Bannon's War Room - May 22, 2025


Episode 4504： Big 'Beautiful' Passes The House What Lies Beneath


Episode Stats


Length

55 minutes

Words per minute

176.05405

Word count

9,746

Sentence count

716

Harmful content

Misogyny

2

sentences flagged

Hate speech

9

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

The Tax Bill passed the House of Representatives and is now heading to the Senate for consideration. President Trump and House Speaker Mike Johnson are expected to pass the bill soon, and it's a big win for the president and his administration.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 If and when this bill passes, I'm assuming it will pass at some point,
00:00:04.960 what growth rate can we expect for the economy in the second half of the year?
00:00:09.060 I hear talk of 3% growth, maybe more. What say you?
00:00:15.420 Right. I say that if you look at the Council of Economic Advisers chairman, Steve Myron's
00:00:20.100 modeling of what happens if we pass this tax bill, then conservatively, you're looking at
00:00:25.380 very steady 3% growth going forward. If you add 3% to the 1.8% that's in the Congressional Budget
00:00:32.260 Office forecast, then that means that over 10 years, you get 4 trillion more revenue from 3%
00:00:37.960 growth than the current CBO forecast. And so what that means is that this tax bill basically pays
00:00:42.940 for itself if we get 3% growth. I think we're going to get more than 3% growth because something
00:00:48.340 you've covered a lot, Stu, is that the AI productivity revolution is underway. Firms are getting more and
00:00:54.220 more productive because AI is helping their workers be more productive. And there's a scholar at
00:00:59.680 Stanford, Eric Bridgelson, who has a study out that suggests that that could increase productivity
00:01:03.840 growth by one and a half, even to 2% a year. If we get that, then you're looking at 4% growth,
00:01:08.740 which I think is an upside that's completely possible. And so, yeah, I think that the 1.8% CBO score
00:01:15.100 is very, very conservative. And so fiscal hawks should be ambitious because they understand
00:01:21.100 that, look, last time we said we get 3% growth and we did. This time we're saying it and we've
00:01:25.960 got like some extra juice because of AI. So I'm very comfortable with 3%. Is this the argument that
00:01:31.440 Speaker Johnson is applying to the deficit hawks? Look, the deficit will be taken care of by 3%,
00:01:37.560 4% growth just down the road. That's Speaker Johnson's argument, right?
00:01:44.840 Well, I think that he's got different arguments for different people. You know,
00:01:48.040 there are a lot of strong opinions at all sides, a lot of respected friends who disagree.
00:01:52.320 And the thing that I'm just amazed at is that Speaker Johnson has been able to get all those
00:01:56.040 cats in a room and herd them together to a very, very likely big victory for the big,
00:02:00.940 beautiful bill. Probably could even start tonight. Get it to the floor. That will be good. 0.94
00:02:05.160 Stand here and tell the American people, we can cut your taxes and we can increase spending and
00:02:10.280 everything's going to be just fine. But I can't do that because I'm here to deliver a dose of reality.
00:02:15.820 This bill dramatically increases deficits in the near term, but promises our government will be
00:02:22.180 fiscally responsible five years from now. Where have we heard that before? How do you bind a future
00:02:27.780 Congress to these promises? This bill is a debt bomb ticking. Congress can do funny math,
00:02:34.900 fantasy math if it wants, but bond investors don't. And this week they sent us a message.
00:02:40.920 Moody's downgraded our credit rating and the bond investors who buy our debt and finance our debt
00:02:47.500 demanded higher interest rates on the 10-year note, the 20-year note and the 30-year note.
00:02:53.160 What does this mean? Very soon the government will be paying $16,000 of interest, interest alone per
00:02:59.720 U.S. family. And what are we telling them? Instead of taking care of that problem, we're going to give you
00:03:05.780 a $1,600 tax break. Under the taxing and spending levels in this bill, we're going to rack up, the
00:03:14.400 authors say, $20 trillion of new debt over the next 10 years. I'm telling you it's closer to $30 trillion
00:03:20.360 of new debt in the next 10 years. Mr. Speaker, we're not rearranging deck chairs on the Titanic tonight.
00:03:27.520 We're putting coal in the boiler and setting a course for the iceberg. If something is
00:03:34.180 beautiful, if something is beautiful, you don't do it after midnight. I oppose this bill.
00:03:43.940 On this vote, the yeas are 215, the nays are 214, with one answering present. The bill is passed.
00:03:52.420 U.S.A. U.S.A. U.S.A.
00:04:02.880 No bill is perfect, but this one is big and beautiful, and I'll tell you why it's beautiful
00:04:08.100 to me. It's beautiful to me because House Republicans, under the leadership of Mike Johnson
00:04:14.000 and Donald Trump, showed the American people that we will do what we promised. And we showed
00:04:20.120 the world that the borders of the United States of America are sovereign and secure.
00:04:29.080 Our team, my committee of Homeland Security, has been pouring over this for a year on how
00:04:36.100 best to do this. My staff, some of whom are here, thank you for your hard work. We're going
00:04:42.400 to construct and add to the border wall with technology, cameras, lights, access. We're going
00:04:50.140 to invest in the people who put their ass on the line to keep us safe every day. More training,
00:04:57.680 more equipment, modernized equipment, better facilities. It's the right thing to do.
00:05:02.980 And we're going to end the threats to the people of this country, from the cartels, from the gangs
00:05:11.760 that have poured across our southern border and the fentanyl, and who knows what else with the
00:05:17.000 terrorists. Patriots, as Washington, D.C. happily crashes America's economic car into the debt
00:05:25.680 ditch. Let's consider the economic reality by the numbers and the consequences for all of us,
00:05:33.060 for real Americans on Main Street, not lobbyists on K Street. Now, three years ago, almost to the day,
00:05:40.520 America hit its worst inflation in four decades as Bidenomics plunged the country into an economic
00:05:47.400 quagmire. Inflation hit 9.1 percent three years ago. Let's compare that time, three years ago,
00:05:55.240 versus now on other key metrics. Ten-year treasury yield. It was then below three percent, well below
00:06:01.740 three. We're now way above four and marching our way toward five percent on ten-year yield,
00:06:07.280 30-year mortgages accordingly. They were five percent then, they're seven percent now. Consumer
00:06:12.740 confidence then, it was plunging, but it was still at 82. It is now at 50. So here's the reality,
