The House of Representatives passed the Overton Window Bill and the Senate is about to vote on it. Hakeem the Dream Jeffries is trying to block it but it's not going to work. The BTC halving is here! Recorded in Tucson, AZ!
00:00:43.000We have Pete Hegseth coming, Christine Ohm, Tucker Carlson, Megan Kelly, Donald Trump Jr., Steve Bannon, Greg Duttfeld, Laura Ingram, Ross Ulbricht, Byron Donalds, Tom Homan, Ben Carson, Brett Cooper, Michael Knowles, Brandon Tatum, Benny Johnson, Jack Pesobic, Riley Gaines, James O'Keefe, and more.
00:01:42.000He's done an amazing job building one of the most powerful youth organizations ever created, turning point USA.
00:01:49.000We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
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00:02:43.000The House of Representatives worked long through the night to officially pass the rule, and the final vote should be coming up today to pass the big, beautiful bill.
00:02:52.000And here's what's so amazing about what Hakeem the Dream is doing is that there are so many elements of the bill that I forgot about.
00:02:59.000I'm learning so much about this bill thanks to Hakeem.
00:03:03.000You see, having our enemies recite the bill back to us about all the terrible thing that it's going to do for deportations and planned parents, I'm like, my goodness, this is much better than I realized.
00:03:14.000I mean, I knew that it was pretty good.
00:03:15.000I knew that it was about 80 to 90% of the pie, but now I'm getting up to that 95% figure.
00:03:29.000Thankfully, I have West Coast Advantage.
00:03:31.000This is one of the great things about being on Pacific time is that being three hours behind, it's like only 10 p.m., which is a little past my bedtime.
00:03:38.000But I stayed up a little bit later to try to help however I could contribute to the fight.
00:03:43.000And I was talking to some of the holdouts.
00:03:45.000I said, look, guys, I'm fans of all of you.
00:03:51.000Because if you guys change this bill and it goes back to the Senate, it very well might die in the halls of Lisa Murkowski and Susan Collins.
00:04:02.000And finally, we got to a place where they said, well, we're going to go vote for it.
00:04:06.000We need to try to just get some horse trading done.
00:04:08.000I said, fine, there's no issue with that.
00:04:10.000And that's exactly what ended up happening late into the evening.
00:04:13.000And now, Hakeem, he's getting a little upset.
00:04:16.000Hakeem is now doing a non-stop type filibuster.
00:04:19.000But honestly, he's doing the PR for all of us.
00:04:22.000He is now our public relations official.
00:04:26.000He is going element by element of the bill, bragging about how it's going to be the largest deportation army the country has ever seen, talking about how this is going to cut taxes for working people.
00:04:41.000No tax on tips, no tax on overtime, no tax on Social Security, the largest working class tax cut in American history.
00:04:49.000The border will be completely and totally fortified.
00:04:54.000Remember the Trump baby accounts, the baby bonus accounts for investment accounts.
00:04:59.000Every new baby born will get a $1,000 investment account, one-way Dropbox that will not be able to be accessed by anybody and not accessed until they're 18 years old.
00:05:10.000And billionaires, financiers, aunts, uncles, moms, dads, grandfathers, schools, competitions, sporty teams can contribute into that investment account and it will grow throughout their life so that we are creating an economy of owners.
00:05:25.000And then one thing that I'm extremely passionate about, Republicans have long talked about defunding Planned Parenthood.
00:06:55.000How big of a deal is the ICE investment?
00:06:58.000The Big Beautiful bill passing would make the budget for ICE larger than most of the world's militaries.
00:07:05.000ICE will be a larger standing army as far as budget than the Israeli military, than the Italian military, than the Dutch military, and the Brazilian military.
00:07:18.000If Israel only spends $30 billion in their military and they're able to get that kind of precision, they're much more efficient with the money that they spend than we spend a trillion dollars.
00:09:08.000This, again, of all the major accomplishments that America should be proud of, Panama Canal, Louisiana Purchase, Hoover Dam, the highway system, this is going to go up there.
00:09:19.000When we are done and we have Project 10 million, we could say that we remove 10 million people from the country, plus self-deportations, it will go down as one of the most remarkable and significant projects in history.
00:09:35.000Speaker, that's not what this country should be all about.
00:09:41.000Manu wasn't the only one, the only American citizen who's been targeted by the deportation machine, a deportation machine that will be unleashed on steroids by this one big, ugly bill.
00:09:59.000Hakeem Jeffries is doing the PR for this bill for us.
00:10:04.000And if we are serious about reclaiming the country and fulfilling the mandate and fulfilling the agenda, then this bill absolutely must pass.
00:10:31.000But on the tax cuts, the Trump baby accounts, the defunding of Planned Parenthood, most of the repealing of the Inflation Reduction Act, the working class tax cut, no tax on tips, no tax on overtime, not to mention the border.
00:10:47.000You might be tempted to think that we're blowing smoke selling this bill to you.
00:10:51.000But when you hear our ideological and political enemies confirming everything we said, maybe now you will believe us.
