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Watch Netanyahu on Dr. Phil: ‘We Will Do What We Have to Do’ - Bloomberg

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00:00I've known Joe Biden for many years, 40 years and more. You know, we often had agreements, but we've had our disagreements. We've been able to overcome them. I hope we can overcome them now. But we will do what we have to do to protect our country. Let's bring in Bloomberg's Paul Wallace in Dubai. Morning, Paul. You've heard this ramping up of threats on weapons from Biden to Israel. But from that interview, it doesn't seem like Netanyahu has been shifted at all by these threats. And is he? That's correct. He is very much saying that Israel will go ahead with this plan to attack Rafah and take out the remnants of Hamas that are there. And Israel thinks that up to 8000 Hamas fighters are in the southern Gaza Gaza City. I think it's important to note that it's not just Netanyahu that is saying this. It's pretty much politicians across the Israeli spectrum, even the likes of Benny Gantz, who he's in the war cabinet, but he is essentially an opposition leader of an opposition party and even members of leftist parties as well. They're not pushing back much, if at all, against this idea that Israel has to go in to offer that country seems intent on it. Despite what Biden has decided to do by delaying this shipment of about three and a half thousand bombs. Okay. So the international pressure perhaps not making much of a dent, but domestically, we've also seen a significant expansion of Israel's budget deficit, $16 billion, the war bill so far. At what point does that become unsustainable and the domestic pressure actually change the situation on Rafah? I think that's a very important element towards this. Bloomberg We've been covering the financial costs of this war, not just on Gaza and the West Bank, but also on Israel since this started. And it is growing and it's becoming very significant. You mentioned the budget deficit that, well, Israel announced yesterday that the 12 month trailing fiscal deficit through April was 7% of GDP. That's extremely high by Israeli standards, and that's larger than what the government was projecting for this year as a whole. And it may say that things can smooth out over the coming months of the year. And the budget deficit for 2024 won't get much above 7%. But that's going to be a tough ask. This war in Gaza continues. Obviously, Israel is using huge amounts of armaments. They're very costly ones. The skirmishes, the everyday skirmishes with Hezbollah on the northern border are continuing. And Netanyahu himself has said that Israel will have to ramp up spending not just this year, but for the next few years to come at least. So I think this is something that's going to the world is already having a big impact on the Israeli economy. But I think it's increasingly clear that this is at least a medium term thing, if not a long term thing in terms of sustainability. For now, it's okay that debt levels are fine. They still got a very high credit rating. They're rated single-A and an even a plus by one of the main agencies despite a downgrade a couple of months ago. So on that side, they're okay. But certainly this war is more costly than Israel was envisaging. You know, in the few days after October the seventh or even in November and December.

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Netanyahu on Dr. Phil: ‘We Will Do What We Have to Do’

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