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

Summary

Podcast Summary: Bannon's War Room – Episode 4504: "Big 'Beautiful' Passes The House What Lies Beneath"

Release Date: May 22, 2025
Host: Stephen K. Bannon
Platform: WarRoom.org

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1. Passage of the "Big Beautiful" Tax Bill

00:00 – 04:12

The episode kicks off with a heated discussion between Steve Bannon and Congressman Chip Roy regarding the recent passage of the House's significant tax legislation, dubbed the "Big Beautiful" bill. Bannon advocates for the bill, highlighting its potential to spur economic growth:

Steve Bannon [00:30]: "If we pass this tax bill, conservatively, you're looking at very steady 3% growth going forward."

He references Council of Economic Advisors (CEA) Chairman Steve Myron's modeling, suggesting that the bill could generate an additional $4 trillion in revenue over ten years, effectively paying for itself through stimulated growth.

Contrastingly, Chip Roy vehemently opposes the bill, criticizing its long-term fiscal implications:

Chip Roy [02:05]: "This bill is a debt bomb ticking... Very soon the government will be paying $16,000 of interest per U.S. family."

Roy warns of escalating national debt, underscored by recent credit rating downgrades and increased bond yields, emphasizing the unsustainable financial trajectory the bill sets.

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2. Economic Growth Projections and Fiscal Responsibility

04:12 – 11:09

Bannon counters Roy's concerns by asserting that the tax bill aligns with conservative fiscal principles and will bolster the economy:

Steve Bannon [07:17]: "Everybody's conservative. We believe in limited government and... fiscal responsibility and free markets."

He acknowledges differing viewpoints within the party but remains optimistic about achieving more than the projected 3% growth, citing advancements in AI-driven productivity:

Steve Bannon [01:50]: "Firms are getting more productive because AI is helping their workers be more productive."

Roy interjects to highlight the discrepancy between the CBO's conservative 1.8% growth forecast and the House's more optimistic 2.6%, pointing out that tariff-generated revenues are not accounted for in official projections.

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3. House Republicans’ Strategy and Principles

11:09 – 16:28

Continuing the dialogue, Bannon lauds House Republicans for overcoming internal divisions to pass the bill, emphasizing their commitment to securing national borders and modernizing infrastructure:

Steve Bannon [04:15]: "Donald Trump showed the American people that we will do what we promised and... secure."

He underscores priorities such as border security enhancements, investment in law enforcement resources, and tackling threats from cartels and terrorism. Bannon also critiques the Biden administration's economic handling, juxtaposing current metrics with those from three years prior:

Steve Bannon [05:30]: "Inflation hit 9.1% three years ago... It is now at 50."

Bannon calls for urgent action to rectify economic mismanagement, urging citizens to hold Washington accountable through political pressure.

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4. Upcoming BRICS Summit and Global Economic Shifts

16:28 – 22:43

Roy shifts the conversation to international affairs, specifically the forthcoming BRICS Summit in Rio de Janeiro. He raises concerns about the bloc's intentions to challenge the dominance of the U.S. dollar:

Chip Roy [16:32]: "BRICS nations are meeting with the goal of displacing the United States dollar as the global currency."

The discussion highlights the potential decline in the dollar's value and its implications for American savings. Roy underscores the importance of understanding and countering these global shifts to protect national economic interests.

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5. Guest Segment: Batya Ungar-Sargon Criticizes Republican Tax Policies

22:43 – 34:35

In a guest appearance, Batya Ungar-Sargon presents a critical perspective on the newly passed tax bill, arguing that it fails to balance fiscal responsibility with support for the working class:

Batya Ungar-Sargon [23:49]: "They want to balance the budget, they want to cut taxes for the rich... and they want to be the party of the working class... you have to pick two of the three."

She contends that the bill disproportionately favors wealthy individuals while neglecting essential support for middle and lower-income Americans. Ungar-Sargon cites recent polls indicating significant public support for raising taxes on the wealthy:

Batya Ungar-Sargon [34:35]: "In 2025, Pew found that 63% of Americans support raising taxes on people making over $400,000 a year."

Her analysis suggests that the Republican strategy may backfire, alienating the very demographic they aim to represent.

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6. Global Health Politics: Noor Bin Laden on WHO Dynamics

34:35 – 52:25

The conversation pivots to global health politics with guest Noor Bin Laden from Geneva. He discusses the evolving role of the World Health Organization (WHO) amid the U.S.'s impending withdrawal:

Noor Bin Laden [40:57]: "China has sent more than 180 delegates... There is this takeover happening here in Geneva."

