WEBVTT - House Speaker Mike Johnson Talks Big Beautiful Bill 0:00:02.520 --> 0:00:08.560 Bloomberg Audio Studios, podcasts, Radio News House speaker Mike Johnson 0:00:08.880 --> 0:00:10.800 joins us. Now, thank you so much for your time 0:00:10.840 --> 0:00:13.200 this morning. We'd love to begin there. Have you received 0:00:13.200 --> 0:00:14.720 a call back from mister Musk. 0:00:16.040 --> 0:00:19.600 Yes, Look, Elon's a good friend. We texted late last night. 0:00:19.640 --> 0:00:21.680 We're going to talk this morning. I just want to 0:00:21.680 --> 0:00:24.479 make sure that he understands what I think everybody on 0:00:24.520 --> 0:00:28.000 Capitol Hill understands. This is not a spending bill, my friends. 0:00:28.080 --> 0:00:32.120 This is a budget reconciliation bill. And what we're doing 0:00:32.120 --> 0:00:34.919 here is delivering the America First agenda. This is all 0:00:34.960 --> 0:00:38.160 the President's priorities and all the priorities of the Republican Party. 0:00:38.200 --> 0:00:41.000 Everything we promise the American people. That is what we 0:00:41.040 --> 0:00:43.320 are delivering with this piece of legislation. And the reason 0:00:43.320 --> 0:00:47.040 we're using the reconciliation process is because that is the 0:00:47.040 --> 0:00:49.400 only way to get around the sixty vote threshold in 0:00:49.440 --> 0:00:49.920 the Senate. 0:00:50.200 --> 0:00:52.240 Everybody probably recognizes. 0:00:51.720 --> 0:00:54.920 Chuck Schumer and the Democrats are in no mood and 0:00:55.000 --> 0:00:58.040 not going to be helpful in delivering President Trump's agenda 0:00:58.080 --> 0:00:58.640 for the people. 0:00:59.000 --> 0:01:00.360 We have to do it this way. 0:01:00.720 --> 0:01:02.360 We can do it with fifty one votes in the 0:01:02.400 --> 0:01:06.000 Senate only, and that's the urgency of the hour, and 0:01:06.040 --> 0:01:07.760 we have to do it quickly for all the reasons 0:01:07.800 --> 0:01:08.119 we can. 0:01:08.040 --> 0:01:08.800 Discuss this morning. 0:01:08.920 --> 0:01:10.680 So did you get a sentence from Elon Muster in 0:01:10.720 --> 0:01:13.040 those tex exchange that he was going to stop his 0:01:13.120 --> 0:01:15.920 insistence on this bill that he thinks needs to be killed. 0:01:17.319 --> 0:01:19.440 He seems pretty dug in right now, and I can't 0:01:19.520 --> 0:01:22.200 quite understand the motivation behind it. But I would tell 0:01:22.200 --> 0:01:24.840 you that what we're delivering in this bill is not 0:01:24.920 --> 0:01:28.520 only historic tax cuts, but historic savings as well. 0:01:28.880 --> 0:01:29.800 He seems to miss that. 0:01:30.000 --> 0:01:33.400 I mean, the projection is that this legislation is going 0:01:33.480 --> 0:01:37.040 to save us one point six trillion dollars with a t. Now, 0:01:37.080 --> 0:01:40.640 there's never been a piece of legislation ever delivered in 0:01:40.680 --> 0:01:42.680 the history of government on the face of the earth 0:01:43.280 --> 0:01:46.119 that saves that much money. So this is truly historic. Now, 0:01:46.200 --> 0:01:48.880 is it enough? No, because all three of us understand. 0:01:48.920 --> 0:01:52.160 But we have a large federal debt. We've had deficits 0:01:52.200 --> 0:01:54.720 for some time, and it's a serious concern. In fact, 0:01:54.760 --> 0:01:57.640 it's the number one threat to our national security. But 0:01:57.720 --> 0:02:01.480 this is the biggest step using that problem that Congress 0:02:01.520 --> 0:02:04.240 has ever delivered, and we must do it, and I 0:02:04.280 --> 0:02:06.760 will hasten to say this. I've told Elon and tell 0:02:06.800 --> 0:02:10.040 everyone this is the first of a series of steps 0:02:10.080 --> 0:02:13.160 that we will take to bring that debt under control. 