Speaker 1: Bloomberg Audio Studios, podcasts, Radio News.
Speaker 2: Chairman, thanks so much for being with us. You've said
Speaker 2: you want to deliver a budget with tax cuts to
Speaker 2: the president.
Speaker 1: By Memorial Day.
Speaker 2: Do you think right now you can realistically still hit
Speaker 2: that timeframe.
Speaker 1: We absolutely can deliver it to the president by July fourth.
Speaker 1: That has been a goal of mine for a long time.
Speaker 1: Of course, this is a very big bill. The President
Speaker 1: calls it the one big beautiful bill. It will have
Speaker 1: border policy, it will have defense, it will have spending cuts,
Speaker 1: but also it will make sure that it allows permanency
Speaker 1: of President Trump's expiring twenty seventeen tax provisions, but also
Speaker 1: new provisions that he campaigned on, like no tax on tips,
Speaker 1: no tax in overtime, tax relief for seniors. But we
Speaker 1: can put that on the desk by July fourth. Is
Speaker 1: it going to be easy? Absolutely not. We have very
Speaker 1: narrow thin margins both in the House and the Senate.
Speaker 1: But we're going to get it done.
Speaker 2: You know, you talk about things like no tax on tips,
Speaker 2: the Trump era tax cuts, taking those out of the budget.
Speaker 2: Are you still confident you'll be able to get everything
Speaker 2: paid for that needs to get paid for.
Speaker 1: We're going to be able to be within the numbers
Speaker 1: that was in the budget resolution. There's no question that
Speaker 1: we can do that. It's so important because if we
Speaker 1: aren't successful, every single American on average will face a
Speaker 1: twenty two percent tax increase, and that's the last thing
Speaker 1: they need. When they look over the last four years,
Speaker 1: inflation's gone up twenty one percent. That's made it more
Speaker 1: difficult for them to put food on their table, closing
Speaker 1: their backs, gasoline in their cars. We cannot allow this
Speaker 1: tax increase on everyday Americans.
Speaker 2: So you've discussed cuts to Medicaid. Are you confident you
Speaker 2: can get all Republicans on board or certainly you know
Speaker 2: enough to get this done without Democrats many who have
Speaker 2: said that is a red line for them.
Speaker 1: The President's been very clear he does not want to
Speaker 1: cut eligibility and benefits to people on Medicaid, Medicare, or
Speaker 1: Social Security. He's looking at possibly work requirements. He's open
Speaker 1: to making sure illegals aren't receiving benefits. That's another item
Speaker 1: that he's looking at. But in regards to finding spending cuts,
Speaker 1: there's numerous ways we can find spending cuts. One example
Speaker 1: is to eliminate some bad tax policy there's hundreds of
Speaker 1: billions of dollars within the Green New Deal tax scam
Speaker 1: that was passed, and that can be used to pay
Speaker 1: for all of these items like no tax on tips,
Speaker 1: tax really for seniors, and no tax on overtime.
Speaker 2: Has President Trump come out and said that he would
Speaker 2: support expand expanding Medicaid work requirements for those up to
Speaker 2: age sixty four? He's a come out and said I
Speaker 2: will do this.
Speaker 1: I don't know for certain if that was a thing,
Speaker 1: but I do know that he has showed that he's
Speaker 1: open to doing some type of work requirements for able bodied,
Speaker 1: healthy adults that's on Medicaid. But don't I don't recall
Speaker 1: what you were referring to on No.
Speaker 2: I'm just wondering in your conversations if he has said
Speaker 2: to you, yes, I'm open to absolutely supporting that.
Speaker 1: So he has showed that he's open to efficiencies in
Speaker 1: government as long as they do not cut benefits for
Speaker 1: people that's on Medicaid, Medicare, or Social Security.
Speaker 2: Now, could the tax bill limit the state and local
Speaker 2: deduction to those earning less than four hundred thousand dollars
Speaker 2: a year.
Speaker 1: It's whatever Congress decides to do. I think that it's
Speaker 1: very important that this tax bill is providing relief for
Speaker 1: working families, small business owners, and farmers. This is the
Speaker 1: priority of House Republicans, and whenever you look at every
Speaker 1: tax provision, I think that's something to be mindful of.
Speaker 2: How high could the deduction limit go? Twenty five thousand
Speaker 2: has been suggested, but New York and California Republicans have
Speaker 2: said that isn't enough.
Speaker 1: So balancing all the different items within the tax code
Speaker 1: is super important. We have some members who would like
Speaker 1: an unlimited salt deduction. We have others that don't want
Speaker 1: you to even be able to deduct one dollar for salt.
Speaker 1: I have to have all the members. I can only
Speaker 1: lose three to pass this bill. So it's really threading
Speaker 1: a needle and balancing it to find the right number.
Speaker 1: Ten thousand dollars is not satisfactory. We're going to have
Speaker 1: to increase it, but we're going to find a fair balance.
Speaker 1: Typically the number that we'll find will probably make everyone unhappy,
Speaker 1: and so that means it's probably the right number.
Speaker 2: When you talk about three, I mean that is a
Speaker 2: low number. How do you get everybody on board for
Speaker 2: all the different things they want for specific states. How
Speaker 2: do you do that?
Speaker 1: One big, beautiful bill is how we will do that,
Speaker 1: because it's a balancing approach. Like I said, there's going
Speaker 1: to be things that you absolutely love and there's going
Speaker 1: to be some other things that you don't like nearly
Speaker 1: as much. And so the overall picture of this bill,
Speaker 1: the border security, the homeland security, the spending cuts, and
Speaker 1: also the tax cuts for working fans only, small businesses
Speaker 1: and farmers, you have to look at all of it
Speaker 1: together and how that delivers real results for the people
Speaker 1: who we represent.