| Speaker | Time | Text |
|---|---|---|
| I'll do a couple more. | ||
|
unidentified
|
Yes. | |
| Hi, I'm Chelsea Downs, News Nation. | ||
| I want to piggyback on way off. | ||
| If you guys want to ask these guys questions to you, I'm happy to pass on to the back. | ||
| I'm happy to do that. | ||
|
unidentified
|
Where did you mention efficiency? | |
| Is this infrastructure being designed in a way where fewer air traffic controllers would be needed than currently? | ||
| So I don't actually see that. | ||
| So what I see is with the efficiency and the expanded use of the airspace, I think we're going to be able to control the airspace that's going to be busier with the same number of controllers. | ||
| If, again, we add on that 3,000. | ||
| If I can get 3,000 more controllers, I don't think I'm going to need more as the airspace becomes more complicated. | ||
| I think I'll be able to navigate it with that number of off-campus. | ||
|
unidentified
|
We're going to leave this to take you live to Capitol Hill, where the House is gaveling in for what's expected to be a brief session. | |
| You're watching live coverage on C-SPAN. | ||
| The House | ||
| will be in order. | ||
| The Chair lays before the House a communication from the Speaker. | ||
| The Speaker's Rooms, Washington, D.C., May 9th, 2025. | ||
| I hereby appoint the Honorable Adrian Smith to act as Speaker Pro Tempore on this day. | ||
| Signed, Mike Johnson, Speaker of the House of Representatives. | ||
|
unidentified
|
The prayer will be offered by Chaplain Kibben. | |
| Would you pray with me? | ||
| Heavenly Father, you have called each of us to live a holy life, worthy of the grace you have shown us. | ||
| We give you thanks that you have raised up your servant Pope Leo XIV and bestowed on him the mantle of responsibility, not just to lead the Catholic Church, but to live as a holy exemplar of faith to all people in these challenging times. | ||
| Grant him the wisdom necessary to discern the needs which he has a unique position and power to address. | ||
| Loosen his lips that he would speak words of hope and kindness to a world beset by cruelty. | ||
| Equip him with the keys to unlock the peace of your kingdom and reveal the limitless and unconditional love you have for all your people. | ||
| Bless this, your servant, and every one of us as we each seek to work out the calling to which you have called us. | ||
| In the spirit of joy and excitement surrounding this one man of God, may we support, care, and encourage him and one another on this shared journey of faith. | ||
| It is in your holy name that we pray. | ||
| Amen. | ||
| Pursuant to clause one of Rule One, the Journal of the Last Day's Proceedings is approved. | ||
| The chair will lead the House in the Pledge of Allegiance. | ||
| I pledge allegiance to the flag of the United States and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all. | ||
| Our chairman is coming to communicate. | ||
| The chair lays before the House of Communication. | ||
| The Honorable Speaker, House of Representatives, sir, pursuant to the permission granted in Clause 2H of Rule 2 of the rules of the U.S. House of Representatives, the clerk received the following message from the Secretary of the Senate on May 8th, 2025 at 4:37 p.m. that the Senate agreed to Senate Joint Resolution 7, Senate Joint Resolution 13, that the Senate passed without amendment House Joint Resolution 60. | ||
| Signed sincerely, Kevin F. McCumber, Clerk. | ||
|
unidentified
|
Accordingly, the House stands adjourned until noon on Tuesday, May 13th, 2025, for morning hour debate and 2 p.m. for legislative business. | |
| The House has gaveled out. | ||
| Members will come back next Tuesday, May 13th, for legislative business. | ||
| Off the floor, House committees led by Republican members are working on drafting a budget bill to advance President Trump's agenda. | ||
| Also, next week, Health and Human Services Secretary RFK Jr., as well as Labor Secretary Laurie Chavez-DeReamer, are planning to testify on Capitol Hill on their department's budget requests. | ||
| Follow our live coverage of Congress here on C-SPAN and on our website, c-span.org. | ||
| And a live look at the White House as we wait for Press Secretary Caroline Levitt to speak to reporters. | ||
| We could hear more about President Trump's announcement that he plans to appoint Fox News host Janine Pirro to be the interim U.S. Attorney for D.C. to replace the president's initial pick, Ed Martin, after Republican Senator Tom Tillis said he would not support Mr. Martin because of his stance on the January 6th attack on the U.S. Capitol. | ||
| Also this week, top officials from the U.S. and China are gathering in Switzerland for their first major talks following trade tensions between the two countries. | ||
| President Trump posted on Truth Social this morning about lowering the 145% tariff on Chinese goods, writing, quote, 80% tariff on China seems right, up to Scott B., referring to Treasury Secretary Scott Besant. | ||
| The president also urged China to open its market to the U.S., saying it would be so good for them. | ||
| Closed markets don't work anymore. | ||
| We expect to hear more on those topics as well as yesterday's announced trade deal with Britain at the briefing. | ||
| While we wait for it to start, we'll show a discussion from our own Washington Journal. | ||
| Joining us this morning is Ken Rogoff. | ||
| He is an economics professor at Harvard University, former chief economist for the International Monetary Fund, and author of a book, Our Dollar, Your Problem: An Insider's View of Seven Turbulent Decades of Global Finance and the Road Ahead. | ||
| Mr. Rogoff, I want to begin with the Federal Reserve chair who had a news conference this week to talk about interest rates. | ||
| We'll hear what he had to say, what he told reporters, and of course everyone watching, including markets, and then I'll get your response. | ||
| We'll see. | ||
| The administration is entering into negotiations with many countries over tariffs. | ||