0:02:13.400 --> 0:02:14.480 But you can't turn. 0:02:14.280 --> 0:02:14.960 It on a dime. 0:02:15.400 --> 0:02:17.680 It took us decades to get into this situation, so 0:02:17.720 --> 0:02:19.760 we have to we have to do it incrementally, and 0:02:19.800 --> 0:02:22.519 this is a huge step forward in that endeavor. 0:02:22.639 --> 0:02:26.919 What's the driving force behind Elon Musk's problems with this bill? 0:02:26.960 --> 0:02:30.720 Has he asked you directly to potentially keep the electric 0:02:30.840 --> 0:02:33.679 vehicle benefits we saw under the Inflation Reduction Act of 0:02:33.720 --> 0:02:36.760 the Biden error into the bill. 0:02:36.840 --> 0:02:40.400 Look, I'll let everybody draw their own conclusions about Elon's motivations. 0:02:40.440 --> 0:02:41.000 I'll tell you that. 0:02:41.120 --> 0:02:45.200 I mean, obviously, the ev mandate going away is I'm 0:02:45.240 --> 0:02:48.079 sure a concern for you know, the leader of. 0:02:48.040 --> 0:02:51.120 Tesla and other things as well. 0:02:51.320 --> 0:02:53.800 But I think there's a lot of confusion out there 0:02:53.800 --> 0:02:57.080 about what the legislation is. There's certainly a lot of misinformation. 0:02:57.200 --> 0:02:59.880 I mean, the Democrats have been engaged in this effort, 0:03:00.160 --> 0:03:03.200 this strategy for many, many weeks and many months. But 0:03:03.240 --> 0:03:05.960 remember it took us over a year to develop this 0:03:06.040 --> 0:03:09.280 piece of legislation. We have eleven different committees in the House, 0:03:09.360 --> 0:03:13.120 all the areas of jurisdiction that worked on the reconciliation 0:03:13.240 --> 0:03:15.480 effort to reconcile the budget. And what we're going to 0:03:15.520 --> 0:03:19.600 deliver her again is historic tax relief and savings. At 0:03:19.600 --> 0:03:22.920 the same time, if we do not get this bill done, 0:03:23.200 --> 0:03:25.600 the tax cuts of twenty seventeen, the tax cuts and 0:03:25.680 --> 0:03:28.880 JOBZAC will expire at the end of December. Every American 0:03:28.960 --> 0:03:32.040 will receive the largest tax increase in US history, all 0:03:32.080 --> 0:03:32.440 at once. 0:03:32.480 --> 0:03:32.919 It would be. 0:03:32.880 --> 0:03:35.920 Devastating for the economy. So we've addressed that here. We've 0:03:35.920 --> 0:03:39.720 made the tax cuts permanent, and we've infused. 0:03:39.240 --> 0:03:41.000 It with a pro growth. 0:03:40.720 --> 0:03:43.520 Series of policies that will get the economy going again. 0:03:43.600 --> 0:03:45.880 It will be jet fueled to the economy because we're 0:03:45.920 --> 0:03:48.400 going to reduce wasteful spending. We're going to reduce taxes, 0:03:48.520 --> 0:03:50.720 and we're going to reduce regulations as well. 0:03:50.840 --> 0:03:52.320 And that is what will allow. 0:03:52.160 --> 0:03:54.400 Job creators and the energy sector and everyone else to 0:03:54.400 --> 0:03:55.040 get going again. 0:03:55.080 --> 0:03:57.520 And your version of the bill, of course, increases the 0:03:57.640 --> 0:04:01.760 salt deduction cap, which yesterday Senatement Jardy leader John Thune said, quote, 0:04:01.800 --> 0:04:04.440 there isn't a single Republican senator who cares much about 0:04:04.440 --> 0:04:07.400 the salt issue. You and I both know you cannot 0:04:07.440 --> 0:04:11.000 pass this bill without increasing the salt deduction cap. How 0:04:11.000 --> 0:04:15.360 do you envision that deduction changing given the fact that 0:04:15.480 --> 0:04:18.720 no senator Republican senator wants. 0:04:18.480 --> 0:04:21.960 A vote for this, Well, I appreciate that they don't. 0:04:21.960 --> 0:04:24.080 They all come from red states, right as do I, 0:04:24.520 --> 0:04:28.320 and we have very different perspective on salt than our 0:04:28.360 --> 0:04:31.080 colleagues in the Blue states, for example, in California and 0:04:31.120 --> 0:04:32.480 New York, in New Jersey. 