Stephen K. Bannon breaks down the House vote on the massive tax cut bill that passed the Senate and is now heading back to the Senate for more votes and a debate. He also takes a look at the media's reaction to the vote.
00:04:30.240Hakeem Jeffries has been there for five hours.
00:04:32.340And he's been eviscerating, obviously, the big, beautiful bill for the entire time.
00:04:37.820A combination of mocking and ridiculing and intense political warfare.
00:04:42.880The 2026 midterm campaign is being laid out on the House floor, even as we speak.
00:04:49.700And this is why yesterday I was so upset that the Republicans did not fire back.
00:04:53.520I 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.
00:05:03.960Because I think that we should be driving this with all its failures, all its flaws.
00:05:09.860And it's got failures and it's got flaws.
00:05:12.100As any massive piece of legislation like this has, it's got a lot of good in there.
00:05:17.340And 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 percent, which is exactly what this country needs to a combination of things.
00:05:32.500We've actually done a highlight reel of Hakeem Jeffries' previous 4.5 or 5 hours.
00:05:39.000We know the audience is dying to hear that, particularly it will get your blood up early in the morning.
00:05:45.620But I want to go to Joe Lavagna from the Treasury.
00:05:51.240Joe, the big, beautiful bill is going to pass.
00:05:53.200We are now hearing that President Trump is going to sign it tomorrow, and they're actually talking about maybe tomorrow afternoon at 5 o'clock, something before the big 4th of July celebration really kicks off.
00:06:06.720War 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.
00:06:12.880Because I'm sure the signing ceremony is going to be something to remember.
00:06:16.360Given that the president was whipping the vote himself, he had the group of recalcitrant House members on the phone I think at 2.30 in the morning, and eventually they kind of rolled over.
00:06:30.660I 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.
00:06:44.940That does not have to go back to the Senate.
00:06:46.600They are essentially – this was the hang-up for many members.
00:06:50.780Given everything – and we weren't totally crazy about the House bill, but given everything 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.
00:07:03.980But what you're getting is the Senate bill.
00:07:05.760That's what will be voted on here shortly or when Hakeem Jeffries gives up the floor, which could be at any time.
00:07:13.220And, of course, we'll cover that live to get the rest of the event rolling.
00:07:17.680Joe, so given where we stand, we're going to pass this Senate bill.
00:07:20.840Once again, make the case for this, why this – as 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.
00:07:36.100Hakeem Jeffries has taken five hours to eviscerate that on the House floor.
00:07:42.480Of course, he doesn't talk a lot about growth.
00:07:44.280He doesn't talk about invested capital.
00:07:58.480The only person that sleeps less than Secretary Besson is Secretary – sorry, is President Trump.
00:08:04.580I mean, it's amazing how hard these patriots work.
00:08:07.820Look, the problem with the scoring, as I've said many times, is the CBO is assuming an historically pessimistic and dour growth rate of 1.8 percent basically implies productivity growth is in the low ones, about 1 percent.
00:08:24.120That's not the case of what we saw under Trump's first term, when productivity growth was accelerating every year.
00:08:30.120Real GDP, as you highlight, is close to 3 percent.
00:08:32.8403 percent, 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.
00:08:44.840They generate 40 percent of all employment.
00:08:47.840It doubles the expensing, the depreciation.
00:08:50.840We've also got the full expensing of capital equipment that would also pertain to large companies.
00:08:55.840We're going to expense factories and building.
00:08:58.840This morning's unemployment report showed a 15,000 increase in construction.
00:09:03.840Basically, the one big, beautiful bill, with all of the energy dominance and independence, less regulation in terms of permitting and being able to access that abundant energy.
00:09:13.840All that is designed to be able to produce more of the goods and services that people want.
00:09:19.840So, to me, people should try to – people should explain.
00:09:22.840They should be responsible for why is the CBO giving you an historically depressed growth rate.
00:09:27.840And 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.
00:09:35.840If you just take the 1.8 and make it 3, which to me is a much more plausible number, you add about a trillion dollars in more revenue than what CBO was forecasting in January.
00:10:06.840Credit spreads are tight because investor base, which is so we're looking, is anticipating a much stronger second half growth.