00:06:20.820 and here's the takeaway. Washington, D.C. either doesn't know these numbers, or frankly, they just
00:06:27.000 don't give a s***. And I'm not sure which one is worse. But we the people, we the citizens of the
00:06:32.880 United States, must compel them to urgency and action. And we do that by making them politically
00:06:39.400 fear us and making them respect us. It is time to right the economic ship of the United States right
00:06:47.980 now. You know, there were a number of pivotal moments. We have 220 Republicans in the House
00:06:54.560 Republican Conference and lots of different opinions that represent very different districts
00:07:00.460 around the country with very different interests. But the principle and the philosophy is always the
00:07:04.760 same. Everybody's conservative. We believe in limited government and we believe in individual
00:07:09.120 freedom and the rule of law and peace through strength and fiscal responsibility and free markets
00:07:13.760 and human dignity, the things that are all wrapped into this bill. And so I would say there was a lot
00:07:18.100 of pivotal moments. One day I might actually write a book about the last year of my life and trying to
00:07:22.120 get this thing over the line. But I'll say, look, I'm just going to say I give glory to God. I mean,
00:07:28.200 there's a lot of prayer that brought this together. I'm just going to be very blunt about it. There
00:07:31.400 was a few moments over the last week when it looked like the thing might fall apart. And I went to
00:07:34.920 the little chapel over here and got on my knees and prayed that these guys would have wisdom and
00:07:38.820 stamina and discernment. And that's the secret here. And teamwork and mutual respect that everybody
00:07:44.600 has for one another. And I think that's what defines the Republican Party. It's a great day
00:07:50.220 to be an American. It's a great day to be a Republican. Yeah. Go ahead.
00:07:52.640 No, all the senators, every one of them that promised me they're not going to change anything
00:08:02.980 in our bill.
00:08:03.440 In the year of our Lord, 2025. There you have it, 630 in the morning, 215 to 214. One present,
00:08:10.260 that would be Andy Harris of the Freedom Caucus. Tom Massey, a vote against it. And I think
00:08:16.260 Warren Davidson, I got to check that. Warren Davidson voted against it, Ohio, I think,
00:08:21.160 in my count, passed by one vote. We got Chip Roy here. Wisdom and discernment. Congressman
00:08:28.020 Roy, yesterday, Andy Harris and the Freedom Caucus yourself said it would take 10 days to
00:08:33.420 get this thing worked out. President Trump actually took an active role in negotiating
00:08:38.180 this. A couple hours you guys spent up in the White House. Give us your assessment of
00:08:42.860 the big, beautiful bill.
00:08:45.420 Well, first of all, you played a great speech by my friend Thomas Massey. And sometimes people
00:08:49.620 take issue with him, but he was right on this in terms of his concerns. I share those concerns.
00:08:54.900 You share those concerns. We have to balance all of this to try to figure out how to move it
00:08:59.940 forward. Here were the interests that we had to balance.
00:09:03.420 We were working really hard, as you recall, last weekend. I voted, along with three of my
00:09:08.560 colleagues, to kill this bill on the Budget Committee. Then we fought over the weekend,
00:09:12.380 and then we voted president to move it along. Then fast forward yesterday, we meet with the
00:09:16.680 president, we're over at the White House, and we work to get this bill done over the course of the
00:09:21.460 night with reservations. But the things that moved it forward that we thought were important,
00:09:26.500 one, we firmly solidified killing all of the projects going forward under the Green New Scam.
00:09:34.580 Not existing projects. I'm still pissed off about that, but we'll deal with that separately. But we
00:09:39.620 firmly locked in that the current under construction and future projects, we will be killing virtually all
00:09:45.580 of those with a handful of grandfathered. We also have the Medicaid work requirements shoved up,
00:09:51.320 which we had to personally negotiate in order to get that done. Yesterday, we worked something out
00:09:56.920 to help the non-expansion states under Obamacare be able to stay non-expanded so we can work this
00:10:04.300 balance that I know you care about, too, where we're trying to manage the Medicaid scam problem
00:10:09.700 that needs to be reformed, while also making sure working-class Americans are still dealing with 0.99
00:10:14.740 health care who have been kind of stuck because we've got such a broken health care system.
00:10:18.600 So we've got 12 levers we're pulling. I do not like the final result in terms of the overall
00:10:24.520 deficit numbers. Too much deficit in the first five years, too much savings in the second five
00:10:29.520 years. We technically honored the deficit neutral over 10, but that's bullcrap if all your savings
00:10:36.620 are in the second five. So my point to you, Steve, is I felt compelled to work with the president to
00:10:43.360 achieve the objectives of the border funding necessary for the icepads, the defense stuff that we're
00:10:48.080 working with Russ on at the Office of Management Budget to try to hold the hawks in town down and
00:10:54.460 stop them from using all the discretionary spending to mess things up. So the border and the defense
00:10:59.980 money, plus what we got on the Inflation Reduction Act and the Medicaid work requirements, plus some of
00:11:05.260 the other good spending cuts we already had in there on Medicaid eligibility.
00:11:09.000 But yeah, I want to make sure the Warren Posse understands this because they're the tip of the spear in
00:11:15.380 the guys. Now, and that's why I played Hassett's Stuart Varney piece yesterday. Yeah, they're talking
00:11:23.140 about a minimum of that. The supply side nature of this is going to and they're talking about because
00:11:28.240 remember, one of the reasons these numbers suck is that the CBO scoring has a growth rate of 1.8 percent.
00:11:35.380 And what the White House is saying and Hassett and Mehran, the CEA chair, because Hassett's at NEC now,
00:11:43.580 is that the growth rate's really 3 percent of what's going to happen. So in the first couple,
00:11:48.300 so two things. Number one, Russ Vogt is a close friend of yours and mine, a colleague and a very
00:11:54.700 smart guy. We got the right guy. His theory of the case that we have a one-time shot to make
00:12:01.620 structural changes on mandatory spending in the fifth year and beyond. And that's worth
00:12:07.800 not fighting to the knife, not going to the knife on the first couple of years on the deficits. Is
00:12:15.100 that essentially the bet that that OMB is making? And really, the administration is saying that we
