1 00:00:02,520 --> 00:00:08,560 Speaker 1: Bloomberg Audio Studios, podcasts, Radio News House speaker Mike Johnson 2 00:00:08,880 --> 00:00:10,800 Speaker 1: joins us. Now, thank you so much for your time 3 00:00:10,840 --> 00:00:13,200 Speaker 1: this morning. We'd love to begin there. Have you received 4 00:00:13,200 --> 00:00:14,720 Speaker 1: a call back from mister Musk. 5 00:00:16,040 --> 00:00:19,600 Speaker 2: Yes, Look, Elon's a good friend. We texted late last night. 6 00:00:19,640 --> 00:00:21,680 Speaker 2: We're going to talk this morning. I just want to 7 00:00:21,680 --> 00:00:24,479 Speaker 2: make sure that he understands what I think everybody on 8 00:00:24,520 --> 00:00:28,000 Speaker 2: Capitol Hill understands. This is not a spending bill, my friends. 9 00:00:28,080 --> 00:00:32,120 Speaker 2: This is a budget reconciliation bill. And what we're doing 10 00:00:32,120 --> 00:00:34,919 Speaker 2: here is delivering the America First agenda. This is all 11 00:00:34,960 --> 00:00:38,160 Speaker 2: the President's priorities and all the priorities of the Republican Party. 12 00:00:38,200 --> 00:00:41,000 Speaker 2: Everything we promise the American people. That is what we 13 00:00:41,040 --> 00:00:43,320 Speaker 2: are delivering with this piece of legislation. And the reason 14 00:00:43,320 --> 00:00:47,040 Speaker 2: we're using the reconciliation process is because that is the 15 00:00:47,040 --> 00:00:49,400 Speaker 2: only way to get around the sixty vote threshold in 16 00:00:49,440 --> 00:00:49,920 Speaker 2: the Senate. 17 00:00:50,200 --> 00:00:52,240 Speaker 3: Everybody probably recognizes. 18 00:00:51,720 --> 00:00:54,920 Speaker 2: Chuck Schumer and the Democrats are in no mood and 19 00:00:55,000 --> 00:00:58,040 Speaker 2: not going to be helpful in delivering President Trump's agenda 20 00:00:58,080 --> 00:00:58,640 Speaker 2: for the people. 21 00:00:59,000 --> 00:01:00,360 Speaker 3: We have to do it this way. 22 00:01:00,720 --> 00:01:02,360 Speaker 2: We can do it with fifty one votes in the 23 00:01:02,400 --> 00:01:06,000 Speaker 2: Senate only, and that's the urgency of the hour, and 24 00:01:06,040 --> 00:01:07,760 Speaker 2: we have to do it quickly for all the reasons 25 00:01:07,800 --> 00:01:08,119 Speaker 2: we can. 26 00:01:08,040 --> 00:01:08,800 Speaker 3: Discuss this morning. 27 00:01:08,920 --> 00:01:10,680 Speaker 1: So did you get a sentence from Elon Muster in 28 00:01:10,720 --> 00:01:13,040 Speaker 1: those tex exchange that he was going to stop his 29 00:01:13,120 --> 00:01:15,920 Speaker 1: insistence on this bill that he thinks needs to be killed. 30 00:01:17,319 --> 00:01:19,440 Speaker 2: He seems pretty dug in right now, and I can't 31 00:01:19,520 --> 00:01:22,200 Speaker 2: quite understand the motivation behind it. But I would tell 32 00:01:22,200 --> 00:01:24,840 Speaker 2: you that what we're delivering in this bill is not 33 00:01:24,920 --> 00:01:28,520 Speaker 2: only historic tax cuts, but historic savings as well. 34 00:01:28,880 --> 00:01:29,800 Speaker 3: He seems to miss that. 35 00:01:30,000 --> 00:01:33,400 Speaker 2: I mean, the projection is that this legislation is going 36 00:01:33,480 --> 00:01:37,040 Speaker 2: to save us one point six trillion dollars with a t. Now, 37 00:01:37,080 --> 00:01:40,640 Speaker 2: there's never been a piece of legislation ever delivered in 38 00:01:40,680 --> 00:01:42,680 Speaker 2: the history of government on the face of the earth 39 00:01:43,280 --> 00:01:46,119 Speaker 2: that saves that much money. So this is truly historic. Now, 40 00:01:46,200 --> 00:01:48,880 Speaker 2: is it enough? No, because all three of us understand. 