WEBVTT - Former House Speaker Kevin McCarthy Talks Trump's Tax Bill

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>You're hoping to avoid some ping pong between the House

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<v Speaker 2>and the Senate. Joining us now, a man with experience

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<v Speaker 2>of all of this, the former Speaker of the House,

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<v Speaker 2>Kevin McCarthy speaking McCarthy, Welcome back to the program, sir.

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<v Speaker 2>It's good to get your thoughts. I want to lead

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<v Speaker 2>with a question that am Marie asked a little bit

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<v Speaker 2>earlier on the program. When you're hurting cats on Capitol Hill,

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<v Speaker 2>is it easier or harder when the President of the

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<v Speaker 2>United States is Donald Trump?

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<v Speaker 3>Oh, it's so much easier.

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<v Speaker 1>President Trump is stronger today than he was at any

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<v Speaker 1>time in his political career. President Trump is stronger in

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<v Speaker 1>the House. Remember, just to get this bill out of

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<v Speaker 1>the House, they all said they weren't going to vote

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<v Speaker 1>for it. President Trump came down to a conference told

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<v Speaker 1>both sides from Salt it's over. From the Freedom Caucus,

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<v Speaker 1>that's over. Everyone who said they wasn't going to vote

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<v Speaker 1>for it voted for it in twenty four hours.

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<v Speaker 3>So this bill's going to get passed.

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<v Speaker 1>The only thing that's holding up when this bill gets

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<v Speaker 1>passed is the weather in DC and the attendance of

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<v Speaker 1>how that people get here.

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<v Speaker 4>Well, yeah, people now have to come back to Washington

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<v Speaker 4>when they thought they were going to have this week

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<v Speaker 4>off speak of McCarthy. So you think the Freedom Caucus

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<v Speaker 4>will fold again? Will they fold by July fourth?

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<v Speaker 3>I believe so. I mean, think about this.

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<v Speaker 1>Mike Lee, Rick Scott, Ron John all voted for this

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<v Speaker 1>bill in the Senate and they're not going to vote

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<v Speaker 1>for it. So if they don't want to vote for

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<v Speaker 1>and they vote no, they're sitting with the Democrats and

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<v Speaker 1>want to increase taxes.

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<v Speaker 3>They have no place to be.

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<v Speaker 1>What they want to do is get the attention they

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<v Speaker 1>always crave. So they talk about that now. But how

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<v Speaker 1>many times can you cry wolf and say you're not

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<v Speaker 1>going to vote for something and in twenty four hours

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<v Speaker 1>vote for it.

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<v Speaker 3>They have done this numerous times.

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<v Speaker 1>They want the President's attention, They say this so they

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<v Speaker 1>can go down to the Oval Office and see the president,

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<v Speaker 1>then go back home and say they saw the president.

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<v Speaker 4>So do you think the rule vote, which comes first

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<v Speaker 4>will pass because we can't see the bill on the

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<v Speaker 4>floor until that goes through.

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<v Speaker 3>I believe yes, it'll pass.

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<v Speaker 1>It's all going to come down to attendance today. How

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<v Speaker 1>many people could make.

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<v Speaker 3>It to DC.

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<v Speaker 1>A lot of flights were canceled, so do they have

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<v Speaker 1>to delay it a day or not. But this bill

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<v Speaker 1>will pass. Remember it already passed the House, that has

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<v Speaker 1>now passed the Senate, and you've got the July fourth

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<v Speaker 1>deadline holding right behind you. There's a lot of pressure

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<v Speaker 1>mounting here. President Trump has done a tremendous job on this,

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<v Speaker 1>but he has become the speaker in the same timeframe.

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<v Speaker 1>Every time he's leaned into a bill it's been able

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<v Speaker 1>to pass.

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<v Speaker 4>He's the closer, he's the speaker in chief. How concerned

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<v Speaker 4>are basically just congressmen and women about being torched on

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<v Speaker 4>truth social like Thomas Massey, Well, you.

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<v Speaker 1>Look at Tom Tillis, I mean Tom Tillis, who had

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<v Speaker 1>a lot inside this bill, was pushing people to put

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<v Speaker 1>more inside the bill, turns around and decides not to

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<v Speaker 1>run for reelection.

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<v Speaker 3>I think that plays.

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<v Speaker 1>On the mind of a lot of individuals, and people

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<v Speaker 1>are now being able to look at the bill. At first,

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<v Speaker 1>they're always arguing about what's wrong. They're not really looking

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<v Speaker 1>at what's positive. That you're not raising taxes, you're actually

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<v Speaker 1>getting the economy moving again, You're keeping your promises for

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<v Speaker 1>those who are sitting in salt districts, and you had

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<v Speaker 1>a list of there people who are leaning No. Nick Laylonda,

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<v Speaker 1>he said he's for this bill. That's a big movement

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<v Speaker 1>for because he actually improved salt for his district when

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<v Speaker 1>it was ten thousand is now forty thousand. He can

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<v Speaker 1>go back home and champion what he was able to achieve,

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<v Speaker 1>but at the same time, coffee he.

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<v Speaker 3>Votes as a victory.

