July 3, 2025 - Bannon's War Room
48:52
Participants
| 
| Speaker | Time | Text |
|---|---|---|
| These are just the words that were issued. | ||
| I'm not even trying to characterize the words. | ||
| But the American people need to hear these words from the people that were sent to Congress to protect their interests. | ||
| We are watching Hakeem Jeffries live in the House. | ||
| His magic minus now in his fifth hour. | ||
| We're going to watch a little bit of this before we bring the show. | ||
| go back live. | ||
| Says this was one of the hardest votes I have taken during my time in the Senate. | ||
| Let me just editorialize there briefly. | ||
| This should not be a hard vote, Senator Murkowski. | ||
| This should be a hell-no vote on behalf of the people you were sent to Washington to represent. | ||
| A hell-no vote for us because we're standing up on behalf of the American people. | ||
| It should be a hell-no vote. | ||
| Mr. Speaker, these are the words. | ||
| Senator McKowski says this was one of the hardest votes I have taken during my time in the Senate. | ||
| And then she keeps it real. | ||
| As far as I can tell, she says, But let's not kid ourselves. | ||
| This has been an awful process. | ||
| Speaker, those are the words of a Republican senator, not us. | ||
| This has been an awful process, a frantic rush to meet an artificial deadline that has tested every limit of this institution. | ||
| While we have worked to improve President Bill Fourland. | ||
| Here's what we're going to do. | ||
| We're going to bring the that's okay. | ||
| Hakeem Jeffries there, the minority leader. | ||
| He gets as much time as he want. | ||
| It's called the magic minute one time. | ||
| McCarthy spoke for eight hours. | ||
| Hakeem Jeffries is now in his fifth hour. | ||
| It doesn't look like he's slowing down. | ||
| This is just all backing up the process for bringing the big, beautiful bill, which will pass. | ||
| The rule passed. | ||
| Everybody's on board, 219 votes. | ||
| It will pass, but it's going to have to wait until after Hakeem Jeffries. | ||
| Then I think there's going to be a debate on the bill. | ||
| So this could take throughout the day. | ||
| They plan on 8.30 in the morning. | ||
| Let's go to bring the show in. | ||
| We're going to rock and roll now. | ||
| Let's go ahead and let her up. | ||
| This is the primal scream of a dying regime. | ||
| Pray for our enemies. | ||
| Because we're going with the 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? | ||
| Mega 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
|
Here's your host, Stephen K. Band. | |
| you you It's Thursday, 3 July in the year of our Lord 2025, and it's a quite historic day and overnight. | ||
| President Trump whipping votes at 2.30 in the morning, finally got the rules passed. | ||
| Just the bill has to be passed. | ||
| They always give the courtesy of the minority leader to make a few appropriate comments. | ||
| They give him a minute. | ||
| It's called the magic minute, and he takes whatever he wants. | ||
| Hakeem Jeffries now in the fifth hour. | ||
| Can we go ahead and split screen that for a second? | ||
| I just want to, there we go. | ||
| Hakeem Jeffries has been there for five hours, and he's been eviscerating, obviously, the Big Beautiful bill for the entire time. | ||
| A combination of mocking and ridiculing and intense political warfare. | ||
| The 2026 midterm campaign is being laid out on the House floor even as we speak, and this is why yesterday I was so upset that the Republicans did not fire back. | ||
| I think we have a limited debate today on the bill before passage, and the bill will pass, that we will maybe hopefully hear the beginning of the counterattack, because I think that we should be driving this with all its failures, all its flaws, and it's got failures and it's got flaws, as any massive piece of legislation like this has. | ||
| It's got a lot of good in there, and the good could actually, we're making a bet on a supply-side tax cut to get the country's economy going again and growing at 2.83, 3.5%, 4%, maybe even higher percentage, which is exactly what this country needs, through a combination of things. | ||
| We've actually done a highlight reel of Fakeem Jeffries' previous four and a half or five hours. | ||
| We know the audience is dying to hear that, particularly it'll get your blood up early in the morning. | ||
| But I want to go to Joe Lavanier from the Treasury. | ||
| Joe, the big, beautiful bill is going to pass. | ||
| We are now hearing that President Trump is going to sign it tomorrow. | ||
| And they actually talked about maybe tomorrow afternoon at 5 o'clock, something before the big 4th of July celebration really kicks off. | ||
| It'll be all day. | ||
| War Room will be live in the morning. | ||
| And if we need to, with Real America's Voice, we'll make sure we have the coverage of President Trump signing it because I'm sure the signing ceremony is going to be something to remember. | ||
| Given that the president was whipping the vote himself, he had the group of recalcitant House members on the phone, I think, at 2.30 in the morning, and eventually they kind of rolled over. | ||
| And we're Going to talk about. | ||
| I think there's a combination of things that have been committed to and promised a lot of executive orders and things to clean up the Senate bill. | ||
| People should have to say it. | ||
| When I say it's going to be voted on here shortly, this is exactly the Senate bill. | ||
| There will be no changes. | ||
| That does not have to go back to the Senate. | ||
| They are essentially, and this was the hang-up for many members. | ||
| Given everything, we weren't totally crazy about the House bill, but given everything that the House had done to actually make it probably as good as you could get, given the politics, the Senate changed it in some cases pretty substantially. | ||
| But what you're getting is the Senate bill. | ||
| That's what will be voted on here shortly or when Hakeem Jeffries gives up the floor, which could be at any time. | ||
| And of course, we'll cover that live to get the rest of the event rolling. | ||
| Joe, so given where we stand, we're going to pass the Senate bill. | ||
| Once again, make the case for this. | ||
| Scott Besson said, the Secretary of Treasury, back when he was just a contributor to the war room, that this will be our last shot for a supply-side solution to the nation's economic problems. | ||
| Hakeem Jeffries has taken five hours to eviscerate that on the House floor. | ||