41 00:01:48,920 --> 00:01:52,160 Speaker 2: But we have a large federal debt. We've had deficits 42 00:01:52,200 --> 00:01:54,720 Speaker 2: for some time, and it's a serious concern. In fact, 43 00:01:54,760 --> 00:01:57,640 Speaker 2: it's the number one threat to our national security. But 44 00:01:57,720 --> 00:02:01,480 Speaker 2: this is the biggest step using that problem that Congress 45 00:02:01,520 --> 00:02:04,240 Speaker 2: has ever delivered, and we must do it, and I 46 00:02:04,280 --> 00:02:06,760 Speaker 2: will hasten to say this. I've told Elon and tell 47 00:02:06,800 --> 00:02:10,040 Speaker 2: everyone this is the first of a series of steps 48 00:02:10,080 --> 00:02:13,160 Speaker 2: that we will take to bring that debt under control. 49 00:02:13,400 --> 00:02:14,480 Speaker 2: But you can't turn. 50 00:02:14,280 --> 00:02:14,960 Speaker 3: It on a dime. 51 00:02:15,400 --> 00:02:17,680 Speaker 2: It took us decades to get into this situation, so 52 00:02:17,720 --> 00:02:19,760 Speaker 2: we have to we have to do it incrementally, and 53 00:02:19,800 --> 00:02:22,519 Speaker 2: this is a huge step forward in that endeavor. 54 00:02:22,639 --> 00:02:26,919 Speaker 1: What's the driving force behind Elon Musk's problems with this bill? 55 00:02:26,960 --> 00:02:30,720 Speaker 1: Has he asked you directly to potentially keep the electric 56 00:02:30,840 --> 00:02:33,679 Speaker 1: vehicle benefits we saw under the Inflation Reduction Act of 57 00:02:33,720 --> 00:02:36,760 Speaker 1: the Biden error into the bill. 58 00:02:36,840 --> 00:02:40,400 Speaker 2: Look, I'll let everybody draw their own conclusions about Elon's motivations. 59 00:02:40,440 --> 00:02:41,000 Speaker 3: I'll tell you that. 60 00:02:41,120 --> 00:02:45,200 Speaker 2: I mean, obviously, the ev mandate going away is I'm 61 00:02:45,240 --> 00:02:48,079 Speaker 2: sure a concern for you know, the leader of. 62 00:02:48,040 --> 00:02:51,120 Speaker 3: Tesla and other things as well. 63 00:02:51,320 --> 00:02:53,800 Speaker 2: But I think there's a lot of confusion out there 64 00:02:53,800 --> 00:02:57,080 Speaker 2: about what the legislation is. There's certainly a lot of misinformation. 65 00:02:57,200 --> 00:02:59,880 Speaker 2: I mean, the Democrats have been engaged in this effort, 66 00:03:00,160 --> 00:03:03,200 Speaker 2: this strategy for many, many weeks and many months. But 67 00:03:03,240 --> 00:03:05,960 Speaker 2: remember it took us over a year to develop this 68 00:03:06,040 --> 00:03:09,280 Speaker 2: piece of legislation. We have eleven different committees in the House, 69 00:03:09,360 --> 00:03:13,120 Speaker 2: all the areas of jurisdiction that worked on the reconciliation 70 00:03:13,240 --> 00:03:15,480 Speaker 2: effort to reconcile the budget. And what we're going to 71 00:03:15,520 --> 00:03:19,600 Speaker 2: deliver her again is historic tax relief and savings. At 72 00:03:19,600 --> 00:03:22,920 Speaker 2: the same time, if we do not get this bill done, 73 00:03:23,200 --> 00:03:25,600 Speaker 2: the tax cuts of twenty seventeen, the tax cuts and 74 00:03:25,680 --> 00:03:28,880 Speaker 2: JOBZAC will expire at the end of December. Every American 75 00:03:28,960 --> 00:03:32,040 Speaker 2: will receive the largest tax increase in US history, all 76 00:03:32,080 --> 00:03:32,440 Speaker 2: at once. 77 00:03:32,480 --> 00:03:32,919 Speaker 3: It would be. 78 00:03:32,880 --> 00:03:35,920 Speaker 2: Devastating for the economy. So we've addressed that here. We've 79 00:03:35,920 --> 00:03:39,720 Speaker 2: made the tax cuts permanent, and we've infused. 