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<v Speaker 4>At the same time, though there really won't be a cap.

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<v Speaker 4>The cap expires at the end of the year. So

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<v Speaker 4>don't you think a salt caucus does have some level.

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<v Speaker 3>Goes after five years. No, from the same standpoint, it wouldn't.

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<v Speaker 1>Go totally go away or people going to let these

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<v Speaker 1>taxes all go away. He'd been able to achieve something

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<v Speaker 1>while keeping taxes low. If he wanted salt to go away,

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<v Speaker 1>raise taxes on all of his individuals and play that way,

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<v Speaker 1>that's not why people elect him.

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<v Speaker 3>They elect him there.

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<v Speaker 1>To go legislate, and that's exactly what he did. He

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<v Speaker 1>improved the life of his constituents, and he can champion

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<v Speaker 1>that and actually be celebrated back home.

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<v Speaker 5>Each of the constituents trying to improve the life of

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<v Speaker 5>their region from an overarching federal perspective, which is a

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<v Speaker 5>federal law. Do you think that this is a good bill.

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<v Speaker 1>Yes, this is a very good bill, because what would

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<v Speaker 1>happen if you did not pass this bill.

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<v Speaker 3>Your taxes would go up.

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<v Speaker 1>The economy would spur a little down. I mean, this

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<v Speaker 1>is exactly keeping the promise. And if you want to

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<v Speaker 1>put it in perspective, this bill is exactly what President

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<v Speaker 1>Trump campaigned on.

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<v Speaker 3>So the American people voted for that.

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<v Speaker 1>He won the popular vote, something a Republican president has.

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<v Speaker 3>Not done in more than thirty years. He says, no

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<v Speaker 3>tax on tips.

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<v Speaker 1>It's keeping his promise and it's the first thing people

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<v Speaker 1>look at. And even if you didn't vote for him,

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<v Speaker 1>you respect that you kept your promise.

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<v Speaker 3>That's a change.

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<v Speaker 1>You said you'd secure the border, you secured the board

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<v Speaker 1>with all respect, said you would move it to make

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<v Speaker 1>sure the tax are done.

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<v Speaker 3>Yes, whatever respect you want to give me, I'll take.

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<v Speaker 3>I'll give you loads of respect.

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<v Speaker 5>There's a real question right now about the deficit increasing

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<v Speaker 5>and the fact that there is a perception and it

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<v Speaker 5>was edified by the Cores Budget Office saying that essentially

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<v Speaker 5>this would take money out of the pockets of the

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<v Speaker 5>lowest income individuals in the United States, and it would

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<v Speaker 5>add to the higher income individuals significantly in the form

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<v Speaker 5>of tax cuts and other potential benefits. That isn't necessarily

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<v Speaker 5>one of the agenda items that was promised on the

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<v Speaker 5>campaign trail.

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<v Speaker 3>Correct.

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<v Speaker 1>Well, all due respect to you, if you look back

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<v Speaker 1>at the tax bill that we're keeping in place, what

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<v Speaker 1>happened after it was placed. People actually got more income.

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<v Speaker 1>Companies gave thousand dollars checks to their employees. So the

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<v Speaker 1>CBO can score it one way, but we know what

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<v Speaker 1>reality is. We know what we're seeing right now as

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<v Speaker 1>well with the S and P five hundred set a

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<v Speaker 1>new record. So I think that lives much stronger to

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<v Speaker 1>the American public than anything else.

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<v Speaker 3>When they keep their promise.

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<v Speaker 1>The economy stronger, the border is secure. You're watching the

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<v Speaker 1>Middle East go to a place we haven't seen in

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<v Speaker 1>a long time, trying to end war in Ukraine.

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<v Speaker 3>Yes, the world is a much.

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<v Speaker 1>Better place because we elected President Trump, and yes he

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<v Speaker 1>is keeping his promise and this aligns exactly with that,

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<v Speaker 1>and America will be stronger for it.

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<v Speaker 4>Speaking McCarthy, I'd love to talk to you about your

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<v Speaker 4>relationship with both President Trump and your friend Elon Musk.

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<v Speaker 4>Are you being called in to try to mediate this

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<v Speaker 4>feud we see?

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<v Speaker 1>I have not been called in, and I just know

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<v Speaker 1>when two bulls fight, the only people who lose is

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<v Speaker 1>the ground underneath it, and I don't want to be

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<v Speaker 1>that turf. One thing I do know is when those

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<v Speaker 1>two work together, there's nothing we can't achieve.

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<v Speaker 3>So in the same mindset, I think.

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<v Speaker 1>People need to take a deep breath. Let's get back

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<v Speaker 1>to where we were before. Let's put America first and

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<v Speaker 1>find the way that we make everybody stronger.

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<v Speaker 2>Speaker McCarthy with respect and thanks, Thank you, sir. I

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<v Speaker 2>appreciate your time as.

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<v Speaker 3>Alway, thank you, take care, Thank.

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<v Speaker 2>You, buddy, Thank you very much. The former Speaker of

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<v Speaker 2>the House, Kevin mccarthie that I'm staying in that line.