July 2, 2025 - Bannon's War Room
51:54
Participants
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| Speaker | Time | Text |
|---|---|---|
| This is the final scream of a dying regime. | ||
| Pray for our enemies. | ||
| Because we're going to make evil on these people. | ||
| You're going to not get a free shot at all these networks lying about the people. | ||
| The people have had a belly full of it. | ||
| I know you don't like hearing that. | ||
| I know you've tried to do everything in the world to stop that, but you're not going to stop it. | ||
| It's going to happen. | ||
| And where do people like that go to share the big lie? | ||
| MAGA Media. | ||
| I wish in my soul, I wish that any of these people had a conscience. | ||
| Ask yourself, what is my task and what is my purpose? | ||
| If that answer is to save my country, this country will be saved. | ||
|
unidentified
|
War Room. | |
| Here's your host, Stephen K. Band. | ||
| Okay, welcome back to The Warroom. | ||
| It's Wednesday, 2 July, Eurovalure, 2025. | ||
| There's a lot going on globally, internationally. | ||
| There is, but most importantly here, President Trump is in a struggle now to make sure his big, beautiful bill, the one that the Senate kind of reworked from the House, is now approved by the House and get on with signing it and executing it. | ||
| E.J. Antoni is going to join us as soon as we get E.J. Antoni up. | ||
| E.J. Antoni is a labor expert, economist, and does a magnificent job been ahead of it. | ||
| A bombshell jobs report this morning that I think ought to be a wake-up call to everybody. | ||
| I believe, I think my numbers are right, but I could be off and E.J. will help me get focused. | ||
| I think it was supposed to be 100,000. | ||
| They were predicting 100,000 uptick in jobs, and I think it was a 33,000 job miss. | ||
| That's a pretty big swing. | ||
| We have been saying, and Microsoft then again announced today more layoffs off the big, I think, 2,500 layoffs they were going to have a couple of weeks ago. | ||
| Folks, this is the beginning of the AI apocalypse. | ||
| Now, not all these jobs relate to AI. | ||
| In fact, a lot of these were not even layoffs. | ||
| What they were is not filling jobs that came open, not filling billets that came open. | ||
| The businesses are just going to, on a wait-and-see basis. | ||
| A lot of this is also on a wait-and-see basis of what artificial intelligence and artificial intelligence as an aid to workers, particularly low-skill, or particularly white-collar workers and kind of those entry-level jobs or the second-tier, you know, entry-level plus jobs about what can be taken away. | ||
| And so this is incredibly important. | ||
| It's going to, I think, influence what's happening at the White House today as people are going to be talking about this. | ||
| This was a miss and it was not anticipated. | ||
| Although myself and Cortez have been up and also the Axios guys are saying there's something going on in the job market, you can see that one of the things we can see is that recent graduates are not having the opportunities that people anticipated, particularly with an economy that's starting to turn around. | ||
| Remember, President Trump's entire program is on turning around the doldrums of the Biden economy, doing a supply-side tax cut, and getting to 2.83, 3.5% growth. | ||
| The American economy, to be robust, to be replacing jobs, to keep unemployment down, to keep the whole apparatus or the whole project moving forward, you need minimum of like 3% growth. | ||
| You have to have 3% growth or higher. | ||
| And particularly in Scott Besson's plan at Treasury, you need, and I think Chip agrees with 3.5%, but even at 3%, you start to get ahead of where you're growing the economy and tax revenues and tariff revenues higher than you're adding deficits from spending. | ||
| Now, that's what a supply-side tax cut's about. | ||
| People say, well, that's very risky. | ||
| Well, it's not risky in the fact of you understand the elements that you're putting in there and you understand how you're going to unlock the animal spirits, how you're going to unlock the vitality of the American economy. | ||
| E.J. Antoni joins me now. | ||
| E.J., I had you on here because we were going to talk at the Big Beautiful Bill and the Growth Package. | ||
| Of course, you're one of the nation's leading, I would say, labor economists and thinking about labor. | ||
| You've been on for four years here, giving it to us. | ||
| Was this kind of a bombshell report today, or am I overreading this? | ||
| What happened on this labor report today, sir? | ||
| Well, Steve, I think part of what we're dealing with still is the fallout of the last four or five years and all of the disruptions that we had from COVID. | ||
| So, you know, unfortunately, there's a couple of different things we have to remember. | ||
| One is just the reliability of data. | ||
| In other words, we get initial reports and then we have to several months down the road revise them. | ||
| Sometimes it's a year later, we have to revise them. | ||
| And so very often the labor market is not exactly as it appears or is not exactly as the initial data makes it appear. | ||
| So there's that. | ||
| The other thing is our baseline, if you want to call it that, has been completely messed up because of COVID. | ||
| For example, the first couple of years of the Biden administration, how many times did they tell us we're adding all these jobs? | ||
| We're adding record jobs. | ||
| No, you're simply just returning back to the previous level that you had after a massive decline. | ||
| You then get a massive increase. | ||
| But if you look over time and if you look at the trend there, nothing's really changed, right? | ||
| So context is probably the most important thing to remember here. | ||
| I want to go back. | ||
| In regards to that context, for years, he would come on this show and we'd have these monthly and quarterly reports. | ||
| He said, hang on for a second. | ||
| Let me go back at how they restate it. | ||
| The Labor Department, and far be it from me to say that the administrative state would ever try to chop block Donald Trump or his administration, but in the recalibrations or the resets we would always have or the reconfigurations and rethinking of the numbers were always, the numbers were more positive. | ||
| And later we get the reality check that they really weren't as good as they were. | ||
| Do you think there's the reverse happening here that the minions over at the Bureau of Labor Statistics in payback to Steve Bannon and EJ and Tony badmouthing them consistently or having payback on President Trump by overstating what the losses are and they're going to come back in a month and they're going to restate and it's not going to be as bad, sir? | ||