80 00:03:39,240 --> 00:03:41,000 Speaker 3: It with a pro growth. 81 00:03:40,720 --> 00:03:43,520 Speaker 2: Series of policies that will get the economy going again. 82 00:03:43,600 --> 00:03:45,880 Speaker 2: It will be jet fueled to the economy because we're 83 00:03:45,920 --> 00:03:48,400 Speaker 2: going to reduce wasteful spending. We're going to reduce taxes, 84 00:03:48,520 --> 00:03:50,720 Speaker 2: and we're going to reduce regulations as well. 85 00:03:50,840 --> 00:03:52,320 Speaker 3: And that is what will allow. 86 00:03:52,160 --> 00:03:54,400 Speaker 2: Job creators and the energy sector and everyone else to 87 00:03:54,400 --> 00:03:55,040 Speaker 2: get going again. 88 00:03:55,080 --> 00:03:57,520 Speaker 1: And your version of the bill, of course, increases the 89 00:03:57,640 --> 00:04:01,760 Speaker 1: salt deduction cap, which yesterday Senatement Jardy leader John Thune said, quote, 90 00:04:01,800 --> 00:04:04,440 Speaker 1: there isn't a single Republican senator who cares much about 91 00:04:04,440 --> 00:04:07,400 Speaker 1: the salt issue. You and I both know you cannot 92 00:04:07,440 --> 00:04:11,000 Speaker 1: pass this bill without increasing the salt deduction cap. How 93 00:04:11,000 --> 00:04:15,360 Speaker 1: do you envision that deduction changing given the fact that 94 00:04:15,480 --> 00:04:18,720 Speaker 1: no senator Republican senator wants. 95 00:04:18,480 --> 00:04:21,960 Speaker 3: A vote for this, Well, I appreciate that they don't. 96 00:04:21,960 --> 00:04:24,080 Speaker 2: They all come from red states, right as do I, 97 00:04:24,520 --> 00:04:28,320 Speaker 2: and we have very different perspective on salt than our 98 00:04:28,360 --> 00:04:31,080 Speaker 2: colleagues in the Blue states, for example, in California and 99 00:04:31,120 --> 00:04:32,480 Speaker 2: New York, in New Jersey. 100 00:04:33,000 --> 00:04:35,080 Speaker 3: But that is the reality in the House. 101 00:04:35,160 --> 00:04:37,520 Speaker 2: Remembering, and they have to remember my senate friends and 102 00:04:37,560 --> 00:04:38,760 Speaker 2: colleagues have to remember. 103 00:04:38,800 --> 00:04:39,680 Speaker 3: I have to deliver two. 104 00:04:39,640 --> 00:04:41,800 Speaker 2: Hundred and seventeen votes to get that thing across the 105 00:04:41,839 --> 00:04:44,240 Speaker 2: line if they modify it. So I had lunch with 106 00:04:44,320 --> 00:04:47,720 Speaker 2: my senate friends Tuesday, last two weeks ago, before we 107 00:04:47,800 --> 00:04:50,279 Speaker 2: passed the bill in the House on that Thursday, and 108 00:04:50,320 --> 00:04:53,640 Speaker 2: I encourage them to modify it as little as possible, 109 00:04:53,720 --> 00:04:56,120 Speaker 2: right because I gave a metaphor, I said, my friends, 110 00:04:56,160 --> 00:04:58,000 Speaker 2: I am crossing the Grand Canyon on a piece of 111 00:04:58,040 --> 00:04:58,719 Speaker 2: dental flaws. 