1 00:00:01,160 --> 00:00:01,599 Speaker 1: Welcome. 2 00:00:01,639 --> 00:00:04,640 Speaker 2: It is Verdict with Center, Ted Cruz, Ben Ferguson with you, 3 00:00:04,680 --> 00:00:07,480 Speaker 2: and we're doing a hybrid show this morning with the 4 00:00:07,480 --> 00:00:10,559 Speaker 2: Ben Ferguson podcast as well because I'm on family vacation 5 00:00:10,640 --> 00:00:13,360 Speaker 2: in Cabo. But when the Big Beautiful Bill happens, you 6 00:00:13,480 --> 00:00:15,720 Speaker 2: do exactly what we're doing right now, and that is 7 00:00:15,800 --> 00:00:17,759 Speaker 2: give you the latest, no matter where we are in 8 00:00:17,800 --> 00:00:20,880 Speaker 2: the world of what's happening and how we got the 9 00:00:20,920 --> 00:00:24,520 Speaker 2: deal done. Center, I have a feeling you are running 10 00:00:24,560 --> 00:00:28,240 Speaker 2: on a very little sleep. Did you pull the all nighter? 11 00:00:29,040 --> 00:00:31,680 Speaker 3: I definitely did you and I are recording this podcast 12 00:00:31,760 --> 00:00:35,480 Speaker 3: at ten thirty seven pm Texas time on Tuesday night. 13 00:00:35,960 --> 00:00:38,519 Speaker 3: I last slept on Sunday night. We were up at 14 00:00:38,600 --> 00:00:41,480 Speaker 3: nine am Monday morning. On the Senate floor, we began 15 00:00:41,600 --> 00:00:46,520 Speaker 3: consideration of the One Big Beautiful Bill under the reconciliation procedures. 16 00:00:47,280 --> 00:00:50,640 Speaker 3: When you take up reconciliation, which as you know, you 17 00:00:50,680 --> 00:00:54,000 Speaker 3: and I have talked about before, is the principal exception 18 00:00:54,200 --> 00:00:56,800 Speaker 3: to the Senate filibuster rule. The ordinary rule in the 19 00:00:56,840 --> 00:01:00,440 Speaker 3: Senate is you need sixty votes to pass legislation, but 20 00:01:00,560 --> 00:01:03,800 Speaker 3: budget reconciliation is a special process that you can pass 21 00:01:03,920 --> 00:01:08,480 Speaker 3: legislation with only fifty votes. But part of budget reconciliation 22 00:01:09,240 --> 00:01:13,000 Speaker 3: is you have unlimited amendments, and that whole process is 23 00:01:13,000 --> 00:01:16,520 Speaker 3: what's known as vot rama. We started at nine am 24 00:01:16,680 --> 00:01:20,080 Speaker 3: Monday morning. We went all day Monday, we went all 25 00:01:20,200 --> 00:01:23,840 Speaker 3: night Monday, we went all morning Tuesday, and we finished 26 00:01:23,880 --> 00:01:27,959 Speaker 3: the whole thing at right about noon on Tuesday. And 27 00:01:27,760 --> 00:01:30,360 Speaker 3: then I went and headed to the airport, got at 28 00:01:30,360 --> 00:01:33,840 Speaker 3: a one o'clock flight, flew back to Texas. I'm home 29 00:01:33,880 --> 00:01:36,280 Speaker 3: tonight in Texas and have yet to go to sleep. 30 00:01:36,880 --> 00:01:39,360 Speaker 3: As soon as we finish this podcast, I am going 31 00:01:39,360 --> 00:01:40,920 Speaker 3: to I've got a date with my bed, and I 32 00:01:40,959 --> 00:01:43,039 Speaker 3: intend to be unconscious, very very soon. 33 00:01:43,480 --> 00:01:45,600 Speaker 2: I feel bad for you, but welcome to how the 34 00:01:45,640 --> 00:01:48,320 Speaker 2: sausage is made. So I have a lot of questions. 35 00:01:48,400 --> 00:01:50,040 Speaker 2: I know everybody else is wanting to ask the same 36 00:01:50,080 --> 00:01:52,520 Speaker 2: thing before we get into what is in the bill 37 00:01:52,960 --> 00:01:54,680 Speaker 2: when this voter rama is happening. 38 00:01:54,800 --> 00:01:56,920 Speaker 1: You're one of the youngest guys in the Senate. 39 00:01:57,600 --> 00:01:59,680 Speaker 2: Your stamina is a little bit better, I would say, 40 00:01:59,760 --> 00:02:04,200 Speaker 2: just ags and others. Do people sleep in their offices? 41 00:02:04,280 --> 00:02:06,880 Speaker 2: Do you guys hang out? Do you decide to have dinner? 42 00:02:06,880 --> 00:02:08,800 Speaker 2: Do you order pizzas. Do you guys go to the 43 00:02:09,200 --> 00:02:12,560 Speaker 2: to the basement rooms that you guys have? How tell 44 00:02:12,639 --> 00:02:14,400 Speaker 2: us how everybody feels the time. 45 00:02:14,919 --> 00:02:17,920 Speaker 3: So, yes, all of the above. And there is a 46 00:02:18,080 --> 00:02:21,320 Speaker 3: wide age variation in the Senate. I'm fifty four, I 47 00:02:21,320 --> 00:02:24,560 Speaker 3: can pull an all nighter and I'm just fine. Look, 48 00:02:24,639 --> 00:02:28,760 Speaker 3: Chuck Grassley is ninety. We've got a bunch of senators 49 00:02:28,800 --> 00:02:30,360 Speaker 3: who are in their eighties. And I will tell you, 50 00:02:30,400 --> 00:02:33,799 Speaker 3: particularly for the older senators doing an all nighter weighs 51 00:02:33,880 --> 00:02:37,799 Speaker 3: upon them. This was the longest voterama in history. Some 52 00:02:37,880 --> 00:02:41,560 Speaker 3: of this was Democrat delays. Some of this was just 53 00:02:41,639 --> 00:02:45,320 Speaker 3: the fact that that Senate Republican leadership was scrambling to 54 00:02:45,360 --> 00:02:48,480 Speaker 3: get the bill ready. One of the things to understand 55 00:02:48,639 --> 00:02:52,240 Speaker 3: is the timeframe of this bill moved very quickly because 56 00:02:52,280 --> 00:02:56,280 Speaker 3: President Trump announced he wanted this done by July fourth, 57 00:02:56,360 --> 00:02:59,920 Speaker 3: and he was leaning on Senate leadership and House leaders 58 00:03:00,280 --> 00:03:04,160 Speaker 3: to get it done. And so during the day we're 59 00:03:04,240 --> 00:03:06,840 Speaker 3: taking I think we took something like forty seven votes 60 00:03:07,280 --> 00:03:09,880 Speaker 3: in the twenty seven hours it took. And so there 61 00:03:09,880 --> 00:03:12,239 Speaker 3: are periods of downtime. There are periods in between a 62 00:03:12,320 --> 00:03:16,200 Speaker 3: vote when they're preparing the next vote, where they're revising statutes, 63 00:03:16,720 --> 00:03:21,560 Speaker 3: revising amendments, they're also getting determinations from the Senate Parliamentarian. 64 00:03:22,080 --> 00:03:24,560 Speaker 3: They're also getting scores. In order to have an amendment, 65 00:03:24,600 --> 00:03:27,720 Speaker 3: you have to get a score, which is the Joint 66 00:03:27,720 --> 00:03:32,519 Speaker 3: Committee on Taxation or the Congressional Budget Office will determine 67 00:03:32,919 --> 00:03:36,360 Speaker 3: how much a particular provision will cost or how much 68 00:03:36,400 --> 00:03:38,720 Speaker 3: it will save. Before you can vote on it in 69 00:03:38,800 --> 00:03:41,960 Speaker 3: voter rama, you have to get that score. So during 70 00:03:42,000 --> 00:03:45,280 Speaker 3: the day, yes, there are senators who are sitting back 71 00:03:45,320 --> 00:03:48,400 Speaker 3: in the cloakroom, sleeping, either on a couch or in 72 00:03:48,440 --> 00:03:51,160 Speaker 3: a chair. They're senators who go down to their hideaways. 73 00:03:51,200 --> 00:03:54,040 Speaker 3: Every senator has what's called a hideaway, which is a 74 00:03:54,080 --> 00:03:58,200 Speaker 3: smaller office in the US Capitol building. And most of 75 00:03:58,280 --> 00:04:00,360 Speaker 3: us have a couch or two couches in the high away. 76 00:04:00,360 --> 00:04:03,720 Speaker 3: And so senators would go and you know, get a 77 00:04:03,760 --> 00:04:08,200 Speaker 3: twenty minute nap there. But and you would see you 78 00:04:08,200 --> 00:04:12,480 Speaker 3: would see pages kind of a sleep behind the Senate floor. 79 00:04:12,520 --> 00:04:16,080 Speaker 3: It's going long and furious. In terms of food, the 80 00:04:16,080 --> 00:04:19,400 Speaker 3: food tends to be fairly lousy. It's kind of different. 81 00:04:19,440 --> 00:04:22,480 Speaker 3: People host it. They'll bring in they'll bring in pizzas, 82 00:04:22,480 --> 00:04:26,600 Speaker 3: they'll bring in sandwiches. One tradition that I started when 83 00:04:26,640 --> 00:04:28,520 Speaker 3: I first got to the Senate is anytime we do 84 00:04:28,560 --> 00:04:32,720 Speaker 3: an all night vodama, in the morning, I bring in 85 00:04:32,839 --> 00:04:35,320 Speaker 3: McDonald's breakfast and I just give it to all the 86 00:04:35,320 --> 00:04:39,479 Speaker 3: Republican senators. So I had seventy five egg mcmuffins and 87 00:04:39,480 --> 00:04:42,440 Speaker 3: sausage m mcmuffins and breakfast burritos that just showed up 88 00:04:42,440 --> 00:04:45,400 Speaker 3: about five point thirty in the morning. And you know, 89 00:04:45,440 --> 00:04:47,360 Speaker 3: you know, I got to say, there are few things 90 00:04:47,720 --> 00:04:50,279 Speaker 3: better after an all night or than than than Mickey 91 00:04:50,320 --> 00:04:53,560 Speaker 3: D's breakfast. And I'll tell you ben some advice. And 92 00:04:53,880 --> 00:04:57,239 Speaker 3: an old friend of mine gave me always always always 93 00:04:57,279 --> 00:05:00,800 Speaker 3: pick up the breakfast check and you get you get 94 00:05:00,839 --> 00:05:03,800 Speaker 3: some good will from you exactly right. 95 00:05:04,440 --> 00:05:06,680 Speaker 1: All right? So do you guys hang out kind of 96 00:05:06,720 --> 00:05:07,520 Speaker 1: in groups? 