0:04:33.000 --> 0:04:35.080 But that is the reality in the House. 0:04:35.160 --> 0:04:37.520 Remembering, and they have to remember my senate friends and 0:04:37.560 --> 0:04:38.760 colleagues have to remember. 0:04:38.800 --> 0:04:39.680 I have to deliver two. 0:04:39.640 --> 0:04:41.800 Hundred and seventeen votes to get that thing across the 0:04:41.839 --> 0:04:44.240 line if they modify it. So I had lunch with 0:04:44.320 --> 0:04:47.720 my senate friends Tuesday, last two weeks ago, before we 0:04:47.800 --> 0:04:50.279 passed the bill in the House on that Thursday, and 0:04:50.320 --> 0:04:53.640 I encourage them to modify it as little as possible, 0:04:53.720 --> 0:04:56.120 right because I gave a metaphor, I said, my friends, 0:04:56.160 --> 0:04:58.000 I am crossing the Grand Canyon on a piece of 0:04:58.040 --> 0:04:58.719 dental flaws. 0:04:58.760 --> 0:05:01.200 Okay, olibrium that we reached here. 0:05:01.240 --> 0:05:04.159 It took quite a bit of time to get to 0:05:04.160 --> 0:05:06.440 where we are, and you can't load me up on 0:05:06.480 --> 0:05:09.440 either side. And if you go and slash the salt 0:05:09.440 --> 0:05:12.360 cap that we negotiated carefully for over a year, it's 0:05:12.400 --> 0:05:14.279 going to make it very difficult for me to deliver 0:05:14.360 --> 0:05:16.880 the necessary number of votes. Remembering I can only lose 0:05:16.920 --> 0:05:19.359 three in the House. They can only lose three in 0:05:19.400 --> 0:05:20.520 the Senate to get this done. 0:05:20.640 --> 0:05:21.799 So we're all working together. 0:05:21.839 --> 0:05:24.799 It's one team, House and Senate together, united in this effort. 0:05:25.680 --> 0:05:28.800 They understand that, and I think they understand certainly Leader 0:05:28.839 --> 0:05:30.960 Thun and the leaders over there understand the complexity of 0:05:30.960 --> 0:05:32.400 what we're having to deal with here, Speaker. 0:05:32.160 --> 0:05:33.520 Johnson, just to sort of put a bow on it, 0:05:33.520 --> 0:05:35.719 So forty thousands still likely to remain the cap. 0:05:38.000 --> 0:05:40.280 That's what we negotiated here, and I'm certainly trying to 0:05:40.320 --> 0:05:41.200 hold to that number. 0:05:41.240 --> 0:05:42.760 And look, we've paid for it. 0:05:42.839 --> 0:05:45.039 I think we've got it worked out and all the 0:05:45.080 --> 0:05:47.480 math and the legislation, and I think it's something that 0:05:47.880 --> 0:05:49.560 I know they're not in love with it, but I 0:05:49.600 --> 0:05:52.920 certainly hope they'll tolerated so we can maintain our vote 0:05:52.960 --> 0:05:53.680 tally over here. 0:05:53.640 --> 0:05:56.400 Speaker Johnson, as you walk that piece of dental floss 0:05:56.560 --> 0:05:58.760 over the Grand Canyon. There is this question of how 0:05:58.839 --> 0:06:02.239 the bill is currently being used, whether it's for budget 0:06:02.560 --> 0:06:06.359 negotiations and budget reconciliation over the next decade, or whether 0:06:06.560 --> 0:06:11.039 it's to negotiate trade agreements. There is two point eight 0:06:11.160 --> 0:06:14.960 trillion dollars of revenue that is being penciled in by 0:06:15.040 --> 0:06:19.400 the Congressional Budget Office from tariffs that might be used 0:06:19.400 --> 0:06:22.240 as a negotiating tactic might not be How do you 0:06:22.400 --> 0:06:25.839 understand the way that tariffs are looked at as part 0:06:26.000 --> 0:06:27.960 of this budget balancing Act. 0:06:29.080 --> 0:06:32.000 Well, it hasn't been included in the calculations, and that's 0:06:32.040 --> 0:06:35.000 because groups like the CBO, the Congressional Budget Office, as 0:06:35.040 --> 0:06:37.200 you noted, won't give us any credit for that. 0:06:37.279 --> 0:06:38.279 But it is very real. 0:06:38.360 --> 0:06:40.520 I mean, the revenue is real, and it is realized, 0:06:40.560 --> 0:06:43.920 and it's not included in the calculation that we've made 0:06:44.000 --> 0:06:46.560 or they've made. But obviously it's a big factor. 