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Interview With Rep. Judy Chu (D-CA); Release Of Donald Trump's Tax Returns; Republican Leader Kevin McCarthy Is Facing Stiff Opposition As He Aims To Take The Gavel. Aired 3:30-4p ET

Aired December 30, 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]

SARA SIDNER, CNN HOST: He paid more in foreign taxes than he did pay U.S. taxes. Is that just a problem with the tax code or a way that he was able to use loop holes. What do you think -- make of that, and should there be a change there?

REP. JUDY CHU (D-CA): Yes -- well, I think that there are numerous red flags in Trump's taxes, and this is indeed one of them. And I find his bank accounts in China to be very ironic because it was at the same time that he was accusing President Biden of having close ties with China. In reality, it was Trump that was continuing these financial relationships.

So, the reason that he wanted to declare his foreign tax payments is because he could get a deduction, and I think there is some wrong with the system where he would be able to pay more in foreign taxes than he could to our U.S. government where he was only having to pay $750 in 2016 and 2017, and $0 in 2020.

SIDNER: There was a lot of talk around the time when Ivanka Trump scored a batch of new trademarks in China as her father was continuing trade talks with Beijing that I'm sure you were well aware of. I do want to ask you about what Republicans are saying about this. Because, of course, they have dissented. They have been very annoyed that this was coming out even though the Supreme Court agreed that they could be released. What do you say to Republicans who say, look, the tax returns didn't need to go public. That is not going to fix the audit for example, program that did not do its job apparently.

CHU: Well, first of all, every president since Nixon has released their tax returns. Trump was the only one that did not do that. But that actually was not the sole reason for us to release his tax returns. The real reason had to do with this mandatory presidential audit and the fact that it wasn't done, and that there were so many holes. And so, we knew that in order for the public to understand what happened, they needed to see the returns themselves.

You know there's a lot of skepticism in our American public right now, and I think that they don't take our word for things anymore. Just, they don't take it for granted. We need for them to be able to see for themselves what's going on.

SIDNER: Congresswoman Judy Chu, I know you're in Monterey Park, California. I have had some of my best meals there in San Gabriel Valley. I thank you for coming on and explaining your side on all of this. I appreciate you.

CHU: I hope you come back.

SIDNER: Oh, I definitely will. Trust me.

The Buffalo man credited for saving dozens of people from the blizzard by breaking into a school is now telling the story. We'll tell you what he says happened that night next.

[15:35:00]

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SIDNER: As a deadly blizzard barreled through Erie County, New York last weekend, mechanic Jay Whitey was one of those who became stranded himself in the storm. Now as the situation became more dire, he ended up breaking into a nearby school and then it's what he did next that is incredible. He helped 20 other people who were stranded get inside to safety. Police were able to find the local hero from the apology note he left for the break-in along with security video.

CNN's Miguel Marquez joins you now from Buffalo. He has seen how bad this storm -- he and his crew has seen how bad this storm has been. Miguel, what more can you tell us about this gentleman?

MIGUEL MARQUEZ CNN SENIOR NATIONAL CORRESPONDENT: Look. When you cover stories like this, it brings out the best in people and it brings out the worst in people, and we have been talking to Buffalonians this week. It was amazing the stories that you were hearing.

The church, the pastor and his wife who took in up to 160 people, let them sleep there and gave them food and shelter for days on end. The last person just left yesterday.

The bar and grill on the west side of Buffalo that fed friends and neighbors and strangers for days on end as well, free of charge if they couldn't pay. And then Mr. Whitey, Jay Whitey, who was in his truck, it got stuck like so many

others. He ran out of gas and he was cold and was fearing for his life. He went door to door -- 10, 11, 12 different doors knocked trying to get somebody to take him in, and nobody was taking them in. Even offering them money.

He finally broke into a nearby school and then he realized there were others just like him who were stuck and needed help as well. Brought them all into the school, got them into a safe, dry, warm place where they could ride out the storm essentially. Got them food and helped them basically survive. If those people had not turned him away, had he not broken into that school, that death toll here, 39 may be much, much higher.

[15:40:00]

So, he left a note telling police -- when he broke into that school, it alerted police that somebody had broken into the school. They saw him on surveillance video. He left a note. So, police went looking for him not to arrest him, but to thank him for not only saving himself, but saving all those people as well. Just story after story like this -- Sara.

SIDNER: It's really, really sweet. We should remember mechanic Jay Whitey's name, and people like the owner of Alabama Hotel restaurant and who welcomed people in and saved lives. Miguel Marquez, thank you so much for your reporting all week.

MARQUEZ: A list numbers, you got it.

