1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, Radio News. 2 00:00:07,840 --> 00:00:10,959 Speaker 2: Chairman, thanks so much for being with us. You've said 3 00:00:10,960 --> 00:00:13,399 Speaker 2: you want to deliver a budget with tax cuts to 4 00:00:13,440 --> 00:00:14,560 Speaker 2: the president. 5 00:00:14,320 --> 00:00:15,280 Speaker 1: By Memorial Day. 6 00:00:15,320 --> 00:00:17,840 Speaker 2: Do you think right now you can realistically still hit 7 00:00:17,840 --> 00:00:18,440 Speaker 2: that timeframe. 8 00:00:18,720 --> 00:00:22,919 Speaker 1: We absolutely can deliver it to the president by July fourth. 9 00:00:23,040 --> 00:00:25,919 Speaker 1: That has been a goal of mine for a long time. 10 00:00:25,920 --> 00:00:28,320 Speaker 1: Of course, this is a very big bill. The President 11 00:00:28,320 --> 00:00:31,200 Speaker 1: calls it the one big beautiful bill. It will have 12 00:00:31,280 --> 00:00:34,560 Speaker 1: border policy, it will have defense, it will have spending cuts, 13 00:00:34,560 --> 00:00:38,280 Speaker 1: but also it will make sure that it allows permanency 14 00:00:38,520 --> 00:00:43,480 Speaker 1: of President Trump's expiring twenty seventeen tax provisions, but also 15 00:00:43,640 --> 00:00:47,400 Speaker 1: new provisions that he campaigned on, like no tax on tips, 16 00:00:47,520 --> 00:00:50,720 Speaker 1: no tax in overtime, tax relief for seniors. But we 17 00:00:50,720 --> 00:00:52,519 Speaker 1: can put that on the desk by July fourth. Is 18 00:00:52,560 --> 00:00:55,400 Speaker 1: it going to be easy? Absolutely not. We have very 19 00:00:55,680 --> 00:00:58,400 Speaker 1: narrow thin margins both in the House and the Senate. 20 00:00:58,480 --> 00:00:59,840 Speaker 1: But we're going to get it done. 21 00:01:00,040 --> 00:01:02,880 Speaker 2: You know, you talk about things like no tax on tips, 22 00:01:03,360 --> 00:01:07,800 Speaker 2: the Trump era tax cuts, taking those out of the budget. 23 00:01:07,840 --> 00:01:10,520 Speaker 2: Are you still confident you'll be able to get everything 24 00:01:10,560 --> 00:01:12,880 Speaker 2: paid for that needs to get paid for. 25 00:01:13,400 --> 00:01:15,959 Speaker 1: We're going to be able to be within the numbers 26 00:01:16,000 --> 00:01:19,320 Speaker 1: that was in the budget resolution. There's no question that 27 00:01:19,880 --> 00:01:22,520 Speaker 1: we can do that. It's so important because if we 28 00:01:22,600 --> 00:01:27,120 Speaker 1: aren't successful, every single American on average will face a 29 00:01:27,160 --> 00:01:30,720 Speaker 1: twenty two percent tax increase, and that's the last thing 30 00:01:30,760 --> 00:01:33,559 Speaker 1: they need. When they look over the last four years, 31 00:01:33,680 --> 00:01:37,640 Speaker 1: inflation's gone up twenty one percent. That's made it more 32 00:01:37,640 --> 00:01:39,759 Speaker 1: difficult for them to put food on their table, closing 33 00:01:39,760 --> 00:01:42,360 Speaker 1: their backs, gasoline in their cars. We cannot allow this 34 00:01:42,480 --> 00:01:44,400 Speaker 1: tax increase on everyday Americans. 35 00:01:44,480 --> 00:01:47,720 Speaker 2: So you've discussed cuts to Medicaid. Are you confident you 36 00:01:47,800 --> 00:01:50,800 Speaker 2: can get all Republicans on board or certainly you know 37 00:01:50,960 --> 00:01:53,240 Speaker 2: enough to get this done without Democrats many who have 38 00:01:53,280 --> 00:01:54,840 Speaker 2: said that is a red line for them. 39 00:01:55,040 --> 00:01:57,680 Speaker 1: The President's been very clear he does not want to 40 00:01:57,720 --> 00:02:02,760 Speaker 1: cut eligibility and benefits to people on Medicaid, Medicare, or 41 00:02:02,760 --> 00:02:06,559 Speaker 1: Social Security. He's looking at possibly work requirements. He's open 42 00:02:06,640 --> 00:02:11,720 Speaker 1: to making sure illegals aren't receiving benefits. That's another item 43 00:02:11,760 --> 00:02:16,760 Speaker 1: that he's looking at. But in regards to finding spending cuts, 44 00:02:16,800 --> 00:02:19,840 Speaker 1: there's numerous ways we can find spending cuts. One example 45 00:02:20,240 --> 00:02:23,840 Speaker 1: is to eliminate some bad tax policy there's hundreds of 46 00:02:23,880 --> 00:02:29,440 Speaker 1: billions of dollars within the Green New Deal tax scam 47 00:02:29,480 --> 00:02:32,320 Speaker 1: that was passed, and that can be used to pay 48 00:02:32,360 --> 00:02:34,680 Speaker 1: for all of these items like no tax on tips, 49 00:02:34,720 --> 00:02:37,320 Speaker 1: tax really for seniors, and no tax on overtime. 