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FBI Interviewed Former White House Lawyers, Pat Cipollone and Patrick Philbin, as Part of Investigation Into Documents Taken to Mar- a-Largo; New Home Construction Cools as More Get Priced Out of Owning a Home; President Biden Signs Inflation Reduction Act. Aired 3:30-4p ET

Aired August 16, 2022 - 15:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[15:30:00]

EVAN PEREZ, CNN SENIOR JUSTICE CORRESPONDENT: ... they'll figure out what happened to these boxes. How they came -- these boxes of federal records -- how they came to be taken to Mar-a-Lago at the end of the term presidency. Patrick Philbin who is the deputy White House counsel, Pat Cipollone who was the White House counsel were both interviewed in that round of interviews earlier this year.

And obviously, these are the two most senior former Trump aides that would have been talked to by the FBI as they were trying to get this criminal investigation under way. Of course, now we know that this is a criminal investigation that's looking into mishandling of possible -- possible mishandling of classified information, possible obstruction of a federal investigation.

There's obviously a lot more of this investigation to go. But the interesting thing from here being that these, again, are very senior, senior lawyers for the former Trump White House and they were interviewed by the FBI as this investigation was just getting started -- Victor and Alisyn.

VICTOR BLACKWELL, CNN HOST: Yes. It really is a remarkable development. Because we've discussed how the Justice Department ramping up to try to get some interviews as part of the January 6th investigation. But in this investigation, it seems that it didn't take much of a fight, does it?

PEREZ: Right. It looks like these men at least went in and at least answered some questions. The question is what limits, what limitations there were on this as you guys have talked about before. The Justice Department is anticipating that there are at least some questions when it comes to direct conversations with the former president that both Cipollone he and Philbin would have some reluctance to answer because of their concerns about the privilege -- with the presidential privilege. That we don't know.

We don't know whether there were any limitations on those conversations. Obviously, the January 6th investigation is a bit of a separate thing. But what it tells us, guys, is that this thing has been going on for a lot longer. It has been deep and they've been talking to a lot of people well before we saw the first signs of this which was a week ago in Mar-a-Lago.

BLACKWELL: All right. Evan Perez with the news there. Thank you.

PEREZ: Thanks.

ALISYN CAMEROTA, CNN HOST: So, President Biden is expected to sign the Inflation Reduction Act in just the next few minutes. You can see everyone getting ready there. So, we'll bring you to the White House as soon as it happens.

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CAMEROTA: Home building slowed down last month as the cost of construction remained high and more potential buyers were priced out of the housing market. A new report from the U.S. census bureau showed new construction plunged nearly 10 percent in July compared to the previous month and more than 8 percent compared to last year.

CAMEROTA: A separate survey out this weekend found that home builder confidence fell for the eighth straight month. CNN's Matt Egan joins us now. So, What's the effect on homeowners and renters?

MATT EGAN, CNN REPORTER: Well, Victor and Alisyn, I mean, the housing market slowed down big time. Today's numbers showed that housing starts fell to levels unseen since early last year. And in some ways, this makes a host sense. Because the fact that home prices are so high and mortgage rates are so high has slowed down sales activity. And what's important to remember is not the people don't need homes, they still need the homes. They just can't afford them at these prices and with these borrowing costs. And so unfortunately, the fact that supply is taking a hit, it's going to make the situation worse.

Let me show you what a Zillow economist said about this report.

She said: with fewer new homes coming to the market throughout this year and next, affordability will continue to plague the housing market as low inventory will keep prices from falling substantially.

Now some people are prices out of the housing market and that has forced them to rent instead and that is pushed up rental rates. Rental rates the median in June was $1,876. That is 25 percent more expensive than March 2020 when COVID turned the world upside down. And this is obviously painful for a lot of people.