| Of course, he doesn't talk a lot about growth. | ||
| He doesn't talk about invested capital. | ||
| That's not really their thing. | ||
| So what is our argument? | ||
| What is the key argument for this bill and how it's going to rejuvenate the American economy and the United States of America, sir? | ||
| Steve, thanks for having me. | ||
| The only person that sleeps less than Secretary Besson is President Trump. | ||
| I mean, it's amazing how hard these patriots work. | ||
| Look, the problem with the scoring, as I've said many times, is the CBO is assuming an historically pessimistic and dower growth rate of 1.8%, which basically implies productivity growth is in the low ones, about 1%. | ||
| That's terrible. | ||
| That's not the case, what we saw under Trump's first term when productivity growth was accelerating every year. | ||
| Real GDP, as you highlight, is close to 3%. | ||
| 3% to me is the right number going forward, given the fact that this bill will do significant, be significantly advantageous for small businesses, the backbone of the economy. | ||
| They generate 40% of all employment. | ||
| It doubles the expensing, the depreciation. | ||
| We've also got the full expensing of capital equipment that would also pertain to large companies. | ||
| We're going to expense factories and building. | ||
| This morning's employment report showed a $15,000 increase in construction. | ||
| That should accelerate. | ||
| Basically, the one big beautiful bill with all of the energy dominance and independence, less regulation in terms of permitting and be able to access that abundant energy, all that is designed to be able to produce more of the goods and services that people want. | ||
| So to me, people should explain. | ||
| They should be responsible for why is the CBO giving you an historically depressed growth rate? | ||
| And it matters because if you go back and look at the CBO's numbers from January, which is their latest published numbers in terms of the detailed revenue specification, if you just take the 1.8 and make it 3, which to me is a much more plausible number, you add about $1 trillion in more revenue than what CBO was forecasting in January, and that's without any tariff effect. | ||
| So this notion that their latest scoring is going to somehow add about $2.5 trillion to the deficit, I think is completely incorrect. | ||
| And the bond market is saying as much. | ||
| The bond market yields are down about half a point from where they were in January, and the equity market is up. | ||
| Credit spreads are tight because the investor base, which is forward-looking, is anticipating a much stronger second half growth. | ||
| So I think the growth is the key variable because if you get the growth assumption wrong, everything they're after, Steve, is going to be wrong. | ||
| You know, speaking of CBO, they were wrong the first time with President Trump. | ||
| And the first Trump tax cut is small compared to this. | ||
| This because this made things permanent, but also it's so more aggressive on capital equipment, expensing of capital equipment. | ||
| This bill is built around a bet or an assumption that by increasing capital investment in plant and equipment, that manufacturing is going to be rejuvenated either through onshoring or people just building new plant here and starting new businesses. | ||
| And that expensing is going to add a, is going to turbocharge this. | ||
| CBO missed it the first time. | ||
| And President Trump, on average, and you got to look to history, 2.8% average and 3.4%, as Steve Cortez always reminds me, in the fourth quarter of 2019, kind of the golden age of the American economy, Joe. | ||
| Right. | ||
| Well, the thing is, and Steve, the one big, beautiful bill dovestails with increased energy production and, of course, the tariffs, because the tariffs are an incentive for companies to operate here, to build a manufacturing base, which lifts worker wages and generates more production and faster GDP growth. | ||
| So everything is integrated and combined together. | ||
| Everybody sort of, the critics have always just looked at, they've picked it apart and looked at things in isolation, which is completely incorrect. | ||
| But let me also say this, Steve. | ||
| You talk about CBO's forecasts being off. | ||
| They've generally had an institutional bias to be pessimistic, and certainly with President Trump's forecast. | ||
| We also saw that with the Federal Reserve. | ||
| Same thing back in the first Trump administration. | ||
| They estimated growth on the low side. | ||
| CBO estimated growth on the low side. | ||
| And it's clear, based on the CBO assumptions, which everybody's worked up about because of the alleged deterioration in the deficit, those assumptions are almost guaranteed to be wrong. | ||
| They don't even account for a huge AI boom. | ||
| And as you were alluding to, all the foreign capital that's coming into the U.S. because they perceive the returns on their capital to be much higher than virtually any place else in the world. | ||
| That's inconsistent with sub-2% real GDP. | ||
| What should be the indicators? | ||
| What are the indicators you're looking at now for the acceptance? | ||
| You talk about the stock market, you talk about the bond market, talk about tight credit spreads, put some flesh on the bones. | ||
| We've got a minute or two left. | ||
| I want people to understand that this is just not people pitching this. | ||
| This is just not outside people talking about it. | ||
| That these massive global capital markets are weighing and measure every line of this and they're responding. | ||
| How are they responding right now? | ||
| So what I would look at, Steve, so in the employment report today, if you look at the hours worked in the private sector. | ||
| How many people are working? | ||
| How many people are working? | ||
| How many hours are they working? | ||
| It was up nearly 2%. | ||
| That's at a two and a half year high. | ||
| That supports 3% type GDP growth for Q2. | ||
| And given where the markets are, growth should accelerate. | ||
| I'm going to be watching the structures piece of GDP. | ||
| I'm going to be looking at the Federal Reserve's production of business equipment, which boomed over 20% in the first quarter. | ||
| I'm going to be following construction spending, goods employment. | ||
| Those are the areas of the economy that are going to directly benefit from the One Big Beautiful Bill. | ||
