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Is this the REAL reason Elon Musk SLAMMED the “Big, Beautiful Bill?”
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Last month, the big beautiful bill uh cleared the house by a single vote. The senators now have been meeting for weeks behind closed doors. Um they returned to Washington late Monday. They revised the package. Um Donald Trump just tweeted out, "Passing the one big beautiful bill is a historic opportunity to turn our country around. Uh they need to work as fast as they can to get this bill to my desk before the 4th of July." Um, then you have Elon Musk saying, "The massive, outrageous pork- fil congressional spending bill is a disgusting abomination. Uh, shame on those who voted for it. You know, you did wrong. You know it." Mike Johnson then says, "Well, that was disappointing. With all due respect, uh, Elon Musk is my friend and he's terribly wrong about the one big beautiful bill." My gosh, my head hurts from all of this. Now, the White House is sending an additional $9 billion in cuts, which is nice, but uh you know, we were hoping for like, you know, $1 trillion in cuts, and everybody's arguing over $9 billion in in uh cuts. How is this thing going to even pass? What is happening here? Uh we have Chip Roy who is who voted for the last one reluctantly. Uh and I don't know where he stands now. Chip Roy, welcome to the program. How are you, Chip? Glenn, how you doing, brother? I'm good. I'm good. Uh, must not be fun being you right now. Well, you know, here's the thing. When you have a reputation for trying to do the right thing, people do, I think, want to come to you to try to figure out, all right, like what's the score here? What's the real deal? Uh, I'm proud that I think people see me as someone who tries to be honest and and kind of, you know, work through this to achieve what you and I, I think, and all your listeners want to achieve. We have an obligation to get this done, but we have to get it done right. Um, you said, "Thank you for saying that. I voted for it reluctantly cuz I did reluctantly vote for it. My messaging at the time was reluctant." Right. We have to weigh a lot of things right now. We have a president who was given a mandate. a president that you and I support what he's doing, taking on the establishment, taking on this town, um, you know, rooting out all this DEI and woke garbage, you know, pushing the barriers, you know, you know, securing the border, uh, all the things that we know are happening. And we need to do certain things in this bill. We do need tax relief. We do need to extend the tax cuts. We need economic growth by putting more mana money in the hands and the pockets of Americans. Um, those are all important things, but we've got to cut spending and the swamp creatures in Congress aren't good at that. People like me have been beating our head against the wall trying to demonstrate, hey, here's what we need to do. Here's how we need to cut. So, now we got to balance this thing. The reason I was reluctant is because it does do some really good things that we bled and fought for for two months, Glenn. I mean, the week before last, we were like three straight days going down negotiating with the White House, negotiating with folks, and what we got was good. Was it great? No, it was good. We got the Inflation Reduction Act, Green New Scam. We got a full repeal of basically all future projects. But no, we don't deal deal with the 400 billion of existing projects. We got historic Medicaid reductions. Reductions in the increases, yes, but a trillion dollars worth. That's never been done, Glenn. Literally. But is that good enough for the moment? Maybe not. I think we needed to do better on FMAP and provider taxes and all of the things about the vulnerable versus the able-bodied. We got Medicaid work requirements moved up from 29 to 26. We fought like hell to make the bill something that I think we could be proud of certain elements, but Elon's not wrong. Okay, Elon's not wrong that for the moment, we need to do better. We need more spending restraint. We need to meet this moment with the actual deficit reduction that is necessary. We need to rebuild our manufacturing base. And American Giants started doing that 14 years ago. They make clothing here at home with American Cotton, American Hands, and American Heart. It's quality you can feel. Go to americaniantiant.com/glenn. Get 20% off your first purchase. That's american-giant.com/glenn. If we get economic growth from the taxes, if we get economic growth from the regulatory policy, if we get economic growth because the president is strong and leading, then we can get out of this mess. But it is that plus spending restraint. Last point, I do think it it is worth noting that I'm not sure that Elon is really excited about the extent to which we are killing the subsidies across the board. All future subsidies for EVs, for solar panels, for the wind crap, all future subsidies we are mostly killing. There's a few lingering projects, but we tightened it down. The left is losing their damn mind, Glenn. So, there is a little of that that's also at play. So, that's a long-winded explanation. A lot to do. We're pushing the Senate. They need to go further. We I think we need to fix some stuff. But I