00:10:58.000And even some of the hardened critics online that were like, oh, this is a terrible bill, they're starting to do a little backpedal.
00:11:04.000They're backing up a little bit because they start to realize that the people that are the sworn enemies of the United States, which Hakeem Jeffries is, he's a sworn enemy to this republic.
00:11:12.000He is now, this is the worst bill ever.
00:12:29.000So what does this mean for the American economy?
00:12:31.000Well, joining us on the next segment will be Treasury Secretary Scott Besson.
00:12:34.000We're going to go through all of the economic implications of this bill and understand, if you were to rank it, what is the most important part of the agenda?
00:12:47.000What is the most important part of the mandate?
00:12:50.000If you had to rank it, is it no men and female sports?
00:12:59.000What is the Most important thing, the centerpiece of President Trump's political journey from the escalator to July 4th signing ceremony, the centerpiece is mass migration.
00:13:12.000Now, just understand how far we have come, and admittedly, how far I have come.
00:13:16.000We've all come on this journey together.
00:13:19.000I have become more focused and definitely deeper of understanding on the immigration issue.
00:13:27.000We went from, it was controversial to say build the wall.
00:15:25.000But what about all these people in my community that are raping and stealing and chasing kids?
00:15:33.000And so what happened when President Trump is he kept on moving issues through the Overton window by just magnitudinal force, by just unapologetic grit, by size of personality.
00:15:48.000And again, the last, let's get that up there.
00:15:51.000The last piece of the Overton window is what?
00:17:39.000No one else would have had the strength and the endurance and the guts to do it.
00:17:43.000The old Republican Party retreated on every single issue and Trump advanced from the unthinkable to the radical, the acceptable to the sensible to the popular.
00:17:52.000And tomorrow on Independence Day, that 10-year journey becomes policy.
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00:18:19.000Your gift of pre-born will give a girl the truth about what's happening in her body so that she can make the right choice.
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00:19:23.000First, I just want to say you have kept your head down and we have trade deals with Vietnam and inflation is low and wage growth is up and we have trusted you and trust the process.
00:19:32.000Before we get into the big, beautiful bill, what is the state of the American economy?
00:19:47.000As I've said, we are reprivatizing the economy.
00:19:50.000We had this blowout government spending from the Biden years, biggest that we'd ever seen, 6.7% deficit to GDP when we weren't at war or weren't in a recession.
00:20:01.000So we are taking away from the government spending, bringing it over to the private sector.
00:20:08.000And the centerpiece on that, President Trump is going to sign tomorrow the one big beautiful bill is going to create what I call parallel prosperity.
00:20:19.000So it is the Tax Cuts and Jobs Act and the power of that for business.
00:20:25.000And then for working Americans, no tax on tips, no tax on overtime.
00:20:31.00085% of seniors will not be paying tax on Social Security.
00:20:35.000And you will be able to deduct auto loans for American-made cars.
00:20:41.000So I think that the transition will begin tomorrow if the Hakeem Jeffries can ever sit down and let the Republicans vote.
00:20:53.000And then on Monday, I think that we are going to unleash a capital spending boom in the U.S., which will first manifest itself in construction and then lead to a pickup in manufacturing jobs like we haven't seen in decades.
00:21:13.000So now emphasizing the Big Beautiful Bill even further, I am doing every fall and spring a massive campus tour.
00:21:21.000And young people repeatedly are worried that they are entering a renting economy, not an ownership economy, that they want to be able to have the same access to buying a home and buying assets like their parents did.
00:21:35.000What does this bill do to help the next generation, specifically those that are graduating college, to be able to have their piece of the American dream, be able to own homes and not just be lifelong renters?
00:21:49.000Well, out of the blocks, I think we are going to see that it will increase real wages.
00:21:58.000And for your generation, you've gotten a bad deal.
00:22:02.000That the Biden administration, the great inflation post-COVID, which they knew was coming, but they didn't care because they wanted to blow out the spending.
00:22:11.000They also put on substantial regulations.
00:22:15.000So what happens was you got a demand shock from the government, but then all this regulation created the inflation.
00:22:31.000So what we are doing is we are going to create a demand shock.
00:22:35.000We are going to see the private sector take over.
00:22:39.000And the private sector is how you get good paying jobs where you can get real wage increases in excess of inflation.
00:22:49.000And on the other side, away from the one big beautiful bill, the rest of our agenda is deregulation.
00:22:58.000And there's a thought that deregulation would bring costs for the average household.
00:23:03.000So let's say for a single average household will be about $10,000.
00:23:07.000So let's say for a single person, that'd be about $2,500.
00:23:12.000So we are laser focused on ending this affordability crisis.
00:23:19.000Once we have finished trade and taxes here at Treasury, we're going to take on the student loan portfolio.
00:23:27.000We don't have a solution for what's going on there, but I do think that just forgiving student debt was unacceptable.
00:23:36.000But I think that there is a firm and humane way to deal with the student debt crisis.
00:23:45.000And we are going to be focused on that here at Treasury because for many young Americans, they've started out post-college with the equivalent of a mortgage.