| Certainly possible, Steve. | ||
| One of the things that, well, let me put it this way: one of the problems when we look at certain data sets, like the job openings numbers, is the fact that the response rate on those surveys is absolutely horrific. | ||
| I mean, it's not even one in three. | ||
| And so when your response rate is that low, it creates an incredible amount of variability in the data. | ||
| In other words, if I'm going to tell you, I am 90% confident that the actual number falls within a certain interval between, let's say, one and 10, just random numbers here, okay? | ||
| And if I'm going to say, look, I am maybe 50% confident that the number falls between five and six, a much narrower range. | ||
| Well, when your response rate is this low, for you to have any degree of confidence, you need an incredibly wide range. | ||
| In other words, I'm 90% confident the number falls between not one and 10, but one in 30. | ||
| So, again, when we look at these different data sets, that's a very, very important thing to keep in mind. | ||
| And this goes back to what we were just talking about with those huge revisions. | ||
| I would not be surprised if you do end up in coming months, in coming quarters, seeing these massive revisions to the original projection, in part because the original problems with the data that we identified how many times over the last several years, Steve, right? | ||
| We kept pounding the drum that, look, there are problems in these data sets. | ||
| A lot of those problems have not been fixed even today. | ||
| And I'm wondering what on earth is the labor secretary doing now in order to fix those problems and make these numbers more accurate to ensure that we don't have the same kind of inaccuracies under this administration that we had under the last one. | ||
| Okay, all that being contextual, let's go. | ||
| What is this actually stated today? | ||
| This was not layoffs, but this was principally driven by people not filling positions that were open. | ||
| Because I think people anticipated 100,000 job pickup given it's June. | ||
| And what we saw is at least the way this is structured, a 33,000 job down to the negative. | ||
| So it's a pretty big spread, 133,000 miss. | ||
| Is that the basic math? | ||
| Right. | ||
| And we're also, the other important thing I think is that as we look at people who are leaving jobs, we're finding increasingly two things. | ||
| Number one, the actual number of people who are quitting, who are leaving their jobs, is going way, way down. | ||
| And that has to do in part with the fact that they're finding it more difficult to find comparable work for comparable pay. | ||
| So you're seeing fewer people leave. | ||
| And even among those who are leaving jobs, they're not actually, they're not able to find work as quickly. | ||
| So when you see those two things go hand in hand like that, that tells us that it's sending the exact same signal about the labor market. | ||
| And this is part of the reason why the whole mentality of the Federal Reserve right now on interest rate cuts, it just doesn't make any sense. | ||
| They're clearly acting for political purposes because when you compare the labor market data that we have right now with what we had in the fall, it is crystal clear that the labor market is softer today than it was back then, at least for most sectors, maybe not for all sectors. | ||
| That tells us there's much more of a case for interest rate cuts right now than there was in the fall. | ||
| So why did they cut rates then and not right now? | ||
| It has to do with elections and that's it. | ||
| So again, the labor market's a very mixed bag. | ||
| We have some very positive indicators, especially when we look at Native born Americans being able to get jobs today versus this time last year. | ||
| Huge improvement there. | ||
| But there are some areas in which the labor market is clearly softening. | ||
| Now, again, it's not to say that the labor market's falling apart. | ||
| It's not. | ||
| When we look at things like wage growth, that has picked up tremendously. | ||
| Every month this year, actually, annual wage growth has improved. | ||
| Phenomenal news. | ||
| That means we're getting out of the morass that we saw under Biden. | ||
| But again, for every one positive signal you can find right now, you can probably find a negative one somewhere else. | ||
| You just have to know where to look. | ||
| So if I were to describe the labor market today, again, I'm going to call it a mixed bag. | ||
| Okay, hang on for a second. | ||
| I want to go back to the Fed because this is obviously President Trump's very focused on this. | ||
| The Federal Reserve has two mandates. | ||
| One is inflation, right, prices. | ||
| The other is full employment. | ||
| Your point is that on this second, you've seen obviously a softening in the labor market overall over a period of time. | ||
| Last October, right before the election, they did an interest rate cut and President Trump went nuts because it appeared to people that they were trying to juice the markets and get a pop in the stock market and positive results right before Election Day. | ||
| And your point is that since this is one of their responsibilities, I know a lot of us argue they shouldn't have two responsibilities. | ||
| It only should be inflation and prices. | ||
| That if it is labor, and that's one of the ones they're officially mandated with, you have to act accordingly. | ||
| And your point is that you set aside President Trump, just as a labor economist, you're saying it's obvious that the Federal Reserve should step in here and do the rate cut because you have a softening labor market. | ||
| Is that a correct assessment of your position? | ||
| Right, Steve. | ||
| When we look at the Fed's models that they use, their own Keynesian models tell them that they should cut rates today. | ||
| Or at the very least, those Keynesian models say there's a much stronger case for cutting rates right now than there was back in the fall. | ||
| Now, look, I'm not saying I agree with the Keynesian models. | ||
| I'm not saying that I think we should even have a central bank set up the way we do right now. | ||
| That's not my point. | ||
| My point is simply that using the Fed's own logic, using the Fed's own models and the mandate, which they so often cite, that dual mandate that you just articulated, Steve, under the rules of the game that the Fed says they play the game by, we should be cutting rates today. | ||