00:10:14.840So, I think the growth is the key variable, because if you get the growth assumption wrong, everything thereafter, Steve, is going to be wrong.
00:10:23.840You know, speaking of CBO, they were wrong the first time with President Trump.
00:10:26.840And the first Trump tax cut is small compared to this, because this made things permanent.
00:10:32.840But also, it's so more aggressive on capital equipment, expensing capital equipment.
00:10:39.840This was built – 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 a new plant here and starting new businesses.
00:10:55.840And that expensing is going to add a – is going to turbocharge this.
00:11:02.840And President Trump on average – and you've 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.
00:11:15.840Right. Well, the thing is – and, Steve, the one big, beautiful bill dovetails 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.
00:11:32.840So 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.
00:11:41.840But let me also say this, Steve. You talk about CBO's forecast being off. They've generally had an institutional bias to be pessimistic, and certainly with President Trump's forecast.
00:11:51.840We also saw that with the Federal Reserve. Same thing back in the – back in the first Trump administration. They estimated growth on the low side.
00:11:59.840CBO 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,
00:12:08.840those assumptions are almost guaranteed to be wrong. They don't even account for a huge AI boom.
00:12:13.840And as you were alluding to, all the foreign capital that's coming into the U.S. because they perceive the returns on their capital be much higher than virtually any place else in the world.
00:12:22.840That's inconsistent with sub-2 percent real GDP.
00:12:27.840What should be the indicators? What are the indicators you're looking at now for the exemptions?
00:12:33.840You talk about the stock market. You talk about the bond market. You talk about tight credit spreads.
00:12:36.840Put some flesh on the bones. We've got a minute or two left. I want people to understand that there are – this is just not people pitching this.
00:12:44.840This 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.
00:12:54.840So 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?
00:13:01.840How many people are working? How many hours are they working? It's up nearly 2 percent. That's at a two-and-a-half-year high.
00:13:07.840That supports 3 percent-type GDP growth for Q2, and given where the markets are, growth should accelerate.
00:13:13.840I'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 percent in the first quarter.
00:13:23.840I'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.
00:13:31.840And 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.
00:13:40.840But now they know it's going to happen. They're going to get those low tax rates, and the supply-side boom now can really start to expand.
00:13:48.840Joe, can you hang on a minute? I want to take a short commercial break.
00:13:51.840I do want to play the Rick Santelli piece because we had the additional, kind of the more formal jobs report this morning, and I want to play that and have your response.
00:14:00.840We've got EJ and Tony's going to join us. Steve Cortez is going to join us. Lara Logan's going to join us.
00:14:06.840I think we're trying to track down Harmeet Dillon. I think hopefully we'll get her slotted.
00:14:11.840If not today, hopefully tomorrow or Saturday, we'll 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.
00:14:31.780I want to make sure Philip Patrick's going to be with us from Rio on Saturday on kind of the kickoff day of the BRICS conference.
00:14:40.780He's down there. I just talked to him this morning, interviewing everybody, these finance ministers, central bankers, all of it.
00:14:47.100We'll have a lot to report. Short commercial break brought to you by Birch Gold.
00:14:52.800We'll return to the Treasury Department in just a moment.
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00:16:27.560Jobs report. I wouldn't look for this to make an easy, more likely, 147,000 jobs.
00:16:34.880Definitely a bit better than expected.
00:16:37.520No matter what your range was, whether it was closer to 100 or 115,000, it's a pretty good number.
00:16:43.660And guess what? If we look at the two-month revision, it's positive.
00:18:03.620As I mentioned, the hours are very strong.
00:18:05.400But 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.
00:18:13.340One forecaster said 95 percent chance of a downturn.
00:18:18.240The data are holding up reasonably well.
00:18:20.680And to your point about revisions, generally the revisions tell us something about the underlying direction of the economy.
00:18:26.620So if we continue to get upward revisions, that suggests the economy is strengthening and that the trend is going to be higher.
00:18:33.160At 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.
00:18:42.580I believe we've had something like half a million decline in foreign-born workers.
00:18:46.600That could be a very good proxy for illegal immigration.
00:18:50.260So 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 to press American wages.
00:19:04.460So as Secretary Besson's been highlighting, what you're going to see is wage growth accelerate.