0:06:47.080 --> 0:06:47.960 We believe that we're. 0:06:47.880 --> 0:06:50.760 Going to bring about a rory and economy again. And 0:06:50.800 --> 0:06:54.760 it's not based on conjecture or ground list optimism. I mean, 0:06:54.920 --> 0:06:56.960 this is based on the history. We did this in 0:06:57.000 --> 0:06:59.320 twenty seventeen after the first two years of the Trump 0:06:59.360 --> 0:07:02.120 administration when we passed the tax cuts and jobs ac 0:07:02.320 --> 0:07:06.000 We reduce taxes, we reduce regulations, and the economy is roaring. 0:07:06.080 --> 0:07:08.280 I mean, you all remember before COVID, we had the 0:07:08.279 --> 0:07:09.880 greatest economy in the history of the world. 0:07:09.880 --> 0:07:11.560 I mean, everybody was doing better. 0:07:11.640 --> 0:07:15.240 Every demographic wages were up, the job participation numbers where 0:07:15.240 --> 0:07:18.720 at record highs, inflation was down, and manageable things were 0:07:18.720 --> 0:07:19.200 going great. 0:07:19.240 --> 0:07:20.160 And then COVID hit. 0:07:20.280 --> 0:07:23.120 So we're going to do that same series of policies, 0:07:23.120 --> 0:07:25.720 implement that same philosophy, but this time, as I say, 0:07:25.960 --> 0:07:28.240 on steroids, and it's going to make a major difference 0:07:28.240 --> 0:07:29.240 for every in everybody's lives. 0:07:29.320 --> 0:07:30.040 Spare Johnson. 0:07:30.160 --> 0:07:31.960 A lot of people in Marcus are concerned about a 0:07:32.000 --> 0:07:34.800 number of provisions here and actually don't think they will 0:07:34.840 --> 0:07:38.440 spur growth, one of them being Section eight ninety nine, 0:07:38.520 --> 0:07:42.080 which talks about taxing foreign investment in the United States 0:07:42.120 --> 0:07:46.520 from specific countries that have non tariff barriers like the 0:07:46.600 --> 0:07:50.440 VAT tax and other things that have been contentious during 0:07:50.520 --> 0:07:55.240 negotiations of trade deals. How much do you see that dampening. 0:07:55.240 --> 0:07:57.120 I mean, there's not a concern for you because right 0:07:57.160 --> 0:08:00.200 now around the world. There are people wondering whether they 0:08:00.280 --> 0:08:03.320 can still invest in the United States without getting penalized 0:08:03.320 --> 0:08:03.640 for it. 0:08:04.840 --> 0:08:09.320 Yes, Look, there's a complexity to the tariff negotiations. I mean, 0:08:09.640 --> 0:08:11.640 we tip our hat to the White House, and President's 0:08:11.680 --> 0:08:14.080 strategy is working. As you know, there's more than seventy 0:08:14.080 --> 0:08:17.680 five countries renegotiating their trade agreements right now, finalizing that 0:08:17.720 --> 0:08:19.440 even as we speak, that's going to. 0:08:19.360 --> 0:08:22.640 Be better for America because it will be more fair. 0:08:22.920 --> 0:08:25.600 You know, I'm always liking myself to be a Reagan 0:08:25.640 --> 0:08:29.640 Republican and free trade is one of our core principles 0:08:29.640 --> 0:08:33.559 that we've all supported over the years. And every time 0:08:33.559 --> 0:08:34.959 I would say that over the last several years to 0:08:34.960 --> 0:08:37.800 President Trump, he would say, yes, free and fair trade, 0:08:37.840 --> 0:08:40.160 and he's right. I mean, this is a disparity that 0:08:40.240 --> 0:08:42.400 must have needed to be addressed and it has been. 0:08:42.480 --> 0:08:45.240 So we think in total, this is going to be 0:08:45.280 --> 0:08:47.160 good when it's all when all the dust settles on 0:08:47.200 --> 0:08:49.920 the tariff negotiations and the new trade agreements. 