| Pure and simple. | ||
| That's literally just the fact of the matter. | ||
| The numbers are what they are. | ||
| Inflation has improved. | ||
| The labor market has softened. | ||
| Again, by the Fed's own rules, they should be cutting rates, and yet they're not. | ||
| EJ, you were on here to talk about the Treasury Department, the President's growth plan. | ||
| I want to, if you just hold through the commercial break, we're going to come back to that. | ||
| A labor report today, as EJ said, kind of a mixed bag, but there's a lot of positive. | ||
| And we'll get EJ to reiterate numbers for native-born Americans. | ||
| Would that be of interest to you, native-born Americans? | ||
| The employment's looking better. | ||
| Also, wage growth. | ||
| So it's a lot of good stuff in there, and it shows President Trump's program starting to be executed. | ||
| Philip Patrick and the team. | ||
| So this afternoon, if we can pull it off, we will have the Secretary of Treasury Scott Besson on the five o'clock show this afternoon, depending on kind of what happens on this rules in the House. | ||
| But the Secretary of Treasury will join us. | ||
| This guy says, also, Philip Patrick and the team are now in Rio. | ||
| They're prepping for their meetings. | ||
| They're going to be meeting with finance ministers, central bankers, all of it. | ||
| Philip Patrick's going to give us a highlight on that this afternoon. | ||
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| Short break. | ||
| In your mind? | ||
| Well, I mean, definitely it's the least, the worst job creation from ADP since March of 23. | ||
| That's a pretty good stretch of time. | ||
| We all know that the labor market, at least purported by all the experts, economists, and Fed personnel, is just kind of a ticking time bomb of slowness. | ||
| It's going to definitely slow down. | ||
| It's just a matter of when and what the rate of change is going to be. | ||
| I don't know that I agree with that, but I do agree that the glide path is going to be headed down. | ||
| But I think it's going to be a long glide path and the relationship between ADP and the Labor Department's statistics that we'll be seeing tomorrow. | ||
| As Steve adequately pointed out, there's a widespread there. | ||
| When I look at what happened with Joltz yesterday, when I consider most of the press and headlines over tariffs and the current administration's policies, it doesn't shock me that there may be more uses of the word firing than hiring. | ||
| But maybe it's the contrarian end of this that we should pay more attention to. | ||
| Maybe we should learn a lesson about what the equity markets did, about the kind of counter trend rally we had that briefly pushed yields down, although I think that much of that may be in the rearview mirror. | ||
| Ultimately, I think it's easy. | ||
| Yes, I think the best days of the labor market are behind us. | ||
| But I do think that there could be a resurgence down the road for a variety of reasons after we hit maybe a small speed bump. | ||
| And I think that's the real issue here. | ||
| Are we going to get a genuine slowdown or a small hiccup? | ||
| I'm in the latter camp. | ||
| The great Rick Santelli. | ||
| So once again, with the positive news you're getting there of Native-born Americans and wages, real wages rising. | ||
| Give us your assessment of what Santelli just said. | ||
| I think the key element that he touched on there, Steve, is the fact that the relationship between the ADP numbers, which is what showed that drop today, in particular with the service sector, right? | ||
| The service sector is really what took it on the chin. | ||
| But whatever the case, the fact that ADP numbers came down, showed negative job growth, that has actually very little correlation with the non-farm payroll number we're going to get tomorrow from the Bureau of Labor Statistics. | ||
| And so, and by the way, that actually has been the case even after ADP changed their methodology to try to make their private payroll numbers better reflect the non-farm figure from BLS. | ||
| So even with trying to adjust the methodology in a post-COVID world, the correlation there has been very, very poor. | ||
| All that being said, again, I still have pretty high level of confidence that we're going to get a positive number tomorrow, that we're not going to drop into the negative. | ||
| And that's even with the labor market being a lagging indicator. | ||
| In other words, things like the stock market tends to be a leading indicator. | ||
| The fact that stocks went down in April following Liberation Day, that caused plenty of economic disruptions. | ||
| But you can see now stocks are right back up because a lot of those disruptions at this point have been smoothed over. | ||
| So is it possible that you get some decline in employment temporarily because businesses got scared and then they just go right back and hire everybody? | ||
| Sure, certainly possible. | ||
| Going back to your other question, though, in terms of native-born employment, this is something that I think the Trump administration is not getting enough credit for. | ||
| If you look at not just the level of jobs, but who has the jobs, native-born Americans are increasingly doing better. | ||
| What we saw under Biden was repeatedly the annual growth in jobs among native-born Americans versus foreign-born workers. | ||
| The foreign-born workers were consistently beating out their native-born cohort, native-born counterpart, that is. | ||
| So what happened over the last year? | ||
| Well, over the last year, and this obviously is not all Trump, but it shows you the amount of improvement Trump has made in just a few months, native-born Americans added about 1.4 million jobs. | ||
| That's phenomenal news, especially when you consider that foreign-born workers only saw an increase of about 700,000. | ||
| In other words, the vast majority of jobs being added over the last year are going to native-born Americans. | ||
| Now, I actually think that it's good we're still adding jobs for foreign-born workers, because if you look at the total number of jobs that we need to add to the economy, We don't actually have enough workers here at home. | ||
| Unless you take literally all of the people who are now sitting on the sidelines and manage to bring them back into the labor force instantly, you're really not going to be able to fill all of those job openings. | ||
| Now, that's obviously something we want to happen over time. | ||
| But if we look at what happened during the first Trump administration, you were able to add not only plenty of jobs for foreign-born workers, but you were able to add plenty of jobs for native-born Americans. | ||