| And now that this thing is basically done, that clarity and certainty is going to cause businesses finally to reach into their pockets and do the things they've been planning to do. | ||
| But now they know what's going to happen. | ||
| They're going to get those low tax rates and the supply side boom now can really start to expand. | ||
| Joe, can you hang on a minute? | ||
| I want to take a short commercial break. | ||
| I do want to play the Rick Santelli piece on because we had the additional, kind of the more formal jobs report this morning. | ||
| And I want to play that and have your response. | ||
| We've got E.J. Antony is going to join us. | ||
| Steve Cortez is going to join us. | ||
| Lara Logan's going to join us. | ||
| I think we're trying to track down Hermie Dylan. | ||
| I think hopefully we'll get her slotted. | ||
| If not today, hopefully tomorrow or Saturday will be live both days because of the pressing, not just the all-important holiday and event of the birth of this nation, but also because of the pressing news, both in Rio de Janeiro globally and here in the United States of America. | ||
| I want to make sure Philip Patrick's going to be with us from Rio on Saturday and kind of the kickoff day of the BRICS conference. | ||
| He's down there. | ||
| I just talked to him this morning, interviewing everybody, these finance ministers, central bankers, all of it. | ||
| We'll have a lot to report. | ||
| Short commercial break brought to you by Birch Gold. | ||
| We'll return to the Treasury Department in just a moment. | ||
| Jobs report. | ||
| I wouldn't look for this to make it easy, more likely. | ||
| 147,000 jobs, definitely better than expected. | ||
| No matter what your range was, whether it was closer to 100 or 115,000, it's a pretty good number. | ||
| And guess what? | ||
| If we look at the two-month revision, it's positive. | ||
| It's up 16,000. | ||
| How does 147 stack up? | ||
| Well, it's pretty odd because it's exactly where we were in April, unless they revised that to find a higher number than that. | ||
| Well, you're going back to last year. | ||
| So this is tied for the, you know, second best, tied for the first best number of job creation of the year. | ||
| Okay, EJ is also going to join us in the second hour and Steve Cortez to talk about this. | ||
| But, Joe, just an observation on the Labor Department. | ||
| And I don't know if somebody's going to go get their mind right over there, but in Biden, it was always up and the reforecasting was always down. | ||
| You know, they reforecasted the real number. | ||
| Months after the media paid attention, it was always down. | ||
| So the report was always gun-decked. | ||
| Here with Trump, correct me if I'm wrong, they're always, you know, surprise, surprise. | ||
| They always underforecast. | ||
| I think the correction is 16,000 to the positive. | ||
| But as you look at this jobs report, how does the Treasury Department look at this? | ||
| Is this a positive? | ||
| Is this a good kind of foundation to kick off the big, beautiful bill's execution over the next 24 to 48 hours, sir? | ||
| Yes, it's a very good foundation. | ||
| As I mentioned, the hours are very strong. | ||
| But also, Steve, recall just a couple months ago, all the nervous Nellies in the financial markets were saying how there was going to be a recession. | ||
| One forecaster said 95% chance of a downturn. | ||
| And here you are. | ||
| You see the data. | ||
| The data are holding up reasonably well. | ||
| And to your point about revisions, generally the revisions tell us something about the underlying direction of the economy. | ||
| So if we continue to get upward revisions, that suggests the economy is strengthening and that the trend is going to be higher. | ||
| At Treasury, we're encouraged by the fact if you look at the job gains year to date, over 2 million of them are native-born workers. | ||
| I believe you've had something like half a million decline in foreign-born workers. | ||
| That could be a very good proxy for illegal immigration. | ||
| So to the extent now that the border is secure, thanks to President Trump's policies, and which is clearly going to be reinforced in the One Big Beautiful Bill, what that means, Steve, is you're not going to have below market, below equilibrium workers enter into the market, depress American wages. | ||
| So as Secretary Besson's been highlighting, what you're going to see is wage growth accelerate. | ||
| As you know, the first five months of the year, real blue-collar wages have grown the fastest to start any administration on record. | ||
| So as the illegal immigration basically has disappeared, you're going to see faster nominal wages. | ||
| With declining inflation, that means real wages expand. | ||
| It means living standards grow. | ||
| And of course, all this is reinforced now by this imminent passage of the one big, beautiful bill. | ||
| Does the manufacturing is a little light and the government's a little strong in this overall? | ||
| Is this the point of why we need the Big Beautiful Bill? | ||
| This will focus on resurrection in our manufacturing base. | ||
| And the key here is to get a native-born manufacturing jobs, high-value-added jobs created here in the country that people can raise families around and build careers around, sir? | ||
| Yes, that's exactly right, Stephen. | ||
| Part of the reason that manufacturing is soft and housing is soft, to be honest, is because the prior administration led to a 40-year, their irresponsible fiscal policies led to a deficit that went up to near 7% of GDP in an economy that was at full employment, and inflation went to a 40-year-plus high. | ||
| And that's kept interest rates high. | ||
| So as inflation is coming down and all the pessimists on the tariffs have been proven completely wrong, and they were saying the tariffs are going to impact the data in March, didn't happen in March, didn't happen in April, didn't happen in May, loan rates are falling, those market-based rates will come down, and that will help lift housing, it will help lift manufacturing. | ||
| And of course, the big piece is the one big, beautiful bill tight end with the deregulation, the tariffs, the re-onshoring, re-industrialization. | ||
| All those things are all interconnected and interwoven. | ||
| And the full spectrum energy dominance. | ||
| Last question, Joe. | ||
| Yesterday we were saying, and the president, I think, picked up on it because He's been hammering, what does he call him? | ||
| Too late Jones, too late Powell. | ||
| And the labor report talked about potentially a softening labor market. | ||