He explains how China's increased involvement and financial contributions are reshaping the WHO's direction, potentially marginalizing U.S. influence. Bin Laden emphasizes the importance of the U.S. rejecting upcoming amendments to the pandemic agreement to maintain sovereignty over its public health policies:

Noor Bin Laden [50:07]: "The United States need to ask... to reject the amendments to the international health regulations."

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7. Strategic Recommendations and Call to Action

52:25 – End

Roy and Bannon conclude by outlining strategic steps for listeners to counteract perceived overreach by international bodies like the WHO. They advocate for active opposition to amendments that could undermine U.S. sovereignty:

Chip Roy [51:04]: "We need to make sure that the United States comes out and says we're not party to the amendments."

Bannon reinforces the need for organized efforts to educate the public and influence policy decisions, directing listeners to resources such as rejecttheamendments.com for more information.

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Notable Quotes:

• Steve Bannon [00:30]: "If we pass this tax bill, conservatively, you're looking at very steady 3% growth going forward."

• Chip Roy [02:05]: "This bill is a debt bomb ticking... Very soon the government will be paying $16,000 of interest per U.S. family."

• Batya Ungar-Sargon [23:49]: "They want to balance the budget, they want to cut taxes for the rich... and they want to be the party of the working class... you have to pick two of the three."

• Noor Bin Laden [40:57]: "China has sent more than 180 delegates... There is this takeover happening here in Geneva."

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Conclusion

Episode 4504 of Bannon's War Room delves deep into the complexities surrounding the passage of a major tax bill, debating its economic implications and fiscal sustainability. Through dynamic discussions with Congressman Chip Roy and guest experts like Batya Ungar-Sargon and Noor Bin Laden, the episode explores both domestic fiscal policies and their intersection with global economic and health institutions. The hosts emphasize the need for strategic action and public engagement to safeguard American economic interests and sovereignty.

For listeners seeking to understand the nuanced interplay between legislation, economic growth, and international relations, this episode offers comprehensive insights and actionable takeaways.

Transcript

[Steve Bannon]

If and when this bill passes, I'm assuming it will pass at some point, what growth rate can we expect for the economy in the second half of the year? I Hear talk of 3% growth, maybe more. What say you? Right. I say that if you look at the Council of Economic Advisors Chairman Steve Myron's modeling of what happens if we pass this tax bill, then conservatively, you're looking at very steady 3% growth going forward. If you add 3% to the 1.8% that's in the Congressional Budget Office forecast, then that means that over 10 years you get 4 trillion more revenue from 3% growth than the current CBO forecast. And so what that means is that this tax bill basically pays for itself. If we get 3% growth, I think we're going to get more than 3% growth. Because something you've covered a lot, Stu, is that the AI productivity revolution is underway. Firms are getting more and more productive because AI is helping their workers be more productive. And there's a scholar at Stanford, Eric Bridge, who has a study out that suggests that that could increase productivity growth by one and a half, even to 2% a year. If we get that, then you're looking at 4% growth, which I think is an upside that's completely possible. And so, yeah, I think that the 1.8% CBO score is very, very conservative. And so fiscal hawks should be ambitious because they understand that. Look, last time we said we get 3% growth. We did. This time we're saying it, and we've got, like, some extra juice because of the. So I'm very comfortable with three. Is this the argument that Speaker Johnson is applying to the deficit hawks? Look, the deficit will be taken care of by 3.4percent growth just down the road. That's Speaker Johnson's argument, right? Well, I think that he's got different arguments for different people. You know, there are a lot of strong opinions on all sides, a lot of respected friends who disagree. And the thing that I'm just amazed at is that Speaker Johnson has been able to get all those cats in a room and herd them together to a very, very likely big victory for the big, beautiful bill. Probably could even start tonight and get to the floor. That will be good.