| And that's one of the key reasons why the Trump economy was so successful the first go-around. | ||
| And it's why it stands in stark contrast to what happened under Biden. | ||
| Under Biden, native-born Americans didn't gain any ground at all. | ||
| All of the net job growth went to foreign-born workers. | ||
| And that's not what we want. | ||
| We want an economy where there are so many jobs that not only are there enough for all native-born Americans to get jobs, but you even have more jobs than that to the point where you're willing to take on some of that foreign-born labor to further grow the economy. | ||
| My recommendation to the Trump administration, the mainstream business media is not going to reach into this number like E.J. and Tony and put up exactly what the reality is. | ||
| This, once again, needs to be sold because it needs to be exposed. | ||
| People need to be aware of this, plus the job growth. | ||
| Axios, I think, has done a very good job of warning about the upcoming potential for this AI jobs apocalypse, particularly in entry-level white-collar jobs in tech, in service economy, managerial, STEM, et cetera. | ||
| Is anything you've seen in the data today? | ||
| We just had Microsoft announce another layoff. | ||
| You've got Intel just announce a big layoff. | ||
| Is there any concern that you see right now in looking at this of a coming AI jobs apocalypse for white-collar workers, sir? | ||
| Not yet, Steve. | ||
| Even when we look at, as I mentioned, the service sector is really what took it on the chin here. | ||
| But even when we drill down into those numbers, it looks like most of the service sector jobs where we are seeing that negativity has to do with things where there's actual labor involved as opposed to just sitting at a computer. | ||
| So for example, even though I personally have seen this in my own work where I no longer have to go to, let's say, an intern and ask them to write me several lines of code to execute a data scraping program. | ||
| I can have AI do that for me now. | ||
| What we're really seeing in the macro level data is things like the leisure and hospitality industry not having to hire as many waitresses right now, not having to hire as much housekeeping staff in hotels. | ||
| So again, right now, at least in the macro level data, what we are seeing is more so the jobs where there's human labor, physical labor involved, as opposed to things related simply to IT. | ||
| We're going to go to the House floor in a moment. | ||
| I think they're now starting to debate the rule. | ||
| We want to go and pick up some of that debate. | ||
| EJ, I asked you to be on here, not for labor. | ||
| That just happened, but actually to make the case that President Trump put it on True Social Today, that the essence of the Big Beautiful Bill, and we're going to go to the House in a minute and see this debate on the rule itself, is about growth. | ||
| I know that you've been one of the big proponents working with Scott Besson and others about a supply-side tax cut because it's about growth. | ||
| Can you walk us through the best argument to pass President Trump's legislation, given that people are saying CBO says it's going to add $3 trillion to the deficit? | ||
| What is your argument from a supply side, sir? | ||
| I think a lot of those arguments, Steve, that say, oh, the bill is going to do all these terrible things, they're kind of confusing stocks and flows, frankly. | ||
| So if you want to think of it this way, your net wealth as a household is a stock. | ||
| It's your assets minus your liabilities, but your annual income is a flow. | ||
| And those things are not directly comparable. | ||
| To a certain extent, it's apples and oranges. | ||
| And people are making the same kind of fallacious comparisons with this bill when they say the deficit is going to go up if you pass this bill. | ||
| Okay, that's true. | ||
| The deficit was going to go up anyway. | ||
| In fact, if you pass the bill, the deficit goes up less. | ||
| So it slows the rate of increase. | ||
| You see, so there's, you know, you can't get, you can't confuse levels with rates of increase. | ||
| Those are different things. | ||
| Yes, it is true that spending is going to go up, but it's going to go up at a slower rate. | ||
| Okay. | ||
| So again, the alternative here is not a perfect bill. | ||
| The alternative here is not the bill that you want. | ||
| It's doing nothing. | ||
| If you do nothing, spending goes up at a faster rate. | ||
| The deficit gets worse at a faster rate. | ||
| The debt gets much worse at a faster rate. | ||
| And at the same time, you're going to start a $4 trillion tax hike on the American middle class beginning in 2026. | ||
| So again, if the alternative is doing nothing, that's a pretty catastrophic scenario. | ||
| So even though the Big Beautiful bill has plenty of flaws, I'm not saying it's perfect. | ||
| It's not. | ||
| It's not the bill you or I would have written, right, Steve? | ||
| But it is still far superior to doing nothing. | ||
| And hopefully we can build on this progress in the future. | ||
| Hopefully the White House will continue to send rescission packages, including pocket rescissions, at the end of the fiscal year. | ||
| And hopefully we will continue, in terms of Congress, to make progress towards further cuts in all of these crazy spending programs. | ||
| EJ, where do people go on your social media, particularly your Twitter account? | ||
| Because you come in pretty hot and you keep people pretty informed. | ||
| Where do they go? | ||
| Twitter's going to be the best place to find me, and the handle there is at real EJ Antoni. | ||
| EJ, thank you so much, brother. | ||
| Fantastic description of all of it. | ||
| Hope people are going to be able to do it. | ||
| Thank you for having me, Steve. | ||
| Let's go to the House floor. | ||
| Thanks, brother. | ||
| Let's go to the House floor and pick it up. | ||
| Pick the action up as it is. | ||
| $3.3 trillion to our nation's $35 trillion debt. | ||
| So much for Republicans being the party of fiscal responsibility. | ||
| They're also gutting the Consumer Financial Protection Bureau, an agency That returned $21 billion to families cheated by mega banks. | ||
| They're cutting housing funds during an affordability crisis and weakening oversight of Wall Street. | ||
| Maybe they've forgotten that the people elected them, not Trump, or the billionaire class. | ||
| And, Mr. Speaker and members, it'll be a cold day in hell before we let Republicans get away with this. | ||