| Does this report, you think, get Powell a little breathing room? | ||
| Will he use this as a shield? | ||
| I don't want to say a human shield, but will he use this as a shield against people that are saying, hey, you've got to cut rates. | ||
| You've been late to the party every time, but you've got to cut rates because of potentially a soft labor market out there, sir? | ||
| Steve, the financial markets, the forward-looking financial markets are anticipating the Fed to cut interest rates. | ||
| If you look at real or inflation-adjusted interest rates, and we take one of Chair Powell's favorite metrics, it's down well over a point, which means that the real or inflation-adjusted interest rate by this one measure has actually increased. | ||
| So historically, it is true the Fed has been late in cutting rates, and their own research has shown that time and time again. | ||
| The President clearly has made a very forceful and powerful argument for lower rates. | ||
| So I don't want to comment directly on Fed policy, but the historical record is correct. | ||
| The Fed always has almost always been late in terms of easing rates. | ||
| Hey, Joe, where can people get you on social media to follow you? | ||
| Because I know between now and the signing and then afterwards, the Treasury Department will be one of the principal departments that the President looks to Secretary Besson on the execution of the Big Beautiful Bill. | ||
| So where do people go to follow you? | ||
| So, yes, as you mentioned that, Steve, so at Scott Besson, first and foremost, that's who you have to follow. | ||
| And if you want to take that second look around, then you can follow me at LaVorne Unomics. | ||
| Brother, thank you so much for explaining this all to us. | ||
| Appreciate you. | ||
|
unidentified
|
Thank you, Steve. | |
| Always my pleasure. | ||
| Have a great fourth. | ||
| Thank you, brother. | ||
| Our crack production team is going to keep an eye on Hakeem Jeffries. | ||
| Let me bring Cortez in. | ||
| So, Cortez, you now run a group that's focused on not just native-born labor, but Hispanic citizens, others to get manufacturing jobs back. | ||
| So, this is right in your wheelhouse. | ||
| In addition, we've been at the forefront with you of this observations about artificial intelligence. | ||
| A very disturbing story. | ||
| Everybody should go to get on Getter. | ||
| I'm exclusive over there. | ||
| And you see my Getter account. | ||
| I got a story up on Semaphore, which is just announced in some research reports they've been going through that artificial intelligence, machine learning, is increasing capabilities every seven months or doubling capabilities every seven months, not every two years. | ||
| So this is going to hit us quicker than ever. | ||
| Add that to the supply side cut. | ||
| Your thoughts first on the labor report from this morning? | ||
| Where do you see strengths? | ||
| Where do you have issues? | ||
| Where do you have concerns? | ||
| And then let's talk about the big beautiful bill. | ||
| You bet. | ||
| So listen, regarding this jobs report out today, on the whole, it is solid. | ||
| It is not great. | ||
| There is some very great news in there, and there's also some worrisome parts of this report. | ||
| And let's get specific on that. | ||
| If we can pull up chart one, by the way, this is just a report out showing the numbers from CNBC. | ||
| So overall, added 147,000 jobs, that is certainly a very solid top line number. | ||
| But if we look at the details, what's the worrisome part? | ||
| Let's get to that first. | ||
| Well, about half of them, 73,000, come from government, mostly state and local. | ||
| Now, that's good. | ||
| It's not the federal government, which shed jobs. | ||
| It's state and local. | ||
| A lot of back-to-school hiring going on there, but also worrisome, what I would call government adjacent, which is healthcare and social assistance. | ||
| 39,000 jobs in healthcare, 19,000 in social assistance. | ||
| Manufacturing lost 7,000 jobs in this report. | ||
| Now, let's get to the great news, though, and that is at the top of the article there. | ||
| And that is the galloping higher in wages and particularly real wages. | ||
| And Steve, real wages are the mother's milk of prosperity for the vast majority of Americans, for Main Street USA. | ||
| When your income is rising faster than the expenses in your life, you are getting more prosperous. | ||
| And as you mentioned earlier, the golden year in all of American history, it's not an exaggeration, was 2019 for real wage growth for all Americans, but particularly for those at the lower rungs of the socioeconomic ladder who needed those gains the most. | ||
| Now, can we replicate that again? | ||
| I believe we can with President Trump's second term, that it can happen, but we've got to be really smart about policies and not just on the economic side, but also on the immigration side, and in large part because of what's going on with AI. | ||
| Microsoft, of course, announced 9,000 job cuts. | ||
| Now, those are family sustaining, high-paying jobs. | ||
| And there has really been wreckage, particularly in big tech, but not only big tech already because of what AI is doing. | ||
| AI has incredible promise economically. | ||
| It also has tremendous peril potentially for the United States. | ||
| And no one has covered that entire issue better than you have. | ||
| But on the economic side, we've got to be very cognizant of this. | ||
| And if we can look at another aspect of the jobs market, let's look at the ADP report. | ||
| If we can pull up chart two, and ADP, of course, is the behemoth of human resources and payrolls in this country. | ||
| It showed a negative number for the first time since 2023. | ||
| So that is obviously worrisome. | ||
| Now, the ADP forecast and the government statistics don't always match up exactly over a long period of time. | ||
| They generally do, but this is cause for concern. | ||
| Now, is this the fault of President Trump? | ||
| Not remotely. | ||
| This is about AI. | ||
| And I think that is very clear that AI is already starting to massively eliminate white collar jobs in particular. | ||
| And let me show you that on chart three. | ||
| This is from the Wall Street Journal. | ||
| I've shown this actually before on the show. | ||
| We showed this last week. | ||
| This is white-collar jobs, executives, and managers. | ||
| And as you can see on the lower half of that chart, it is a very troubling trend for several years now. | ||