00:12:20.080 have a chance to do something that's never been done before, that we can actually change structurally
00:12:24.820 mandatory spending. And unfortunately, those changes come in the fifth through the 10th year, sir?
00:12:32.720 Yes, that is correct. And I think that is a fair characterization. And what I was
00:12:36.200 partially trying to get at with respect to what we're working on together on the defense issue,
00:12:42.040 which also touches discretionary spending, that we're trying to restructure the town.
00:12:47.000 We're trying to get our arms around the way things have been broken and break it back so that
00:12:52.100 we can have something that the people control. To answer your question, I am still concerned about
00:12:58.620 the front-year deficits, OK? Maybe a little more than my good friend, Russ. I do think we need to
00:13:03.160 hold those down. But to get the trajectory right, we are putting it on the right path. Those reforms
00:13:09.400 on Medicaid are a pretty big deal. What we got yesterday on some other executive order actions
00:13:14.220 you will see coming out in the next two weeks are a pretty big deal. What we got with respect to the
00:13:18.420 work requirements, the Inflation Reduction Act, pretty big deal. That will all be a good trajectory.
00:13:23.580 We still have more work to do, though. I think that there are things we could do that would
00:13:27.560 fundamentally end some of those Medicaid scams that would help in the long-term trajectory like Russ
00:13:32.220 is talking about. But yes, the growth side is the other thing I want to address. Because I respect
00:13:37.780 Hassett, and I respect that conversation with Stuart Varney. But look, I'm all about 3% growth,
00:13:43.360 4% growth. We need that, like we did in the 80s. And I think a lot of the Trump policies can do that.
00:13:48.180 But let's be very clear. We got a lot of work to do to get there. We assumed 2.6% growth in our
00:13:54.200 model, which I think is a fair place to land for budget purposes if you want to get deficits down.
00:13:59.960 So I didn't want to accept 3% and 4%. That's gravy. Because we got to go pay the debt down. So
00:14:04.980 we should budget at 2.6%, and we should hope the gravy comes in between tariffs and economic growth
00:14:11.140 to get our damn debt down. Russ, Chip, can you stay just for a short commercial break on the
00:14:19.880 other side, because this is very important. So the big, beautiful bill is passed in the House,
00:14:26.880 really, literally 48 hours, virtually nonstop, including a historic visit by the President of
00:14:34.920 the United States yesterday to the conference. And then he called them all over the leaders
00:14:39.600 in the Freedom Caucus, the Deficit Hawks, to the White House for a couple-hour meeting. This is
00:14:43.940 why he was dipping in and out of the Florida Gators in their commemoration ceremony yesterday
00:14:51.760 in the East Room. Short commercial break. Congressman Chip, we're going to Russ vote later in the show.
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00:16:30.560 Okay, so we know now that the House plugged in 2.6% growth. Also, because CBO doesn't score it,
00:16:39.200 there's not, and we talk about deficit reduction in the first couple of years, they're not including
00:16:42.940 tariffs. My understanding is the number of the White House looking at is $300 billion to $600
00:16:49.340 billion cash money coming from tariffs. I'll talk about that later as I break all this down.
00:16:54.560 Congressman Roy, thanks for the time. Real quickly, this goes to the Senate, and you've
00:17:00.860 got a couple of hawks over there, right? You've got Mike Lee, you've got Ron Johnson, you've got
00:17:05.040 Rand Paul. You know, we're very aligned with Josh Hawley. I know he's had some issues already with
00:17:10.360 some of the Medicaid stuff. But generally, the Republican Senate are the people that really
00:17:15.600 work with Biden. Nineteen of them worked with Biden when McConnell ran the deal that got us in
00:17:21.500 this jam in the first place. Do you anticipate, and what is the Freedom Caucus? My point is,
00:17:26.880 they're not going to pass what you gave them. I actually think it'll come back worse unless we
00:17:33.100 do a big fight with the Senate. We're going to get in that. So when you conference, where's the
00:17:38.080 Freedom Caucus coming out? Because this bill is still a long way from getting done, sir.
00:17:43.000 Yeah, well, number one, I think as you noted, the bond markets today are going to say that we
00:17:46.380 didn't do a good enough job. And you know what? The bond markets are right. We needed to do a
00:17:50.340 better job. I'm proud of the things I fought for. But at some point, you know, you drag,
00:17:55.620 you drag, you drag, and then you move it forward. The White House wanted us to move this forward.
00:17:59.700 We're collaborating with them. Now that's the important part. The White House is the key
00:18:03.780 variable here, putting pressure on the Senate. And then those key patriots that you mentioned,
00:18:08.220 Ron John, Rand Paul, Mike Lee, Rick Scott, there's a few others that can get together and say,
00:18:14.200 guys, we're going to do better. We're not going to make it worse. We actually need,
00:18:17.920 Steve, we need the Senate to make it better. We need them to hold on to what we did with the
00:18:22.420 Inflation Reduction Act and really good Medicaid reforms to protect the vulnerable instead of,
00:18:27.180 you know, funding the able-bodied, the work requirements, ending the scams, you know,
00:18:32.120 waste, fraud, and abuse, like the president says. They can do that. Josh can get on board with that,
00:18:36.800 and he should. And we can do what is right for the American people, constrain spending,
00:18:41.860 create growth, and then give the runway for the tariffs and other things,
00:18:45.180 and really be cooking with peanut oil. I believe we can do that. But the Senate has got to do their
00:18:50.220 job. And frankly, then it bounces back to the House. Either they pass it and it comes back to
00:18:55.180 us or we go to conference. And we're going to draw red lines in the sand as the Freedom Caucus
00:18:59.460 and conservatives that it can't get worse and it needs to get better. We need to see the right
00:19:03.440 reforms. The bond markets are going to expect nothing less. We have to deliver. I'm telling you,
00:19:08.180 the bond markets are still throwing up on us because we're not doing a good enough job.
00:19:11.980 But I don't have 218 votes. I only have one vote. So we're working and we're moving the needle
00:19:17.840 thanks to you, thanks to the war and posse. We're able to move the needle, but we got to keep pushing
00:19:23.700 hard through the finish line through the Senate. When are you coming out? This is going to be
00:19:27.360 important. When is the Freedom Caucus going to come out with your red lines to inform the Senate of,