| I yield back. | ||
|
unidentified
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Gentleman from North Carolina. | |
| I reserve, Mr. Speaker. | ||
|
unidentified
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Gentleman, reserved. | |
| Gentleman from Massachusetts? | ||
| Mrs. Speaker, if I could inquire of the gentlelady, if she doesn't have many speakers, maybe she can lend us some time because we have a ton. | ||
| Nice try, Mr. McGovern. | ||
| In Congress, we can measure how much people really believe in their position by whether they're willing to come and join their leaders on the House floor. | ||
| Well, I count four members on the Republican side, and we've got over 75 over here. | ||
| But if I were that, I wouldn't want to be associated with this bill either. | ||
| Mr. Speaker, I'm going to urge we defeat the previous question. | ||
| And if we do, I'll offer an amendment to the rule to consider amendment number 156, offered by Leader Jeffries, which strikes all provisions that would cause millions of Americans to lose health care and food assistance. | ||
| Mr. Speaker, I ask your unanimous consent to insert the text of my amendment into the record along with any extraneous material immediately prior to the vote on the previous question. | ||
|
unidentified
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Without objection. | |
| And Mr. Speaker, to discuss our proposal, I yield two minutes to the gentleman from New York, Mr. Casio-Cortez. | ||
|
unidentified
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The gentleman was recognized for two minutes. | |
| Thank you, and I thank the Chairman. | ||
| You know, President Trump had issued some statements throughout this process saying and urging, insisting that this bill does not cut Medicaid. | ||
| He's also said some things. | ||
| You know, he says he doesn't think I'm too much of a smart person. | ||
| And I'll tell you one thing. | ||
| It doesn't take a smart person to know if you're being lied to. | ||
| President Trump, you're either being lied to or you are lying to the American people. | ||
| Because this bill represents, in the text of this bill, the largest and greatest loss of health care in American history. | ||
| 17 million Americans will lose their health care on this bill, not undocumented people, not quote unquote the disgusting term illegal, but 17 million Americans will have their health care cut from this bill. | ||
| On this point of tax on tips, as one of the only people in this body who has lived off of tips, I want to tell you a little bit about the scam of that text, a little bit of the fine print there. | ||
| The cap on that is $25,000 while you're jacking up taxes on people who make less than $50,000 across the United States while taking away their SNAP, while taking away their Medicaid, while kicking them off of the ACA and their health care extensions. | ||
| So if you're at home and you're living off tips, you do the math. | ||
| Is that worth it to you? | ||
| Losing all your health care, not able to feed your babies, not being able to put a diaper on their bottom in exchange for what? | ||
| This bill is a deal with the devil. | ||
| It explodes our national debt. | ||
| It militarizes our entire economy and it strips away health care and basic dignity of the American people for what? | ||
| To give Elon Musk a tax break and billionaires the greedy taking of our nation. | ||
| We cannot stand for it and we will not support it. | ||
| you should be ashamed. | ||
|
unidentified
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Thank you. | |
| Members are reminded not to engage in personalities toward the president. | ||
| And members are reminded to direct their remarks to the chair. | ||
| Gentlewoman from North Carolina. | ||
| Thank you, Mr. Speaker. | ||
| I now yield one minute to the gentleman from Texas, Mr. Nels. | ||
|
unidentified
|
Gentlemen is recognized for one minute. | |
| Mr. Speaker, I rise today to discuss an important provision in the big, beautiful bill. | ||
| I was proud to introduce the Endowment Tax Fairness Act, which would tax the endowment profits of private elite universities at 21 percent, raising an estimated, listen to me, $70 to $100 billion over 10 years. | ||
| The Senate gutted this provision and reduced it to under $1 billion annually to protect elite universities that take hundreds of millions of dollars annually in federal tax dollars. | ||
| We were given instructions to generate revenue to pay for President Trump's wonderful priorities. | ||
| Folks, we're not taxing the endowment itself. | ||
| Harvard has $53 billion. | ||
| We're not taxing that. | ||
| We're just going to tax the net earnings on their investments at 21 percent, which was equal to the corporate tax rate. | ||
| And what did the Senate do? | ||
| They reduced it to 8 percent, just under 8 percent. | ||
| It is about time that we get these universities to pay the same that corporate America pays. | ||
| And with that, I yield back. | ||
|
unidentified
|
Gentleman yields back. | |
| Gentleman from Massachusetts. | ||
| I yield one minute to the gentlewoman from Florida, Ms. Wasserman Schultz. | ||
|
unidentified
|
Gentlewoman is recognized for one minute. | |
| Thank you, Mr. Speaker. | ||
| I rise to oppose this vile Republican plunder of working families, seniors, and veterans. | ||
| Also, the richest Americans can be showered with even more wealth. | ||
| This billionaire bailout would strip health care coverage from 17 million Americans, nearly 2 million in my state of Florida. | ||
| It will push millions into crowded, costly emergency rooms and saddle them with medical debt. | ||
| Trump's big, ugly bill also steals record food assistance from millions of kids, seniors, and veterans. | ||
| It makes cancer screenings and prenatal care harder to get by defunding Planned Parenthood. | ||
| It cripples solar and wind projects and kills millions of clean, green manufacturing and construction jobs, all so the rich can get huge tax breaks. | ||
| And no family is unscathed because this bill also blows up the national debt by $4 trillion, which drives up interest rates on car loans and mortgages and triggers billions in Medicare cuts, cutting health care for our seniors. | ||
| This bill makes life less affordable, more painful, and instead of uplifting lives, it will end them. | ||
| When history looks back on this bill, its legacy will be: Trump lied and people died. | ||
| Vote no, I yield back. | ||
|
unidentified
|
Chair would remind members once again not to engage in personalities toward the president. | |
| Gentleman from North Carolina. | ||
| Thank you, Mr. Speaker. | ||
