Biden Pledges 100% Federal Coverage for Kentucky Tornado Recovery, Pelosi Defends Congressional Stock Trading as “Free Market Economy”

On 12/15/2021, President Biden announced the federal government would cover 100% of Kentucky’s emergency work for the first 30 days following the devastating tornado that ripped through the state. The same day, House Speaker Nancy Pelosi defended members of Congress trading individual stocks, saying “we are a free market economy,” drawing sharp criticism from ethics watchdogs. Biden also laughed that Christmas gifts were available but would “cost you money” as prices surged at their highest level in 39 years.

Federal Government to Cover “Every Single Cost”

Biden traveled to Kentucky in the aftermath of the monstrous tornado that had traveled more than 200 miles through five states. He pledged unprecedented federal support. “The government is going to cover 100 percent of the cost — 100 percent of the cost for the first 30 days for all the emergency work, from clearing everything to every single cost,” Biden said. “The federal government is going to take care of it.”

The coverage would include “debris removal, cost of overtime and law enforcement, emergency service personnel, and shelter.” Biden said he authorized the funding at the request of Kentucky Governor Andy Beshear, acknowledging “I wasn’t sure I had the authority to do it, but it turns out I do.”

Biden highlighted the governor’s wife starting a toy drive. “As of this morning, we think that we have around 20,000 gifts donated, and we’ve got three more days to go,” Beshear said. “So no kid is going to go to sleep wherever they get to sleep tonight without a gift.”

“You’re going to rebuild. You’re going to be stronger than you were before. We’re going to build back better than it was,” Biden told residents.

Pelosi: “We Are a Free Market Economy”

In a separate development, House Speaker Nancy Pelosi was asked directly whether members of Congress and their spouses should be banned from trading individual stocks while serving. Her answer was emphatic: “No. We are a free market economy. They should be able to participate in that.”

The comments came as an Insider report revealed that 49 members of Congress and 182 senior congressional staffers had violated the STOCK Act by failing to correctly report their financial trades. Former President Obama’s ethics chief Walter Shaub called Pelosi’s support of lawmakers trading stocks “disgusting” and the “opposite of government ethics.”

Christmas Gifts Will “Cost You Money”

A reporter asked Biden whether he could assure parents that gifts would be available from Santa on December 24th given ongoing supply chain concerns. Biden’s answer highlighted the inflation crisis. “They’re going to be available,” Biden said. “The problem is they’re going to cost you money. It’s going to cost Santa some money.”

The remark came as the consumer price index hit its highest level in 39 years. Federal Reserve Chair Jerome Powell had acknowledged the same week that “overall inflation is running well above our 2% longer-run goal and will likely continue to do so well into next year.”

Biden’s “One Serious Regret”

Biden said his “one serious regret” was the location of the DNC holiday party. “I had hoped by now, each one of you who have helped us get to where we are would have had full access to the White House,” Biden said, blaming COVID restrictions for limiting events.

Build Back Better: “Not a Single Penny”

Biden again claimed his Build Back Better plan would not add to inflation or the deficit. “It’s all paid for, and nobody making less than $400,000 a year will pay one single penny more for anything in taxes,” he said. When an Ohio reporter raised concerns about whether more federal spending would fuel inflation at a near 40-year high, Biden responded: “This is not gonna cost a single solitary penny. We’re not gonna increase the deficit by one cent.”

Pelosi on Lawlessness in San Francisco

Pelosi also addressed crime in her home city of San Francisco, acknowledging “there is an attitude of lawlessness in our country that springs from — I don’t know where, maybe you do.” The comment came amid a wave of smash-and-grab retail thefts in San Francisco and other cities.

Key Takeaways

Biden pledged 100% federal coverage for Kentucky’s first 30 days of tornado emergency work, including debris removal, law enforcement overtime, and shelter.
House Speaker Pelosi defended congressional stock trading, saying “we are a free market economy,” after a report found 49 members violated the STOCK Act.
Biden acknowledged Christmas gifts would “cost you money” amid inflation at a 39-year high but continued to insist Build Back Better was “all paid for.”
Fed Chair Powell warned inflation was “running well above our 2% longer-run goal” and would continue “well into next year.”
Pelosi acknowledged “an attitude of lawlessness” in the country while addressing crime in her home city of San Francisco.

Transcript Highlights

The following is transcribed from the video audio (unverified — AI-generated from audio).

The government is going to cover 100 percent of the cost for the first 30 days for all the emergency work, from clearing everything to every single cost. The federal government is going to take care of it.
As of this morning, we think that we have around 20,000 gifts donated, and we’ve got three more days to go. So no kid is going to go to sleep wherever they get to sleep tonight without a gift.
They’re going to be available. The problem is they’re going to cost you money. It’s going to cost Santa some money.
We are a free market economy. They should be able to participate in that.
It’s all paid for, and nobody making less than $400,000 a year will pay one single penny more for anything in taxes.
Overall inflation is running well above our 2% longer-run goal and will likely continue to do so well into next year.

Full transcript: 1045 words transcribed via Whisper AI.