can promise you this, Glenn. If this bill backslides, if they walk off of what we got, which I don't even think is necessarily good enough, I can promise you I will oppose it in the House. So, we'll see what the Senate does. Your your speculation on what they're going to do, are they making it worse right now? Is it getting better? I think there are forces at play that are desperately trying to undo the benefits we got with respect to repealing the green new scam subsidies, which by the way, the president of the United States campaign fully and clearly on terminating the Green New Scam subsidies. There are forces in the Senate who want to undo that. There are forces in the House who regret voting for those subsidy terminations. Um, I think there are forces in the Senate who uh are wary of some of our Medicaid reforms, which were important on work requirements, on eligibility to tighten down and make sure that, you know, we're trying to make sure the the able-bodied aren't getting benefits, etc. Um, I don't think it went far enough. So, we're going to have to work hard just to hold the line at the House bill, which Glenn I would say is on the edge of whether it's good enough to merit moving forward and then hope we get three yards in a cloud of dust. I will tell you that if we can repeal the IRA subsidies, get the Medicaid reforms, constrain the spending, and get the economic growth and the tax policy that net it is moving the ball down the field. That's why I held my nose. But if we were a truly conservative Congress, we would cut more. That's just the truth. So I read all kinds of things from the banking sector that uh we're talking about our treasury bills that we are we are so dangerously close. You raise the debt ceiling yet again. We are dangerously close to the rest of the world saying I can't buy their debt anymore. I mean, they're not serious about anything. Do you believe we're that close? I think we're in a very Yeah, I believe we're on a knife's edge. I think that the bond markets are signaling that. I think this is why Scott Besson has been saying we need to get deficits down as a percentage of GDP so we can signal to the bond markets what needs to be signaled. I think that we have an obligation to get this right uh right now in order to frankly so why is why isn't anybody listening to that? Why isn't anybody listening to to to Bessant and to the bond market? That that that's lights out for America if we don't get that right. Yeah. And let me give you another scary point, right? If we are having to refinance our debts at higher interest rates, which currently we would be projecting, much higher interest rates than the CBO is even projecting. Putting aside the CBO, we all recognize that they're flawed. Doesn't matter. You got to just look at the model that's in front of you. The current model projects refinancing that debt at three and a half%. But what if we have to refinance it at the historic levels of four, four and a half, 5%. Right? We would have massively more interest expense. Instead of a trillion, it'd be a trillion and a half. Instead of a trillion and a half, it' be two trillion. We are going to gobble up our entire government expenditure with interest. I mean, Glenn, it is that bad. And here's the problem. Is Congress finally waking up to what you and I and the Freedom Caucus and conservatives have been saying now for a decade plus? Yes. They're realizing that we're in a real bad spot. So, all that's doing is getting them to come to the table to do the bare minimum, right? The Medicaid reforms, the inflation reduction act subsidies, the food stamp reforms, the other things we just put in this bill, all of which are good, but not as far as I would go. And just be clear for your listeners. They're finally getting to the table to accept that and they're getting there too late. So now what I'm saying is we need to be doing more. Let's talk about the recisions for a second. The president is sending up recisions and yes, it's just 9 billion. The reason it's that small amount and so everybody listening out there, why why does this matter? The reconciliation package can pass the Senate with 51 votes. The normal appropriations process, which we still have to do this year, will require 60 votes in the Senate. Right? So that means it's going to be hard to get through Democrats. So this recisions process is a way to try to cut some of these ridiculous programs like USAD and other things um using a 51 vote threshold. So that is why we're trying to move it that way. The reason it's just a smaller $9 billion number is it's a test case. Will Congress do its job and do this first down payment, a $9 billion recision of PBS, NPR, and a bunch of those USAD foreign uh government funding uh foreign aid uh uh wasteful program. You have to and now we'll see. I'll of course vote for that. You know, I will. You don't have to. So, but will the moderates? We'll find out. If they do, we'll get another recisions package sent up right after that. So this is all part of the process working with Russ vote the OM the president. Sorry I don't mean the filibuster but that's the that's the update. Jib speak about the process a little bit because I it's fascinating to watch this bill try to make its way through all of this. Like for my at least my estimate