| I reserve. | ||
|
unidentified
|
Gentleman reserves. | |
| Gentleman from Massachusetts. | ||
| Mr. Speaker, I yield one minute to the gentleman from Rhode Island, Mr. Megazino. | ||
|
unidentified
|
Gentleman is recognized for one minute. | |
| When we say that the Republican Party has turned into a cult, this is what we mean. | ||
| Our Republican colleagues are pushing a bill that would throw their constituents under the bus, a bill that flies in the face of everything they claim to stand for, all because Donald Trump wants a bill-signing photo op by the 4th of July. | ||
| Our Republican colleagues know that this bill will cost 17 million Americans their health insurance. | ||
| They know that nursing homes in their own districts will have to close down. | ||
| They know that under this bill, $5 trillion of debt are being added that will be paid for by my children and your children and their children for generations to come so that today's billionaires can get a tax break. | ||
| They know that this bill is unpopular and many of their vulnerable members will lose re-election over it. | ||
| But the cult leader has decided he wants his photo up on July 4th, and our Kool-Aid drinking colleagues are going along with it. | ||
| They know this is wrong. | ||
| They still have a chance to do right by their constituents and their convictions. | ||
| Vote no on this bill. | ||
| I yield back. | ||
|
unidentified
|
Gentlemen from North Carolina. | |
| Thank you, Mr. Speaker. | ||
| I yield two minutes to the very distinguished gentleman from South Carolina, Mr. Wilson. | ||
|
unidentified
|
Gentlemen, recognized for two minutes. | |
| Thank you very much, Chairwoman Virginia Fox of North Carolina. | ||
| And indeed, Republicans were elected last November with promises made, promises kept. | ||
| And despite the extraordinarily ignorant lies on the other side, the American people know that the bill that we'll be voting on today reduces taxes, creating jobs. | ||
| It's the elimination of taxes on tips and overtime. | ||
| It provides for securing the border. | ||
| It provides for energy independence. | ||
| It provides for the ability of having peace through strength. | ||
| All of this is in the bill. | ||
| And then compassion. | ||
| It's not compassion if you support programs that are ultimately going to fail. | ||
| But Republicans want people who need assistance to receive the assistance. | ||
| We already know Margaret Thatcher has identified what they're proposing, and that is socialism will work until you run out spending other people's money. | ||
| They are putting the poor people of America at risk. | ||
| We're the ones of compassion. | ||
| Additionally, with the promises made, promises kept by Donald Trump. | ||
| I've lived it. | ||
| I led the delegation to move the delegation, the embassy, from Tel Aviv to Jerusalem. | ||
| He did that. | ||
| People said you shouldn't do it, the State Department, because it leads to dislocation. | ||
| No. | ||
| It led to the embassy being in Jerusalem and it led to the Abraham Accords. | ||
| We know last week the President was advised, do not bomb Iran. | ||
| It will lead to World War III. | ||
| No. | ||
| It has led to a ceasefire and the ability of having an Abraham Accords extended to other countries, including Syria. | ||
| And I'm really grateful that Lindsey Graham was such an advisor. | ||
| The President acted despite the naysayers that we have all around us. | ||
| I just appreciate Donald Trump. | ||
| Promises made, promises kept. | ||
| Thank you. | ||
| I yield back. | ||
|
unidentified
|
Gentleman yields back. | |
| Gentleman from Massachusetts. | ||
| Mr. Speaker, I yield one minute to the gentleman from New York, Mr. Kennedy. | ||
|
unidentified
|
Gentlemen, I can ask for one minute. | |
| Thank you, Ranking Member McGovern. | ||
| I'm an occupational therapist. | ||
| I helped people live the fullest life they could, given the cards they were dealt. | ||
| I worked at a school for children with disabilities in a nursing home, helping seniors maintain their independence. | ||
| I know exactly what it means to cut a trillion dollars from Medicare, Medicaid, and Affordable Care Act, which is exactly what this big, ugly bill does. | ||
| Taking away health care for 17 million Americans won't make us any healthier. | ||
| Stealing food away from the neediest children, seniors, and veterans won't make us any stronger. | ||
| Giving billionaires a tax break won't make us any richer. | ||
| Children will go hungry. | ||
| Seniors will lose their health care. | ||
| Students will lose their financial aid. | ||
| Hospitals will close. | ||
| Americans will die. | ||
| I urge my Republican colleagues to stand up, grow a spine, stop bowing down to your King Donald Trump, represent your constituents like you were elected to do, and vote no on this horrible, big, ugly bill. | ||
| I yield back. | ||
|
unidentified
|
For the third time, the chair would remind members not to engage in personalities toward the president, or they will be called out of order. | |
| Gentlewoman from North Carolina. | ||
| Mr. Speaker, the House is not in order. | ||
|
unidentified
|
Be in order. | |
| The house will be in order. | ||
| Yeah. | ||
| Gentlewoman from North Carolina. | ||
| Thank you, Mr. Speaker. | ||
| I reserve. | ||
|
unidentified
|
Gentlewoman reserved. | |
| Gentleman from Massachusetts. | ||
| Mr. Speaker, if there are no other Republican members willing to speak for this bill, we can send some members over to you just to state the facts as to what's in this bill. | ||
| Let's do the public a service. | ||
| Mr. Speaker, I now yield one minute to the gentleman from Maryland, Mr. Orschewski. | ||
|
unidentified
|
Gentleman is recognized for one minute. | |
| Thank you. | ||
| I rise today to remind my colleagues that this bill is more than words on paper. | ||
| The policies we're debating today have real impacts on real people. | ||
| People like four-year-old Amir Rich, who visited my office earlier this month. | ||
| Amir was born at just two pounds and spent 452 days in the hospital. | ||
| Today, although he still depends on feeding tubes and oxygen tanks, he is thriving. | ||
| He's walking and able to speak. | ||
| He lit up my office with energy. | ||
| And that's thanks to the care he received under Medicaid. | ||
| Christina was forced to leave her 16-year career in corrections to become his full-time caregiver, placing a significant financial strain on their family. | ||
| In the face of rising costs for American families, Medicaid has become a vital lifeline, helping to cover the kind of care Amir needs. | ||