00:19:31.960 hey, here's what we're looking for, guys? Yeah, next week. We're going to be putting those
00:19:35.600 together. We want to think about it, work with some of our colleagues over there,
00:19:39.020 be smart about it, right? You can't just throw everything down and say, I need, you know,
00:19:43.340 my way or the highway on 48 issues. But we're going to draw a couple of three really important
00:19:47.260 lines. Okay, perfect. And we'll see that next week. Yep.
00:19:54.060 Anything, any closing comments? I mean, clearly we got this thing rolling, historic 48 hours.
00:19:59.880 President got involved in a way. I mean, President, not just President closed the deal,
00:20:04.280 but also with the votes, as you know. Any closing observations?
00:20:09.840 Yeah, well, we made some good headway yesterday meeting with the president. You know,
00:20:13.440 they're always exciting meetings. As you noted, the University of Florida was coming in right after.
00:20:17.600 We had a productive meeting. The White House is going to take some executive action based on our
00:20:21.720 recommendations that I think is going to be very good and working with Russ. We got a really good
00:20:25.720 improvement to help states like Texas, non-expansion state, where they're going to get a little higher
00:20:30.040 funding for something that's important to protect their interests. And we got some other good things
00:20:35.080 done. And we're looking ahead to be able to work with the Senate. So I think we can do this. But
00:20:40.160 it's going to take the posse getting engaged and the American people demanding it. There's no room
00:20:43.880 for failure here. The Senate needs to make it better, not worse. And we need to draw the red lines to
00:20:48.440 fight for America. Better, not worse. And you're right, the bond market, whether you like it or not,
00:20:53.780 they're getting a vote. And right now they're throwing up all over the thing, although it's eased up a
00:20:58.100 little bit since. And I think the more it's explained, what we need is more explanations.
00:21:02.660 Correct. And I think the White House has got to get on the lead of it. They believe it's 3% of
00:21:06.620 Moran and Hassett. You've got to get out. You've got to start talking about the tariffs. They've got
00:21:11.260 to make a whole package here. And this thing's got to be sold. You want the bond market to understand
00:21:15.180 it. You've got to go sell it. Congressman Roy, on your social media, where do people go? Because
00:21:19.100 you come in a little hot every now and again.
00:21:21.400 Chip Roy, T-X, C-H-I-P-R-O-Y-T-X, or at roy.house.gov is my website, or repchiproy is my official
00:21:31.080 Twitter, or X, whatever you call it these days. But thanks for what you do, Steve. God bless you.
00:21:35.580 Have a happy Memorial Day to all the families out there who lost loved ones fighting for this
00:21:39.460 country. Thank you for your service to the country, both what you do now and wearing the
00:21:43.280 uniform. And God bless the great patriots across this country.
00:21:47.200 Our honored dad, thank you very much, Congressman.
00:21:49.340 God bless.
00:21:51.020 Just as a note, we're going to have wall-to-wall coverage this Memorial Day weekend with our
00:21:57.080 partners at Real America's Voice. Saturday, President Trump, President of the United States,
00:22:01.300 is going to the United States Military Academy at West Point. He will be joined there by one
00:22:06.640 of the new members of the Board of Visitors, Captain Maureen Bannon. She'll be there.
00:22:10.620 We're going to be covering it live from 10 to noon. The president will address, give the
00:22:15.520 commencement address to the cadets, the Corps of Cadets, on graduation day. And on Monday,
00:22:21.580 we will cover it nonstop from the White House all the way to Arlington and back. The President
00:22:25.900 of the United States will go to Arlington National Cemetery to give appropriate remarks for our
00:22:31.480 honored dead over Memorial Day weekend. Let's go ahead. We've got a cold open. We've got
00:22:36.040 Batya Ungersanger with us. This player called open. I'm going to have to jump in here and turn
00:22:39.800 it over. It's pretty powerful. Let's hear it.
00:22:41.500 To make this get through.
00:22:43.260 So here's the problem that the Republicans have. They want three things. They want to balance the
00:22:48.520 budget. They want to cut taxes for the rich included. And they want to be the party of the
00:22:53.840 working class. And the problem is you have to pick two of the three. It just doesn't work. 0.97
00:22:58.480 As Senator Josh Hawley pointed out, if you just make those cuts and then you also have tax cuts
00:23:05.040 for the rich, you're basically taking things away from working class and poor people and giving them
00:23:09.920 to wealthy Americans. I'm not saying there shouldn't be any cuts. We absolutely need to do
00:23:15.240 that. There's evidence that about 2 million people who are on Medicaid rolls are actually able-bodied
00:23:20.680 men with no dependents. They should absolutely be working. Both the salt, which makes absolutely no
00:23:25.760 sense for the Republicans to be giving on this whatsoever. Those are rich liberals.
00:23:30.560 Why are we giving them money? But also, I think on the top tax bracket, you talk to the average
00:23:36.060 American, they're just not going to understand why going from 37 percent to 39 percent, if you could 1.00
00:23:40.820 take that money and use it to balance the budget, this is a working class party. That's not a slogan,
00:23:46.520 guys. That has to be policy.
00:23:49.840 Bati, by the way, also 2.4 million, I think, illegal aliens off of this through the House bill.
00:23:55.760 Um, so what it's, the big, beautiful bill is passed. You're actually, I think you're a resident
00:24:00.740 of Brooklyn. Why are you whining about the, uh, about the salt? Didn't that take care of, uh,
00:24:06.360 the New York folks, ma'am?
00:24:08.940 Thank you so much for having me. Here's how I see it. Um, you know, we've been saying since
00:24:15.220 Liberation Day that it is possible that there will be price hikes, but that as a nation,
00:24:22.060 we should be willing to sacrifice on behalf of the hardest working Americans so that their children
00:24:28.900 have a better shot at the future. And in fact, Steve, I was talking to a truck driver and here's
00:24:34.920 how he put it. He said to me, so you're telling me that if I sacrifice a little bit now and I pay a
00:24:41.820 little bit more for something here and there, my children will have a better future. And you think
00:24:48.100 I'm going to turn that down? I mean, sacrifice is what we do for our children. This is how he put
00:24:54.440 it to me. And I thought that was really powerful. So we've been expecting everybody to sort of work