| You know, we might call it a secular trend. | ||
| Okay, now let's connect this to immigration. | ||
| And the war room does this better than anybody, connecting the dots between issues which may not initially seem to be all that linked, but are actually inextricably linked. | ||
| So the power of AI can absolutely be the jet fuel that allows productivity to soar in this country and allows this big bet on growth, which is what this triple B bill really is. | ||
| It is a massive bet on growth. | ||
| For it to work, AI is going to have to be a key component to seeing the kinds of productivity gains that we can get. | ||
| It's similar in many ways to the bet of the late 90s in the United States, when in the early days of the internet, that new technology helped power balanced budgets into the late 90s under Bill Clinton with the help of a Republican Congress who got sane on fiscal policy. | ||
| We can have a similar phenomenon now with AI, but here is the risk to AI, are these job eliminations. | ||
| And that's why it is so imperative more than ever for us to get control of not just our borders, but also mass deportations of illegal workers from this country. | ||
| There is no time that is a good time to tolerate illegal migration and illegal workers, a flood of millions of illegal workers into this country competing against Americans. | ||
| This is the worst possible time, given AI. | ||
| Yeah. | ||
| Hang on, Steve. | ||
| Also, about the H-1B visas and all the visa programs. | ||
| Now we've got to hammer down to it. | ||
| The way this thing got passed last night, President Trump, there's a commitment, I think, to a number of executive orders on costs, pocket rescissions, impoundments, all of it. | ||
| I'll get back into that when we return in just a moment. | ||
|
unidentified
|
Here's your host, Stephen K. Bannon. | |
| Okay, now more than ever, it's not the price of gold. | ||
| It's the process of how you get to the price. | ||
| It's the process of how gold gets its value as a hedge. | ||
| Take out your phone and text the following, Bannon, B-A-N-N-O-N, at 989898. | ||
| You get the ultimate guide for investing in gold and precious metals in the age of Trump. | ||
| Also, make sure you understand the de-dollarization process. | ||
| We're going to talk about that on Saturday, excuse me, live with Philip Patrick from Rio de Janaur. | ||
| He's there right now talking to central bankers, talking to finance ministers at the BRICS Nation as the Global South come together. | ||
| Birchgold.com slash Bannon, the end of the dollar empire. | ||
| Seven free installments. | ||
| You will understand everything about debt deficits, debt ceilings, all of it. | ||
| And trust me, those worries are not gone. | ||
| They're still going to be a big part of this. | ||
| We're going to talk about the appropriations process later. | ||
| Also, remember, to President Trump whipped this vote, 2.30 in the morning, he was still whipping the vote. | ||
| I mean, think about it. | ||
| This guy makes the deals. | ||
| Then he has to sell the deal. | ||
| He has to whip it. | ||
| He has to bring it together. | ||
| There were some, I think, commitments made on the executive order side about getting control of spending. | ||
| As you know, we've been a big believer in impoundments. | ||
| I think you're going to see rescissions, maybe pocket rescues. | ||
| The appropriations process. | ||
| Remember, September 30th, the fiscal year ends. | ||
| This whole appropriations process for fiscal 26 is where the rubber meets the road. | ||
| And you're going to see another big fight because people are adamant. | ||
| We've got to get the cost down here. | ||
| President Trump understands that. | ||
| I think Russ Vogt understands it. | ||
| Russ Vogt's come up with a series, I think, of potential, at least partial solutions. | ||
| This is why the big, beautiful bill, what you're seeing today, and going to be voted on, and you've got to embrace this, is the Senate bill. | ||
| It's not the House bill. | ||
| Nothing will be changed that came over from the Senate. | ||
| Otherwise, it would have to go back and forth. | ||
| There's a decision made. | ||
| We're not going to do that because it could take forever. | ||
| A decision was made about some, not changes, but actions that are going to be taken. | ||
| I think you'll see these out of President Trump, the White House, Russ Vote, the Office of Management and Budget, to get tougher on cost cutting. | ||
| So that will come out, I think, later. | ||
| But now more than ever, I think you have to understand why gold has been a hedge against particularly fiat currency for thousands of years. | ||
| Make sure you understand that. | ||
| Birchgold.com, promo code Bannon slash Bannon, get the end of the dollar empire. | ||
| But also you get a relationship with Philip Patrick and the team. | ||
| And that's important. | ||
| Also, Tax Network USA, let me give you a news flash. | ||
| In order to, you know, they keep talking about revenue. | ||
| Right now, we basically spend $7 trillion. | ||
| We bring in $5 trillion. | ||
| There's $2 trillion gap. | ||
| The growth potential of this is to get revenues up because economic growth is up and people are paying more taxes on these tax structures we put in permanently, that they will end up paying more taxes, will reshore more jobs. | ||
| So the tariffs are coming and reshoring more jobs, more employment, more corporate activity, more taxes. | ||
| That being said, the IRS is going to come and try to get every penny they think they're owed. | ||
| I understand there's a bid in the ass between what you think and what they think. | ||
| That letter that you have, that you have in the middle drawer, well, guess what? | ||
| That's what they think. | ||
| And right now, and the way our courts are structured, what they think carries a lot of weight, you need to go to TaxNetworkUSA, T-N-U-SA.com, promo code BANNO, or call 800-958-1000. | ||
| Tell them Steve Bannon sent you. | ||
| Get a free consultation today. | ||
| Tomorrow is the birth of the nation. | ||
| It's when we celebrate liberty and freedom. | ||
| Get your own liberty and freedom from worry. | ||
| Get somebody there that's actually sorted out over $1 billion of tax problems. | ||
| They know who to talk to. | ||
| They know how to talk to. | ||
| They know what deals can be cut. | ||
| So go talk to Tax Network USA Today, 8958-1,000 because the IRS coming looking for their money. | ||
| At least what they think theirs is. | ||