| The bill before us guts these lifelines like Medicaid and CHIP. | ||
| These programs cover nearly half of all American children's. | ||
| For families like Christina and Amir, today's vote is a matter of life and death. | ||
| I encourage my colleagues to look at Amir, look at him, and oppose this reckless bill. | ||
| Protect the vital support systems that serve millions of Americans. | ||
| Thank you. | ||
| I yield. | ||
|
unidentified
|
Gentleman from North Carolina. | |
| Thank you, Mr. Speaker. | ||
| I yield one minute to the gentleman from Utah, Mr. Kennedy. | ||
|
unidentified
|
Gentlemen, I can ask for one minute. | |
| Thank you, Madam Chair, and thank you, Mr. Speaker. | ||
| It's a pleasure to be here and speak in favor of the rule for the big beautiful bill. | ||
| As a provider of health care myself, as a doctor, and as a recipient of Medicaid services, my first three children were born on Medicaid. | ||
| In addition to the fact that as a child I was receiving food assistance not only from free school lunch programs but church programs, recognizing the vital need associated with Medicaid as well as with these food programs, we need to right-size these programs. | ||
| Mr. Speaker, if we don't take a different trajectory, these programs will collapse under the economic failures of prior administrations. | ||
| The reality behind this is these bills, this bill that we're discussing today, it is insisting on work requirements associated with the recipient of Medicaid. | ||
| If you are an able-bodied working adult, you should be able to go out and find a job. | ||
| If you can't find a job, you need to go to a training program and try to find training so that you can get a job and ultimately get off Medicaid. | ||
| One of the components about Medicaid, we all know it was formed in favor of pregnant women, disabled people, as well as the elderly. | ||
| And what the Republicans are trying to do is right-size the Medicaid program so that it survives for the long-term, the vital needs of the people of the future. | ||
| With that, Mr. Speaker, thank you for the time, and I yield back. | ||
|
unidentified
|
Gentleman from Massachusetts. | |
| If you can't find a job, just enroll in a training program. | ||
| Well, that's hard to do when Republicans are cutting and gutting the training programs that exist in this country. | ||
| I now yield one minute to the gentlewoman from Texas, Ms. Johnson. | ||
|
unidentified
|
Gentlewoman is recognized for one minute. | |
| Thank you, Mr. Chairman. | ||
| You know, I've been listening to this debate, and I am struck by the appalling ability of the members of the other side who are so afraid of this president. | ||
| They are willing to lie to the American people because they fear the tweet of a president more than they fear the wrath of the voters at the ballot box. | ||
| This will come to roost because 17 million people are going to lose their health care. | ||
| And in Texas, we're one of the largest creators of clean energy jobs. | ||
| Texas is an energy state. | ||
| I'm proud to be an energy state. | ||
| We have vast amounts of oil and gas jobs, but we also are the largest creator of clean energy jobs. | ||
| And we will lose millions of employment in our state because Republicans of this delegation are going to vote for this. | ||
| The reason I wanted to show this, you're seeing the 2026 midterm right there. | ||
| I think what's very disappointing is not enough Republicans standing up. | ||
| If you believe in this bill, you've got to stand up for it. | ||
| You've got to sell the growth program. | ||
| You just can't hide there. | ||
| And Joe Wilson just wandering around from South Carolina talking about everything. | ||
| Focus on what's in this bill. | ||
| Focus on what's in this bill, and you should be up firing back on these Democrats. | ||
| They got their pitch down. | ||
| I wanted you to hear the pitch. | ||
| I know it upset many of you, and it's going to upset many of you because this is what you're going to hear through Election Day of 2026. | ||
| The Republicans have got to stand up and defend this. | ||
| If it's going to get voted down on the rule, it's going to get voted down the rule. | ||
| But right now, we're seeing these are feckless Republicans. | ||
| You've got to step up, step into the plate. | ||
| You ought to know this bill as well as the Democrats do. | ||
| They're hammering you with talking points. | ||
| Hammer back. | ||
| There's so much good in this, and it's predicated upon economic growth. | ||
| Once again, they're caught into this cycle of defending these cuts that they're making. | ||
| It's not going to work. | ||
| Need to go on offense, offense, offense, offense. | ||
| If President Trump taught you anything, you sure to learn that lesson. | ||
| So right there, you see the feckless house. | ||
| We're going to take a commercial break. | ||
| Now more than ever, folks, learn about gold. | ||
| Learn about what drives the price of gold. | ||
| Learn about the converging forces that drive gold as a hedge, particularly in a complicated and dangerous global situation. | ||
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| We lay it all out for you in seven free installments. | ||
| The end of the dollar empire. | ||
| We've got an entire team of Birch Gold in Rio de Janeiro. | ||
| We're going to interview, we're going to have Philip Patrick up tonight. | ||
| He's going to lay out everything they're doing to understand what the Global South, the BRICS nations are doing. | ||
| Short commercial break. | ||
| Back in the war room in just a moment. | ||
| Up and up. | ||
| And as someone who served as the chief of staff on the U.S. auto rescue in the Obama administration, I know what it means to see Michiganders struggling. | ||
| I know what it means when Michiganders have to choose between paying their bills and paying for life-saving health care, all while billionaires get a tax cut. | ||
| This bill, Mr. Speaker, makes me sick to my stomach, and I urge everyone to vote no. | ||
| Thank you. | ||
|
unidentified
|
Gentlelady from North Carolina. | |
| Thank you, Mr. Speaker. | ||
| I reserve. | ||
| Gentlelady from North Carolina reserves. | ||
| Gentleman from Massachusetts. | ||
| Mr. Speaker, I yielded to the Speaker. | ||
| You know why they reserve? | ||
| You know why they reserve? | ||
| They have no Republicans over there. | ||
| How can that possibly be? | ||
| Right now, you're seeing the 2026. | ||
| This is the midterms. | ||
| You're hearing it all right there. | ||
| Look at the way they're spinning it. | ||
| Look at the way they're framing it. | ||
| Look at the way this is billionaire tax cuts and the American people being ripped off. | ||