112 00:04:58,760 --> 00:05:01,200 Speaker 3: Okay, olibrium that we reached here. 113 00:05:01,240 --> 00:05:04,159 Speaker 2: It took quite a bit of time to get to 114 00:05:04,160 --> 00:05:06,440 Speaker 2: where we are, and you can't load me up on 115 00:05:06,480 --> 00:05:09,440 Speaker 2: either side. And if you go and slash the salt 116 00:05:09,440 --> 00:05:12,360 Speaker 2: cap that we negotiated carefully for over a year, it's 117 00:05:12,400 --> 00:05:14,279 Speaker 2: going to make it very difficult for me to deliver 118 00:05:14,360 --> 00:05:16,880 Speaker 2: the necessary number of votes. Remembering I can only lose 119 00:05:16,920 --> 00:05:19,359 Speaker 2: three in the House. They can only lose three in 120 00:05:19,400 --> 00:05:20,520 Speaker 2: the Senate to get this done. 121 00:05:20,640 --> 00:05:21,799 Speaker 3: So we're all working together. 122 00:05:21,839 --> 00:05:24,799 Speaker 2: It's one team, House and Senate together, united in this effort. 123 00:05:25,680 --> 00:05:28,800 Speaker 2: They understand that, and I think they understand certainly Leader 124 00:05:28,839 --> 00:05:30,960 Speaker 2: Thun and the leaders over there understand the complexity of 125 00:05:30,960 --> 00:05:32,400 Speaker 2: what we're having to deal with here, Speaker. 126 00:05:32,160 --> 00:05:33,520 Speaker 4: Johnson, just to sort of put a bow on it, 127 00:05:33,520 --> 00:05:35,719 Speaker 4: So forty thousands still likely to remain the cap. 128 00:05:38,000 --> 00:05:40,280 Speaker 2: That's what we negotiated here, and I'm certainly trying to 129 00:05:40,320 --> 00:05:41,200 Speaker 2: hold to that number. 130 00:05:41,240 --> 00:05:42,760 Speaker 3: And look, we've paid for it. 131 00:05:42,839 --> 00:05:45,039 Speaker 2: I think we've got it worked out and all the 132 00:05:45,080 --> 00:05:47,480 Speaker 2: math and the legislation, and I think it's something that 133 00:05:47,880 --> 00:05:49,560 Speaker 2: I know they're not in love with it, but I 134 00:05:49,600 --> 00:05:52,920 Speaker 2: certainly hope they'll tolerated so we can maintain our vote 135 00:05:52,960 --> 00:05:53,680 Speaker 2: tally over here. 136 00:05:53,640 --> 00:05:56,400 Speaker 4: Speaker Johnson, as you walk that piece of dental floss 137 00:05:56,560 --> 00:05:58,760 Speaker 4: over the Grand Canyon. There is this question of how 138 00:05:58,839 --> 00:06:02,239 Speaker 4: the bill is currently being used, whether it's for budget 139 00:06:02,560 --> 00:06:06,359 Speaker 4: negotiations and budget reconciliation over the next decade, or whether 140 00:06:06,560 --> 00:06:11,039 Speaker 4: it's to negotiate trade agreements. There is two point eight 141 00:06:11,160 --> 00:06:14,960 Speaker 4: trillion dollars of revenue that is being penciled in by 142 00:06:15,040 --> 00:06:19,400 Speaker 4: the Congressional Budget Office from tariffs that might be used 143 00:06:19,400 --> 00:06:22,240 Speaker 4: as a negotiating tactic might not be How do you 144 00:06:22,400 --> 00:06:25,839 Speaker 4: understand the way that tariffs are looked at as part 145 00:06:26,000 --> 00:06:27,960 Speaker 4: of this budget balancing Act. 146 00:06:29,080 --> 00:06:32,000 Speaker 2: Well, it hasn't been included in the calculations, and that's 147 00:06:32,040 --> 00:06:35,000 Speaker 2: because groups like the CBO, the Congressional Budget Office, as 148 00:06:35,040 --> 00:06:37,200 Speaker 2: you noted, won't give us any credit for that. 149 00:06:37,279 --> 00:06:38,279 Speaker 3: But it is very real. 150 00:06:38,360 --> 00:06:40,520 Speaker 2: I mean, the revenue is real, and it is realized, 151 00:06:40,560 --> 00:06:43,920 Speaker 2: and it's not included in the calculation that we've made 152 00:06:44,000 --> 00:06:46,560 Speaker 2: or they've made. But obviously it's a big factor. 