97 00:05:07,560 --> 00:05:10,320 Speaker 2: And I asked this because like everybody kind of has 98 00:05:10,360 --> 00:05:13,440 Speaker 2: their friends group that they hang out with, do you 99 00:05:13,560 --> 00:05:16,200 Speaker 2: kind of have a text thread and say, hey, we're 100 00:05:16,240 --> 00:05:18,040 Speaker 2: all over here, Hey, what do you want to do now? 101 00:05:18,120 --> 00:05:20,920 Speaker 2: And I asked this for another reason. There are different 102 00:05:20,960 --> 00:05:23,440 Speaker 2: centers that like to play different games. You, for example, 103 00:05:23,640 --> 00:05:24,880 Speaker 2: love to play foosball. 104 00:05:25,320 --> 00:05:25,520 Speaker 1: Uh. 105 00:05:25,560 --> 00:05:28,480 Speaker 2: There there is a foosball table somewhere in the Senate. 106 00:05:28,560 --> 00:05:30,800 Speaker 2: Do you guys like have games like that while you're 107 00:05:30,839 --> 00:05:31,839 Speaker 2: just waiting in between? 108 00:05:32,279 --> 00:05:35,599 Speaker 3: No, it's it's mostly just sitting around. Sometimes you'll be 109 00:05:35,640 --> 00:05:38,719 Speaker 3: sitting on the Senate floor at your desk. Sometimes you'll 110 00:05:38,720 --> 00:05:41,000 Speaker 3: be standing in the back of the Senate floor. In 111 00:05:41,080 --> 00:05:43,640 Speaker 3: the back of the Senate it's what's called the cloakroom. 112 00:05:44,080 --> 00:05:48,040 Speaker 3: The cloakroom has a couple of couches and probably twenty 113 00:05:48,120 --> 00:05:50,880 Speaker 3: kind of big comfy chairs. A lot of us will 114 00:05:50,880 --> 00:05:54,640 Speaker 3: sit back in the cloakroom, and then people will sort 115 00:05:54,680 --> 00:05:57,400 Speaker 3: of huddle at different places. But it it is a 116 00:05:57,440 --> 00:06:00,279 Speaker 3: little bit. I mean, you you hang out tipic with 117 00:06:00,320 --> 00:06:03,440 Speaker 3: the folks that are your closest friends. But look, it's 118 00:06:03,480 --> 00:06:05,320 Speaker 3: not that big a body. They're only one hundred of us, 119 00:06:05,680 --> 00:06:08,080 Speaker 3: So you end up hanging out with a lot of 120 00:06:08,120 --> 00:06:11,480 Speaker 3: your colleagues throughout the course of twenty seven hours. 121 00:06:11,440 --> 00:06:12,239 Speaker 1: In a weird way. 122 00:06:12,520 --> 00:06:14,960 Speaker 2: Is it kind of nice to see the Senate and 123 00:06:15,320 --> 00:06:18,680 Speaker 2: come together in that way where you can actually be 124 00:06:18,839 --> 00:06:21,320 Speaker 2: friendlier with somebody and chat with it. Does it build 125 00:06:21,360 --> 00:06:22,400 Speaker 2: relationships at all? 126 00:06:22,480 --> 00:06:23,200 Speaker 1: Long term? 127 00:06:23,560 --> 00:06:27,200 Speaker 3: You know? Sure? I guess I wouldn't mind doing it 128 00:06:27,240 --> 00:06:29,599 Speaker 3: without the all nighter at this point. You know, when 129 00:06:29,600 --> 00:06:32,560 Speaker 3: I was nineteen twenty twenty one, I probably pulled one 130 00:06:32,640 --> 00:06:36,000 Speaker 3: or two all nighters a week in college. And you know, 131 00:06:36,440 --> 00:06:38,920 Speaker 3: I'm in a stage in life where I'm not eager 132 00:06:38,960 --> 00:06:40,200 Speaker 3: to do all nighters anymore. 133 00:06:41,880 --> 00:06:42,440 Speaker 1: I like that. 134 00:06:42,800 --> 00:06:46,920 Speaker 2: All right, How close were we to this bill being 135 00:06:46,960 --> 00:06:49,560 Speaker 2: in jeopardy? I asked that because there was a headline 136 00:06:49,600 --> 00:06:52,599 Speaker 2: that came out and then it started kind of being 137 00:06:52,680 --> 00:06:57,520 Speaker 2: run around nine o'clock yesterday evening, eight o'clock Central. It 138 00:06:57,600 --> 00:06:59,680 Speaker 2: set up to six GP centers hold out on the 139 00:06:59,680 --> 00:07:03,000 Speaker 2: big beautiful bill, and there was word that the president 140 00:07:03,080 --> 00:07:05,400 Speaker 2: was working the phones. Was that a bunch to do 141 00:07:05,480 --> 00:07:09,400 Speaker 2: about nothing? Or was it really whipping votes happening in 142 00:07:09,440 --> 00:07:09,920 Speaker 2: the evening? 143 00:07:10,760 --> 00:07:15,280 Speaker 3: Absolutely throughout the whole process, this was incredibly close. It 144 00:07:15,360 --> 00:07:18,920 Speaker 3: was nip and tuck. I'll tell you. Tuesday morning, you know, 145 00:07:18,960 --> 00:07:20,680 Speaker 3: we thought maybe we're going to get out there five 146 00:07:20,840 --> 00:07:22,880 Speaker 3: or six in the morning. So I originally had an 147 00:07:22,880 --> 00:07:25,520 Speaker 3: eight to twenty flight. Well, eight twenty came and went. 148 00:07:26,480 --> 00:07:29,040 Speaker 3: Then I had an eleven am flight, and eleven am 149 00:07:29,160 --> 00:07:31,800 Speaker 3: came and went. I ended up getting on a one 150 00:07:31,800 --> 00:07:35,559 Speaker 3: pm flight, and so that and that was true for 151 00:07:35,720 --> 00:07:40,000 Speaker 3: everyone You had senators who for Fourth of July, one 152 00:07:40,040 --> 00:07:42,240 Speaker 3: of my colleagues was going to Hawaii, his wife and 153 00:07:42,320 --> 00:07:44,400 Speaker 3: kids were already there. You had people flying all over 154 00:07:44,440 --> 00:07:47,400 Speaker 3: the place for Fourth of July, but nobody could leave. 155 00:07:47,440 --> 00:07:50,720 Speaker 3: So they're canceling their plans because we were supposed to 156 00:07:50,760 --> 00:07:53,120 Speaker 3: be out this weekend. And this dragged on longer. And 157 00:07:53,400 --> 00:07:55,920 Speaker 3: part of the reason it dragged on longer is it 158 00:07:56,000 --> 00:07:57,920 Speaker 3: wasn't clear where the votes are. And so let me 159 00:07:57,960 --> 00:07:59,960 Speaker 3: talk about some of the elements of what's in this bill. 160 00:08:00,760 --> 00:08:03,600 Speaker 3: Probably the single most important thing that is in this 161 00:08:03,680 --> 00:08:08,360 Speaker 3: bill is we extend the twenty seventeen Trump tax cuts. 162 00:08:09,080 --> 00:08:11,400 Speaker 3: That's a big deal. When we passed those tax cuts, 163 00:08:11,400 --> 00:08:15,360 Speaker 3: we passed them under reconciliation, but they only lasted They 164 00:08:15,360 --> 00:08:18,360 Speaker 3: were only scheduled to last ten years, and so if 165 00:08:18,400 --> 00:08:21,720 Speaker 3: we did nothing on December thirty first of this year, 166 00:08:21,800 --> 00:08:25,440 Speaker 3: the tax cuts would expire, which meant on January first, 167 00:08:26,040 --> 00:08:30,360 Speaker 3: there would be an automatic four trillion dollar tax increase. 168 00:08:30,920 --> 00:08:33,520 Speaker 3: Your taxes would go up, My taxes would go up, 169 00:08:33,760 --> 00:08:36,880 Speaker 3: the taxes of working Americans across this country would go up. 170 00:08:37,360 --> 00:08:39,680 Speaker 3: That would have been devastating to the country, and so 171 00:08:39,760 --> 00:08:42,600 Speaker 3: we had to pass this bill to extend the Trump 172 00:08:42,640 --> 00:08:48,960 Speaker 3: tax cuts. Beyond that, we made historic investments in securing 173 00:08:49,000 --> 00:08:51,680 Speaker 3: the border. We put one hundred and fifty billion dollars 174 00:08:51,679 --> 00:08:55,240 Speaker 3: into securing the border, into building the wall, hiring border 175 00:08:55,240 --> 00:08:59,760 Speaker 3: patrol agents, hiring ice agents, building detention facilities and detention. 176 00:09:00,760 --> 00:09:03,440 Speaker 3: This is an investment. There's never been an investment like 177 00:09:03,559 --> 00:09:06,560 Speaker 3: this at this order of magnitude. One of the great 178 00:09:06,600 --> 00:09:09,040 Speaker 3: mandates out of this election was secure the border, and 179 00:09:09,080 --> 00:09:13,599 Speaker 3: this bill provides the funding to enable President Trump to 180 00:09:13,679 --> 00:09:17,920 Speaker 3: continue doing so. That is absolutely historic. On top of that, 181 00:09:18,480 --> 00:09:22,320 Speaker 3: we also had a massive investment into rebuilding our military, 182 00:09:22,320 --> 00:09:26,040 Speaker 3: an additional one hundred and fifty billion dollars into our 183 00:09:26,080 --> 00:09:30,000 Speaker 3: military to bring it into the twenty first century, and 184 00:09:30,040 --> 00:09:34,000 Speaker 3: in particular to invest in things like hypersonic weaponry, to 185 00:09:34,520 --> 00:09:37,480 Speaker 3: invest in more subs, to invest in more ships, to 186 00:09:37,920 --> 00:09:41,880 Speaker 3: invest in the Golden Dome, which President Trump rightly is advocating, 187 00:09:41,920 --> 00:09:45,199 Speaker 3: missile defense for the homeland to keep us safe. That 188 00:09:45,280 --> 00:09:49,560 Speaker 3: investment is in there as well. Incredibly important. Another component 189 00:09:49,600 --> 00:09:52,480 Speaker 3: of that is investing in the Coastcard twenty four billion 190 00:09:52,559 --> 00:09:55,640 Speaker 3: dollars in investments in the coast Guard. That means, among 191 00:09:55,679 --> 00:10:00,000 Speaker 3: other things, building new polar ice breakers. Right now, China 192 00:10:00,240 --> 00:10:04,440 Speaker 3: is kicking our tails in the Arctic, and and this 193 00:10:04,520 --> 00:10:06,920 Speaker 3: is going to bring ship building back to this country 194 00:10:06,920 --> 00:10:09,679 Speaker 3: and give us the ability to build ships here at 195 00:10:09,679 --> 00:10:14,240 Speaker 3: home and have icebreakers so that we can defend our 196 00:10:14,320 --> 00:10:19,160 Speaker 3: national security. All of those investments are enormously important. 