[Chip Roy]

Stand here and tell the American people we cut your taxes and we can increase spending and everything is going to be just fine. But I can't do that because I'm here to deliver a dose of reality. This bill dramatically increases deficits in the near term, but promises our government will be fiscally responsible Five years from now. Where have we heard that before? How do you bind a future Congress to these promises? This bill is a debt bomb ticking. Congress can do funny math, fantasy math, if it wants, but bond investors don't. And this week they sent us a message. Moody's downgraded our credit rating. And the bond investors who buy our debt and finance our debt demanded higher interest rates on the 10 year note, the 20 year note and the 30 year note. What does this mean? Very soon the government will be paying $16,000 of interest, interest alone, per U.S. family. And what are we telling them? Instead of taking care of going to give you a $1,600 tax break under the taxing and spending levels in this bill, we're going to rack up, the authors say, $20 trillion of new debt over the next 10 years. I'm telling you, it's closer to $30 trillion of new debt in the next 10 years. Mr. Speaker, we're not rearranging deck chairs on the Titanic tonight. We're putting coal in the boiler and setting a course for the iceberg. If something is beautiful. If something is beautiful, you don't do it after midnight. I oppose this bill. On this vote, the AER 215. The nays are 214, with one answering present.

[Steve Bannon]

The bill is passed. No bill's perfect. But this one is big and beautiful. And I'll tell you why it's beautiful to me. It's beautiful to me because House Republicans.

[Chip Roy]

Under the leadership of Mike Johnson and.

[Steve Bannon]

Donald Trump showed the American people that we will do what we promised and we showed the world that the borders of the United States of America are sovereign and secure. Our team, my, my committee of Homeland Security has been pouring over this for a year on how best to do this. My staff, who, some of whom are here, thank you for your hard work. We're going to construct and add to the border wall with technology. Cameras, lights, access. We're going to invest in the people who put their ass on the line to keep us safe every day. More training, more equipment, modernized equipment, better facilities. It's a right thing to do. And we're going to end the threats to the people of this country from the cartels, from the gangs that are poured across our southern border in the fentanyl and who knows what else with the terrorists. Patriots. As Washington D.C. happily crashes America's economic car into the debt ditch, let's consider the economic reality by the numbers that and the consequences for all of us, for real Americans on Main street, not lobbyists on K Street now, three years ago, almost to the day, America hit its worst inflation in four decades as Biden nomics plunged the country into an economic quagmire. Inflation hit 9.1% three years ago. Let's compare that time three years ago versus now on other key metrics. 10 year treasury yield, it was then below 3%, well below 3. We're now way above 4 and marching our way toward 5% on 10 year yield. 30 year mortgages accordingly. They were 5% then, they're 7% now. Consumer confidence, then, it was plunging, but it was still at 82. It is now at 50. So here's the reality and here's the takeaway. Washington D.C. either doesn't know these numbers or frankly they just don't give a shit. And I'm not sure which one is worse. But we the people, we the citizens of the United States must compel them to urgency and action. And we do that by making them politically fear us and making them respect us. It is time to right the economic ship of the United States right now. You know, there were a number of pivotal moments. We have 220 Republicans in the House Republican Conference and lots of different opinions. They represent very different districts around the country with very different interests. But the principle and the philosophy is always the same. Everybody's conservative. We believe in limited government and we.

[Chip Roy]

Believe in individual freedom and the rule.

[Steve Bannon]

Of law and peace through strength and fiscal responsibility and free markets and human.

[Chip Roy]

Dignity, the things that are all wrapped into this bill.

[Steve Bannon]

And so I would say there was.

[Chip Roy]

A lot of pivotal moments. One day I might actually write a book about the last year of my life and trying to get this thing over the line.

[Steve Bannon]

But I'll say, look, I'm just going to say I give glory to God.

[Chip Roy]

I mean, there's a lot of prayer.

[Steve Bannon]

That brought this together. I'm just going to be very blunt about it.

[Chip Roy]

There was a few moments over the.

[Steve Bannon]

Last week when it looked like the thing might fall apart. And I went to the little chapel over here and got on my knees and prayed that these guys would have wisdom and stamina and discernment. And that's the secret here. And teamwork and mutual respect that everybody.

[Chip Roy]

Has for one another.

[Steve Bannon]

And I think that's what defines the Republican Party. It's a great day to be an American.

[Chip Roy]

It's a great day.

[Steve Bannon]

Or be a Republican.

[Chip Roy]

Yeah, go ahead. BILLY Gordon, Senate they're likely going to change it a lot.

[Steve Bannon]

They're prepared to do this again?

[Chip Roy]

No. All the senators, every one of them have Promised me they're not going to change anything. Our Lord 20 25. There you have it. 6:30 in the morning, 2:15 to 2:14. One present that would be Andy Harris of the Freedom Caucus, Tom Massie vote against and I think Warren Davidson, I got to check that Warren Davidson voted against it. Ohio, I think in my count passed by one vote. We got Chippewa here. Wisdom and discernment. Congressman Roy, yesterday Andy Harris and the Freedom Caucus yourself said it would take 10 days to get this thing worked out. President Trump actually took an active role in negotiating this couple hours you guys spent up in the White House. Give us your assessment of the big beautiful bill.