153 00:06:47,080 --> 00:06:47,960 Speaker 3: We believe that we're. 154 00:06:47,880 --> 00:06:50,760 Speaker 2: Going to bring about a rory and economy again. And 155 00:06:50,800 --> 00:06:54,760 Speaker 2: it's not based on conjecture or ground list optimism. I mean, 156 00:06:54,920 --> 00:06:56,960 Speaker 2: this is based on the history. We did this in 157 00:06:57,000 --> 00:06:59,320 Speaker 2: twenty seventeen after the first two years of the Trump 158 00:06:59,360 --> 00:07:02,120 Speaker 2: administration when we passed the tax cuts and jobs ac 159 00:07:02,320 --> 00:07:06,000 Speaker 2: We reduce taxes, we reduce regulations, and the economy is roaring. 160 00:07:06,080 --> 00:07:08,280 Speaker 2: I mean, you all remember before COVID, we had the 161 00:07:08,279 --> 00:07:09,880 Speaker 2: greatest economy in the history of the world. 162 00:07:09,880 --> 00:07:11,560 Speaker 3: I mean, everybody was doing better. 163 00:07:11,640 --> 00:07:15,240 Speaker 2: Every demographic wages were up, the job participation numbers where 164 00:07:15,240 --> 00:07:18,720 Speaker 2: at record highs, inflation was down, and manageable things were 165 00:07:18,720 --> 00:07:19,200 Speaker 2: going great. 166 00:07:19,240 --> 00:07:20,160 Speaker 3: And then COVID hit. 167 00:07:20,280 --> 00:07:23,120 Speaker 2: So we're going to do that same series of policies, 168 00:07:23,120 --> 00:07:25,720 Speaker 2: implement that same philosophy, but this time, as I say, 169 00:07:25,960 --> 00:07:28,240 Speaker 2: on steroids, and it's going to make a major difference 170 00:07:28,240 --> 00:07:29,240 Speaker 2: for every in everybody's lives. 171 00:07:29,320 --> 00:07:30,040 Speaker 3: Spare Johnson. 172 00:07:30,160 --> 00:07:31,960 Speaker 4: A lot of people in Marcus are concerned about a 173 00:07:32,000 --> 00:07:34,800 Speaker 4: number of provisions here and actually don't think they will 174 00:07:34,840 --> 00:07:38,440 Speaker 4: spur growth, one of them being Section eight ninety nine, 175 00:07:38,520 --> 00:07:42,080 Speaker 4: which talks about taxing foreign investment in the United States 176 00:07:42,120 --> 00:07:46,520 Speaker 4: from specific countries that have non tariff barriers like the 177 00:07:46,600 --> 00:07:50,440 Speaker 4: VAT tax and other things that have been contentious during 178 00:07:50,520 --> 00:07:55,240 Speaker 4: negotiations of trade deals. How much do you see that dampening. 179 00:07:55,240 --> 00:07:57,120 Speaker 4: I mean, there's not a concern for you because right 180 00:07:57,160 --> 00:08:00,200 Speaker 4: now around the world. There are people wondering whether they 181 00:08:00,280 --> 00:08:03,320 Speaker 4: can still invest in the United States without getting penalized 182 00:08:03,320 --> 00:08:03,640 Speaker 4: for it. 183 00:08:04,840 --> 00:08:09,320 Speaker 2: Yes, Look, there's a complexity to the tariff negotiations. I mean, 184 00:08:09,640 --> 00:08:11,640 Speaker 2: we tip our hat to the White House, and President's 185 00:08:11,680 --> 00:08:14,080 Speaker 2: strategy is working. As you know, there's more than seventy 186 