SIDNER: House Republican leader Kevin McCarthy is holding a press conference -- excuse me -- a conference call as he fights for the role of Speaker, and now CNN has learned he's offering a key concession to his critics. Find out what that is next.

And here's a look at President Biden playing some golf during his vacation in St. Croix. Stay with us.

[15:45:00]

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SIDNER: Republicans are preparing for their first House majority in four years, but a burning question still remains, who will be the next House Speaker? Current Republican leader Kevin McCarthy is facing stiff opposition as he aims to take the gavel. CNN's Melanie Zanona has new reporting just now and coming in from Capitol Hill. Melanie, what can you tell us?

MELANIE ZANONA, CNN CAPITOL HILL REPORTER: Well, Kevin McCarthy just wrapped a conference call between some of his critics and some of his supporters, but sources tell me and my colleague Lauren Fox there were no major breakthroughs on that call in his quest for the speakership votes.

What McCarthy has been trying to do behind the scenes is go to his critics and try to figure out what do they want in terms of a rules package. And he's been trying to win them over with some concessions and he has made some significant concessions to them already. On the call today for example he agreed to establish a broad investigative panel that would really centralize all the different probes into the Biden administration. That is something that has been a chief priority for conservatives like Chip Roy, someone who has been on the fence about supporting McCarthy.

And then he also signaled on the call signal that he would be willing to support a lower threshold for something called the motion to vacate the Speaker's chair. That is a tool that can be used to force a for vote on ousting the sitting Speaker. Previously McCarthy didn't want to budge on it, but now he is offering -- it come significantly down. So, you talked about on that call, he had reported first as CNN that he was open to that idea.

However, on the call, moderates expressed a lot of concern about the idea of lowering that threshold. They're worried that it could be used over McCarthy's head by his critics while he is Speaker and that he be giving away a significant amount of his authority. And then the critics on the call who want this lower threshold, wouldn't even agree to supporting McCarthy even if he does come down on that threshold. So, still a lot of work to do. Lawmaker said they are continuing to work through the weekend to try to resolve some of these issues. But time is running out as the vote is on January 3rd -- Sara.

SIDNER: Thank you so much. Melanie Zanona there from Capitol Hill for us.

Authorities arrest a man for an outstanding first degree murder warrant in the deaths of the Idaho college students. We're standing by for an update from police. We will bring you that as soon as we get it.

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SIDNER: It's a beehive of activity in New York City's Times Square today. Home to one of the biggest New Year's Eve bashes in the world. Today there is a test drive on the confetti -- that looks fun -- and a few finishing touches on the giant crystal ball that will drop at the stroke of midnight. This is the first New Year's Eve since 2020 that will be back to pre-pandemic status. No restrictions -- that's what that means. So, there will be a full capacity crowd. If you're headed to Times Square, no umbrellas are allowed but you better bring your raincoat, unfortunately. CNN's Allison Chinchar joins us now. Really!

ALLISON CHINCHAR, CNN METEOROLOGIST AMS: Yes, wet confetti on the face. There is something about that that does not sound pleasant. But yes, unfortunately, this system right here that's impacting the Midwest and the Southeast right now is going to shift east in the next 24 hours. Bringing with it all of those rain showers.

But we also have a secondary system. This one is starting to make its way into the West Coast here bringing pretty heavy rain across areas of California which will also be a concern.

But we begin with where the strong storms are at this moment. You've got several active, severe and even flood warnings at the moment for this area down here right along the Gulf Coast. Very heavy rainfall, lots of lightning and, yes, the potential for flooding exists there.

Also flooding potential for Northern California. This low pressure system moving ever is slowly, so it's got a lot of time to dump a tremendous amount of rain.

But the big question, what is New York going to look like. Now we've got a lot of heavy rain in the hours leading up to the ball dropping. But it should start to lighten up hopefully, Sara, literally minutes before the ball actually drops.

SIDNER: Allison Chinchar, I will not blame you for this. Thank you very much, at least it's warmer than it was. CHINCHAR: Yes.

SIDNER: With one day left in 2022, we wanted to bid a fond food farewell to some treats that left us this year. Choco Taco, ice cream option is out of here after 40 years. But Klondike said there could be a comeback. McDonald's McRib, bye-bye, despite being a cult favorite. Chili's original chicken tenders took an exit in an effort to simplify the chain's menu. Burger King's Ch'King got canned because workers found it hard to assemble. That is just weird. And Coca-Cola got real about Honest Tea, ending it to free up investment resources. Yep, that what happens.

And you could wrap up 2022 with CNN. Anderson and Andy are back for another global celebration.

[15:55:00]

Join them for New Year's Eve live from Times Square. That party gets started at 8:00 p.m. "THE LEAD" with Jake Tapper starts after this short break.

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