[Steve Bannon]

Well, first of all, you played a great speech by my friend Thomas Massie and sometimes people take issue with him, but he was right on this in terms of his concerns. I share those concerns. You share those concerns. We have to balance all of this to try to figure out how to move it forward. Here. Here were the interests that we had to balance. We were working really hard. As you recall last weekend I voted along with three of my colleagues to kill this bill in the Budget Committee. Then we fought over the weekend and then we voted present to move it along. Then fast forward yesterday we meet with the President, we're over at the White House and we work to get this bill done over the course of the night with reservations. But the things that moved it forward that we thought were important one, we firmly solidified killing all of the projects going forward under the Green new scam, not existing projects. I'm still pissed off about that, but we'll deal with that separately. But we firmly locked in that the kerns under construction and future projects, we will be killing virtually all of those with a handful of grandfathered. We also have the Medicaid work requirements shoved up which we had to personally negotiate in order to get that done. And yesterday we worked something out to help the non expansion states under Obamacare be able to stay non expanded so we can work this balance that I know you care about too, where we're trying to manage the Medicaid scam problem that needs to be reformed while also making sure working class Americans are still dealing with health care who you know have been kind of stuck because we've got such a broken health care system. So we've got 12 levers we're pulling. I do not like the final result in terms of the overall deficit numbers. Too much deficit in the first five years, too much savings in the second five years. We technically honored the deficit neutral over 10, but that's bullcrap on the say if all your savings are in the second five. So my point to you, Steve, is I felt compelled to work with the president to achieve the objectives of the border funding necessary for the ice beds, the defense stuff that we're working with Russ on at the Office of Management Budget to try to hold the hawks in town down and stop them from using all the discretionary spending to mess things up. So the border and the defense money plus what we got on the Inflation Reduction act and the Medicaid work requirements plus some of the other good spending cuts we already had in there on Medicaid.

[Chip Roy]

But yeah, I want to make sure the Warren posse understands this because they're the tip of the spear in the guys can move now. And that's why I played Hassett's Stuart Varney piece yesterday where they're talking about a minimum that the supply side nature of this is going to and they're talking about because remember one of the reasons these numbers suck is that the CBO scoring has a growth rate of 1.8%. And what the White House is saying and Hassett and Mehran, the CEA chair because assets at NEC now is that the growth rate's really 3% of what's going to happen. So in the first couple so two things. Number one, Russ Vogt is a close friend of yours in mine, a colleague and a very smart guy. We got the right guy. His theory of the case that we have a one time shot to make structural changes on mandatory spending in the fifth year and beyond. And that's worth not fighting to the knife, not going to the knife on the first couple of years on the deficits. Is that essentially the bet that that OMB is making? And really the administration is saying that we have a chance to do something that's never been done before, that we can actually change structurally mandatory spending. And unfortunately those changes come in the 5th through the 10th year. Sir.

[Steve Bannon]

Yes, that is correct. And I think that is a fair characterization. And what I was partially trying to get at with respect to what we're working on together on the defense issue, which also touches discretionary spending, that we're trying to restructure the town, we're trying to get our arms around the way things have been broken and break it back so that we can have something that the people control. To answer your question, I am still concerned about the front year deficits. Okay, maybe a little more than my good Ross. I do think we need to hold those down. But to get to get the trajectory right, we are putting it on the right path. Those reforms on Medicaid are a pretty big deal. What we got yesterday on some other executive order actions you will see coming out in the next two weeks are a pretty big deal. What we got with respect to the work requirements, the inflation reduction act, pretty big deal. That will all be a good trajectory. We still have more work to do, though. I think that there are things we could do that would fundamentally end some of those Medicaid scams that would help in the long term trajectory like Russ is talking about. But yes, the growth side is the other thing I want to address because I respect Hassett and I respect that conversation with Stuart Varney. But look, I'm all about 3% growth, 4% growth. We need that like we did in the 80s and I think a lot of the Trump policies can do that. But let's be very clear, we got a lot of work to do to get there. We assumed 2.6% growth in our model, which I think is a fair place to land for budget purposes if you want to get deficits down. So I didn't want to accept 3 and 4%. That's gravy because we got to go pay the debt down. So we should budget at 2.6 and we should hope the gravy comes in between tariffs and economic growth to get our damn debt down.