00:26:16.000And how will tariffs then play into this massive tax cut deregulatory agenda?
00:26:23.000So, Charlie, it's amazing what President Trump has done since January 20th.
00:26:30.000And maybe we'll talk about it later, but it's peace deals, trade deals, and tax deals, which everyone said couldn't be done or certainly couldn't be done by the 4th of July.
00:26:42.000We've all seen he has transformed the discussion in the Middle East, Congo and Rwanda, which hasn't gotten much publicity.
00:26:56.000We're going to sign this tax deal tomorrow.
00:26:59.000And then to your question on tariffs, we have changed the discussion here on the trade fairness with the U.S. The president has used tariffs.
00:27:13.000As I always say, Alexander Hamilton was the original tariff man.
00:27:24.000And now three, President Trump is now using tariffs to negotiate.
00:27:30.000And here at Treasury, at the Commerce Department, USTR, the trade representative, there is long-term senior staff who in 20, 30 years said that they have never seen the deals that we are getting from tough countries, like Vietnam, some of the other trade deals that we're going to announce.
00:27:52.000But the dog that didn't bark was the idea that tariffs were going to collapse the economy.
00:27:58.000They were going to create big inflation, that they were going to kill the stock market.
00:28:03.000As you said earlier, we're at a new high in the market.
00:28:07.000And for my 35-year career in the financial investment business, I always listened to what the market was telling me.
00:28:17.000And the market is saying that this is good for the economy.
00:28:23.000And in terms of paying down debt, I don't agree with the CBO scoring on the deficit, but I always counter the people who want to quote the CBO.
00:28:33.000I said, CBO says that there's going to be $2.8 trillion, $2.8 trillion of tariff income over the next 10 years.
00:28:54.000In closing here, Mr. Secretary, I know you got to run and you have a lot in front of you.
00:28:59.000Of all the big beautiful bill elements, what parts are you most excited about that you don't think have gotten adequate media attention?
00:29:07.000We have the $1,000 baby investment account.
00:29:10.000We have obviously some drill baby drill.
00:29:13.000What do you wish as Treasury Secretary of the United States would get more attention that you think is going to supercharge growth in the economy?
00:29:23.000I think, Charlie, what I like about this bill is the parallel prosperity.
00:29:28.000So it's good for business, good for working people.
00:29:35.000And the intersection of that is really in this 100% expensing for equipment.
00:29:43.000And for the next five years, you're going to be, if you're building a factory in the United States, you're going to be able to expense 100% of the factory structure.
00:29:54.000So we have made the United States of America the best place to start a business, deregulation, tax certainty.
00:30:01.000But now you can write the entire, all your equipment expenses off in one year.
00:30:08.000And I tell you, in the first Trump term, that is what drove the growth because it is real after-tax returns or what drive productivity.
00:30:25.000And we are in the middle of this big productivity boom.
00:30:28.000So as I said, I would expect starting on Monday, all these projects that have been on hold waiting for the certainty for the tax bill, this expensing is going to be very powerful.
00:30:51.000The market's pricing in, two rate cuts for the year, that seems about right.
00:30:56.000The two-year bond is much lower than the overnight rate.
00:31:01.000And when asked about the Fed, I said, look, if they don't go sooner, it just means they have to do more later, which is the history of being late.
00:31:12.000Well, President Trump has branded him as too late, pal.
00:31:14.000Mr. Secretary, again, sincerely, you are working your tail off.
00:31:42.000And we like to think the economy is just dollars and cents, but as someone who does investing and someone that has been behind major business decisions, we have 1,000 employees, $100 million we raise a year, I could tell you a lot of business is psychology.
00:31:58.000Private student loan debt in America totals over $300 billion.
00:32:02.000About $45 billion of that is labeled as distressed.
00:32:05.000WhyReFi refinances distressed or defaulted private student loans that others will not touch.
00:32:10.000YReFi can reduce your monthly payment and guarantees interest rates under 6%, ensuring affordability and financial relief.
00:33:02.000So right now, you might not think it impacts you.
00:33:06.000Right now, there are 10,000 conference rooms filled with bean counters, accountants, which is fine, lawyers, which are, they're the no people.
00:34:58.000You see, that's why Hakeem the Dream dollar store Obama doesn't understand any of this.
00:35:02.000So let's say Chili's baby back ribs says we are now going to take advantage of the 100% depreciation tax cut, 100%, and we're now going to redo 100 restaurants.
00:37:03.000That is the resentment, bitter, dangerous version of the Democrat Party.
00:37:10.000When the workers get a shot in the arm, when the economy works for the workers, all of a sudden things are going to start to get better.
00:37:16.000But I can tell you right now that the psychological capital expenditures are going to increase because the vibes are back.
00:37:25.000Right now in those conference rooms, people are talking about expansion because if you don't grow, you die.
00:37:30.000And if you miss a growth curve, understand that if you are running like a Chili's or a Chipotle or a Starbucks and you play it conservatively and you don't grow when your competitors grow, that could be the difference between succeeding or bankruptcy.