00:24:59.480 together on this. We've all understood that our relationship with China is unsustainable. 0.66
00:25:04.380 And as a nation, under the guidance of President Trump, we have decided that we are going to do this
00:25:10.180 together as an act of patriotism. And now I turn around and they're trying to pass this bill where
00:25:16.560 suddenly rich Democrats in New York are saying, wait a minute, I don't want to sacrifice on behalf
00:25:24.600 of this country. I want more tax cuts. I mean, it's utterly ludicrous. And it really offends me because
00:25:31.520 again, we are asking the least of us to sacrifice the most. And then when it comes to the wealthy,
00:25:36.920 we're telling them, no, no, but you get a pass on this. We're going to cater to your every need.
00:25:41.860 And of course, it's their fault that the taxes are so high in New York and these other liberal
00:25:45.880 strongholds. So I think from my point of view, I really agree with Senator Hawley on this.
00:25:51.780 The perception that the sacrifices are being asked to be made of the least of us, whereas the people
00:25:58.440 who have the most are being coddled and catered to, that to me is unworthy of a party that has the great
00:26:06.260 honor of representing America's working class.
00:26:11.220 Do you anticipate right now, you see, and we don't, and this is one of the things I think the
00:26:16.300 White House is working on now. And I think you're going to see a much more fulsome package come
00:26:20.260 forward because, you know, Hassett and Morant have a, I think, justification. They can back up a 3%
00:26:27.540 growth rate, which really changes the equation here. Although the House did have 2.6 in. In addition,
00:26:33.000 they're talking about a couple of hundred billion dollars minimum of external revenue coming from
00:26:38.760 tariffs. Do you think that the, that we've done a good enough job of selling the, because I've got
00:26:45.500 a big interview in Newsweek talking about a new golden age of manufacturing that's coming back
00:26:50.420 to the United States because of President Trump's trade and tariff policies. Do you think we've done
00:26:54.120 a good enough job of selling that to the American people of exactly what this program is, that these
00:26:59.340 tariffs and these new trade relationships actually lead to a, lead to something great for the American
00:27:05.520 workers? Absolutely. And I think you can see it in the president's poll numbers, which are going back
00:27:11.900 up, much to the chagrin of the people who have to report on this in the liberal media. The American
00:27:16.880 people, I think, are going to end up supporting this. They're going to see the benefits of this. And,
00:27:22.760 you know, this idea of turning a ship around that had been going in a direction at the behest of,
00:27:28.220 behest of both parties to sell out America's working class, the courage that it took, the
00:27:35.000 leadership that it took. I really cannot think of another person on this planet who could have done
00:27:39.960 that the way that President Trump did, the way that he signaled to the entire country. And in fact,
00:27:45.400 the entire globe, I don't work for wall street. I work for the average American. I work for the
00:27:51.500 middle class. I work for the working class. I work for the American electorate alone and not the
00:27:56.900 international global elites and not the elites of this country. I mean, the shock you saw from
00:28:02.180 wall street at being told for the first time that the president does not work for them. I really
00:28:07.640 think that that is what people are going to remember from this period.
00:28:11.380 Bacia, hang on for a second. We're holding through the break. Also,
00:28:14.600 Noor bin Laden from Geneva, the World Health Organization, Chinese Communist Party said they're
00:28:19.900 going to step into the shoes of the Americans all next in the war room.
00:28:27.040 You've heard me talk about Patriot Mobile for a while now. You probably know that for years,
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00:29:53.760 War Room. Here's your host,
00:29:55.760 Stephen K. Bannon.
00:29:58.720 Okay, I'll go through this a little later. And by the way, Russ Vogt is going to join us. So the
00:30:02.380 Council of Economic Advisors was a Steve Moran. He's got the job Hassett had in the first term.
00:30:12.080 That's kind of the economist, the econometrics group that works over at EOB for the president.
00:30:17.200 They've got their assessment. It's, I don't know, it's 100 pages long.
00:30:23.600 The, excuse me, the summary is 20-some pages long. We're going to put it out a little later
00:30:28.460 in the show. It shows 3% north growth. And here's the point. That means another couple
00:30:32.680 of trillion dollars of tax revenues on the structure that we just passed. Don't want the
00:30:38.560 math to get too complicated. But remember, if you got real growth, and this is a supply-side
00:30:42.960 tax cut trying to get us out of the doldrums of the Biden years.
00:30:46.460 Remember, stagflation is when you got growth under like 2%, 2% or less. And you've got
00:30:52.300 inflation. This is what, you know, the country's gone through in previous times. President Reagan
00:30:57.460 kind of had this, although it was really inflation was on fire. He got through it. President Trump
00:31:02.880 got through it the first time in Obama with this type of tax cut, right? There was more
00:31:09.000 supply sites. So we'll go through that. Anyway, there's some arguments made around, and they're
00:31:11.980 still not counting the tariff money. So, and like I said, a lot of things got to come
00:31:16.400 together here, but you're pushing the big, beautiful bill. It passed this morning.
00:31:21.360 Baccia, you've been quite vocal about this. So give some guidance. So people watching the
00:31:26.620 show and listening, you got, you got Rand Paul, you got Ron Johnson, you got Mike Lee, Rick
00:31:30.520 Scott, Josh Hawley. You got people over in the Senate. Then you got Eric Schmidt. You got
00:31:35.680 some people that are listening and paying attention and saying, okay, what do we got to do here?
00:31:39.320 How do they make this better for working class people in the middle class? Baccia, give me two 1.00
00:31:45.200 or three examples of what you would like to see. So for a decade, the left has attacked Donald Trump
00:31:51.520 as basically being somebody who's only on the side of the rich. They love to say, you know, the lie
00:31:57.520 that his only signature accomplishment from the first administration was a tax cut for the rich.
00:32:02.280 That was nonsense. In the first administration, President Trump became the first president in 60
00:32:07.240 years, under which the bottom 25% of wage earners saw a larger percent increase in wages than the top
00:32:14.000 25%, which is the real reason, by the way, that the Democrats hate him because they're the party of