[Chip Roy]

Russ Chip, can you stay just can you stay just for we got short commercial break on the other side because this is very important. So the big beautiful bill is passed in the house really literally 48 hours virtually non stop, including historic visit by the President United States yesterday to the conference and then he called them all over the leaders and the Freedom Caucus. The deficit hawks to the White House for a couple hour meeting. This is why he was dipping in and out of the Florida Gators and their their commemoration ceremony yesterday in the East Room. Short commercial break Congressman Chip we're going to Russ vote later in the in the show. This July there is a global summit of BRICS nations in Rio de Janeiro. The block of emerging superpowers including China, Russia, India and Persia are meeting with the goal of displacing the United States dollar as the global currency. They're calling this the Rio Reset. As BRICS nations push forward with their plans, global demand for US Dollars will decrease, bringing down the value of the dollar in your savings. While this transition won't not happen overnight, but trust me, it's going to start in Rio, the Rio reset in July marks a pivotal moment when BRICS objectives move decisively from a theoretical possibility towards inevitable reality. Learn if diversifying your savings into gold is right for you. Birch Gold Group can help you move your hard earned savings into a tax sheltered IRA and precious metals claim. Your free info kit on gold by texting my name Bannon that's B A N N O N to 989-898 with an A plus rating with the Better Business Bureau. And tens of thousands of happy customers led birchgold army with a free no obligation info kit on owning gold before July and the Rio reset. Text Bannon B A N N O N to 989-898. Do it today. That's the Rio reset. Text Bannon at 989-898 and do it today.

[Steve Bannon]

Here's your host, Stephen K. Band.

[Chip Roy]

Okay, so we know now that the house plugged in 2.6% growth. Also because CBO doesn't score it. There's not and we talk about deficit reduction the first couple of years. They're not including tariffs. My understanding is the number the White House against 300 billion to 600 billion cash money coming from tariffs. I'll talk about that later as I break all this down. Congressman Roy, thanks for the time. Real quickly, this goes to the Senate and you've got a couple of hawks over there, right? You got Mike Lee, you got Ron Johnson, you got Rand Paul. You know, we're very aligned with Josh Hawley. I know he's had some issues already with some of the Medicaid stuff, but generally the Republican Senate are the people that really work with Biden. 19 of them work with Biden when McConnell ran the deal that got us in this jam in the first place. Do you anticipate and what is the freedom? My point is they're not going to pass what you gave them. I actually think it will come back worse unless we do a big fight with the Senate. We're going to get in that. So when you conference, where's the Freedom Caucus coming out? Because this bill is still a long way from getting done, sir.

[Steve Bannon]

Yeah. Well, number one, I think as you've noted, the bond markets today are going to say that we didn't do a good enough job. And you know what, the bond markets are right. We needed to do a better job. I'm proud of the things I fought for. But at some point, you know, you drag, you drag, you drag and then you move it forward. The White House wanted us to move this forward. We're collaborating with them that now that's the important part. The White House is the key variable here, putting pressure on the Senate. And then those key patriots that you mentioned, Ron, John, Rand Paul, Mike Lee, Rick Scott, there's a few others, they can get together and say, guys, we're going to do better, we're not going to make it worse. We actually need Steve, we need the Senate to make it better. We need them to hold on to what we did with the inflation Reduction act and really good Medicaid reforms to protect the vulnerable instead of funding the able bodied, the worker requirements, ending the scams, you know, waste, fraud and abuse like the President says they can do that. Josh can get on board with that and he should. And we can do what is right for the American people, constrain spending, create growth and then give the Runway for the tariffs and other things and really be cooking with peanut oil. I believe we can do that. But the Senate has got to do their job and frankly then it bounces back to the House. Either they pass it and it comes back to us or we go to conference and we're going to draw red lines in the sand as the Freedom Caucus and conservatives that it can't get worse and it needs to get better. We need to see the right reforms. The bond markets are going to expect nothing less. We have to deliver. Telling you the bond markets are still throwing up on us because we're not doing a good enough job. But I don't have 218 votes. I only have one vote. So we are working. We're moving the needle. Thanks to you. Thanks to the Warren Posse, we're able to move the needle but we got to keep pushing through the finish line with the Senate.

[Chip Roy]

When are you coming out? This can be important. When is the Freedom Caucus going to come out with your red lines to inform the Senate of, hey, here's what we're looking for, guys.