00:19:09.580As you know, the first five months of the year, real blue-collar wages have grown the fastest to start any administration on record.
00:19:16.040So as the illegal immigration basically has disappeared, you're going to see faster nominal wages.
00:19:21.780With declining inflation, that means real wages expand.
00:19:26.340And, of course, all this is reinforced now by this imminent passage of the one big, beautiful bill.
00:19:30.280Well, does the – the manufacturing is a little light and the government is a little strong in this overall.
00:19:39.720Is this the point of why we need the big, beautiful bill is we need to – this will focus on reshoring in our manufacturing base.
00:19:46.200And 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?
00:20:00.580Part 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 percent of GDP in an economy that was at full employment.
00:20:15.620And inflation went to a 40-year-plus high.
00:20:20.540So 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, long rates are falling – those market-based rates will come down.
00:20:39.920And, of course, the big piece is the one big, beautiful bill tied in with the deregulation, the tariffs, the re-onshoring, re-industrialization.
00:20:48.240All those things are all interconnected and interwoven.
00:20:53.140And the full-spectrum energy dominance.
00:20:56.380So yesterday we were saying – and the president, I think, picked up on it because he's been hammering – he's been hammering – what do you call it, too late Jones, too late Powell – in the labor report talking about potentially a softening labor market.
00:21:08.780Does this report, you think, get Powell a little breathing room?
00:21:14.260I 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.
00:21:21.000You'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?
00:21:27.760Steve, the financial markets, the forward-looking financial markets, are anticipating the Fed to cut interest rates.
00:21:33.320If 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.
00:21:46.340So, historically, it is true the Fed has been late in cutting rates, and their own research has shown that time and time again.
00:21:54.900The 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.
00:22:04.140The Fed has almost always been late in terms of easing rates.
00:22:07.340Hey, Joe, where can people get you on social media to follow you?
00:22:13.100Because 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 Besant, on the execution of the big, beautiful bill.
00:22:51.940So, Cortez, you now run a group that's focused on not just native-born labor but Hispanic citizens, others, to get manufacturing jobs back.
00:23:15.480And you see my Getter account, I've 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.
00:23:33.940So, this is going to hit us quicker than ever.
00:24:24.200A lot of back-to-school hiring going on there.
00:24:26.960But also worrisome, what I would call government-adjacent, which is health care and social assistance.
00:24:31.760Assistance, 39,000 jobs in health care, 19,000 in social assistance.
00:24:36.420Manufacturing lost 7,000 jobs in this report.
00:24:39.740Now, let's get to the great news, though.
00:24:41.100And that is at the top of the article there.
00:24:42.900And that is the galloping hire in wages, and particularly real wages.
00:24:48.680And, Steve, real wages are the mother's milk of prosperity for the vast majority of Americans.
00:24:53.540For Main Street USA, when your income is rising faster than the expenses in your life, you are getting more prosperous.
00:24:59.220And 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.
00:26:37.040This is white-collar jobs executives and managers.
00:26:40.140And as you can see on the lower half of that chart, it is a very troubling trend for several years now.
00:26:45.840You know, we might call it a secular trend.
00:26:48.220Okay, now let's connect this to immigration.
00:26:50.500And 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.
00:26:58.740So 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.
00:27:13.500For it to work, AI is going to have to be a key component to seeing the kinds of productivity gains that we can get.
00:27:19.460It'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 balance budgets into the late 90s under Bill Clinton with the help of a Republican Congress who got sane on fiscal policy.
00:27:35.440We can have a similar phenomenon now with AI, but here is the risk to AI are these job eliminations.
00:27:41.780And 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.
00:27:53.080There 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.
00:28:01.980But this is the worst possible time, given AI.
00:28:06.980Also about the H-1B visas and all the visa programs.
00:28:09.540We've got to have it now, we've got to hammer down to it.
00:28:11.680The 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.
00:28:19.840I'll get back into that when we return in just a moment.
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00:31:53.880We're not going to do that because it could take forever.
00:31:56.820Decision was made about some, not changes, but actions that are going to be taken.
00:32:01.380I think you'll see these out of President Trump, the White House, Russ Vogt, the Office of Management and Budget, to get tougher on cost cutting.
00:32:08.800So that will come out, I think, later.