00:08:14,080 --> 00:08:17,680 Speaker 2: five countries renegotiating their trade agreements right now, finalizing that 187 00:08:17,720 --> 00:08:19,440 Speaker 2: even as we speak, that's going to. 188 00:08:19,360 --> 00:08:22,640 Speaker 3: Be better for America because it will be more fair. 189 00:08:22,920 --> 00:08:25,600 Speaker 2: You know, I'm always liking myself to be a Reagan 190 00:08:25,640 --> 00:08:29,640 Speaker 2: Republican and free trade is one of our core principles 191 00:08:29,640 --> 00:08:33,559 Speaker 2: that we've all supported over the years. And every time 192 00:08:33,559 --> 00:08:34,959 Speaker 2: I would say that over the last several years to 193 00:08:34,960 --> 00:08:37,800 Speaker 2: President Trump, he would say, yes, free and fair trade, 194 00:08:37,840 --> 00:08:40,160 Speaker 2: and he's right. I mean, this is a disparity that 195 00:08:40,240 --> 00:08:42,400 Speaker 2: must have needed to be addressed and it has been. 196 00:08:42,480 --> 00:08:45,240 Speaker 2: So we think in total, this is going to be 197 00:08:45,280 --> 00:08:47,160 Speaker 2: good when it's all when all the dust settles on 198 00:08:47,200 --> 00:08:49,920 Speaker 2: the tariff negotiations and the new trade agreements. 199 00:08:49,920 --> 00:08:51,560 Speaker 3: So it's going to be good for America and good 200 00:08:51,559 --> 00:08:54,080 Speaker 3: for the world. And so we're factoring that in. 201 00:08:54,200 --> 00:08:56,600 Speaker 2: We're working in tandem with the White House, and it's 202 00:08:56,679 --> 00:08:58,520 Speaker 2: part is going to stay in calculation in the la. 203 00:08:58,520 --> 00:09:01,160 Speaker 4: Liaker Johnson, just to be clear that provision will stay 204 00:09:01,200 --> 00:09:02,280 Speaker 4: in that is important to you. 205 00:09:04,000 --> 00:09:04,920 Speaker 3: Look, I think it is. 206 00:09:04,960 --> 00:09:07,960 Speaker 2: I mean, obviously the bill is still a live instrument 207 00:09:08,000 --> 00:09:10,280 Speaker 2: that's being worked on in the Senate, so we'll see 208 00:09:10,640 --> 00:09:13,280 Speaker 2: if they modify those provisions. But I think for now, 209 00:09:13,280 --> 00:09:15,600 Speaker 2: I think that's good policy for US, and I want 210 00:09:15,640 --> 00:09:18,880 Speaker 2: to say to foreign investors, you're in good stead to 211 00:09:19,520 --> 00:09:21,520 Speaker 2: invest in America. This is the time to do it, 212 00:09:21,559 --> 00:09:23,920 Speaker 2: because the American economy is about to take off again 213 00:09:24,240 --> 00:09:25,600 Speaker 2: and it's going to be good for you and good. 214 00:09:25,520 --> 00:09:26,040 Speaker 3: For the world. 215 00:09:26,559 --> 00:09:29,520 Speaker 2: We're the largest trading partner for most other nations. They 216 00:09:29,600 --> 00:09:30,480 Speaker 2: need America, and a. 217 00:09:30,480 --> 00:09:32,360 Speaker 3: Strong America is good for the whole world. 218 00:09:32,440 --> 00:09:34,199 Speaker 2: And that is what we are going to bring about 219 00:09:34,280 --> 00:09:36,800 Speaker 2: with these sound policies and pro growth initiatives. 