0:08:49.920 --> 0:08:51.560 So it's going to be good for America and good 0:08:51.559 --> 0:08:54.080 for the world. And so we're factoring that in. 0:08:54.200 --> 0:08:56.600 We're working in tandem with the White House, and it's 0:08:56.679 --> 0:08:58.520 part is going to stay in calculation in the la. 0:08:58.520 --> 0:09:01.160 Liaker Johnson, just to be clear that provision will stay 0:09:01.200 --> 0:09:02.280 in that is important to you. 0:09:04.000 --> 0:09:04.920 Look, I think it is. 0:09:04.960 --> 0:09:07.960 I mean, obviously the bill is still a live instrument 0:09:08.000 --> 0:09:10.280 that's being worked on in the Senate, so we'll see 0:09:10.640 --> 0:09:13.280 if they modify those provisions. But I think for now, 0:09:13.280 --> 0:09:15.600 I think that's good policy for US, and I want 0:09:15.640 --> 0:09:18.880 to say to foreign investors, you're in good stead to 0:09:19.520 --> 0:09:21.520 invest in America. This is the time to do it, 0:09:21.559 --> 0:09:23.920 because the American economy is about to take off again 0:09:24.240 --> 0:09:25.600 and it's going to be good for you and good. 0:09:25.520 --> 0:09:26.040 For the world. 0:09:26.559 --> 0:09:29.520 We're the largest trading partner for most other nations. They 0:09:29.600 --> 0:09:30.480 need America, and a. 0:09:30.480 --> 0:09:32.360 Strong America is good for the whole world. 0:09:32.440 --> 0:09:34.199 And that is what we are going to bring about 0:09:34.280 --> 0:09:36.800 with these sound policies and pro growth initiatives. 0:09:36.920 --> 0:09:39.760 Speaking Johnson, you and your colleagues have a self imposed 0:09:39.880 --> 0:09:42.920 July fourth deadline. Partially that is because you have to 0:09:43.040 --> 0:09:46.600 raise the debt ceiling. Are you considering raising the debt 0:09:46.640 --> 0:09:50.080 limit if this deal isn't finished by July fourth with 0:09:50.120 --> 0:09:52.600 a different measure, Well. 0:09:52.480 --> 0:09:53.679 It'd be very difficult to do it. 0:09:53.760 --> 0:09:57.040 I mean, it would require bipartisan measure in that regard, 0:09:57.080 --> 0:09:58.880 and I would like to believe that Chuck Schumer and 0:09:58.920 --> 0:10:00.679 the Democrats and the Senate would do the right thing, 0:10:00.720 --> 0:10:04.920 but I wouldn't count on that. That debt cliff as 0:10:05.080 --> 0:10:07.840 we're regarding it, is coming soon, and that's why Secretary 0:10:07.920 --> 0:10:09.719 Besson has said we've got to get this done by 0:10:09.720 --> 0:10:11.840 Independence Day, and I think it'd be a great celebration 0:10:11.960 --> 0:10:14.160 for all of us. But it's not just because of 0:10:13.880 --> 0:10:17.000 the debt ceiling. It's also because we need to get 0:10:17.040 --> 0:10:20.480 tax relief in this new roaring economy to the American 0:10:20.520 --> 0:10:23.240 people as quickly as possible. They're owed that and this 0:10:23.280 --> 0:10:24.920 is going to be a great thing for everyone. And 0:10:26.000 --> 0:10:27.640 I have to also think about the politics of it. 0:10:27.720 --> 0:10:29.720 Right we have a midterm election coming up in twenty 0:10:29.720 --> 0:10:30.280 twenty six. 0:10:30.559 --> 0:10:33.240 If we get this done soon and quickly this summer, 0:10:33.880 --> 0:10:36.640 then everyone will feel those effects before they have to 0:10:36.640 --> 0:10:39.319 go vote again in that midterm election. We want to 0:10:39.360 --> 0:10:41.319 keep the House majority and keep this going for four 0:10:41.400 --> 0:10:43.640 years for President Trump and not two. And if we 0:10:43.679 --> 0:10:46.040 lost the majority, there's no doubt that the House Democrats 0:10:46.040 --> 0:10:48.960 would try to impeach the president and everything would be 0:10:49.000 --> 0:10:52.920 truly chaotic for investors and job creators and consumers. So 0:10:53.240 --> 0:10:55.320 we have to keep this going, keep the momentum going. 