00:32:11.920But now more than ever, I think you have to understand why gold has been a hedge against particularly fiat currency for thousands of years.
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00:32:28.520But also you get a relationship with Philip Patrick and the team, and that's important.
00:32:32.980Also, Tax Network USA, let me give you a newsflash.
00:32:37.140In order to – they keep talking about revenue.
00:32:39.660Right now we basically spend $7 trillion.
00:32:44.700The growth potential of this is to get revenues up because economic growth is up and people are paying more taxes on existing – these tax structures we put in permanently, that they will end up paying more taxes.
00:34:06.940And this goes – folks, the economics here and the politics and the geopolitics are all inextricably linked.
00:34:15.020You know, Jillian Ted had a great piece in the Financial Times we talked about a couple weeks ago where she said, hey, nowadays it's called geoeconomics.
00:34:22.740You've 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.
00:34:31.520The judicial insurrection to thwart President Trump's policy – 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 evaders.
00:35:20.840This is a fight where we had a massive win in the House's legislation is massive, massive, and covering so many different things.
00:35:29.500The 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.
00:35:44.580They get to stay here until I, the judge, say otherwise.
00:35:49.160So, 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.
00:35:59.640Yes, to restore our prosperity, our sovereignty, and our vitality as a nation.
00:36:04.800And 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.
00:36:12.080He 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.
00:36:21.720So 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.
00:36:29.760And 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.
00:36:47.000The Supreme Court thankfully started that process, but we've got to hasten that process.
00:36:50.900And 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.
00:37:06.060Because as we're talking about, AI, huge positives and negatives.
00:37:10.500The positive is the productivity gains can be magnificent.
00:37:13.700And 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.
00:37:23.920But at the same time, we know already, at least in the early stages, AI is very destructive to certain classes of jobs.
00:37:30.460And because of that, it is more important than ever that the labor market of the United States is reserved for American citizens only.
00:37:37.980All 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 getting into our glorious 250th year.
00:37:53.680So there are real tangible reasons to be incredibly optimistic, but to your point, Steve, also really significant obstacles in front of us.
00:38:02.260Because the globalists and the ruling class of this country, they're not going to just hand us the keys of the car.
00:38:07.240They're not going to say, oh, congratulations, nice election last November.
00:38:12.840Remember, they tried to put Donald Trump in prison.
00:38:15.120They'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.
00:38:26.540We have a very different vision, and we have a clear policy pathway, a realistic, achievable policy pathway to get there.
00:38:34.280Again, real wages are exploding right now.
00:38:37.040That's magnificent news for this country.
00:38:39.080We 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.
00:38:50.700President Trump's on the phone with Putin this morning.
00:39:05.240The Third World War actually started before that with the Chinese Communist Party coming after us starting in 2019 because they understood the economy President Trump was building.
00:39:14.620They did the Lighthizer deal that we took two years to negotiate.
00:39:17.780They ripped up in our face and spit in our face and then declared an economic war against us.
00:39:23.620There are two million casualties in Ukraine.
00:39:26.120There'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.
00:39:34.180And the numbers you hear publicly are always suppressed, as they were in any war.
00:39:40.100President Trump is trying to stop that.
00:39:42.020The major front though, and he understands that, of this war was the invasion of the United States of America.
00:39:48.520And, folks, if you think because of the activity we did in L.A. a couple weeks ago, it's over.
00:39:56.860New 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.
00:40:16.520Those folks on the ground game are every bit as good as the war room posse and the precinct strategy.
00:40:23.220And the precinct strategy, the war room posse and other groups like that on the ground game won the 2024 election for President Trump.
00:40:31.300That was President Trump's ground game.
00:40:48.680This 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.
00:41:05.980And 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 and the barracks in Lebanon, which is terrible.
00:41:19.740But they're killing 50,000 a year of our folks today, and it ain't abating.
00:41:24.380And so if you're going to do an attack, if we want to have a regime change, having a regime change in Mexico, which is a narco state, starting with the cartels, I'm all down.
00:41:35.720If you want to have a regime change, hey, let's go south of the border and start with – if the Mexican government won't clean it up, we clean it up.
00:41:42.880Cortez, my point is this is a multi-pronged issue, and it's got to be a – we've got a couple of minutes.