| So Steve Cortez, yesterday, and I'm trying to get Julie Kelly on here. | ||
| We had Mike Davis yesterday, a judge. | ||
| And this go, folks, the economics here and the politics and the geopolitics are all inextricably linked. | ||
| You know, Jillian Ted had that great piece in the Financial Times we talked about a couple weeks ago, where she said, hey, nowadays, it's called geoeconomics. | ||
| You got to look at the geopolitics, the national security, the foreign policy, but it's also tied with domestic policy and it's tied with things like the Big Beautiful Bill. | ||
| The judicial insurrection to thwart President Trump's policies, because remember, $170 billion, and I want this to burn into your soul for the audience, $170 billion in this program is essentially for ICE, for securing the border permanently, and also for the removal of 10 to 20 million illegal alien invaders. | ||
| And this is just the start. | ||
| This is not paying for all of them. | ||
| But that is what Biden and his regime did to the country. | ||
| And the reason they did it to the country, you see in New York City, you see in L.A., you see in Chicago. | ||
| That's the America they want. | ||
| If you want the America that has returned to her former greatness, make America great again, this is going to be a fight. | ||
| Just don't think, oh, you got a great slogan. | ||
| You got to control the House and the Senate. | ||
| Fine. | ||
| Do what you want to do. | ||
| This is a fight where we had a massive win in the House's legislation is massive, massive, and covering so many different things. | ||
| The courts yesterday, after the Supreme Court ruled at the first chance a federal sitting judge in D.C. had a chance, he designated all the amnesty breakers, 10 or 20 million of them, as a class. | ||
| And he says, guess what? | ||
| Screw Trump. | ||
| They get to stay here until I, the judge, say otherwise. | ||
| So, Steve, this fight, we're fighting on many fronts, but it's all for the same battle to restore America to her vitality and to her promise, sir. | ||
| Amen. | ||
| Yes, to restore our prosperity, our sovereignty, and our vitality as a nation. | ||
| And by the way, to that point you made, too, about President Trump whipping votes in the middle of the night. | ||
| What a wonderful contrast to sleepy Joe Biden. | ||
| He was whipping votes in the middle of the night, and he posted this morning that he is right as we speak on the phone with Vladimir Putin trying to solve the crisis in Ukraine. | ||
| So that is the kind of workhorse that President Trump is working on behalf of the American people, not taking holiday yet for July 4th, constantly working. | ||
| And to your point here about these judicial tyrants, right? | ||
| These unelected despots in black robes who think that they can thwart the will of the American people who elected Donald Trump by winning every single swing state plus the popular vote by millions of votes. | ||
| They must be repelled. | ||
| The Supreme Court thankfully started that process, but we've got to hasten that process. | ||
| And you're exactly correct, not just because it's illogical and there's no precedent for it in legality, but because it's also a national security and economic imperative to get control of the sovereignty of the United States and to make sure that these illegal workers are expelled. | ||
| Because as we're talking about, AI, huge positives and negatives. | ||
| The positive is the productivity gains can be magnificent. | ||
| And there's every reason to believe that they will be and that this bill's bet on growth will work, at least in part, maybe large part, because of AI. | ||
| But at the same time, we know already, at least in the early stages, AI is very destructive to certain classes of jobs. | ||
| And because of that, it is more important than ever that the labor market of the United States is reserved for American citizens only. | ||
| All of the illegals have to go. | ||
| And I would also argue further, even the legal foreign workers have to start to go because this job market must be reserved for the people of this country who are going to be celebrating our birthday tomorrow and get into our glorious, glorious 250th year. | ||
| So there are real tangible reasons to be incredibly optimistic. | ||
| But to your point, Steve, also really significant obstacles in front of us because the globalists and the ruling class of this country, they're not going to just hand us the keys of the car. | ||
| They're not going to say, oh, congratulations, nice election last November. | ||
| Here you go, have at it. | ||
| That is clearly not happening. | ||
| Remember, they tried to put Donald Trump in prison. | ||
| They're willing to go to any means to try to keep their stranglehold among the American people and upon the American economy for their self-aggrandizement to the detriment of the masses of American peoples. | ||
| We have a very different vision and we have a clear policy pathway, a realistic, achievable policy pathway to get there. | ||
| Again, real wages are exploding right now. | ||
| That's magnificent news for this country. | ||
| We can continue that and we can accelerate that, but we've got to make the right policy choices. | ||
| And immigration is an absolute linchpin of that policy agenda, Steve. | ||
| President Trump's on the phone with Putin this morning. | ||
| Why is he on the phone with Putin? | ||
| He's trying to end the kinetic part. | ||
| And this is for all the Israel First and the Tel Aviv, Levins, and that entire crowd. | ||
| The Third World War has started. | ||
| It started a couple of years ago. | ||
| The kinetic part of it. | ||
| The Third World War actually started before that with the Chinese Communist Party coming after us, starting in 2019 when President, because they understood the economy President Trump was building. | ||
| They did the Lighthizer deal that we took two years to negotiate. | ||
| They ripped up in our face and spit in our face and then declared an economic war against us. | ||
| The kinetic part has started. | ||
| There are 2 million casualties in Ukraine. | ||
| There's a million dead and wounded Russian soldiers, and there's a million dead and wounded, not just Ukrainian soldiers, but a ton of civilians, okay? | ||
| And the numbers you hear publicly are always suppressed, as they were in any war. | ||
| President Trump is trying to stop that. | ||
| The major front, though, and he understands that, of this war was the invasion of the United States of America. | ||