197 00:10:19,160 --> 00:10:20,760 Speaker 2: You know, Centater One that I think one of the 198 00:10:20,840 --> 00:10:23,920 Speaker 2: most important things about this bill, and one of the 199 00:10:23,920 --> 00:10:27,439 Speaker 2: things that you advocated for and I've advocated for, and 200 00:10:27,480 --> 00:10:32,320 Speaker 2: it's something the present very clearly ran on, was making 201 00:10:32,320 --> 00:10:36,439 Speaker 2: the Trump tax cuts permanent. This was a massive tax 202 00:10:36,480 --> 00:10:38,480 Speaker 2: cut for the American people. Now, I know the media 203 00:10:38,520 --> 00:10:41,560 Speaker 2: doesn't want to talk about that. I know they want 204 00:10:41,559 --> 00:10:43,240 Speaker 2: to say that none of this is going to have 205 00:10:43,280 --> 00:10:46,520 Speaker 2: a major impact on our economy, but it is in 206 00:10:46,559 --> 00:10:51,160 Speaker 2: a ginormous way, especially for lower and middle class Americans. 207 00:10:51,400 --> 00:10:55,640 Speaker 2: How catistraphic would it have been if this bill did 208 00:10:55,880 --> 00:11:00,120 Speaker 2: not get passed When it comes to just basic tax policy, 209 00:11:00,800 --> 00:11:02,880 Speaker 2: in these skyrocking taxes, without this. 210 00:11:02,920 --> 00:11:06,320 Speaker 3: Bill, well, look, a four trillion dollar tax increase would 211 00:11:06,360 --> 00:11:10,120 Speaker 3: have been enormously detrimental to the economy. Many of those 212 00:11:10,160 --> 00:11:14,000 Speaker 3: taxes were on small businesses, their business to tax deductions 213 00:11:14,000 --> 00:11:18,439 Speaker 3: for things like investing in new factories, investing in new equipment, 214 00:11:18,840 --> 00:11:23,880 Speaker 3: and those deductions produced jobs, They raise wages, they incentivized 215 00:11:23,880 --> 00:11:27,319 Speaker 3: deploying capital, and so if those taxes were to go up, 216 00:11:27,360 --> 00:11:30,640 Speaker 3: you would end up seeing jobs go away. In twenty seventeen, 217 00:11:31,120 --> 00:11:34,120 Speaker 3: when we passed the Trump tax cuts, we saw enormous 218 00:11:34,120 --> 00:11:38,360 Speaker 3: economic prosperity. We saw the lowest unemployment in fifty years, 219 00:11:38,400 --> 00:11:41,840 Speaker 3: and the lowest Black unemployment ever recorded, the lowest Hispanic 220 00:11:41,920 --> 00:11:46,080 Speaker 3: unemployment ever recorded. And so if we did nothing, we 221 00:11:46,120 --> 00:11:50,120 Speaker 3: would reverse those gains by having a massive tax increase. Now, 222 00:11:50,160 --> 00:11:53,400 Speaker 3: ben the Democrats talking point, which every one of them 223 00:11:53,440 --> 00:11:57,040 Speaker 3: said throughout this process, and which the media repeated, is 224 00:11:57,120 --> 00:12:00,640 Speaker 3: this is tax cuts for billionaires. Now, I'm going to 225 00:12:00,679 --> 00:12:03,880 Speaker 3: give you a hyper technical legal term for what that 226 00:12:03,920 --> 00:12:08,120 Speaker 3: line is. That would be called a lie. What this 227 00:12:08,360 --> 00:12:13,920 Speaker 3: did is maintained current tax rates. So the lie that 228 00:12:13,960 --> 00:12:17,280 Speaker 3: it's tax cuts for billionaires is the Democrats say, well, 229 00:12:17,760 --> 00:12:19,600 Speaker 3: if we do nothing, there's going to be a massive 230 00:12:19,640 --> 00:12:23,240 Speaker 3: tax cut on everyone, a tax increase on everyone. And 231 00:12:23,320 --> 00:12:26,880 Speaker 3: since this kept the tax rates exactly the same as 232 00:12:26,880 --> 00:12:30,480 Speaker 3: they are today, the Democrats and media lie and say 233 00:12:30,520 --> 00:12:35,000 Speaker 3: that's a massive tax cuts for billionaires. Everyone is paying 234 00:12:35,120 --> 00:12:38,880 Speaker 3: the same rates. But as you rightly noted, where we 235 00:12:39,000 --> 00:12:42,880 Speaker 3: provided additional tax relief was not at the top end 236 00:12:42,920 --> 00:12:46,520 Speaker 3: of the income scale, but it was middle class and working. 237 00:12:46,760 --> 00:12:49,960 Speaker 3: It was President Trump's blue collar agenda. So what are 238 00:12:50,000 --> 00:12:52,560 Speaker 3: some of the new tax cuts that are in this provision? 239 00:12:53,280 --> 00:12:56,160 Speaker 3: Number one, no tax on tips. That's my legislation. I 240 00:12:56,200 --> 00:12:59,880 Speaker 3: wrote that legislation that is in this bill. That's going 241 00:12:59,920 --> 00:13:04,480 Speaker 3: to benefit waiters and waitresses and bartenders and barbers and 242 00:13:05,200 --> 00:13:10,720 Speaker 3: hair stylists and taxicab drivers and everyone who's working and 243 00:13:10,720 --> 00:13:15,280 Speaker 3: getting compensated on tipped income. That is real and meaningful relief. 244 00:13:15,320 --> 00:13:18,320 Speaker 3: Also included in this is no tax on overtime, and 245 00:13:18,440 --> 00:13:21,720 Speaker 3: also included in this as tax relief for seniors getting 246 00:13:21,800 --> 00:13:25,920 Speaker 3: solid security. All of those those are not going to 247 00:13:26,320 --> 00:13:30,600 Speaker 3: millionaires and billionaires. They're going to working Americans. And in fact, 248 00:13:30,720 --> 00:13:34,360 Speaker 3: the Joint Committee on Taxation put out an analysis of 249 00:13:34,720 --> 00:13:40,160 Speaker 3: the distributional impacts of these tax cuts. They found that 250 00:13:40,600 --> 00:13:44,839 Speaker 3: people making less than fifteen thousand dollars a year would 251 00:13:44,840 --> 00:13:48,120 Speaker 3: get a sixteen point four percent cut in taxes, and 252 00:13:48,160 --> 00:13:52,640 Speaker 3: they're paying very little. People making between fifteen thousand and 253 00:13:52,720 --> 00:13:56,000 Speaker 3: thirty thousand a year would get a twenty seven point 254 00:13:56,040 --> 00:14:00,360 Speaker 3: one percent cut, people making between thirty thousand and forty 255 00:14:00,400 --> 00:14:03,120 Speaker 3: thousand a year would get a nine point five percent cut, 256 00:14:03,760 --> 00:14:06,679 Speaker 3: and people making forty thousand to fifty thousand a year 257 00:14:06,720 --> 00:14:10,160 Speaker 3: would get a seven point two percent cut. So those 258 00:14:10,280 --> 00:14:14,760 Speaker 3: are our real and meaningful tax relief. And by the way, 259 00:14:14,800 --> 00:14:19,640 Speaker 3: those numbers compared to the impact for people at the 260 00:14:19,680 --> 00:14:22,480 Speaker 3: top end, those making over a million, was three percent. 261 00:14:22,840 --> 00:14:25,920 Speaker 3: And mind you, that's not a cut for them. That's 262 00:14:26,040 --> 00:14:30,520 Speaker 3: just saying that they don't have their taxes skyrocket automatically. 263 00:14:30,560 --> 00:14:34,440 Speaker 3: They stay at exactly the same level they are today. 264 00:14:34,480 --> 00:14:38,600 Speaker 3: Those that is real, meaningful middle class tax relief. 265 00:14:39,160 --> 00:14:41,040 Speaker 2: You know, you go back to the campaign and that 266 00:14:41,240 --> 00:14:43,800 Speaker 2: legislation that you just mentioned, the no tax on tips, 267 00:14:43,840 --> 00:14:45,880 Speaker 2: and Donald Trump talked about how he wrote it down 268 00:14:45,920 --> 00:14:48,440 Speaker 2: in a napkin after I think it was, if I 269 00:14:48,440 --> 00:14:51,680 Speaker 2: remember correctly, outing in Nevada, yep. And they was just saying, 270 00:14:51,720 --> 00:14:53,800 Speaker 2: this is a great idea I'm gonna write down. Yeah, 271 00:14:53,800 --> 00:14:55,360 Speaker 2: he was in Vegas, and there's so many people in 272 00:14:55,400 --> 00:14:58,080 Speaker 2: Vegas that work on tips. I can't tell you how 273 00:14:58,080 --> 00:15:01,040 Speaker 2: many different people have talked to me about this that 274 00:15:01,160 --> 00:15:04,680 Speaker 2: work in an industry that heavily revolves around tips. Uber 275 00:15:04,720 --> 00:15:06,920 Speaker 2: and lyft drivers are a great example of that. I've 276 00:15:06,920 --> 00:15:08,400 Speaker 2: had a lot of them talk to me about it. 277 00:15:08,440 --> 00:15:10,080 Speaker 2: When they find out what you do, They're like, oh, man, 278 00:15:10,120 --> 00:15:13,880 Speaker 2: this would change my life because it would it would 279 00:15:13,880 --> 00:15:15,800 Speaker 2: allow me to keep so much more of my own 280 00:15:15,840 --> 00:15:20,080 Speaker 2: money while you're trying to make it. If you've food delivery, 281 00:15:20,240 --> 00:15:22,560 Speaker 2: you do it. I do it right, Uber Eats, whatever 282 00:15:22,600 --> 00:15:26,080 Speaker 2: it may be. That's another example of where this can 283 00:15:26,160 --> 00:15:30,800 Speaker 2: have a huge impact on someone giving them an instant 284 00:15:31,160 --> 00:15:34,320 Speaker 2: pay raise, especially when you need it. Look, I taught 285 00:15:34,320 --> 00:15:37,120 Speaker 2: tennis for years and tips are a large part of 286 00:15:37,520 --> 00:15:40,920 Speaker 2: your salary. You knew that, but like you want to 287 00:15:40,960 --> 00:15:44,320 Speaker 2: talk about giving Americans an instant pay raise, especially when 288 00:15:44,320 --> 00:15:47,520 Speaker 2: you're starting out or you're living more paycheck to paycheck. 