58 percent of renters in that Freddie Mac survey said that they had experienced a rental hike in the past year. Now people are making more money. But that's often not covering the cost of their rent. One in three said the rental hike was more than the pay hike. And this is the number that survey that really startled me. One in five renters --

CAMEROTA: Matt, sorry to interrupt you. We've been waiting for President Biden to come out. So, let's do that right now. Let's go to the White House and President Biden is about to sign the Inflation Reduction Act. REP. JAMES CLYBURN (D-SC): I'm pleased to be here today on behalf of

the United States House of Representatives where on Friday we delivered a unanimous Democratic vote to pass this Inflation Reduction Act.

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It was one of the few truly historic days in the 30 years I have spent in the Congress. Mr. President, I want to thank you for your tireless work to add this remarkable legislation to your long and growing list of accomplishments. In just 18 months, often away from public view, your administration has created a record number of jobs.

Your American Rescue Plan helped our country overcome a once in a century pandemic. Your Infrastructure and Jobs Act is making historic investments in broadband and to repair and bolster our infrastructure.

Your Chips and Science Act will strengthen our critical supply chains and give real substance and new meaning to make it in America.

The Inflation Reduction Act you are about to sign will lead to a transformative change in this great country. It checks inflation by reducing the deficit by $300 billion over the next decade. It ensures more tax fairness by requiring corporations to pay a minimum of 15 percent for our protecting families making less than $400,000 per year from paying one penny more.

We're called to be good stewards of this planet. And this legislation cuts climate pollution by 40 percent in just eight years while building a new clean energy economy that will make electricity accessible and affordable and create nine million new jobs.

Now Mr. President, you know how much you meant to my late wife Emily. Who three years ago lost her 30-year battle with diabetes. If she were here today, she would be beyond joy, celebrating the $35 per month cap on insulin and the $3,000 annual cap on out of pocket costs for Medicare patients.

She would also rejoice in three year extension for Affordable Care Act subsidies and the authorization of Medicare to negotiate some drug prices. Emily had adequate health insurance. But many of our neighbors and her friends did not.

Mr. President, you took office at a time when we were in dire need of a statesman willing to put people over politics. Many seem surprised at your successes. I am not. Because I know you. But more importantly, you know and respect the American people. Now, I am pleased to introduce Senate Majority Leader Chuck Schumer.

SEN. CHUCK SCHUMER (D-NY) SENATE MAJORITY LEADER: Well, thank you Representative Clyburn for that introduction. And I want to thank you, President Biden for inviting us to the White House today. Thanks to my colleagues here today, this has been one of the most productive stretches in Senate history. From the first gun safety bill in decades to strengthening NATO, to outcompeting the Chinese Communist Party, to taking care of our veterans.

And to top it all off, we celebrate a ground breaking achievement, the most important bill we have passed in a long time. President Biden will sign the Inflation Reduction Act into law today!

I am confident this bill will endure as one of the greatest legislative feats in decade. It'll lower costs, create millions of good paying jobs, and is the boldest climate bill ever. Now in normal times, getting these bills done would be a huge achievement.

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But to do it now with only 50 Democratic votes in the Senate, over an intransigent Republican minority is nothing short of amazing. It shows how dedicated and persistent our caucus is. I want to give all 50 of my colleagues a wonderful, diverse and dedicated group of 50 huge credit for getting this bill over the finish line. Huge credit. I also want to thank Speaker Pelosi, all the chairs of the committee, and Joe Manchin for working so hard to get this bill done. And, of course, the incredible immensely dedicated staff who gave it their all to finishing this bill. Let's have a round of applause for the great staff -- White House, House and Senate.

For years the naysayers -- the naysayers said we could never take on the big drug companies and lower the cost of prescription drugs. But now we have. They said we could never take on entrenched big oil interests and get tough on climate change. But we have succeeded. They said we would never close tax loopholes for the wealthy and make the ultra-rich pay their fair share. But we've gotten all these things done in one single bill.

For anyone that thought Washington was broken and couldn't do big things, Democrats have shown real change is possible. If the last two months could be summed up in it a word, it would be persistence. My dad who died in November and would have been 99 on Flag Day, taught me a lesson. If you try to do the right thing and if you persist and never give up, you can make the world a better place. Well, that's what's happened here. We persisted and persisted and persisted and never gave up. And today it pays off. I know my dad is looking down and smiling.