00:32:17.900 the rich. What he's done in this administration so far is he has taken some unbelievably pro-worker
00:32:25.680 policies, like controlling the border, which limits the supply of labor and gives workers higher wages,
00:32:31.680 and tariffs, which of course reshores manufacturing and gives working class Americans a fair shot at the 0.88
00:32:37.460 American dream again, with some pro-business stuff that is very important. Deregulation, cheap energy,
00:32:45.980 and of course, lowering the corporate tax rate. This stuff is pro-business. So he's combining the
00:32:51.920 pro-worker stuff with the pro-business stuff that's going to make a roaring economy. The question is,
00:32:57.940 where do tax cuts for the rich go? Do they go in the pro-business side of things and they should give
00:33:04.720 tax cuts for the rich? Or should we think about that in terms of what is pro-worker here in terms
00:33:10.000 of balancing the budget and raising taxes on the rich? And from my point of view, it's very clear.
00:33:15.680 Can you imagine, Steve, depriving the Democrats of that talking point? Can you imagine forcing every
00:33:22.000 Democratic politician to vote against a bill that raises taxes on the top tax bracket? It would be
00:33:29.720 such an epic troll. In addition to signaling to the country and to the working class, the GOP is now
00:33:36.840 the party of the working class. Let me just read you a few statistics, okay? In 2024, Bloomberg found
00:33:42.580 that 69% of voters in swing states support raising taxes on the wealthy. In 2024, another poll found that
00:33:50.780 51% of Republicans support it. In 2025, Pew found that 63% of Americans support raising taxes on people
00:34:00.980 making over $400,000 a year. And here's the kicker, Steve, and I'll just end with this. When you gave voters
00:34:06.980 a choice, how would you prefer to balance the budget? Cut entitlements or raise taxes on people
00:34:14.640 making over $400,000 a year? Over 80% said raise taxes, including 74% of Republican voters. This is
00:34:25.020 a win-win-win issue. Raise taxes on the top income bracket. It is going to be a bonanza for the GOP.
00:34:33.460 Uh, where, what's your social media, ma'am? Where do people follow you?
00:34:38.960 I'm at Bunger Sargon on Twitter. I'm Batia US on Instagram. Um, Mr. Bannon, God bless you and the
00:34:46.340 War Room Posse for everything that you do. You're the greatest patriot in this country. And I just,
00:34:51.840 I don't know where we would be without you. I really have to say that. I don't know where we
00:34:55.440 would be without you. So God bless you and thank you for everything you do.
00:34:58.400 Let me tell my producer. I want to book her every day. I'm just kidding. My new, my new agent.
00:35:04.180 Let me introduce you. Thank you, ma'am. Thank you for the kind words, but I get the easiest job
00:35:08.220 around. I'm just yelling in a microphone and put on people like you to the greatest audience in the
00:35:12.780 world. Thank you. Appreciate you. Um, there you have it. A lot of people asked in the chats,
00:35:19.300 uh, do we go call sent? I would hold off. Let's hold off and get organized here because you guys,
00:35:25.280 when you deliver a punch, you deliver a punch. And I think let's, let's go through,
00:35:31.560 see what we actually passed, make sure we understand it. I also want to make sure we
00:35:37.440 have a fair accounting of what actually is the model. What's reality? Um, and, and talking to
00:35:44.180 a lot of people and knowing that the house did put in 2.6% growth of the white house talking about a
00:35:49.280 higher number. That's fine. The CBO does not score the, um, tariffs. That's a real number and it could
00:35:57.640 be a significant number. Also, I've been banging on the table for the, um, for the doge, the waste
00:36:04.740 fraud and abuse, particularly in Medicaid. We need to know that number. And if it's being kind of worked
00:36:10.900 on by people behind the scenes and they don't think the Senate will vote or the house will vote
00:36:16.120 or Congress will vote on some rescissions. We ought to know that, but that number ought to be
00:36:20.000 calculated in here too. And most importantly, it's not for the war room in the war room audience.
00:36:25.640 You need to explain this to the bond market. The bond investors need to hear this. They,
00:36:31.760 that's why I think the white house needs not the people in the house that voted on it. Uh,
00:36:36.960 that's the white house. I think needs to go on much more aggressive offense of what the model is. 1.00
00:36:42.560 I would say it can, it can look pretty positive. And I think these things are sellable. I think
00:36:49.380 people would understand it. I think you've got some good backup and some data. And like I said,
00:36:54.840 Bacia brought up the big point in that, uh, all the criticism that was given when president Trump
00:36:58.940 passed this the first time, the growth rate in the fourth quarter, I think at 19 was three to three
00:37:05.560 and a half percent and wait for it. That's with Janet Yellen, the head of the federal reserve
00:37:12.160 took a billion dollars off the balance sheet instead of expanding the balance sheet. And that means
00:37:17.240 quantitative easing, putting more liquidity into the market. President Trump had a headwind
00:37:23.140 of taking, uh, of taking, um, liquidity out of the market. She went from president Trump inherited a
00:37:30.460 federal reserve balance sheet of about four and a half trillion dollars because that's how they
00:37:36.260 basically use the federal reserve to bail out the system and particularly the wealthy. This is why
00:37:41.780 Obama was not really a progressive that was all pro wrestling down in the front and the, you know,
00:37:46.900 in the, on the cable TV behind the scenes, he did a very standard stock, um, bailout of the wealthy.
00:37:54.780 Why? By having the federal reserve and flood the zone with cash money to bail out the real estate
00:38:01.600 interest, to bail out the companies, to bail out AIG and Goldman Sachs and all of them.
00:38:06.720 And what president Trump in his first year, the first two years, Yellen, who was head of the
00:38:11.480 federal reserve to deflate the asset bubble. And on this one, I actually think she was smart. I know
00:38:18.020 people disagree, including president Trump. Um, it was a headwind. So president Trump's plant had
00:38:25.620 growth and his Bacia just said for working class and middle class, it was the best times you're ever
00:38:31.100 going to have. You had wage growth, you had, uh, no inflation, virtually no inflation and very low
00:38:38.980 interest rates. This is why what Steve, uh, Cortez was showing in the first, but even from Biden is now
00:38:45.820 the, uh, the increase in the interest rates. And that's because, and I think the federal reserve,
00:38:50.220 there's some reports out there now, I think they're doing quantitative easing. I don't think