289 00:15:47,920 --> 00:15:53,840 Speaker 2: This could have a catastrophic positive impact on our overall economy, 290 00:15:54,040 --> 00:15:56,640 Speaker 2: especially for people in these jobs. I don't think people 291 00:15:56,720 --> 00:15:58,600 Speaker 2: understand what a big differences can make. 292 00:15:59,120 --> 00:16:01,600 Speaker 3: Yeah, it's gonna make a big difference to a lot 293 00:16:01,600 --> 00:16:05,160 Speaker 3: of people who need the relief. And I've had the 294 00:16:05,200 --> 00:16:09,040 Speaker 3: same experience where people really see that. As President Trump 295 00:16:09,120 --> 00:16:12,800 Speaker 3: and a Republican Congress delivering on our promises. You know, 296 00:16:12,800 --> 00:16:14,760 Speaker 3: there are other elements in this bill. I got to 297 00:16:14,760 --> 00:16:17,280 Speaker 3: tell you I'm particularly gratified because I had a lot 298 00:16:17,320 --> 00:16:20,320 Speaker 3: of big victories that are included in this bill. So 299 00:16:20,520 --> 00:16:23,440 Speaker 3: I mentioned no tax on tips. That's my legislation that's 300 00:16:23,440 --> 00:16:27,720 Speaker 3: in there. We've talked before about spectrum wireless. Now, no, no, 301 00:16:27,800 --> 00:16:32,160 Speaker 3: what does that mean? Every electronic device you have, your 302 00:16:32,160 --> 00:16:37,560 Speaker 3: cell phone, Wi Fi, your laptops, streaming, satellite, everything operates 303 00:16:37,640 --> 00:16:43,720 Speaker 3: over electromagnetic spectrum, and different bandwidths are assigned to different 304 00:16:43,760 --> 00:16:48,320 Speaker 3: forms of communication. Of the most valuable spectrum, the midband spectrum, 305 00:16:49,040 --> 00:16:53,120 Speaker 3: the federal government controls sixty percent of it. I wrote 306 00:16:53,120 --> 00:16:56,080 Speaker 3: into this bill a mandate that the federal government must 307 00:16:56,120 --> 00:17:00,680 Speaker 3: auction off to the private sector eight hundred megahertz of spectrum. 308 00:17:00,720 --> 00:17:02,120 Speaker 3: Now what does that mean. That's going to do a 309 00:17:02,120 --> 00:17:05,440 Speaker 3: couple of things. Number One, that's going to generate about 310 00:17:05,440 --> 00:17:09,359 Speaker 3: one hundred billion dollars to the federal government. That's real 311 00:17:09,440 --> 00:17:11,720 Speaker 3: money that goes to the taxpayers that can pay down 312 00:17:11,720 --> 00:17:14,520 Speaker 3: our debt, pay down the lower the deficit. Those are 313 00:17:14,640 --> 00:17:17,520 Speaker 3: real dollars that come into the federal government. But I'll 314 00:17:17,520 --> 00:17:19,639 Speaker 3: tell you, Ben, that's not the biggest advantage. The biggest 315 00:17:19,680 --> 00:17:23,720 Speaker 3: advantage is it is going to unleash billions of dollars 316 00:17:23,720 --> 00:17:27,439 Speaker 3: of new investment and create hundreds of thousands of jobs 317 00:17:27,480 --> 00:17:30,760 Speaker 3: because this is about winning the race for six G 318 00:17:30,920 --> 00:17:33,920 Speaker 3: and beating China. And I got to tell you three 319 00:17:33,960 --> 00:17:37,399 Speaker 3: months ago, nobody in Washington thought we would get spectrum 320 00:17:37,880 --> 00:17:40,360 Speaker 3: auction in this bill. I wrote it. It's in there, 321 00:17:40,400 --> 00:17:44,280 Speaker 3: and that is going to have a massive job creation impact. 322 00:17:44,320 --> 00:17:45,280 Speaker 3: That's in this bill. 323 00:17:45,840 --> 00:17:47,280 Speaker 2: You talk about. No one thought it was going to 324 00:17:47,320 --> 00:17:49,359 Speaker 2: be in there. There was a lot of people lobbying 325 00:17:49,400 --> 00:17:51,400 Speaker 2: trying to keep that out, and you stuck to your 326 00:17:51,400 --> 00:17:52,200 Speaker 2: guns on this one. 327 00:17:52,280 --> 00:17:54,040 Speaker 1: That's part of the I think the success story of 328 00:17:54,080 --> 00:17:54,520 Speaker 1: this bill. 329 00:17:55,280 --> 00:17:57,760 Speaker 3: It is. And I will tell you Ben, the two 330 00:17:57,920 --> 00:18:01,520 Speaker 3: provisions that personally I care the most about that are 331 00:18:01,520 --> 00:18:04,920 Speaker 3: in this bill that I think will be transformational our 332 00:18:05,240 --> 00:18:08,440 Speaker 3: school choice and the Trump accounts. Both of those were 333 00:18:08,440 --> 00:18:11,720 Speaker 3: my legislation that I wrote. And I told this story 334 00:18:11,720 --> 00:18:14,119 Speaker 3: of the podcast. A little over a month ago. Senate 335 00:18:14,160 --> 00:18:17,479 Speaker 3: Republicans we all went on a retreat and we were 336 00:18:17,520 --> 00:18:20,040 Speaker 3: talking about the Reconciliation Bill and what we're going to do. 337 00:18:20,080 --> 00:18:21,960 Speaker 3: And I stood up and I said to my colleagues, 338 00:18:22,000 --> 00:18:24,280 Speaker 3: I said, listen, there are a lot of big and 339 00:18:24,359 --> 00:18:26,520 Speaker 3: important things that we're doing in this bill, that we 340 00:18:26,560 --> 00:18:28,240 Speaker 3: need to do in this bill, and I think that's good. 341 00:18:28,320 --> 00:18:31,760 Speaker 3: And I think that's great. We auto at least pause 342 00:18:32,520 --> 00:18:36,680 Speaker 3: and ask about legacy. Ask about what lasting difference we're 343 00:18:36,680 --> 00:18:40,439 Speaker 3: going to make. Ask about in ten, twenty thirty years, 344 00:18:40,800 --> 00:18:45,120 Speaker 3: what are people going to remember that is in this bill? 345 00:18:45,160 --> 00:18:47,800 Speaker 3: And I made the case to my colleagues for two 346 00:18:47,800 --> 00:18:49,880 Speaker 3: different provisions, neither one of which were in the bill 347 00:18:49,920 --> 00:18:54,040 Speaker 3: at the time. Number one school choice and number two 348 00:18:54,080 --> 00:18:59,879 Speaker 3: Trump accounts. Let's start with Trump accounts. Under this bill, 349 00:19:00,200 --> 00:19:03,520 Speaker 3: the federal government will create a private investment account for 350 00:19:03,600 --> 00:19:07,240 Speaker 3: every child in America, and it will seed that account 351 00:19:07,240 --> 00:19:10,000 Speaker 3: with one thousand dollars for every newborn child in America. 352 00:19:11,040 --> 00:19:14,400 Speaker 3: That money, then, parents and friends and family can invest 353 00:19:14,520 --> 00:19:19,480 Speaker 3: every year in a tax advantage vehicle. That money is 354 00:19:19,560 --> 00:19:21,560 Speaker 3: invested in the S and P. Five hundred to broad 355 00:19:21,600 --> 00:19:25,920 Speaker 3: based equity. There are two massive advantages of this. Number one, 356 00:19:26,040 --> 00:19:29,400 Speaker 3: every child in America is going to experience the incredible 357 00:19:29,400 --> 00:19:32,960 Speaker 3: benefits of compound growth. What does that mean? Little girl 358 00:19:33,080 --> 00:19:37,040 Speaker 3: is born, next year she's born, she has this private 359 00:19:37,080 --> 00:19:40,880 Speaker 3: investment account open for her. It's seeded with one thousand dollars, 360 00:19:41,560 --> 00:19:46,000 Speaker 3: and her parents or family or parents employers contribute five 361 00:19:46,080 --> 00:19:51,119 Speaker 3: thousand a year every year. If you assume the historical 362 00:19:51,200 --> 00:19:53,320 Speaker 3: rate of growth of the S and P five hundred, 363 00:19:53,680 --> 00:19:57,280 Speaker 3: which is seven percent, by the time that little girl 364 00:19:57,280 --> 00:20:00,560 Speaker 3: turns eighteen, she will have one hun one hundred and 365 00:20:00,760 --> 00:20:05,119 Speaker 3: seventy thousand dollars in that account. And if she continues 366 00:20:05,160 --> 00:20:07,960 Speaker 3: contributing five thousand a year, by the time she turns 367 00:20:08,359 --> 00:20:13,000 Speaker 3: thirty five, she will have seven hundred thousand dollars in 368 00:20:13,040 --> 00:20:16,400 Speaker 3: that account. That is massive. These are four oh one 369 00:20:16,520 --> 00:20:19,239 Speaker 3: k's for kids, And think about how four oh one 370 00:20:19,320 --> 00:20:22,080 Speaker 3: k's changed how we retire, how we say for retirement. 371 00:20:22,600 --> 00:20:25,320 Speaker 3: This now gives the power of compound growth to every kid. 372 00:20:25,320 --> 00:20:29,600 Speaker 3: But number two, this also will create a new generation 373 00:20:29,760 --> 00:20:33,600 Speaker 3: of capitalist. Every child will be an owner, an owner 374 00:20:33,640 --> 00:20:36,439 Speaker 3: of the largest employers in this country. That is a 375 00:20:36,440 --> 00:20:38,919 Speaker 3: big deal. If you're tired of seeing all these kids 376 00:20:39,119 --> 00:20:42,040 Speaker 3: that hate capitalism, that think socialism is a good idea, 377 00:20:42,440 --> 00:20:45,520 Speaker 3: that think Mondami up in New York is boy, that 378 00:20:45,600 --> 00:20:49,360 Speaker 3: sounds great. Let's elect a communists well. Having a new 379 00:20:49,440 --> 00:20:52,439 Speaker 3: generation of capitalists who are owners and have skin in 380 00:20:52,480 --> 00:20:56,040 Speaker 3: the game. I think in ten twenty thirty years, we're 381 00:20:56,080 --> 00:20:59,200 Speaker 3: going to look back and say that change this country 382 00:20:59,600 --> 00:21:03,000 Speaker 3: for the best. Are those Trump accounts. I wrote the legislation. 