your odometer hit 100,000 miles, your car was, you know, toast. But because of advances in the auto industry, a car at 100,000 miles now isn't what it used to be, as newer models are typically more resistant to rust and engines often run longer than in the past.
--:-- Host (Georgia Howe): So a lot of people are now simply able to get more run out of their car and feel the need to buy something newer especially now with prices so high.
--:-- Guest (Cabot Phillips): Well that also a big part of this So tell us just how high our car price prices right now Yeah the biggest factor driving the shift is how expensive new and used cars have become This won't be news to anyone who's in the market right now, but prices are higher than ever.
--:-- Host (Georgia Howe): Last month, the average price of a new car was around $48,000. That is a 24% increase in just three years time. And used car prices are up even more, rising 40% since 2020. The average price on that front is now $29,000.
--:-- Guest (Cabot Phillips): For context, while that price is slightly down from a peak that we saw in the summer of 2022, it's still about $10,000 higher than the average price of a used car in 2018.
--:-- Host (Georgia Howe): So it's not hard to see why people are opting to keep their current cars, even if they're older.
--:-- Guest (Cabot Phillips): Why are prices going up? Is it just inflation?
--:-- Host (Georgia Howe): Yeah, that's part of it. There are a few reasons though. Inflation is obviously playing a role as your dollar simply doesn't go as far as it used to.
--:-- Guest (Cabot Phillips): And we've talked a lot about how the Fed's rate hikes are impacting every sector of the economy. And this is no exception.
--:-- Host (Georgia Howe): A year ago, the average interest rate on a new car was 4.4%. Today, it's 7%. And that has pushed the average monthly payment on a new car to $729, a record high.
--:-- Guest (Cabot Phillips): And among used cars, the average loan rate is now around 11%, with the average monthly payment of $563. For context, just four years ago, that number was around $400.
--:-- Host (Georgia Howe): And to give you an idea of just how exorbitant car payments have become one in six people who bought a car last year signed on for a monthly payment over $1,000. In 2010, just one in 50 Americans had a payment that high.
--:-- Guest (Cabot Phillips): And one more thing, it's worth noting how all of this impacts the transition to electric vehicles. Remember, President Biden wants half of all vehicle sales to be electric by the year 2030. But as prices remain high and people are unable to afford a new car, that goal seems increasingly unrealistic.
--:-- Host (Georgia Howe): According to the S&P data we mentioned earlier, at this pace, gas-powered cars will still make up the majority of vehicles on the road until at least 2050.
--:-- Guest (Cabot Phillips): Well, my lease is up in three weeks, so this kind of hits close to home.
--:-- Host (Georgia Howe): Cabot, thanks for reporting.
--:-- Guest (Cabot Phillips): Anytime.
--:-- [Music transitions to a news theme]
--:-- Host (Georgia Howe): That was Daily Wire senior editor Cabot Phillips. Another whistleblower has come forward with claims related to the Biden family. An employee of the IRS says his team investigating the president's son, Hunter Biden, were abruptly taken off the assignment at the direction of the Justice Department.
--:-- Guest (Sean Davis): Well, the biggest thing that happened this week was attorneys representing a whistleblower at the IRS contacted Congress. They said he wanted to make some protected disclosures about this particular case, about some shenanigans he had witnessed.
--:-- Host (Georgia Howe): And on Monday, I believe, per another letter from his attorneys to Congress, at the request of the Biden Department of Justice, the entire criminal investigative team at the IRS handling the Hunter Biden case was reassigned and taken off the case, which is just a massive escalation, retaliation, completely inappropriate action to be taking in the middle of a big investigation of someone high profile like Hunter Biden.
--:-- Guest (Sean Davis): What have we learned or what do we know so far about this whistleblower and his or her claims?
--:-- Host (Georgia Howe): We don't know much yet. The law for whistleblowers is pretty clear. There's some narrow areas where you allowed to exchange personally identifiable information the kind that you have in your tax returns And you have to go through some very discreet complicated steps to make sure that if you making these disclosures to Congress, that they're done legally in a way that people's information is protected.
--:-- Guest (Sean Davis): My understanding is that this whistleblower through his counsel has gone through all of that, that he's been given the permission, which is required by law, by the chairman of the ranking members of House Ways and Means or Senate Finance for him to make those disclosures for them so they can do their oversight obligations.
--:-- Host (Georgia Howe): But what it appears is that he has evidence and knowledge of politics and inappropriate influence from the highest point of government being exerted to protect Hunter Biden.
--:-- Guest (Sean Davis): You mentioned a couple of the committees involved. Who are some of the key members of Congress bringing forward the claims made by the whistleblowers?
--:-- Host (Georgia Howe): Well, I think a big one is obviously Charles Grassley. This is a guy who, in my opinion, is the best member at oversight in all of Congress. His staff is fantastic. They dig and dig and dig until there's no more digging.
--:-- Guest (Sean Davis): And so I think on oversight matters, whether it was Russiagate, whether it's LaptopGate, whether it's this Hunter Biden investigation, I think Grassley is as serious and as sober and as fair a member of Congress as you're going to get when it comes to oversight.
--:-- Host (Georgia Howe): He wants to go buy the book. He wants to make sure all the laws are followed. But also he has no tolerance for nonsense from the executive branch if they're trying to punish and retaliate whistleblowers who've done nothing wrong.
--:-- Guest (Sean Davis): Do we have any hints about what action Grassley and others involved in these cases plan to take about this apparent retaliation?
--:-- Host (Georgia Howe): Right now, I think they are in the very early process. They're going to have to hear what these disclosures are from this whistleblower or his attorneys, and then they're going to have to figure out what their next steps are.
--:-- Guest (Sean Davis): Grassley has generally been pretty meticulous. He's worked a lot on other issues with Ron Johnson. They generally know where the bodies are buried. They know what questions to ask.
--:-- Host (Georgia Howe): And what I have always appreciated from Grassley, as someone who works on the outside as a part of the media, is how he crafts his letters to agencies to share information, to give little breadcrumbs for those who might be following and kind of know what trails to follow to help them put together the facts of what's happening in these cases.
--:-- Guest (Sean Davis): He did a spectacular job of this on the Russiagate oversight stuff. You can count on one hand, Devin Nunes, Jim Jordan, and Mark Meadows, and Charles Grassley were the guys that you wanted to look to on Russiagate.
--:-- Host (Georgia Howe): And I suspect he will use the exact same model going forward with this Hunter Biden investigation.
--:-- Guest (Sean Davis): Well, as you've said, Grassley has been really consistent on his approach to all this, so I'm sure you're right.
--:-- Host (Georgia Howe): Sean, thanks for joining us.
--:-- Guest (Sean Davis): Thank you.
--:-- [Music transitions to a news theme]
--:-- Host (Georgia Howe): That was Sean Davis, CEO and co-founder of The Federalist. Thanks for listening to Morning Wire. We created this show to bring more balance to the national conversation. If you love our show and you stand with our mission, please consider subscribing, leaving us a five-star rating, and most importantly, sharing our podcast with a friend.
--:-- Host (Georgia Howe): That's all the time we've got this morning. Thanks for waking up with us. We'll be back this afternoon with more of the news you need to know.