00:38:53.820 there's a huge market right now for these securities at certain prices. Um, and to keep it from blowing
00:39:00.580 up, I think the fed is actually acting in a pretty aggressive, uh, buying bonds, just saying. So this
00:39:08.180 thing's going to get complicated, but we're going to make it all clear for you. The Senate's going to have
00:39:12.600 to deal with some of these issues. As Chip said, we want to make it better, not worse. Uh, and there's
00:39:18.080 a lot of people remember the 19 senators, Republican senators were collaborators. Mitch McConnell and
00:39:23.700 that crowd were collaborators with Biden on all the madness that he passed. And there's some of the
00:39:29.860 ones that are fighting, particularly like the green news scam. If you, if you think about just what's
00:39:35.480 changed on this bill in the last week, because of your efforts last week, you had all the green,
00:39:41.120 you had 20 percent, 15 or 20 percent of the green news scam stuff still in there. You had, uh, the
00:39:46.240 worker requirements didn't start until 2029, 2029. Think about that. There are all types of things in
00:39:53.600 here, uh, that people just didn't fess up to. And Boccia is right. I think it's, and Chip said it's
00:39:58.440 $350 billion, $350 billion for, you know, the, the issues around these blue states, New York,
00:40:07.080 California, Illinois, that really have spending out of control. Okay. Um, I've got a cold open,
00:40:13.160 but I can't, don't have time to play it. Uh, nor Ben Laden joins us. So there is a big article of
00:40:17.240 Denver could put this up. So nor, uh, talking about put up or shut up. I think it's Bloomberg,
00:40:24.380 correct me, or Reuters has a huge story this morning, how the Chinese Communist Party is going
00:40:28.480 to step into the shoes of the United States and fund the world health organization that, that,
00:40:32.820 that, you know, the world, the United States, and you outlined it yesterday, pulling out of WHO
00:40:37.820 that the CCP sees away with all the pandemic stuff that's been approved over the last couple of days
00:40:44.300 to basically encircle the United States and make sure the citizens of the United States 0.99
00:40:49.160 still have this around their neck while they control the deal in Geneva. Uh, can you give us an
00:40:55.280 update, ma'am? Yes, absolutely. Listen, I alluded to it yesterday, but there are huge shakeups
00:41:02.000 happening here in Geneva this week following the change in relationship between, uh, the United
00:41:08.420 States of America and the WHO with this impending exit of the U S out of the WHO. Um, and that
00:41:16.160 obviously is impacting, uh, the budget and the financing of the WHO. One thing I'll start with,
00:41:22.140 with regards to these developments with China, with the CCP yesterday, I mentioned that, um,
00:41:28.000 um, the U S government did not send a single, uh, delegate or official to attend, uh, this year's,
00:41:35.500 um, world health assembly. And that's a first since the, um, inception of the WHO itself.
00:41:42.020 Meanwhile, it's been reported by health policy watch that, um, China has sent more than 180 delegates
00:41:52.200 to attend this week, uh, here in Geneva. And, uh, the list includes, uh, dozens of senior and mid-level
00:42:00.140 officials, experts, Ministry of Health, um, and centers for disease control members, but also
00:42:07.700 academics and, um, experts from various universities and institutions. So you're absolutely right. There is
00:42:14.880 this, this takeover, uh, happening here in Geneva. And, uh, at the same time, I'm, um, um, I'm quite,
00:42:23.340 uh, sure that China is going to be increasing its, um, its funding as all other member states.
00:42:30.360 You know, I mentioned also yesterday, one of the biggest news this week, uh, alongside this
00:42:35.460 adoption of the pandemic treaty is the fact that member states of the WHO have all agreed to an
00:42:42.440 increase of 20% membership fees. And, uh, that's on top of the additional money that, uh, Tedros
00:42:51.180 Gabriel Jesus is, um, is, uh, pleading and begging people to give his, uh, his failing institution.
00:43:00.940 Hang on for one second, because I want to come back and I want to talk about exactly what was passed
00:43:05.440 and how that impacts American citizens. Although January of next year, we're out, uh, Nor bin Laden
00:43:14.260 joins us from Geneva. We're going to take a short commercial break. Uh, take out your phone,
00:43:19.800 text Bannon, B-A-N-N-O-N, 9-8-9-8-9-8. Get the ultimate guide, the ultimate guide for investing in
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00:43:32.360 are roiling this morning. Uh, you have to understand why gold is a hedge and why gold is,
00:43:40.140 I don't know, it's kind of the cynics, the cynics hedge, the people that think fiat currency is
00:43:46.500 fiat currency. Short commercial break back in a moment in the war room. You missed the IRS tax
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00:45:13.720 Okay, so Noor, just walk me through this. We're, in fact, I don't think we sent observers.
00:45:30.700 Correct me if I'm wrong. I don't think they're, I think President Trump's pretty adamant. Hey,
00:45:33.480 we're out. He considers we're out now. Officially takes place in January. But they have been there
00:45:42.020 passing things. The question the audience wants to know, how is that going to affect
00:45:47.360 U.S. citizens? We're not part of the World Health Organization. We're acting like we're
00:45:52.080 out already. But in January, we're out. And President Trump, God bless him, this is what
00:45:57.180 I voted for. He ain't sending the money for 24 and 25. He's saying no. When I say out, we're
00:46:01.400 out. And they're having to scramble. And by the way, all these guys talking about they're
00:46:06.360 going to put this up and they're going to do this. And Bill Gates, you watch. If they're not
00:46:09.480 living off U.S. taxpayers, nothing happens. This thing will be crumbling as people. What
00:46:15.400 did they actually pass? And what impact does it have on citizens of these United States
00:46:22.040 if we're not part of the World Health Organization, ma'am?
00:46:26.400 I'll answer your question. After that, I'd really like to come back to the question on the
00:46:30.460 budget and how the fact that the U.S. isn't, is leaving the WHO and won't be paying their membership
00:46:37.260 fees is causing so many ripple effects here in Geneva. But to answer your question, there
00:46:43.180 is something that is very critical. And the first thing I'd like to say is that the WHO
00:46:48.180 makes it extremely convoluted and confusing on purpose. They don't want the public to be
00:46:55.160 informed. They don't want the public to really know what's going on. But I'll try my best to