383 00:21:03,119 --> 00:21:04,800 Speaker 3: It's in the bill, and it was a fight to 384 00:21:04,800 --> 00:21:06,159 Speaker 3: get them in the bill, but we kept them in 385 00:21:06,160 --> 00:21:07,240 Speaker 3: the bill. 386 00:21:07,400 --> 00:21:10,600 Speaker 2: You know, you talk about financial literacy is how I 387 00:21:10,800 --> 00:21:13,760 Speaker 2: was described it by a school teacher recently that said, 388 00:21:14,280 --> 00:21:17,240 Speaker 2: I listened to you and the Senator show, and when 389 00:21:17,280 --> 00:21:20,680 Speaker 2: you guys are talking about these savings accounts at birth 390 00:21:21,119 --> 00:21:23,920 Speaker 2: and what this could do. They said, it also will 391 00:21:23,960 --> 00:21:28,280 Speaker 2: allow us to then have curriculum. Yes, it will be 392 00:21:28,320 --> 00:21:31,399 Speaker 2: for financial literacy, because we'll have something we can actually 393 00:21:31,440 --> 00:21:33,680 Speaker 2: look at kids and say, this is what you have. 394 00:21:34,320 --> 00:21:36,800 Speaker 2: We can show you your report, we can show you 395 00:21:36,880 --> 00:21:39,639 Speaker 2: the power of comtown interest, we can show you what 396 00:21:40,080 --> 00:21:42,280 Speaker 2: the tax savings look like. We can show you how 397 00:21:42,320 --> 00:21:45,720 Speaker 2: to plan for your future. And then things like credit 398 00:21:45,760 --> 00:21:48,840 Speaker 2: card debt and how to balance a checkbook and how 399 00:21:48,880 --> 00:21:51,320 Speaker 2: to save and why you don't want to take out 400 00:21:51,359 --> 00:21:55,920 Speaker 2: high interest loans become a reality and understandable to these 401 00:21:56,000 --> 00:21:59,600 Speaker 2: kids because they can see what happens on the opposite 402 00:21:59,600 --> 00:22:02,879 Speaker 2: of that when you are saving money and watching it grow. 403 00:22:03,440 --> 00:22:05,199 Speaker 2: And to go back to the point you were making, 404 00:22:05,640 --> 00:22:09,760 Speaker 2: this could fundamentally change an entire country number one, but 405 00:22:09,880 --> 00:22:13,359 Speaker 2: also can change an entire generation. When you talk about 406 00:22:13,400 --> 00:22:16,000 Speaker 2: generational wealth, which everybody wants for their kids. 407 00:22:16,560 --> 00:22:20,359 Speaker 3: Yeah, no, no, that's exactly right. And what you're talking 408 00:22:20,359 --> 00:22:22,840 Speaker 3: about there is one of the real drivers of the 409 00:22:22,840 --> 00:22:26,320 Speaker 3: wealth gap we have in America is that wealthy parents 410 00:22:26,480 --> 00:22:28,879 Speaker 3: teach their kids how to invest, teach their kids how 411 00:22:28,920 --> 00:22:33,440 Speaker 3: to save, teach them financial literacy, and that learning that 412 00:22:33,760 --> 00:22:38,480 Speaker 3: perpetuates the wealth gap. And many low income parents don't 413 00:22:38,520 --> 00:22:42,480 Speaker 3: themselves have a terribly high degree of financial literacy, so 414 00:22:42,480 --> 00:22:45,359 Speaker 3: they don't teach their kids about it. They're not investors. 415 00:22:45,359 --> 00:22:47,840 Speaker 3: A large percentage of Americans don't own a single stock 416 00:22:47,880 --> 00:22:50,879 Speaker 3: or bond. You know, now, you're gonna end up in 417 00:22:50,920 --> 00:22:52,520 Speaker 3: ten years, you're gonna have a ten year old boy 418 00:22:52,520 --> 00:22:56,439 Speaker 3: who pulls out his phone and opens the app for 419 00:22:56,440 --> 00:22:59,760 Speaker 3: his Trump account and sees how much money he's gotten. 420 00:22:59,800 --> 00:23:02,240 Speaker 3: That count and it'll be broken down so it'll be 421 00:23:02,280 --> 00:23:05,280 Speaker 3: the S and P five hundred, but he'll look and say, hey, wait, 422 00:23:05,560 --> 00:23:08,440 Speaker 3: I own one hundred bucks of Apple. I own seventy 423 00:23:08,480 --> 00:23:12,440 Speaker 3: five bucks of Boeing or fifty bucks of McDonald's. And 424 00:23:13,080 --> 00:23:15,200 Speaker 3: that is a different thing when a ten year old 425 00:23:15,280 --> 00:23:17,520 Speaker 3: says when he goes to McDonald's and orders a big mac, 426 00:23:18,040 --> 00:23:20,439 Speaker 3: and he says, wait, I'm one of the owners of 427 00:23:20,480 --> 00:23:24,840 Speaker 3: this company, and he gets to understand that, you know, 428 00:23:24,880 --> 00:23:28,240 Speaker 3: a portion of those profits are accruing to his benefits 429 00:23:28,240 --> 00:23:30,639 Speaker 3: because he's one of the owners of the company. That 430 00:23:30,840 --> 00:23:36,119 Speaker 3: is transformational. And listen, rich kids accumulate capital all the time, 431 00:23:36,160 --> 00:23:39,679 Speaker 3: but this is allowing low income kids, the kids of 432 00:23:39,760 --> 00:23:43,240 Speaker 3: single moms who would never own a stock and bond otherwise, 433 00:23:43,600 --> 00:23:48,440 Speaker 3: to begin accumulating earlier, and then a huge accelerator on this. 434 00:23:48,520 --> 00:23:51,760 Speaker 3: So I'll tell you that the entire price tag of 435 00:23:51,560 --> 00:23:54,040 Speaker 3: the bill was in the trillions, the price tag of 436 00:23:54,080 --> 00:23:57,439 Speaker 3: this So they're three point seven million kids born on 437 00:23:57,480 --> 00:23:59,720 Speaker 3: average in this country each year, a thousand bucks a 438 00:23:59,800 --> 00:24:02,800 Speaker 3: year for that is three point seven billion dollars. So 439 00:24:02,840 --> 00:24:06,159 Speaker 3: that's thirty seven billion dollars over ten years in the 440 00:24:06,600 --> 00:24:10,719 Speaker 3: in the scope of this bill. That is a very 441 00:24:10,760 --> 00:24:14,800 Speaker 3: small amount compared to the overall size of this bill. 442 00:24:14,880 --> 00:24:18,560 Speaker 3: But that tiny amount is like priming a pump. Because 443 00:24:18,680 --> 00:24:20,240 Speaker 3: one of the things we're going to see is we're 444 00:24:20,240 --> 00:24:24,320 Speaker 3: going to see employers contributing to the accounts of the 445 00:24:24,440 --> 00:24:27,720 Speaker 3: kids of their employees. Think about four oh one case 446 00:24:27,720 --> 00:24:29,080 Speaker 3: when four Wait, that's. 447 00:24:28,880 --> 00:24:31,000 Speaker 2: Not a theory. That's not a theory. I want to 448 00:24:31,320 --> 00:24:32,720 Speaker 2: hold on. I want to be queer. That's not a 449 00:24:32,800 --> 00:24:35,600 Speaker 2: theory you're talking about. This is a reality because you've 450 00:24:35,640 --> 00:24:39,400 Speaker 2: actually talked with CEOs of companies who are saying they 451 00:24:39,440 --> 00:24:40,320 Speaker 2: want to do this. 452 00:24:40,920 --> 00:24:43,600 Speaker 3: So there is a CEO Council of Invest America and 453 00:24:43,640 --> 00:24:46,200 Speaker 3: it's a bunch of major CEOs in this country who 454 00:24:46,200 --> 00:24:49,040 Speaker 3: have said, if you create these Trump accounts, we will 455 00:24:49,080 --> 00:24:52,160 Speaker 3: contribute to the accounts of the kids of our employees. 456 00:24:52,200 --> 00:24:55,240 Speaker 3: We will match it. It's shared by Michael Dell. It's 457 00:24:55,240 --> 00:24:57,520 Speaker 3: shared by a Texan. Michael is a good friend. Michael 458 00:24:57,520 --> 00:24:59,840 Speaker 3: has committed that Dell is going to contribute to the 459 00:25:00,119 --> 00:25:04,040 Speaker 3: counts of the kids of all their employees. And think 460 00:25:04,080 --> 00:25:06,000 Speaker 3: about four oh one K. Look, four oh one K 461 00:25:06,160 --> 00:25:09,480 Speaker 3: is just a provision in the tax code, and when 462 00:25:09,520 --> 00:25:15,280 Speaker 3: it passed, it changed how America saves for retirement. There 463 00:25:15,440 --> 00:25:18,840 Speaker 3: is right now today trillions of dollars invested in four 464 00:25:18,880 --> 00:25:22,240 Speaker 3: oh one k's And without exaggeration, I think in twenty 465 00:25:22,320 --> 00:25:27,000 Speaker 3: years we will see trillions of dollars invested in Trump accounts. 466 00:25:27,440 --> 00:25:31,760 Speaker 3: That the multiplier effect there is really potent. And I 467 00:25:31,760 --> 00:25:35,040 Speaker 3: think it will become an almost standard employee benefit, just 468 00:25:35,080 --> 00:25:37,920 Speaker 3: like if you get a job at any big company, 469 00:25:37,960 --> 00:25:40,080 Speaker 3: you're going to get a four oh one K contribution 470 00:25:40,240 --> 00:25:43,960 Speaker 3: or match. I think this will be another standard employee benefit, 471 00:25:44,400 --> 00:25:48,480 Speaker 3: and so it really unleashes savings early. That's a big deal. 472 00:25:49,359 --> 00:25:51,480 Speaker 3: And then Ben, I want to talk about another provision 473 00:25:51,480 --> 00:25:51,800 Speaker 3: that I. 474 00:25:51,720 --> 00:25:55,480 Speaker 2: Was fighting, and by the way, I I yeah, I 475 00:25:55,520 --> 00:25:57,440 Speaker 2: want to say one more thing about this real quick. Yes, 476 00:25:57,440 --> 00:26:00,760 Speaker 2: just so people understand you when you talk about this. 477 00:26:01,160 --> 00:26:04,320 Speaker 2: A great example of this. You know my three boys, 478 00:26:04,400 --> 00:26:06,120 Speaker 2: and I'm made a deal with all of them. I said, Hey, 479 00:26:06,200 --> 00:26:09,680 Speaker 2: whatever you say for your first car, I'm going to 480 00:26:09,760 --> 00:26:12,480 Speaker 2: match it. If you want to drive a hooptee, you 481 00:26:12,480 --> 00:26:14,240 Speaker 2: can drive a hooptee. If you want to drive a 482 00:26:14,320 --> 00:26:17,120 Speaker 2: nicer car, I'll match whatever you say. But but you're 483 00:26:17,119 --> 00:26:17,359 Speaker 2: going to. 484 00:26:17,359 --> 00:26:18,320 Speaker 3: Have one exactly. 