220 00:09:36,920 --> 00:09:39,760 Speaker 1: Speaking Johnson, you and your colleagues have a self imposed 221 00:09:39,880 --> 00:09:42,920 Speaker 1: July fourth deadline. Partially that is because you have to 222 00:09:43,040 --> 00:09:46,600 Speaker 1: raise the debt ceiling. Are you considering raising the debt 223 00:09:46,640 --> 00:09:50,080 Speaker 1: limit if this deal isn't finished by July fourth with 224 00:09:50,120 --> 00:09:52,600 Speaker 1: a different measure, Well. 225 00:09:52,480 --> 00:09:53,679 Speaker 3: It'd be very difficult to do it. 226 00:09:53,760 --> 00:09:57,040 Speaker 2: I mean, it would require bipartisan measure in that regard, 227 00:09:57,080 --> 00:09:58,880 Speaker 2: and I would like to believe that Chuck Schumer and 228 00:09:58,920 --> 00:10:00,679 Speaker 2: the Democrats and the Senate would do the right thing, 229 00:10:00,720 --> 00:10:04,920 Speaker 2: but I wouldn't count on that. That debt cliff as 230 00:10:05,080 --> 00:10:07,840 Speaker 2: we're regarding it, is coming soon, and that's why Secretary 231 00:10:07,920 --> 00:10:09,719 Speaker 2: Besson has said we've got to get this done by 232 00:10:09,720 --> 00:10:11,840 Speaker 2: Independence Day, and I think it'd be a great celebration 233 00:10:11,960 --> 00:10:14,160 Speaker 2: for all of us. But it's not just because of 234 00:10:13,880 --> 00:10:17,000 Speaker 2: the debt ceiling. It's also because we need to get 235 00:10:17,040 --> 00:10:20,480 Speaker 2: tax relief in this new roaring economy to the American 236 00:10:20,520 --> 00:10:23,240 Speaker 2: people as quickly as possible. They're owed that and this 237 00:10:23,280 --> 00:10:24,920 Speaker 2: is going to be a great thing for everyone. And 238 00:10:26,000 --> 00:10:27,640 Speaker 2: I have to also think about the politics of it. 239 00:10:27,720 --> 00:10:29,720 Speaker 3: Right we have a midterm election coming up in twenty 240 00:10:29,720 --> 00:10:30,280 Speaker 3: twenty six. 241 00:10:30,559 --> 00:10:33,240 Speaker 2: If we get this done soon and quickly this summer, 242 00:10:33,880 --> 00:10:36,640 Speaker 2: then everyone will feel those effects before they have to 243 00:10:36,640 --> 00:10:39,319 Speaker 2: go vote again in that midterm election. We want to 244 00:10:39,360 --> 00:10:41,319 Speaker 2: keep the House majority and keep this going for four 245 00:10:41,400 --> 00:10:43,640 Speaker 2: years for President Trump and not two. And if we 246 00:10:43,679 --> 00:10:46,040 Speaker 2: lost the majority, there's no doubt that the House Democrats 247 00:10:46,040 --> 00:10:48,960 Speaker 2: would try to impeach the president and everything would be 248 00:10:49,000 --> 00:10:52,920 Speaker 2: truly chaotic for investors and job creators and consumers. So 249 00:10:53,240 --> 00:10:55,320 Speaker 2: we have to keep this going, keep the momentum going. 250 00:10:55,360 --> 00:10:57,800 Speaker 2: The timeline is very important, and that's why I put 251 00:10:57,800 --> 00:10:59,240 Speaker 2: this on a very aggressive schedule. 252 00:10:59,280 --> 00:11:01,319 Speaker 3: I said the early part of this year that we. 253 00:11:01,240 --> 00:11:03,319 Speaker 2: Would pass the big, beautiful bill out of the House 254 00:11:03,800 --> 00:11:06,679 Speaker 2: before Memorial Day, and people laughed, they mocked me when 255 00:11:06,679 --> 00:11:08,559 Speaker 2: I said that, But we beat it by four days. 256 00:11:08,720 --> 00:11:10,280 Speaker 2: We're going to stay on track and we're going to 257 00:11:10,320 --> 00:11:11,360 Speaker 2: deliver for the American people. 258 00:11:11,400 --> 00:11:14,520 Speaker 1: Will you have exactly twenty nine days to hit that deadline? 