| And folks, if you think because of the activity we did in LA a couple weeks ago, it's over, you are so wrong. | ||
| Chicago, we haven't been to. | ||
| New York, you're about to have a radical jihadist, a radical jihadist, and a communist, not a socialist, a radical, the Red-Green Alliance in all its glory is about to win in New York City and take control politically with the DSA, the Democratic Socialists of America, and the Working Families Party, which controlled the ground game there. | ||
| Those folks on the ground game are every bit as good as the War Room Posse and the Precinct Strategy. | ||
| And the Precinct Strategy, the War Room Posse, and other groups like that on Ground Game won the 2024 election for President Trump. | ||
| That was President Trump's ground game. | ||
| That was his army. | ||
| That's what he won with, his most dedicated people. | ||
| Well, they got him up there. | ||
| This thing, the front that we fight here, and it's against a radical judiciary. | ||
| This is not stopping. | ||
| And it's who quits first is going to lose. | ||
| We're not going to quit. | ||
| This is going to be relentless. | ||
| And we're going to do through economic policy, political. | ||
| I actually think because there's a report out today, how the Chinese Communist Party are doubling down on the fentanyl and the chemical warfare attack through the Mexican cartels that take 50,000 people a year. | ||
| And look, it's terrible that the Persians have killed 1,000 Americans since I was there in 1979 off the shore on the failed hostage rescue attempt, including the Marines in the barracks in Lebanon, which is terrible. | ||
| But they're killing 50,000 a year of our folks today, and it ain't abating. | ||
| And so if you're going to do an attack, if we want to have a regime change, have a regime change in Mexico, which is a narco-state, starting with the cartels. | ||
| I'm all down. | ||
| If you want to have a regime change, hey, let's go south of the border and start with the Mexican government won't clean it up. | ||
| We clean it up. | ||
| Cortez, my point is this is a multi-pronged issue, and it's got to be a tie. | ||
| We got a couple of minutes. | ||
| Your thoughts. | ||
| You're making such a great point here. | ||
| And again, this is a seamless garment, right? | ||
| All of these issues are intertwined. | ||
| So President Trump working diligently to try to solve this crisis in the Black Sea, which is not in the vital U.S. national security interest. | ||
| However, we've spent hundreds of billions of dollars there. | ||
| So, if Donald Trump can reach a solution there, and we'll see if Zelensky and Putin are willing. | ||
| So far, they don't seem like it, but if they are, that will be so massive, not just because we've achieved peace there, which is a great thing for both of those countries and for humanity, but in terms of back to the United States and back to our domestic situation and politics and economics, it means that we then take those resources and that attention and we focus it on the invasion at our border, right? | ||
| And we can become even more secure and even more sovereign over our country, which means in turn that if we're going to have this productivity explosion, which seems to be beckoning in this country, that the benefits will flow to American citizens and not to foreign illegals and not even to foreign legal people who are working in the United States. | ||
| But it is all linked. | ||
| So achieving peace, for example, in the Black Sea has such benefits on Main Street USA to a lot of folks who may not pay any attention to what's going on in other parts of the world, but they sure know what's going on in their life. | ||
| They know right now that gas prices are the lowest they have been in years. | ||
| They know their wages are finally starting to go up. | ||
| But they also know that after the pain of Bidenomics, that they're in a corner economically and they need help, working class people. | ||
| And we on the right must speak to that. | ||
| We must recognize it and then bring about tangible policies which improve their lives. | ||
| And the best part by far of this big bill, the best part by a mile is immigration enforcement. | ||
| And the fact that ICE is now going to be better funded and more powerful than some of the armies of Western Europe. | ||
| I mean, think about that, Steve. | ||
|
unidentified
|
That is a significant sea change. | |
| It's what the people voted for last November, and they're going to get it. | ||
| Steve Hanger oversight. | ||
|
unidentified
|
Here's your host, Stephen K. Matt. | |
| Welcome back. | ||
| Steve, can you give your, I know you're making documentaries now. | ||
| You've got a website to support American Workers and social media. | ||
| Where do folks go? | ||
| You bet. | ||
| So on social, please follow me on the Twitter X. I'm at Cortez Steve, Cortez with an S at the end. | ||
| For all of my content, including the documentaries, including the wind scam, which is my most seen documentary ever. | ||
| Thankfully, this bill addresses Biden's wind scam. | ||
| Go to CortezInvestigates.com. | ||
| Thank you so much, Steve. | ||
| Happy 4th. | ||
| Thank you, sir. | ||
| I want to make sure everybody goes and check out the wind scam. | ||
| You see what President Trump is trying to stop the Green News Deal scam. | ||
| Unbelievable. | ||
| We heard yesterday you got Nick on here, Aya Cola, to talk about the Chinese government part of that, how we're under, still we're underwriting part of the CCP. | ||
| President Trump this morning, so let's connect some dots. | ||
| President Trump this morning, after working at 2.30 in the morning, and he was cutting deals, I think you're going to see a much more aggressive profile on rescissions or pocket rescissions. | ||
| Remember, I don't think we still passed the rescission, the $9.3 billion for Marjorie Taylor Green's PBS, NPR, also another $7 trillion or $7.3 trillion for other various programs that have been identified for cutting, for zeroing out. | ||
| USAID officially, I think, got zeroed out to the legal minimum. | ||
| Laura Logan is going to be on in the next block, the next segment, to talk about that, about what that was funding and how insidious it was. | ||
| Also, E.G. Antonio is going to join us in the second hour. | ||
| We're going to go back through this math because this is kind of the foundational element, this labor report, and how the economy is doing right now with the kind of tweaks that President Trump has made or tried to make to executive order and executive action prior to the implementation, passage, implementation, and execution of the Big Beautiful Bill and all the different aspects of it. | ||