485 00:26:19,119 --> 00:26:22,200 Speaker 1: And my Hooptie is my first car. 486 00:26:22,280 --> 00:26:24,240 Speaker 2: When it's like a couple grand and you're and it 487 00:26:24,280 --> 00:26:25,360 Speaker 2: barely makes it down the road. 488 00:26:25,400 --> 00:26:28,280 Speaker 1: My first car was a Honda with one hundred eighty. 489 00:26:28,040 --> 00:26:31,280 Speaker 2: Seven thousand miles it is with no conditioning, and I 490 00:26:31,320 --> 00:26:31,760 Speaker 2: loved it. 491 00:26:31,800 --> 00:26:34,840 Speaker 3: By the way, it is hooptie, like a Memphis word 492 00:26:34,920 --> 00:26:37,360 Speaker 3: or something. I'm just I'm not sure that's English. 493 00:26:37,680 --> 00:26:40,359 Speaker 2: It's I that's just that's the word that when I 494 00:26:40,400 --> 00:26:42,199 Speaker 2: grew up in Memphis they called if you had a 495 00:26:42,240 --> 00:26:45,680 Speaker 2: car that wasn't very nice, it was referred to as, oh, 496 00:26:45,720 --> 00:26:46,720 Speaker 2: that's a nice hooptie. 497 00:26:46,720 --> 00:26:49,639 Speaker 1: So what was your first car? Was a dialect that 498 00:26:49,680 --> 00:26:52,520 Speaker 1: I grew up with, Honda Prelude, Prelude. 499 00:26:52,600 --> 00:26:55,400 Speaker 2: It was nineteen nineteen eighty eight, one hundred and eighty 500 00:26:55,440 --> 00:26:57,480 Speaker 2: seven thousand miles on it, and I could and I 501 00:26:57,480 --> 00:27:00,760 Speaker 2: could afford it because it had a busted ace and 502 00:27:00,800 --> 00:27:03,240 Speaker 2: it took the old R twelve, which was hard to 503 00:27:03,280 --> 00:27:04,520 Speaker 2: find and more expensive. 504 00:27:04,640 --> 00:27:07,960 Speaker 1: I remember this like it was yesterday. And I bought that. 505 00:27:07,880 --> 00:27:11,639 Speaker 2: Car for twenty six hundred dollars and I was and 506 00:27:11,680 --> 00:27:13,800 Speaker 2: I loved it, by the way, very proud of that car. 507 00:27:14,200 --> 00:27:16,520 Speaker 1: But the point was to and by the way, my 508 00:27:16,560 --> 00:27:18,760 Speaker 1: first car said look, you're gonna have ownership in this. 509 00:27:18,960 --> 00:27:19,680 Speaker 1: What was it? 510 00:27:19,840 --> 00:27:23,320 Speaker 3: My first car was a nineteen seventy eight Ford Fairmont, 511 00:27:24,240 --> 00:27:26,600 Speaker 3: which which we called the Green Bomb, and it was 512 00:27:26,640 --> 00:27:29,280 Speaker 3: actually my grandfather's car. And when I turned sixteen, my 513 00:27:29,320 --> 00:27:32,760 Speaker 3: grandfather gave it to me. Ha he and he was 514 00:27:33,119 --> 00:27:35,360 Speaker 3: kind of a gruff old irishman and he said, boy, 515 00:27:35,440 --> 00:27:37,760 Speaker 3: stick your hands out. So I stuck my hands out 516 00:27:37,800 --> 00:27:40,440 Speaker 3: and he put a car key in each hand, said 517 00:27:40,440 --> 00:27:42,679 Speaker 3: happy birthday, and it was you know, they'd had it 518 00:27:42,720 --> 00:27:45,760 Speaker 3: for eight years, so it was their car. And we 519 00:27:45,800 --> 00:27:47,680 Speaker 3: called at the Green Bomb and I drove all my 520 00:27:47,720 --> 00:27:49,200 Speaker 3: buddies in high school and we got to do a 521 00:27:49,240 --> 00:27:50,280 Speaker 3: lot of trouble in that car. 522 00:27:51,119 --> 00:27:51,840 Speaker 1: That's amazing. 523 00:27:51,920 --> 00:27:54,919 Speaker 2: Well, I said to my son, I said, look, you 524 00:27:54,960 --> 00:27:58,399 Speaker 2: can spend money on frivolous things and you'll have instant gratification. 525 00:27:58,640 --> 00:28:01,400 Speaker 2: I said, Or you can save your money and I'll 526 00:28:01,400 --> 00:28:03,880 Speaker 2: help you invest it in stocks. Well, my son now 527 00:28:03,960 --> 00:28:06,399 Speaker 2: owns Lockheed Martin, not much of it, but he owned 528 00:28:06,400 --> 00:28:09,320 Speaker 2: some of it. He owns Ford because he thought that 529 00:28:09,400 --> 00:28:11,400 Speaker 2: was a good stock that had been around. And now 530 00:28:11,440 --> 00:28:13,320 Speaker 2: every day when he comes home from school in the summer, 531 00:28:13,320 --> 00:28:14,879 Speaker 2: he's like, hey, how did my stocks do today? 532 00:28:15,280 --> 00:28:17,560 Speaker 1: And it's changed his mentality. 533 00:28:17,640 --> 00:28:19,760 Speaker 2: As we're on family vacation, I told all the kids, 534 00:28:19,760 --> 00:28:21,440 Speaker 2: I said, hey, you can get one cool thing while 535 00:28:21,440 --> 00:28:23,880 Speaker 2: you're here, whatever you want to be, here's the price range. 536 00:28:24,160 --> 00:28:26,080 Speaker 2: And literally two of my three boys are the same 537 00:28:26,119 --> 00:28:28,240 Speaker 2: thing to me today. Hey, if I don't buy anything, 538 00:28:28,280 --> 00:28:30,679 Speaker 2: can I put the money in stocks and save it 539 00:28:30,720 --> 00:28:31,320 Speaker 2: for my car? 540 00:28:31,680 --> 00:28:34,200 Speaker 1: When you have those conversations with a six year. 541 00:28:34,040 --> 00:28:37,080 Speaker 2: Old and an eight year old, that you realize that 542 00:28:37,200 --> 00:28:40,880 Speaker 2: now money is making sense to them. That's why I'm 543 00:28:40,960 --> 00:28:44,440 Speaker 2: so excited about this legislation. I hope people thirty forty, 544 00:28:44,520 --> 00:28:47,400 Speaker 2: fifty sixty years from now, when we're both gone, go 545 00:28:47,480 --> 00:28:49,600 Speaker 2: back and they say, you know what, when Ted Kruz 546 00:28:49,960 --> 00:28:53,440 Speaker 2: did this and got this in there, it changed people's 547 00:28:53,480 --> 00:28:55,680 Speaker 2: lives for the better. So I want to say, sincerely, 548 00:28:55,720 --> 00:28:58,600 Speaker 2: congratulations on making sure that's made it in there, because 549 00:28:58,600 --> 00:29:00,560 Speaker 2: it's huge. Because that's not the only thing that was 550 00:29:00,600 --> 00:29:04,560 Speaker 2: transformative in this bill. Something you've been champing now, I 551 00:29:04,560 --> 00:29:06,800 Speaker 2: would say it's part of the legacy of your career 552 00:29:07,480 --> 00:29:10,800 Speaker 2: is school choice. And there's some big stuff in this 553 00:29:10,880 --> 00:29:12,560 Speaker 2: bill also on school choice. 554 00:29:13,360 --> 00:29:16,720 Speaker 3: So school choice has been my passion for thirty years. 555 00:29:16,760 --> 00:29:19,440 Speaker 3: I've been very active of the school choice movement. In 556 00:29:19,520 --> 00:29:22,320 Speaker 3: twenty seventeen, when we did the first Trump tax cut, 557 00:29:22,760 --> 00:29:26,160 Speaker 3: I authored the legislation that expanded college five twenty nine 558 00:29:26,200 --> 00:29:29,400 Speaker 3: savings plans, so now parents can save for K through 559 00:29:29,400 --> 00:29:32,560 Speaker 3: twelve education. We got that through. It passed, and it 560 00:29:32,640 --> 00:29:36,080 Speaker 3: was at the time the most far reaching federal school 561 00:29:36,160 --> 00:29:39,080 Speaker 3: choice legislation that had ever passed. And there are millions 562 00:29:39,080 --> 00:29:42,240 Speaker 3: of kids now whose parents save for K through twelve 563 00:29:42,320 --> 00:29:46,600 Speaker 3: education using five twenty nines. This time around, I took 564 00:29:46,640 --> 00:29:49,320 Speaker 3: five twenty nine and I expanded them. I expanded what 565 00:29:49,360 --> 00:29:52,400 Speaker 3: you can spend them for, and I raised the cap. 566 00:29:52,440 --> 00:29:54,200 Speaker 3: It used to be you could spend ten thousand a 567 00:29:54,280 --> 00:29:56,400 Speaker 3: year from the account. Now you can spend twenty thousand 568 00:29:56,440 --> 00:29:59,520 Speaker 3: a year. But that actually is the smallest piece on 569 00:29:59,520 --> 00:30:02,400 Speaker 3: school te that would be huge in any other year. 570 00:30:03,280 --> 00:30:08,280 Speaker 3: But what we got in this year is the federal 571 00:30:08,320 --> 00:30:12,960 Speaker 3: government will now grant a federal tax credit dollar for 572 00:30:13,080 --> 00:30:18,200 Speaker 3: dollar for every taxpayer up to seventeen hundred dollars. So, 573 00:30:18,280 --> 00:30:21,520 Speaker 3: ben you pay taxes every year you pay more than 574 00:30:21,520 --> 00:30:25,200 Speaker 3: seventeen hundred dollars in taxes when this goes into effect, 575 00:30:25,280 --> 00:30:29,000 Speaker 3: if you write a seven yes, so if you write 576 00:30:29,000 --> 00:30:33,480 Speaker 3: a seventeen hundred dollars check to a scholarship granting organization 577 00:30:33,640 --> 00:30:37,400 Speaker 3: in Texas, you will get