so far or my understanding is there's at least two congress congressmen who who one congresswoman I suppose who uh already have said that their vote was a yes but now it would be a no because they didn't realize what they were voting for which would already put you under the amount that you need to get it passed. the the salt people in the House are saying if you get rid of salt we're done and the Senate is saying we're getting rid of salt or at least adjusting it. How does this thing get across the finish line? Well, I mean like everything else you got to figure out how you navigate to get 218 and to get 51. Um we've managed to get it to this far. Uh look, you go to war with army you got right. We have the Congress that we have. We have the president that we have who's trying to get this done and we're trying to work to do it. I think we're in the zip code, but we're not where we need to be. So, let's take the things you just you gave some examples. Are there things in the bill that some of us knew about and were warning about that others are now just kind of waking up and seeing? Yes. Right. At the time, I said, for example, there's a car tax in this bill, you fools. I don't I don't support it. It was a tax to make up for the fact that EVs and hybrids can't, you know, pay their fair share of the gas tax. They needed $40 billion to pay for some Coast Guard and other stuff. So, how did they pay for it in the committee? What they did was they added a car tax for EVs and for hybrids. Now, do you think that we conservatives of limited government uh uh you know, views believe we should have a car tax? I sure as hell don't. Um, how about the AI restrictions? Should we prohibit Florida and should we prohibit Texas from being able to have some sort of regulation on AI? From a federalism standpoint, I'm not sure we should. Right? So, there's lots of things in this bill that I knew all this was telling people about it, but man, there's only like 40 fights you can pick. My fight was you're going to repeal these these damned subsidies uh on the inflation reduction act that are killing our grid, undermining our national security, and destroying natural gas and nuclear energy options. My fight was trying to get Medicaid held down. About 20 other fights, for example, the car tax. Scott Perry and I and a couple of others, we at least killed the tax on the internal combustion engines. They weren't going to have a car tax on every car in America, y'all. So, look, we're fighting everything we got coming at us. There are things that need to get fixed. To answer your question, if they need to adjust salt, I might try to call the bluff of the guys in the salt caucus and say, "Really, you're going to vote this down because you didn't get more subsidies for your great big blue state tax jurisdictions, right?" But if they want to try to call our bluff, I can tell you if they repeal back the inflation reduction acts stuff, which the president campaigned on, then that's going to be a real problem. So, we will see. It is a fine line and I'm trying to work with leadership, the White House to deliver as close to my values as I can and be able to look in the mirror and say that I did enough. And I'm not sure, gentlemen. I'm I'm always trying to shoot straight. We're walking a line. It could easily peel off and I can't support it. It could move in the right direction and I'll support it and say, "Let's go fight tomorrow for the next thing." I'm trying to work in good faith with the president and his team to deliver. There's a lot of good things in this bill. Let's remember that. A trillion dollars of real Medicaid reforms. We've never done that before, guys. Ever, right? The inflation reduction act, Planned Parenthood not funded, trans surgeries repealed for adults and kids to defund that. The left had gone so far, we're peeling a lot of that back. So, let's remember the good stuff while we're trying to, you know, highlight some of our concerns. Chip, I you're very reasoned and um I really appreciate talking to you and I really am so glad that you are representing the great state of Texas. Um you're a guy that at least I feel I can trust. I you know, you say what you mean and you mean what you say and that is the number one thing I I look for in a representative is somebody who will say the same thing to me to my face as they will behind closed doors. And I I really appreciate all your hard work on this. Thanks, Chip. Hey, I appreciate it, Glenn, and thank you for exposing all this to the American people and being truthful about it. Like, because this is hard for people like us because you you want to be with the team to move the ball down the field. We want to succeed. We want to win, but you also don't want to be you don't want to eat a crap sandwich. So, I look, I promise you, I will level set the good and the bad and the ugly, and then you just have to decide what's the best for the country and vote and move forward. So, that's where we are. Next time it starts to move forward, you just you call in and and you let us know what's in it. Okay. Just make sure you get a hold of me. As soon as you start to see things moving forward, you let us know. Uh because I'd appreciate your point of view on that. Thanks, Chip.
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