259 00:11:14,559 --> 00:11:17,319 Speaker 1: Are you saying there's no plan B for raising the 260 00:11:17,360 --> 00:11:20,760 Speaker 1: debt ceiling if this bill is not done between House 261 00:11:20,800 --> 00:11:22,240 Speaker 1: Republicans and House Senators. 262 00:11:23,200 --> 00:11:25,880 Speaker 2: Look, Republicans in a House and Senate will deliver and 263 00:11:26,000 --> 00:11:27,920 Speaker 2: will take care of our business one way or the other. 264 00:11:28,280 --> 00:11:31,840 Speaker 2: But I'm just telling you the smartest and most efficacious 265 00:11:31,880 --> 00:11:33,920 Speaker 2: way to do this is to stay on this schedule 266 00:11:33,920 --> 00:11:36,240 Speaker 2: and deliver for the people. And that's what we're doggedly 267 00:11:36,280 --> 00:11:39,040 Speaker 2: determined to do or laser focused on it. And if 268 00:11:39,080 --> 00:11:41,680 Speaker 2: we take our focus off of that, then the strategy 269 00:11:41,720 --> 00:11:44,000 Speaker 2: doesn't work. So I'm telling you that we are working 270 00:11:44,040 --> 00:11:46,479 Speaker 2: on that regard. Leader Thun and I are in constant communication. 271 00:11:46,640 --> 00:11:48,400 Speaker 2: He understands that deadline as well. 272 00:11:48,640 --> 00:11:50,000 Speaker 3: The Secretary of the Treasury and. 273 00:11:50,480 --> 00:11:53,600 Speaker 2: The NEEC and all the leaders in the White House 274 00:11:54,080 --> 00:11:55,480 Speaker 2: and the Administration understand that. 275 00:11:55,559 --> 00:11:56,600 Speaker 3: So we're going to get it done. 276 00:11:56,800 --> 00:11:59,320 Speaker 4: Speaker Johnson, how closely are you watching the bond markets 277 00:11:59,360 --> 00:12:02,240 Speaker 4: right now, given fact that we've seen a real sense 278 00:12:02,240 --> 00:12:07,840 Speaker 4: of concern, particularly in longer duration US treasuries, We. 279 00:12:07,760 --> 00:12:08,480 Speaker 3: Watch it closely. 280 00:12:08,880 --> 00:12:12,280 Speaker 2: Look, I really do believe that delivering this historic legislation 281 00:12:12,360 --> 00:12:14,520 Speaker 2: is going to be critically important for a lot of reasons, 282 00:12:14,559 --> 00:12:16,840 Speaker 2: not the least of which is that Congress can. 283 00:12:16,760 --> 00:12:19,079 Speaker 3: Send a very important signal to the. 284 00:12:19,040 --> 00:12:23,040 Speaker 2: Bond markets, to the stock market, to investors everywhere that 285 00:12:23,080 --> 00:12:25,320 Speaker 2: we're very serious about this not only in getting the 286 00:12:25,440 --> 00:12:28,920 Speaker 2: US economy roaring again, but also in addressing the long 287 00:12:29,000 --> 00:12:31,400 Speaker 2: term debt. And I think that's an important thing for 288 00:12:31,440 --> 00:12:34,720 Speaker 2: everyone to understand. We have a strategy that's a multiple steps, 289 00:12:34,720 --> 00:12:38,440 Speaker 2: as I said, multiple steps strategy to address this over 290 00:12:38,520 --> 00:12:40,960 Speaker 2: the next year, two years, three years, and we're going 291 00:12:41,040 --> 00:12:43,600 Speaker 2: to get the US economy back on sound footing. We're 292 00:12:43,640 --> 00:12:47,120 Speaker 2: the Party of Fiscal Responsibility, and you'll see that demonstrated 293 00:12:47,200 --> 00:12:47,960 Speaker 2: day after day here. 294 00:12:48,200 --> 00:12:50,240 Speaker 4: How speaker Mike Johnson, thank you so much for being 295 00:12:50,240 --> 00:12:50,600 Speaker 4: with us.