| You're going to hear that over and over and over again. | ||
| That's their mantra. | ||
| Where's the opposite side? | ||
| Where are the Republicans? | ||
| How can you possibly not have people up there defending this bill? | ||
| The president's bill. | ||
| If you're going to vote the rule down, then vote the rule down. | ||
| But somebody's got to be in the breach and call out the lies of the Democrats. | ||
| If you don't call it out now, it's going to lock in. | ||
| It's going to build momentum. | ||
| I just, I don't understand how you have this, and you got 100 Democrats down there. | ||
| Look how they're backed up. | ||
| And your heads blew up with Sandy Cortez, you know, formerly known as AOC, Sandy Cortez from Westchester, not a girl from the hood. | ||
| And you had my favorite start off. | ||
| Was that a wig? | ||
| I think that was a wig on Maxine Waldos. | ||
| Maxine Walters wearing a wig today? | ||
| I don't know. | ||
| She was on fire calling people liars, calling the president liar, calling everybody liars. | ||
| You see how many times the gentleman running, sitting for the speaker, kind of running the floor today, banging the gavel, saying you're out of order. | ||
| You can't have personal attacks on the president. | ||
| Every single Democrat gets up there and attacks the president by name. | ||
| They're coming, and we got a fight on our hands, and we're going to fight. | ||
| If you're going to vote for this bill, you got to defend this bill. | ||
| And there's so much to defend. | ||
| Every time, five times in a row or four times in a row hasn't had a guy, and then you get a guy like Joe Wilson talking about the bombing of Iran. | ||
| It's not pertinent till today, to today, to today. | ||
| Get up there and defend the bill. | ||
| This is another feckless example of a Johnson-run Republican Party in Scalise. | ||
| We're the fire breathers. | ||
| And if you didn't have the votes for the rule, then maybe you should have waited, have them go to the White House, have him come back and get organized. | ||
| Right now, folks, if you've got a problem with the IRS, if you see what's happening here, they're going to have to plug the gap by getting every piece of tax money that they believe is owed to them. | ||
| If you have a notice from the IRS, you're late, you're late filing, you haven't filed, it's not going to go away. | ||
| Break the anxiety, break the angst, the not sleeping at night. | ||
| Don't put the letter in the drawer. | ||
| Go to Tax Network USA, 800-958-1000. | ||
| They've solved or settled a billion dollars worth of tax issues. | ||
| High probability they can solve yours too. | ||
| And you get a free consultation, 800-958-1000 or tnusa.com slash Bannon. | ||
| Tell them Steve Bannon sent you. | ||
| They'll do you right. | ||
| But make sure you go check it out today. | ||
| Also, for the great Patriots, you hear the woman down there talking about the Green News scam in Texas? | ||
| Is that enough to make you want to, you know, come on, man? | ||
| Patriot Mobile, the great Glenn Sturry and the team at Patriot Mobile gone out of their way to defend Texas. | ||
| Texas is the railhead of the MAGA movement. | ||
| And folks, and down there in the Texas delegation, better get on top of defending this bill. | ||
| You heard right there, right now is 2026. | ||
| You've heard it all. | ||
| They got all their talking points. | ||
| They're going to hammer them, hammer them, hammer them. | ||
| How this is all about billionaires, President Trump's doing terrible things to the working class. | ||
| You've got to defend this. | ||
| You've got to get on it. | ||
| Patriot Mobile right now. | ||
| Go there. | ||
| Go to Patriot Mole. | ||
| 972 Patriot. | ||
| Easy way to call, talk to an American citizen that's there at the customer service. | ||
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| Go check it out today. | ||
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| Want to thank Glenn Story and the team being one of our sponsors. | ||
| Right there. | ||
| I hope Charlie Kirk picks up some of this. | ||
| You got to hear it. | ||
| You got to hear it. | ||
| The Warren posse wants to get ahead of things. | ||
| You see, this is the 2026 campaign right there in the big, beautiful bill. | ||
| And we need Republicans in the well right now hammering back, hammering back. | ||
| Right now, that was quite feckless. | ||
| Not good enough. | ||
| My God, if President Trump sees that, his head will blow up as it should. | ||
| Let's go to Washington, D.C. Mike. | ||
| Oh, my God, Mike Lindell. | ||
| Tell me, brother, where are you? | ||
| Okay, we need some sound with Mike Lindell. | ||
| We're going to need some sound. | ||
| You got me. | ||
| Hey, Steve, I'm just at you right now. | ||
| Yeah, I'm about to head in the White House. | ||
| I just did a big speech down the street, Steve. | ||
| You know, I love the people, right? | ||
| So I had to stop and talk to them all. | ||
| And we're going to be heading in shortly. | ||
| Got a lot of different meetings and a lot of things to go over. | ||
| As you know, the 2020 election was stole, and we've got to be proactive and secure our election platforms going forward, going into these midterms and save our country, quite frankly. | ||
| And so I'm very excited about today. | ||
| I'm going to be here for the next two days and meeting all the people in DC. | ||
| Steve, who said there's two sides? | ||
| Everybody seems to be conservative here. | ||
| Is that true in DC? | ||
| That's true, Mike. | ||
| You're going to sell me a pillow or a set of sheets before you go in. | ||
| I don't want to call security to have you blocked. | ||
| So do a good job and sell us some sheets before you go. | ||
| All right, you guys, we're doing the 4th of July special. | ||
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|
unidentified
|
Happy 4th of July, Phil. | |
| Thank you, brother. | ||
| Most powerful promo code in the business. | ||
| Mike Lindell at the White House. | ||
| We'll check in with you this afternoon. | ||
| Thank you, brother Mike. | ||
| Make sure everybody goes checks it out. | ||
| Support Mike Pillow, particularly over the 4th of July weekend. | ||
| Charlie Kirk's going to pick it up from here. | ||
| Engine Room just told me the Republican Party still doesn't get why we won in 2024. | ||
| That's quite obvious by that feckless performance you just saw on the House floor. | ||
| Got to call him like you see him. | ||
| People got to man up. | ||
| This bill is not going to sign itself. | ||
| Got to roll. |
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