a seventeen hundred dollars credit 578 00:30:37,400 --> 00:30:39,640 Speaker 3: on your taxes. In other words, it's dollar for dollar, 579 00:30:40,040 --> 00:30:44,200 Speaker 3: it disappears from your tax liability. What this will do 580 00:30:45,400 --> 00:30:49,160 Speaker 3: is this is going to unleash billions and billions of 581 00:30:49,200 --> 00:30:52,880 Speaker 3: dollars of new scholarships for K through twelve education in 582 00:30:52,920 --> 00:30:56,280 Speaker 3: the states. And the way it operates, every state has 583 00:30:56,320 --> 00:30:58,600 Speaker 3: to choose to opt in, so Texas will opt in. 584 00:31:00,440 --> 00:31:02,760 Speaker 3: I suspect a number of Blue states will not opt 585 00:31:02,760 --> 00:31:05,360 Speaker 3: in because the teachers' unions will not want them to. 586 00:31:05,400 --> 00:31:08,000 Speaker 3: They will not want scholarships for kids to be able 587 00:31:08,040 --> 00:31:10,720 Speaker 3: to go to the school of their choice. And the 588 00:31:10,760 --> 00:31:13,360 Speaker 3: way we wrote the rule, the state, the law, the 589 00:31:13,400 --> 00:31:16,960 Speaker 3: state has to opt in. But Texas will have scholarship 590 00:31:17,000 --> 00:31:21,600 Speaker 3: granting organizations and any taxpayer can write a check up 591 00:31:21,640 --> 00:31:24,960 Speaker 3: to seventeen hundred dollars a year and get a full 592 00:31:25,040 --> 00:31:28,959 Speaker 3: tax credit on their irs what they owe. That is 593 00:31:29,040 --> 00:31:33,480 Speaker 3: going to result in millions of kids across America, many 594 00:31:33,560 --> 00:31:36,560 Speaker 3: of whom are stuck in failing schools. Schools they're not 595 00:31:36,640 --> 00:31:39,120 Speaker 3: learning to read, they're not learning to write, Schools where 596 00:31:39,120 --> 00:31:42,800 Speaker 3: there's violence there drug dealers, Schools where their future is 597 00:31:42,800 --> 00:31:46,360 Speaker 3: really in peril, and they're suddenly going to have the 598 00:31:46,400 --> 00:31:50,240 Speaker 3: ability to get a scholarship, to go to the school 599 00:31:50,240 --> 00:31:52,239 Speaker 3: of their choice, to get a real education, to get 600 00:31:52,280 --> 00:31:55,080 Speaker 3: a better education, to be safe, to not be subject 601 00:31:55,120 --> 00:31:58,560 Speaker 3: to violence. This is I think school choice is the 602 00:31:58,600 --> 00:32:01,600 Speaker 3: civil rights issue of the twenty four century. This has 603 00:32:01,840 --> 00:32:05,720 Speaker 3: never happened before. And I gotta tell you, I fought 604 00:32:05,840 --> 00:32:09,080 Speaker 3: tooth and nail. This almost got stripped out of the 605 00:32:09,800 --> 00:32:13,640 Speaker 3: bill about five different times. And I made clear I'll 606 00:32:13,680 --> 00:32:15,840 Speaker 3: shut this whole bill down if we don't get school 607 00:32:15,920 --> 00:32:19,200 Speaker 3: choice in there. And and and this is I could 608 00:32:19,240 --> 00:32:22,200 Speaker 3: not be more excited about about any provision in this 609 00:32:22,280 --> 00:32:25,800 Speaker 3: bill than the impact school choice is gonna have for 610 00:32:25,960 --> 00:32:27,400 Speaker 3: for the next next generation. 611 00:32:28,440 --> 00:32:31,440 Speaker 2: So on these two issues, school choice and also the 612 00:32:31,920 --> 00:32:36,600 Speaker 2: savings accounts, when does that start to become a reality timeline? 613 00:32:36,640 --> 00:32:38,120 Speaker 2: There's there's a lot of people that say, hey, we 614 00:32:38,200 --> 00:32:40,880 Speaker 2: pass bills and then things that were supposed to happen 615 00:32:41,000 --> 00:32:43,840 Speaker 2: don't happen. They get undone because there's a new present 616 00:32:43,880 --> 00:32:46,480 Speaker 2: that comes in, or you see a Senate flip or 617 00:32:46,520 --> 00:32:49,560 Speaker 2: the House flip, whatever it may be. So so how 618 00:32:49,680 --> 00:32:51,400 Speaker 2: sure are we that we are going to see the 619 00:32:51,440 --> 00:32:53,560 Speaker 2: fruits of this fight and this labor. 620 00:32:54,200 --> 00:32:56,520 Speaker 3: Yeah, these are both gonna happen, and they're both gonna 621 00:32:56,520 --> 00:32:59,239 Speaker 3: happen in the next year. For the Trump accounts, I 622 00:32:59,280 --> 00:33:03,040 Speaker 3: wrote into an effective date of one year from the signing, 623 00:33:03,080 --> 00:33:06,240 Speaker 3: So if it's signed on July fourth, these will start 624 00:33:06,360 --> 00:33:09,960 Speaker 3: on July fourth, twenty twenty six, our nation's two hundred 625 00:33:09,960 --> 00:33:13,520 Speaker 3: and fiftieth anniversary. And I think that's something particularly fantastic. 626 00:33:13,560 --> 00:33:16,000 Speaker 3: I'm quite confident President Trump will make a big deal 627 00:33:16,040 --> 00:33:18,920 Speaker 3: about the facts that these accounts are being opened on 628 00:33:18,960 --> 00:33:22,280 Speaker 3: our nation's birthday, or if it ends up being signed 629 00:33:22,280 --> 00:33:26,240 Speaker 3: at a slightly different date somewhere honor about our nation's birthday, 630 00:33:26,680 --> 00:33:30,600 Speaker 3: a great celebration. Same thing. The tax deductions are going 631 00:33:30,680 --> 00:33:32,840 Speaker 3: to start, I believe next year on the on the 632 00:33:32,840 --> 00:33:35,880 Speaker 3: school choice tax deductions. So these will happen. They will 633 00:33:35,880 --> 00:33:40,360 Speaker 3: happen quickly. Now one question people are asking, what happens next. 634 00:33:40,440 --> 00:33:44,440 Speaker 3: The Senate passed this, what happens next, Well, we sent 635 00:33:44,480 --> 00:33:48,520 Speaker 3: the whole bill to the House. They have two choices 636 00:33:49,720 --> 00:33:54,080 Speaker 3: number one, so they're coming back in in session. They 637 00:33:54,120 --> 00:33:56,240 Speaker 3: can take it up and pass it. And if they 638 00:33:56,280 --> 00:33:58,880 Speaker 3: pass the bill that we just passed, it will go 639 00:33:58,960 --> 00:34:00,440 Speaker 3: to the President and he can sign it, and he 640 00:34:00,520 --> 00:34:02,360 Speaker 3: said he wants to sign it on July fourth of 641 00:34:02,400 --> 00:34:05,520 Speaker 3: this year. So if the House passes what the Senate passed, 642 00:34:06,120 --> 00:34:07,920 Speaker 3: that'll be the end of the process and the President 643 00:34:07,960 --> 00:34:11,920 Speaker 3: will sign it. The second thing they can do is 644 00:34:11,960 --> 00:34:16,280 Speaker 3: they can say, Okay, we passed a bill, the Senate 645 00:34:16,280 --> 00:34:19,359 Speaker 3: passed a different bill. We need to work out the 646 00:34:19,360 --> 00:34:22,960 Speaker 3: differences between them, and that's called going to conference, and 647 00:34:23,040 --> 00:34:25,319 Speaker 3: the House could insist we go to conference. I don't 648 00:34:25,360 --> 00:34:27,480 Speaker 3: know which one they're going to do. There are some 649 00:34:27,520 --> 00:34:29,719 Speaker 3: real differences in the Senate right now there or in 650 00:34:29,719 --> 00:34:32,160 Speaker 3: the House right now, they're having fights. There's some aspects 651 00:34:32,560 --> 00:34:34,440 Speaker 3: of the Senate bill that are really good, there's some 652 00:34:34,480 --> 00:34:37,919 Speaker 3: aspects of the Senate bill that are not great, and 653 00:34:38,000 --> 00:34:40,680 Speaker 3: so it's going to be a question of what can 654 00:34:40,719 --> 00:34:42,960 Speaker 3: get two hundred and eighteen votes in the House. I 655 00:34:43,040 --> 00:34:46,680 Speaker 3: know the Speaker wants if he can to take up 656 00:34:46,680 --> 00:34:48,920 Speaker 3: and pass the Senate bill and just send it to 657 00:34:48,960 --> 00:34:51,520 Speaker 3: the President. That's what the President wants also, so that 658 00:34:51,640 --> 00:34:56,200 Speaker 3: may happen. If that doesn't happen, then we'll go to conference. 659 00:34:56,200 --> 00:34:58,960 Speaker 3: And I think conference would take the month of July 660 00:34:59,160 --> 00:35:01,280 Speaker 3: for us to work out the differences, and my guess 661 00:35:01,360 --> 00:35:05,359 Speaker 3: is we would pass the final bill at the end 662 00:35:05,360 --> 00:35:06,760 Speaker 3: of July, right before August. 663 00:35:07,719 --> 00:35:10,319 Speaker 2: So this is one of those big moments that I 664 00:35:10,360 --> 00:35:12,280 Speaker 2: think we should all enjoy. 665 00:35:12,760 --> 00:35:14,640 Speaker 1: Elections have consequences. 666 00:35:14,840 --> 00:35:18,880 Speaker 2: This time it was for conservative values and for kids 667 00:35:18,920 --> 00:35:22,000 Speaker 2: to have a better future in education or savings accounts, 668 00:35:22,640 --> 00:35:25,200 Speaker 2: and for tax cuts so that Americans that work hard 669 00:35:25,239 --> 00:35:28,360 Speaker 2: can keep more of their own money. On a scout 670 00:35:28,360 --> 00:35:31,360 Speaker 2: of one to ten, and nothing's perfect, how proud of 671 00:35:31,400 --> 00:35:34,479 Speaker 2: you or of you are you with this bill? There's 672 00:35:34,480 --> 00:35:35,880 Speaker 2: a lot of people that are saying, well, there's this, 673 00:35:36,040 --> 00:35:38,640 Speaker 2: or's that, or does this look? Yeah, there was some compromises, 674 00:35:38,640 --> 00:35:41,160 Speaker 2: no doubt that had to be made. You got a tight, 675 00:35:41,680 --> 00:35:45,160 Speaker 2: you know, a very very slim majority that you're dealing 676 00:35:45,200 --> 00:35:48,080 Speaker 2: with here. But overall, how happy are you with what 677 00:35:48,200 --> 00:35:49,600 Speaker 2: the American people are now getting? 