0:10:55.360 --> 0:10:57.800 The timeline is very important, and that's why I put 0:10:57.800 --> 0:10:59.240 this on a very aggressive schedule. 0:10:59.280 --> 0:11:01.319 I said the early part of this year that we. 0:11:01.240 --> 0:11:03.319 Would pass the big, beautiful bill out of the House 0:11:03.800 --> 0:11:06.679 before Memorial Day, and people laughed, they mocked me when 0:11:06.679 --> 0:11:08.559 I said that, But we beat it by four days. 0:11:08.720 --> 0:11:10.280 We're going to stay on track and we're going to 0:11:10.320 --> 0:11:11.360 deliver for the American people. 0:11:11.400 --> 0:11:14.520 Will you have exactly twenty nine days to hit that deadline? 0:11:14.559 --> 0:11:17.319 Are you saying there's no plan B for raising the 0:11:17.360 --> 0:11:20.760 debt ceiling if this bill is not done between House 0:11:20.800 --> 0:11:22.240 Republicans and House Senators. 0:11:23.200 --> 0:11:25.880 Look, Republicans in a House and Senate will deliver and 0:11:26.000 --> 0:11:27.920 will take care of our business one way or the other. 0:11:28.280 --> 0:11:31.840 But I'm just telling you the smartest and most efficacious 0:11:31.880 --> 0:11:33.920 way to do this is to stay on this schedule 0:11:33.920 --> 0:11:36.240 and deliver for the people. And that's what we're doggedly 0:11:36.280 --> 0:11:39.040 determined to do or laser focused on it. And if 0:11:39.080 --> 0:11:41.680 we take our focus off of that, then the strategy 0:11:41.720 --> 0:11:44.000 doesn't work. So I'm telling you that we are working 0:11:44.040 --> 0:11:46.479 on that regard. Leader Thun and I are in constant communication. 0:11:46.640 --> 0:11:48.400 He understands that deadline as well. 0:11:48.640 --> 0:11:50.000 The Secretary of the Treasury and. 0:11:50.480 --> 0:11:53.600 The NEEC and all the leaders in the White House 0:11:54.080 --> 0:11:55.480 and the Administration understand that. 0:11:55.559 --> 0:11:56.600 So we're going to get it done. 0:11:56.800 --> 0:11:59.320 Speaker Johnson, how closely are you watching the bond markets 0:11:59.360 --> 0:12:02.240 right now, given fact that we've seen a real sense 0:12:02.240 --> 0:12:07.840 of concern, particularly in longer duration US treasuries, We. 0:12:07.760 --> 0:12:08.480 Watch it closely. 0:12:08.880 --> 0:12:12.280 Look, I really do believe that delivering this historic legislation 0:12:12.360 --> 0:12:14.520 is going to be critically important for a lot of reasons, 0:12:14.559 --> 0:12:16.840 not the least of which is that Congress can. 0:12:16.760 --> 0:12:19.079 Send a very important signal to the. 0:12:19.040 --> 0:12:23.040 Bond markets, to the stock market, to investors everywhere that 0:12:23.080 --> 0:12:25.320 we're very serious about this not only in getting the 0:12:25.440 --> 0:12:28.920 US economy roaring again, but also in addressing the long 0:12:29.000 --> 0:12:31.400 term debt. And I think that's an important thing for 0:12:31.440 --> 0:12:34.720 everyone to understand. We have a strategy that's a multiple steps, 0:12:34.720 --> 0:12:38.440 as I said, multiple steps strategy to address this over 0:12:38.520 --> 0:12:40.960 the next year, two years, three years, and we're going 0:12:41.040 --> 0:12:43.600 to get the US economy back on sound footing. We're 0:12:43.640 --> 0:12:47.120 the Party of Fiscal Responsibility, and you'll see that demonstrated 0:12:47.200 --> 0:12:47.960 day after day here. 0:12:48.200 --> 0:12:50.240 How speaker Mike Johnson, thank you so much for being 0:12:50.240 --> 0:12:50.600 with us.