| President Trump, we have right now, I think this is all totally unofficial, I think, as I look to my crack staff here. | ||
| President Trump, I think the White House is saying they may sign the bill at 5 p.m. tomorrow, of course. | ||
| Real America's voice, the war room. | ||
| We will be there when this historic piece of legislation is signed by President Trump. | ||
| This will be, I think it's safe to say, at least between now and the midterm, his signature piece of legislation, it may be the signature piece of legislation for his entire second term. | ||
| When he passed the first tax cut that people that have left so criticized, we went on a tear of growth about 2.8%. | ||
| That was the average over his time. | ||
| And that's why, and it started to peak in the, I would just say not even peak, but go to a next stage, really converging in 2019 in the fourth quarter, where it hit 3.4% growth. | ||
| With low inflation, low interest rates. | ||
| I mean, it was kind of nirvana. | ||
| It's what you very rarely get in an economy. | ||
| Plus wages increasing for blue-collar people, for high school graduates versus college graduates, working class and middle-class America. | ||
| And then the pandemic hit from Wuhan. | ||
| Those are not random events. | ||
| Believe me, that's not random events. | ||
| And now everybody's coming out. | ||
| Oh, it came out of the Wuhan lab. | ||
| It was leaked out there. | ||
| Things that the war room said on, I don't know, the 20th of January, the 23rd of January of 2020, in the very opening days, when, as you remember, if you're a long time viewers or listeners, we shifted worm impeachment. | ||
| We took an hour starting, I think, on the 20th and turned that over to Worm Pandemic. | ||
| Eventually, I think a week later, right after the impeachment was done, a week or two later, 10 days later, we turned the entire show over to Warwim Pandemic. | ||
| And people were telling me, well, this is crazy. | ||
| I said, no. | ||
| We may find out various things about what this flu is, but this is going to have massive global impact, which it has. | ||
| In fact, today, we're still just coming out of the economic, the trillions of dollars, the Keynesian stimulus, of which the first under President Trump was very smart. | ||
| He kind of bridged that gap. | ||
| You remember we talked about of the drop in aggregate demand. | ||
| He bridged that gap so brilliantly. | ||
| It was the second one that Biden did that was unnecessary, as we said at the time, it's going to cause inflation. | ||
| The only other person I think saying that was Larry Summers. | ||
| We had Peter Navarro and others we would hammered every day with Russ Vogt. | ||
| Remember in 2021? | ||
| Eventually Scott Besson. | ||
| We hammered, hey, you know, it's going to cause, it was Cortez and Navarro and Vogt, E.J. Antony, others sitting there going, hey, it's going to cause inflation. | ||
| Oh no, mocked and ridiculed. | ||
| That turned out not to be the case, and that was the pivot point. | ||
| That was one of the major elements of President Trump's win in 2024. | ||
| The deeper reality is that the countries at stake here, more than just culturally, more than economically, more than politically, more than militarily, all of it, the whole thing, what we call the United States of America, our sovereignty. | ||
| And you see it every day. | ||
| Remember, talk about the globalists and talk about the established order. | ||
| President Trump, for all this work, everything he did, all the hammering, right? | ||
| All the hammering he did. | ||
| And by the way, Hakeem Jeffries, I love it. | ||
| He's still there in his, what, fifth or sixth hour now? | ||
| I want to check this out. | ||
| He's probably going to six. | ||
| He's going to stay there for a while, trying to back this thing up all day and get their free platform. | ||
| I would cut into for you to hear more of it, but I know your head would blow up because it's just more of their you get the point after the first two or three minutes and then they just reiterate it to take up air. | ||
| This is a fight. | ||
| This is a, you know, this is a fight to the knife. | ||
| This is for your country, and you can see it everywhere. | ||
| You can see it in these major sanctuary cities. | ||
| You can see it on what happened in the Senate. | ||
| With all of President Trump's, with the victory, with people backing MAGA, with people saying they are MAGA, with everything, we didn't really pass it in the Senate. | ||
| We had to bring the vice president in and technically get the 51st vote. | ||
| That's how tough it is for President Trump with all the deals he tried to cut there. | ||
| Then in the House last night, President Trump at 2.30 in the morning is still whipping votes. | ||
| Still whipping votes. | ||
| And I think some of the commitments have been made are smart commitments. | ||
| Actually, what I would say and have advised the president, just impound the money. | ||
| You do the rescissions. | ||
| They're going to take you to court anyway. | ||
| Let's just go up to the top. | ||
| You can do the rescissions or pocket rescissions. | ||
| I know Russ has an amazing theory of that. | ||
| I'm saying let's just cut to it. | ||
| You see what President Trump, the Supreme Court backs him on his Article II powers, and a federal judge comes out immediately, immediately, immediately and challenges that and gives the amnesty, the illegal alien invaders, class status. | ||
| They're just in your grill, and they're going to be in your grill. | ||
| I've said this over and over again. | ||
| It's not going to stop until we make it stop. | ||
| It will never stop. | ||
| They're relentless. | ||
| Why? | ||
| We're fighting for control of the greatest country in the history of the world, in the history of mankind. | ||
| Here, the United States of America, you that have had such an amazing part of it, changed the arc of history because of what? | ||
| Because of your support for President Trump and the MAGA movement. | ||
| You've changed the arc of history. | ||
| Is this the end of history? | ||
| Oh no. | ||
| Oh, contraire. | ||
| You're not Francis Fukuyama. | ||
| You're more mature than that. | ||
| You got more grit than that. | ||
| You got more common sense than that. | ||
| You have more life experience. | ||
| Your lived experience shows it ain't over until it's over. | ||
| Short break. |
Export Selection