678 00:35:50,400 --> 00:35:53,239 Speaker 3: I think there are many very very good things in 679 00:35:53,280 --> 00:35:56,880 Speaker 3: this bill. I wish we cut spending significantly more. I 680 00:35:56,960 --> 00:35:59,600 Speaker 3: was fighting hard to cut spending significantly more. I went 681 00:35:59,640 --> 00:36:02,840 Speaker 3: to President to Trump with three trillion dollars of spending 682 00:36:02,880 --> 00:36:06,000 Speaker 3: cuts we could do. I was urging my colleagues. I 683 00:36:06,120 --> 00:36:08,439 Speaker 3: prevailed in some of those arguments, but not all of them. 684 00:36:09,280 --> 00:36:12,440 Speaker 3: I wish we'd shown more fiscal restraint. That would have 685 00:36:12,480 --> 00:36:16,400 Speaker 3: made me much happier. Look at six am on Tuesday, 686 00:36:17,560 --> 00:36:19,799 Speaker 3: we were near the end of the amendments, and the 687 00:36:19,880 --> 00:36:23,080 Speaker 3: question was could we get to fifty Republicans. They're fifty 688 00:36:23,120 --> 00:36:29,319 Speaker 3: three in the Senate now. Susan Collins was a no. 689 00:36:30,080 --> 00:36:32,960 Speaker 3: She is the most liberal of the Republicans. She did 690 00:36:33,000 --> 00:36:36,279 Speaker 3: not like some of the reforms on Medicaid. The Democrats 691 00:36:36,280 --> 00:36:39,160 Speaker 3: and the press are saying we slashed medicaid. That is 692 00:36:39,200 --> 00:36:42,720 Speaker 3: a lie. We actually are spending more un medicaid every 693 00:36:42,840 --> 00:36:45,799 Speaker 3: single year. What we did was slightly decrease the rate 694 00:36:45,840 --> 00:36:48,960 Speaker 3: of growth of Medicaid in the future, and in particular, 695 00:36:49,960 --> 00:36:54,360 Speaker 3: we increased efforts to fight waste, fraud, and abuse and 696 00:36:54,400 --> 00:36:57,759 Speaker 3: to remove people from the Medicaid roles who don't qualify. 697 00:36:57,840 --> 00:37:01,440 Speaker 3: And we also put in place a work requirement, which 698 00:37:01,520 --> 00:37:04,839 Speaker 3: is really important and I think actually benefits people. If 699 00:37:04,880 --> 00:37:07,880 Speaker 3: you look at the history of work requirements for federal 700 00:37:07,920 --> 00:37:12,440 Speaker 3: welfare benefits, it ends up helping the recipients by getting 701 00:37:12,480 --> 00:37:15,319 Speaker 3: them back into the workforce, which is ultimately much better 702 00:37:15,320 --> 00:37:20,360 Speaker 3: for them in their families. So so, but anyway, Susan 703 00:37:20,400 --> 00:37:23,880 Speaker 3: Collins did not like the reductions in spending on that side, 704 00:37:23,880 --> 00:37:29,479 Speaker 3: so she voted no. Tom Tillis, a Republican from from 705 00:37:29,560 --> 00:37:32,600 Speaker 3: North Carolina, also did not like the Medicaid changes and 706 00:37:32,640 --> 00:37:37,880 Speaker 3: so he voted no. And so with fifty three Republicans, 707 00:37:37,920 --> 00:37:41,160 Speaker 3: we could only lose three. The two other votes that 708 00:37:41,200 --> 00:37:47,200 Speaker 3: were in play were Lisa Murkowski and Rand Paul and 709 00:37:49,000 --> 00:37:54,240 Speaker 3: they were both between six am and noon. Nobody knew 710 00:37:55,280 --> 00:38:01,120 Speaker 3: which one which one we would get if either, But 711 00:38:01,200 --> 00:38:03,279 Speaker 3: if we didn't get one of them, this bill was 712 00:38:03,280 --> 00:38:07,480 Speaker 3: going down because if four senators voted against it, four Republicans, 713 00:38:07,480 --> 00:38:11,600 Speaker 3: we were at forty nine and it failed. So the 714 00:38:11,640 --> 00:38:14,839 Speaker 3: consequence of which road we went down was really consequential 715 00:38:15,560 --> 00:38:20,160 Speaker 3: because Lisa, after Susan, is the most liberal, demoderate Republican 716 00:38:20,200 --> 00:38:24,040 Speaker 3: in the conference, and so Lisa was bargaining for a 717 00:38:24,080 --> 00:38:27,680 Speaker 3: bunch more spending. She wanted a ton of spending, particularly 718 00:38:27,760 --> 00:38:30,640 Speaker 3: at Alaska, and that was the price of her vote, 719 00:38:30,640 --> 00:38:32,680 Speaker 3: and she was going back and forth. Rand on the 720 00:38:32,680 --> 00:38:35,920 Speaker 3: other hand, Rand was always going to be no, always 721 00:38:35,920 --> 00:38:37,600 Speaker 3: going to be a no. And Rand said at the 722 00:38:37,719 --> 00:38:42,240 Speaker 3: end he would be a yes if the debt ceiling 723 00:38:42,360 --> 00:38:45,440 Speaker 3: was not extended. We extend the debt ceiling throughout President 724 00:38:45,480 --> 00:38:48,480 Speaker 3: Trump's term in this bill. That was a very high 725 00:38:48,560 --> 00:38:52,520 Speaker 3: priority for President Trump. Rand said he would vote yes 726 00:38:53,400 --> 00:38:56,040 Speaker 3: if we shortened the extension of the debt ceiling to 727 00:38:56,120 --> 00:38:58,680 Speaker 3: September thirtieth. So we just did a couple of months 728 00:38:58,680 --> 00:39:01,919 Speaker 3: of the debt ceiling. Now, the consequence of that would 729 00:39:01,960 --> 00:39:04,400 Speaker 3: mean we'd have to come back in September thirtieth and 730 00:39:04,440 --> 00:39:07,560 Speaker 3: address the debt ceiling again, and that would mean we'd 731 00:39:07,560 --> 00:39:10,359 Speaker 3: probably have to negotiate with the Democrats and make a 732 00:39:10,480 --> 00:39:14,880 Speaker 3: lousy deal with with Chuck Schumer. But between six am 733 00:39:14,920 --> 00:39:18,440 Speaker 3: and noon, none of us knew which direction they were 734 00:39:18,440 --> 00:39:20,280 Speaker 3: going to go. Were they going to go the direction 735 00:39:21,239 --> 00:39:23,320 Speaker 3: of Lisa Rakowski or were they going to go the 736 00:39:23,400 --> 00:39:25,960 Speaker 3: direction of Rand Paul. At the end of the day, 737 00:39:26,080 --> 00:39:28,279 Speaker 3: Lisa is the one who got to yes. But it 738 00:39:28,400 --> 00:39:31,080 Speaker 3: was literally up till the moment she cast her vote, 739 00:39:31,080 --> 00:39:35,920 Speaker 3: we didn't know for sure. And she ended up She 740 00:39:36,040 --> 00:39:40,080 Speaker 3: ended up increasing the Rural Hospital Fund by fifty billion dollars. 741 00:39:41,160 --> 00:39:47,160 Speaker 3: She ended up dropping the Medicaid penalty for states that 742 00:39:47,160 --> 00:39:51,719 Speaker 3: that that that are giving medicaid to illegal immigrants. She 743 00:39:51,880 --> 00:39:59,800 Speaker 3: ended up delaying the work requirements for food stamps for Alaska, 744 00:40:00,040 --> 00:40:04,400 Speaker 3: and the cost of that was billions and billions of dollars. Interestingly, 745 00:40:05,760 --> 00:40:09,879 Speaker 3: if Rand had said yes instead of Lisa, we would 746 00:40:09,920 --> 00:40:13,840 Speaker 3: have ended up spending much less. But the consequence of 747 00:40:13,960 --> 00:40:18,120 Speaker 3: Rand being a no is that it drove It made 748 00:40:18,239 --> 00:40:22,200 Speaker 3: Lisa the swing vote, and the price of her vote 749 00:40:22,680 --> 00:40:26,640 Speaker 3: was billions and probably hundreds of billions more in spending 750 00:40:27,640 --> 00:40:32,040 Speaker 3: and and so you know, I mean that that's where 751 00:40:32,160 --> 00:40:34,520 Speaker 3: votes have consequences. 752 00:40:34,560 --> 00:40:37,880 Speaker 2: Incredible, Well, it certainly is interesting to see your take 753 00:40:37,920 --> 00:40:39,640 Speaker 2: on this. I'm glad that we were able to do 754 00:40:39,680 --> 00:40:41,600 Speaker 2: the show. You deserve to get some sleep now that 755 00:40:41,719 --> 00:40:46,120 Speaker 2: it's uh after midnight Eastern and uh and after the 756 00:40:46,239 --> 00:40:48,120 Speaker 2: vote rama. But I I'm glad that we were able 757 00:40:48,160 --> 00:40:50,480 Speaker 2: to unpack all of this for everyone because a lot 758 00:40:50,480 --> 00:40:52,680 Speaker 2: of people have the same question, how did this happen? 759 00:40:52,840 --> 00:40:55,280 Speaker 2: What did we get that was good? Are there things 760 00:40:55,280 --> 00:40:58,479 Speaker 2: that we got taken advantage of? Is this gonna help 761 00:40:58,560 --> 00:41:00,160 Speaker 2: the country when it's gonna hurt it? I think think 762 00:41:00,160 --> 00:41:02,520 Speaker 2: we answered a lot of those questions. So don't forget 763 00:41:02,640 --> 00:41:05,560 Speaker 2: download Verdict with tech Cruz wherever you get your podcasts 764 00:41:05,560 --> 00:41:07,880 Speaker 2: to do this three days a week also my podcast 765 00:41:08,000 --> 00:41:11,640 Speaker 2: as well, the Ben Ferguson Podcasts. You can also listen 766 00:41:11,680 --> 00:41:14,040 Speaker 2: to that each and every day as well, and the 767 00:41:14,120 --> 00:41:15,799 Speaker 2: Sin and I will see you back here in a 768 00:41:15,800 --> 00:41:16,440 Speaker 2: couple of days