00:41:55.900So 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.
00:42:03.320However, we've spent hundreds of billions of dollars there.
00:42:05.440So 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.
00:42:11.260But 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,
00:42:18.260but in terms of back to the United States and back to our domestic situation and politics and economics,
00:42:23.180it means that we then take those resources and that attention, and we focus it on the invasion at our border, right?
00:42:29.400And 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,
00:42:38.240which seems to be beckoning in this country, that the benefits will flow to American citizens and not to foreign illegals
00:42:44.380and not even to foreign legal people who are working in the United States.
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00:45:24.460We heard yesterday you got Nick on here, Ayakola, to talk about the Chinese government part of that, how we're under – still we're underwriting part of the CCP.
00:45:35.000President Trump this morning – so let's connect some dots.
00:45:37.840President Trump this morning after working at 2.30 in the morning, and he was cutting deals.
00:45:42.200I think you're going to see a much more aggressive profile on rescissions or pocket rescissions.
00:45:51.480Remember, I don't think we still passed rescission, the $9.3 billion for Marjorie Taylor Greene's PBS NPR.
00:46:00.100Also another $7 trillion or $7.3 trillion for other various programs that have been identified for cutting, for zeroing out.
00:46:10.520USAID officially, I think, got zeroed out to the legal minimum.
00:46:15.520Lara Logan – Lara Logan's 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.
00:46:23.720Also, E.J. Antony is going to join us in the second hour.
00:46:27.080We'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 through 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.
00:46:48.520President Trump, we have right now – I think this is all totally unofficial, I think, as I look to my crack staff here.
00:46:55.020President 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.
00:47:03.220We will be there when this historic piece of legislation is signed by President Trump.
00:47:08.120This will be – I think it's safe to say, at least between now and the midterm, his signature piece of legislation.
00:47:14.700It may be the signature piece of legislation for his entire second term.
00:47:18.520When he passed the first tax cut that people that left so criticized, we went on a tear of growth about 2.8 percent.
00:47:27.620That was the average over his time, and that's why – and it started to peak in the – I should say not even peak, but go to a next stage, really converging in 2019 in the fourth quarter where it hit 3.4 percent growth.
00:47:42.160With low inflation, low interest rates, I mean it was kind of nirvana.
00:47:47.420It'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.
00:48:07.720Things 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 War Room Impeachment.
00:48:24.260We took an hour starting, I think, on the 20th and turned that over to War Room Pandemic.
00:48:30.220Eventually, I think a week later, right if the impeachment was done, a week or two later, 10 days later, we turned the entire show over to War Room Pandemic.
00:48:37.620And people were telling me, well, is this crazy?
00:48:39.980We may find out various things about what this flu is, but this is going to have massive global impact, which it has.
00:48:47.560In fact, today, we're still just coming out of the economic – the trillions of dollars, the Keynesian stimulus, of which the first one under President Trump was very smart.
00:48:56.360He kind of bridged that gap, you remember we talked about, of the drop in aggregate demand.
00:49:20.140Hey, it's going to cause – it was Cortez and Navarro and Vogt, E.J. and Tony, others sitting there going, hey, it's going to cause inflation.
00:49:30.160That turned out not to be the case, and that was the pivot point.
00:49:32.620That was one of the major elements of President Trump's win in 2024.
00:49:37.180The 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.
00:49:53.140And you see it – you see it every day.
00:49:55.660Remember, talk about the globalists and talk about the established order.
00:49:59.840President 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.
00:50:08.620He's still there in his, what, fifth or sixth hour now?
00:50:36.820This is for your country, and you can see it everywhere.
00:50:39.180You can see it in these major sanctuary cities.
00:50:40.940You can see it on what happened in the Senate.
00:50:43.180With 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.
00:50:52.900We had to bring the vice president in and technically get the 51st vote.
00:50:56.780That's how tough it is for President Trump with all the deals he tried to cut there.
00:51:00.640Then in the House last night, President Trump at 2.30 in the morning is still whipping votes, still whipping votes.
00:51:07.400And I think some of the commitments that have been made are smart commitments.
00:51:11.580Actually, what I would say and have advised the president, just impound the money.
00:51:17.180They're going to – you do the rescissions, they're going to take you to court anyway.