And finally, most importantly, thank you, President Biden, for your leadership. This has been a long and grueling process. We wouldn't be here without you. A year and a half ago you laid out the groundwork for this bill. And like us, you persisted every single day working closely with my team and our caucus for more than a year to get this bill done.

The president deserves tremendous credit for this moment. He knew precisely when to step in and when to let negotiations play out. He knew when to use the bully pulpit and when to bring people together away from the spotlight. He made sure we never lost our focus on climate. The president's vision, his dedication to our country, and his experience who made this moment possible. Thank you, President Biden. After four years of the president who relished creating chaos, Americans are seeing what it looks like to have a president and a Congress that's focused on delivering results that make their lives better. Mr. President, you've restored dignity, respect and a sense of action back to the Oval Office. Thank you, thank you, thank you. It's my honor to turn it over now to you.

JOE BIDEN, PRESIDENT OF THE UNITED STATES: Thank you. Thank you, thank you, thank you.

Thank you, Majority Leader Schumer. Chuck, you've been a good friend a long, long time.

And, Joe, I never had a doubt. Joe had an operation on his shoulder. I just want you to know it wasn't because of anything we did. He's in great shape.

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And our Whip, Mr. Clyburn, you're -- you're amazing. And I am reminded often by my staff: Were it not for you -- your wife telling you to endorse me, I wouldn't be standing here. But thank you very, very much.

And also, Congresswoman Castor and my good friend Frank Pallone -- Congressman Pallone -- thank you for your leadership.

You know, while they couldn't be here, I especially want to thank Nancy Pelosi, who was instrumental in this law, and Vice President Harris for her incredible work she did.

And I'm about to sign the Inflation Reduction Act into law, one of the most significant laws in our history. Let me say from the start, with this law, the American people won and the special interests lost. The American people won and the special interests lost.

We're in a session of -- for a while, people doubted whether any of that was going to happen. But we are in a season of substance. This administration began amid a dark time in America -- as Jim said, a once-in-a-century pandemic, devastating joblessness, clear and present threats to democracy and the rule of law, doubts about America's future itself.

And yet, we've not wavered. We've not flinched. And we've not given in. Instead, we're delivering results for the American people. We didn't tear down. We built up. We didn't look back. We looked forward.

And today -- today offers further proof that the soul of America is vibrant, the future of America is bright, and the promise of America is real and just beginning.

Look, the bill I'm about to sign is not just about today, it's about tomorrow. It's about delivering progress and prosperity to American families.

It's about showing the American and the American people that democracy still works in America -- notwithstanding all the -- all the talk of its demise -- not just for the privileged few, but for all of us.

You know, I swore an oath of office to you and to God to faithfully execute the duties of this sacred office. To me, the critical duty -- the critical duty of the presidency is to defend what is best about America. And that's not hyperbole. Defend what's best about America. To pursue justice, to ensure fairness, and to deliver results that create possibilities. Possibilities that all of us -- all of us can live a life of consequence and prosperity in a nation that's safe and secure. That's the job.

Fulfilling that pledge to you guides me every single hour of every single day in this job.

You know, presidents should be judged not only by our words, but by our deeds. Not by our rhetoric, but by our actions not by our promise, but by reality. And today is part of an extraordinary story that's being written by this administration and our brave allies in the Congress.

This law -- this law that I'm about to sign finally delivers on a promise that Washington has made for decades to the American people.

I got here as a 29-year-old kid. We were promising to make sure that Medicare would have the power to negotiate lower drug prices back then -- back then -- prescription drug prices. But guess what? We're giving Medicare the power to negotiate those prices now, on some drugs.

This means seniors are going to pay less for their prescription drugs while we're changing circumstances for people on Medicare by putting a cap -- a cap of a maximum of $2,000 a year on their prescription drug costs, no matter what the reason for those prescriptions are. That means if you're on Medicare, you'll never have to pay more than $2,000 a year no matter how many prescriptions you have, whether it's for cancer or any other disease. No more than $2,000 a year.