00:47:00.580 break it down. In essence, on Monday, on the first day of the World Health Assembly, the WHA,
00:47:08.100 they had an initial vote in order to bring the pandemic agreement to the floor on the Tuesday
00:47:16.280 morning where it was officially adopted. This is what we discussed yesterday. And we saw the video
00:47:21.600 of everybody clapping and the WHO leaders calling this a win for multilateralism. But it was extremely
00:47:31.840 deceiving because the pandemic agreement wasn't signed, Steve. It cannot be signed because the annex
00:47:40.000 hasn't been approved or even drafted yet. And this annex is the core of the agreement. And this is what
00:47:48.700 they're going to be working on for the next year. The only problem is that from a PR standpoint,
00:47:54.240 they couldn't come up this year and be like, oh, we're delaying it again, which is what they did
00:47:58.660 last year. They've been working on this thing for the past three years. And so they had to mitigate
00:48:03.840 this, you know, PR disaster, which is, you know, frankly, a total fiasco by claiming victory when in fact
00:48:10.740 there isn't a victory. And so the next step is for them to continue negotiating
00:48:15.900 the annex of the pandemic agreement towards a target of actually signing the document at next
00:48:24.000 year's WHA at the 79th World Health Assembly. And once that gets proposed and there are 60
00:48:31.880 ratifications, 60 signatures, then that will come in effect. But by then, the United States of America
00:48:38.540 won't be a part of the WHO. So technically, the U.S. shouldn't be impacted by the pandemic.
00:48:45.320 Well, hold on. But hang on. But if I go overseas or if I work for an overseas company or if I do
00:48:52.220 anything overseas that's going to impact me, because isn't this passing all the stuff with
00:48:58.060 the digital IDs and everything, all the evil we try to get out of this, we walked away, which is smart.
00:49:06.920 But aren't they going to try to put a noose around the United States by doing this, ma'am?
00:49:13.160 My point is we're going to have to get more aggressive. Just walking away is one thing,
00:49:17.680 but we're going to have to get more aggressive in combating what they're doing. We just can't
00:49:22.140 be passive. Can we? Just by just by us being there doesn't mean that this thing's not good.
00:49:26.440 They're not going to try to roll up U.S. citizens. We're just not a signatory. Correct.
00:49:31.280 That's an absolute critical point you just made, Steve. And this is why I mentioned it yesterday.
00:49:36.340 But I'm going to reiterate this point because it's so important. You guys in the United States
00:49:41.480 of America need to ask President Trump and the Trump administration to reject the amendments to
00:49:47.600 the international health regulations that were adopted at last year's World Health Assembly. And you
00:49:54.440 have until July 19 to reject those amendments, which are actually the legal, which is the legal
00:50:02.620 instrument that the WHO is using to put that noose that you've described.
00:50:07.880 Okay. You just answered my question. Okay. So here's what we need to do. This is one of the
00:50:11.200 things we're going to have to get up on the ramparts. I need, we're going to get you back
00:50:14.360 and I want to take, and maybe I do a six o'clock show. I got a little more time to go through this
00:50:18.840 and maybe we do that for next week, but I want to take like an hour and I want to go through exactly
00:50:25.960 what it is. And then we'll obviously weaponize the board and posse because we have to go on offense.
00:50:31.200 Step one, which President Trump has done with all the work and all the support of, of the
00:50:36.640 board and everybody else, Michelle Bachman is to tell these people, screw you. We ain't paying
00:50:41.220 for this. This is absurd. We're out. And he's adamant, including not paying these last couple
00:50:47.100 of years. So he's doing that. However, we need to go on offense and going on offense. You're
00:50:52.400 saying step one is to make sure that the United States comes out and says, we're not party to
00:50:57.620 the amendments, right? That not only that we're going to sign them, but they have no jurisdiction
00:51:02.180 over the United States. Is that what it is? Exactly. And I mean, there are so many resources
00:51:07.320 and this is the job that my friend Nick and I did with the website, weheardothers.com to put all of
00:51:13.880 these resources, but specifically when it comes to the question of these amendments and the importance
00:51:19.540 to reject them by the deadline of July 19, there is one specific website that James Roguski has put
00:51:26.800 together, which is rejecttheamendments.com. And that's the one website the posse needs to go to
00:51:33.100 in order to educate and, and, and understand what is at stake here.
00:51:38.540 So we're going to put it all up. What's your, what's all the kind, where did they go for you
00:51:43.600 and social media? I'm going to work with you over the weekend. We'll get you back next week. We're
00:51:47.100 going to get up and make sure that by July 9th, no later than July 19th, the United States has
00:51:52.420 rejected these. And that's step one of going on offense. You got to go on offense against these
00:51:57.080 people. Otherwise you're your pass or the crusher. Where do people go, Nor, to get you?
00:52:00.480 Norbinladen.substack.com, Norbinladen on Twitter. And once more with regards to the WHO,
00:52:10.360 weheardothers.com. Perfect. Norbinladen, an audience favorite, I might add. Thank you so much,
00:52:19.720 ma'am. Appreciate you. Thank you. I love the posse. Always great to be with you guys.
00:52:23.860 Fantastic. Boy, Bacia and Nor in one, in two blocks. How about that? Who's giving you that?
00:52:34.380 Come on, man. That's why the war room is the war room. Bringing you fighters. This WHO, it's
00:52:43.100 reign of terror over citizens of this republic is over. And we're going to make sure it's
00:52:49.940 over. We're not only going to tear this thing apart, we're going to bury it. And we're going
00:52:54.540 to tell them how much dirt we're putting on top of it, okay, on its grave. Short commercial break.
00:53:01.000 If we figure this out, the great Alex Jones is going to join us next in the war room.
00:53:14.460 What if he had the brightest mind in the war room delivering critical financial research every
00:53:19.520 month? Steve Bannon here. War room listeners know Jim Rickards. I love this guy. He's our wise man,
00:53:26.020 a former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital
00:53:31.680 markets. Jim predicted Trump's electoral college victory exactly 312 to 226, down to the actual
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00:54:12.200 I read it. You should read it. Time is running out. Go to Rickardswarroom.com. That's all one word,
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