| We'll know more with each week and month that goes by about where tariffs are going to land, and we'll know what the effects will be when we start to see those things. | ||
| So we think we'll be learning. | ||
| I can't tell you how long it will take, but for now, it does seem like it's a fairly clear decision for us to wait and see and watch. | ||
|
unidentified
|
So when you say that you don't need to be in a hurry, does that mean that could the outlook change in such a way that a change in your stance could be warranted as soon as your next meeting? | |
| You know, as I said, we are comfortable with our policy stance. | ||
| We think we're in the right place to wait and see how things evolve. | ||
| We don't feel like we need to be in a hurry. | ||
| We feel like it's appropriate to be patient. | ||
| And when things develop, of course, we have a record of we can move quickly when that's appropriate. | ||
| But we think right now, the appropriate thing to do is to wait and see how things evolve. | ||
| There's so much uncertainty. | ||
| If you talk to businesses or market participants or forecasters, everyone is just waiting to see how developments play out. | ||
| Ken Rogoff, what do you make there of those words from the Federal Reserve Chair? | ||
| Well, he's pretty balanced and objective, and to be so balanced and objective with all the attacks that Trump has laid on him is impressive. | ||
| He tries to not pay attention, tries to tell the economy like he sees it. | ||
| And of course, the tariffs are mostly going to be paid by Americans, not foreigners, whatever the president says. | ||
| And that's going to push up prices, not necessarily massively and forever, but we'll have 4% inflation this year. | ||
| And at the same time, of course, it's bad for growth. | ||
| What's particularly bad is just the uncertainty that Chair Powell keeps talking about. | ||
| You know, we just don't know what's coming next. | ||
| The tariffs on China are going to be 80%. | ||
| That's what they were just brought down to, which is still prohibitive. | ||
| Are they going to be 25%? | ||
| What about Mexico? | ||
| What about Canada? | ||
| What about Europe? | ||
| Nobody knows what's going on. | ||
| I'm not even sure, you know, the president in his own mind is quite sure where he's headed. | ||
| So of course it's very hard for businesses. | ||
| There is extraordinary uncertainty around this. | ||
| And I think the odds that it tips the U.S. into recession are actually pretty high. | ||
| I would say more than 50-50, despite the fact that the hard numbers are pretty good. | ||
| The economy was very solid when President Trump took over. | ||
| Of course, there are imbalances. | ||
| There's reasons to take actions, things that need to be addressed. | ||
| He acknowledges that this could shake things up. | ||
| But the sooner all this theater is resolved, the easier it'll be for businesses to figure out what to do and move ahead. | ||
| When will that happen? | ||
| As Chair Powell said, who knows? | ||
| How closely do the markets follow the Federal Reserve's chair's words? | ||
| I mean, stunningly closely. | ||
| So it's sort of two things. | ||
| Of course, they care about what he's going to do. | ||
| But I also would say that the Fed sort of synthesizes all this diverse information. | ||
| They have a great staff. | ||
| Everybody talks to them. | ||
| So they're sort of interested in hearing the Fed's take on the economy. | ||
| They don't always agree with it. | ||
| The Fed is by no means always right. | ||
| But I'd say it's a big piece of information what they're doing. | ||
| And actually, the interest rate that the Federal Reserve sets is not your car loan, your mortgage. | ||
| They set this very specialized short-term interest rate, but it influences these other big things, these longer-term interest rates that really drive the economy. | ||
| You write in your book, Our Dollar, Your Problem. | ||
| Central bankers know that speaking to the markets is like talking to your dog. | ||
| A dog is acutely sensitive to its owner's mood and tone of voice, but probably does not fully understand every detail of what is being told. | ||
| Explain. | ||
| Well, I think very often the markets are looking for the mood. | ||
| It's not just reading the words, the expression. | ||
| It's a big difference between, I'm pretty uncertain, or I'm really uncertain, or even if you said it the same way, I'm pretty uncertain. | ||
| It's a big difference. | ||
| They listen to that mood. | ||
| I said that quote in the context of one of the most famous central bank utterances of all time when in the thick of the European debt crisis where nobody knew how they were going to save Greece, Spain, and Italy, the head of the European central bank, that's the central bank of the single currency in Europe, said, and he was reading his written marks, we will do whatever it takes. | ||
| And then in a very emotional remark said, and believe me, it will be enough. | ||
| And when the markets heard that, they just said, whoa, he's going to turn the bazooka on, he's going to turn the bazooka on the markets. | ||
| And it quickly calmed things down. | ||
| So the tone of voice, what they're saying, often that's what they're looking for. | ||
| In fact, they're often looking for what the chair in those meetings, like you just played a tape from, they're looking for something the chair didn't mean to say. | ||
| Did something spill out that really revealed something that they didn't want to reveal? | ||
| We do have some breaking news that we want to share with our viewers this morning. | ||
| CNN reporting that David Souter, the former Supreme Court Justice, has died. | ||
|
unidentified
|
Good afternoon, everybody. | |
| Good to see all of you. | ||
|
unidentified
|
Happy Friday. | |
| Thank you, Tim. | ||
| The president looks forward to embarking on his historic return to the Middle East, visiting Saudi Arabia, Qatar, and the United Arab Emirates next week, where he will focus on strengthening ties between our nations. | ||
| Eight years ago, President Trump's first trip was to this same region of the world, where he introduced his bold peace-through-strength foreign policy strategy. |