50 00:02:37,400 --> 00:02:39,679 Speaker 2: Has President Trump come out and said that he would 51 00:02:39,760 --> 00:02:44,240 Speaker 2: support expand expanding Medicaid work requirements for those up to 52 00:02:44,280 --> 00:02:46,200 Speaker 2: age sixty four? He's a come out and said I 53 00:02:46,200 --> 00:02:46,680 Speaker 2: will do this. 54 00:02:47,040 --> 00:02:49,960 Speaker 1: I don't know for certain if that was a thing, 55 00:02:50,080 --> 00:02:52,800 Speaker 1: but I do know that he has showed that he's 56 00:02:52,919 --> 00:02:57,360 Speaker 1: open to doing some type of work requirements for able bodied, 57 00:02:57,400 --> 00:03:03,560 Speaker 1: healthy adults that's on Medicaid. But don't I don't recall 58 00:03:03,840 --> 00:03:05,359 Speaker 1: what you were referring to on No. 59 00:03:05,480 --> 00:03:08,000 Speaker 2: I'm just wondering in your conversations if he has said 60 00:03:08,040 --> 00:03:11,480 Speaker 2: to you, yes, I'm open to absolutely supporting that. 61 00:03:11,840 --> 00:03:16,280 Speaker 1: So he has showed that he's open to efficiencies in 62 00:03:16,360 --> 00:03:19,400 Speaker 1: government as long as they do not cut benefits for 63 00:03:19,520 --> 00:03:22,480 Speaker 1: people that's on Medicaid, Medicare, or Social Security. 64 00:03:22,680 --> 00:03:24,760 Speaker 2: Now, could the tax bill limit the state and local 65 00:03:24,800 --> 00:03:27,560 Speaker 2: deduction to those earning less than four hundred thousand dollars 66 00:03:27,600 --> 00:03:27,959 Speaker 2: a year. 67 00:03:28,520 --> 00:03:31,679 Speaker 1: It's whatever Congress decides to do. I think that it's 68 00:03:31,800 --> 00:03:35,000 Speaker 1: very important that this tax bill is providing relief for 69 00:03:35,160 --> 00:03:38,800 Speaker 1: working families, small business owners, and farmers. This is the 70 00:03:38,840 --> 00:03:42,480 Speaker 1: priority of House Republicans, and whenever you look at every 71 00:03:42,560 --> 00:03:45,000 Speaker 1: tax provision, I think that's something to be mindful of. 72 00:03:45,080 --> 00:03:47,560 Speaker 2: How high could the deduction limit go? Twenty five thousand 73 00:03:47,600 --> 00:03:50,400 Speaker 2: has been suggested, but New York and California Republicans have 74 00:03:50,520 --> 00:03:51,560 Speaker 2: said that isn't enough. 75 00:03:51,920 --> 00:03:56,040 Speaker 1: So balancing all the different items within the tax code 76 00:03:56,120 --> 00:03:59,720 Speaker 1: is super important. We have some members who would like 77 00:03:59,760 --> 00:04:03,440 Speaker 1: an unlimited salt deduction. We have others that don't want 78 00:04:03,480 --> 00:04:06,400 Speaker 1: you to even be able to deduct one dollar for salt. 79 00:04:07,000 --> 00:04:08,880 Speaker 1: I have to have all the members. I can only 80 00:04:08,920 --> 00:04:12,080 Speaker 1: lose three to pass this bill. So it's really threading 81 00:04:12,120 --> 00:04:15,440 Speaker 1: a needle and balancing it to find the right number. 82 00:04:15,480 --> 00:04:18,719 Speaker 1: Ten thousand dollars is not satisfactory. We're going to have 83 00:04:18,720 --> 00:04:20,919 Speaker 1: to increase it, but we're going to find a fair balance. 84 00:04:21,080 --> 00:04:24,960 Speaker 1: Typically the number that we'll find will probably make everyone unhappy, 85 00:04:25,000 --> 00:04:26,680 Speaker 1: and so that means it's probably the right number. 86 00:04:26,760 --> 00:04:29,120 Speaker 2: When you talk about three, I mean that is a 87 00:04:29,320 --> 00:04:33,000 Speaker 2: low number. How do you get everybody on board for 88 00:04:33,120 --> 00:04:36,400 Speaker 2: all the different things they want for specific states. How 89 00:04:36,440 --> 00:04:37,040 Speaker 2: do you do that? 90 00:04:37,560 --> 00:04:40,719 Speaker 1: One big, beautiful bill is how we will do that, 91 00:04:40,920 --> 00:04:44,760 Speaker 1: because it's a balancing approach. Like I said, there's going 92 00:04:44,839 --> 00:04:47,880 Speaker 1: to be things that you absolutely love and there's going 93 00:04:47,920 --> 00:04:49,640 Speaker 1: to be some other things that you don't like nearly 94 00:04:49,680 --> 00:04:53,400 Speaker 1: as much. And so the overall picture of this bill, 95 00:04:53,760 --> 00:04:58,240 Speaker 1: the border security, the homeland security, the spending cuts, and 96 00:04:58,360 --> 00:05:00,920 Speaker 1: also the tax cuts for working fans only, small businesses 97 00:05:00,920 --> 00:05:02,760 Speaker 1: and farmers, you have to look at all of it 98 00:05:02,880 --> 00:05:06,359 Speaker 1: together and how that delivers real results for the people 99 00:05:06,360 --> 00:05:07,160 Speaker 1: who we represent.