And you all know it because a lot of you come from families that need this. This is a Godsend. This is a Godsend to many families and so, so long overdue.

The Inflation Reduction Act locks in place lower healthcare premiums for millions of families who get their coverage under the Affordable Care Act. Last year, a family of four saved on average $2,400 through the American Rescue Plan that I signed into law that the Congress voted in place. In the years ahead, thanks to the Inflation Reduction Act, 13 million people are going to continue -- continue to save an average of $800 a year on health insurance.

The Inflation Reduction Act invests $369 billion to take the most aggressive action ever, ever, ever, ever -- in confronting the climate crisis and strengthening our economic -- our energy security.

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It's going to offer working families thousands of dollars in savings by providing them rebates to buy new and efficient appliances, weatherize their homes, get tax credit for purchasing heat pumps and rooftop solar, electric stoves, ovens, dryers.

It gives consumers a tax credit to buy electric vehicles or fuel cell vehicles, new or used. And it gives them a credit -- a tax credit of up to $7,500 if those vehicles were made in America.

American auto companies, along with American labor, are committing their treasure and their talent. Billions of dollars in investment to make electric vehicles and battery and electric charging stations all across America, made in America. All of it made in America.

This new law also provides tax credits that's going to create tens of thousands of good-paying jobs and clean energy manufacturing jobs, solar factories in the Midwest and the South, wind farms across the Plains and off our shores, clean hydrogen projects and more, all across America, every part of America.

This bill is the biggest step forward on climate ever, ever and it's going to allow -- it's going to allow us to boldly take additional steps toward meeting all of my climate goals -- the ones we set out when we ran.

It includes ensuring that we create clean energy opportunities in frontline and fence-line communities that have been smothered. Smothered by the legacy of pollution and fight environmental injustice that's been going on for so long.

And here's another win for the American people. In addition -- in addition to cutting the deficit by $350 billion last year, in my first year in office, and cutting it $1.7 trillion this year, this fiscal year, we're going to cut the deficit -- I point out -- by another $300 billion with the Inflation Reduction Act over the next decade.

We're cutting deficit to fight inflation by having the wealthy and big corporations finally begin to pay part of their fair share. Big corporations will now pay a minimum 15 percent tax instead of five -- 55 of them got away with paying zero dollars in federal income tax on $40 billion in profit.

And I'm keeping my campaign commitment: No one -- let me emphasize -- no one earning less than $400,000 a year will pay a penny more in federal taxes.

Folks, the Inflation Reduction Act does so many things that, for so many years, so many of us have fought to make happen.

And let's be clear, in this historic moment, Democrats sided with the American people, and every single Republican in the Congress sided with the special interests in this vote -- every single one.

In fact, the big Trump companies -- the big drug companies spent nearly $100 million to defeat this bill. A hundred million dollars.

And remember: Every single Republican in Congress voted against this bill. Every single Republican in Congress voted against lowering prescription drug prices, against lowering healthcare costs, against a fairer tax system. Every single Republican -- every single one -- voted against tackling the climate crisis, against lowering our energy costs, against creating good-paying jobs.

My fellow Americans, that's the choice we face: We can protect the already-powerful or show the courage to build a future where everybody has an even shot.

That's the America I believe in. That's what I believe in.

And today -- and today, we've come a step closer to making that America real. Today, too often we confuse noise with substance. Too often we confuse setbacks with defeat. Too often we hand the biggest microphone to the critics and the cynics who delight in declaring failure while those committed to making real progress do the hard work of governing.

Making progress in this country is a -- as big and complicated as ours clearly is not easy. It's never been easy. But with unwavering conviction, commitment, and patience, progress does come. Your dad was right. And when it does, like today, people's lives are made better and the future becomes brighter, and a nation can be transformed.

That's what's happening now. From the American Rescue Plan that helped create nearly 10 million new jobs, to a once-in-a-generation infrastructure law that will rebuild America's roads, bridges, ports. Deliver clean water, high-speed Internet to every American. To the first meaningful gun safety law in 30 years -- and if I have anything to do with it, we're still going to have an assault weapons ban, but that's another story.