[Steve Bannon]

Yeah. Next week we're going to be putting those together. We want to kind of, we want to think about it, work with some of our colleagues over there, be smart about it. Right. You can't just throw everything down and say I need, you know, my way to the highway on 48 issues.

[Chip Roy]

Yeah.

[Steve Bannon]

But we're going to draw a couple, three really important lines.

[Chip Roy]

Okay, perfect. And we'll see that next week.

[Steve Bannon]

Yep.

[Chip Roy]

Anything, any closing comments? I mean clearly we got this thing rolling. Historic 48 hours. President got involved in a way. I mean President, not just President closed the deal but also whipped the votes, as you know. Any closing observations?

[Steve Bannon]

Yeah, well, we made some good headway yesterday, meeting with the President. You know they're always exciting meetings. As you noted, University of Florida was coming in right after we had a productive meeting. The White House is going to take some executive action based on our recommendations that I think is going to be very good in working with Russ. We got a really good improvement to help states like Texas, non expansion state where they're going to get a little higher funding for something that's important to protect their interest. And we got some other good things done. And we're looking ahead to be able to work with the Senate. So I think we can do this. But it's going to take the posse getting engaged and the American people demanding it. There's no room for failure here. The Senate needs to make it better, not worse. And we need to draw the red.

[Chip Roy]

Lines to fight for America better, not worse. And you're right, the bond market, whether you like it or not, they're getting a vote and right now they're throwing up all over the thing, although it's eased up a little bit since. And I think the more it's explained, what we need is more explanations you need to correct. And I think the White House has got to get on the lead of it. They believe it's 3% of Moran and Hassett. You got to get out. You got to start talking about the tariffs. They got to make a whole package here and this thing's got to be sold. You want the bond market to understand it, you got to go sell it. Congressman Roy, on your social media, where do people go because you come in a little hot every now and again?

[Steve Bannon]

ChipRoy, tx c h I P R O Y T x [e-mail] is my website or Rep. Chip Roy is my official Twitter so or X whatever you call these days. But thanks for what you do, Steve. God bless you. Have a happy Memorial Day. And to all the families out there who lost loved ones fighting for this country, thank you for your service to country, both what you do now and wearing the uniform and God bless great patriots across this country.

[Chip Roy]

Our honored dad. Thank you very much, Congressman.

[Steve Bannon]

God bless.

[Chip Roy]

Just as a note, we're going to do, we're going to have wall to wall coverage this Memorial Day weekend with our partners at Real America's Voice. Saturday, President Trump, President United States is going to the United States Military Academy at West Point. He will be joined there by one of the new members of the Board of Visitors, Captain Maureen Bannon. She'll be there. We're going to be covering it live from 10 to noon. The president will address Give the commencement address to the, to the cadets, the corps of cadets on graduation day. And on Monday we will cover it non stop from the White House all the way to Arlington and back. The President United States will go to Arlington National Cemetery to give appropriate remarks for our honored dead over Memorial Day weekend. Let's go ahead. We got a cold open. We got Batya Unger Sanger with us. Let's play her cold open. I have to jump in here. In terms of it, it's pretty powerful. Let's hear it. To make this get through.

[Batya Ungar-Sargon]

So here's the problem that the Republicans have. They want three things. They want to balance the budget, they want to cut taxes for the rich included. And they want to be the party of the working class. And the problem is you have to pick two of the three. It just doesn't work. As Senator Josh Hawley pointed out, if you just make those cuts and then you also have tax cuts for the rich, you're basically taking things away from working class and poor people and giving them to wealthy Americans. I'm not saying there shouldn't be any cuts. We absolutely need to do that. There's evidence that about 2 million people who are on Medicaid rolls are actually able bodied men with no dependents. They should absolutely be working both the salt, which makes absolutely no sense for the Republicans to be giving on this whatsoever. Those are rich liberals, right? Why are we giving them money? But also I think on the top, top tax bracket, you talk to the average American, they're just not going to understand why going from 37% to 39% if you could take that money and use it to balance the budget, this is a working class party. That's not a slogan, guys. That has to be policy.

[Chip Roy]

Batya, by the way, also 2.4 million, I think illegal aliens off of this through the House bill. So it's the big beautiful bill is passed. You're actually, I think you're a resident of Brooklyn. Why are you whining about the salt? Didn't that take care of the New York folks?

[Batya Ungar-Sargon]

Ma' am, thank you so much for having me. Here's how I see it. You know, we've been saying since Liberation Day that it is possible that there will be price hikes, but that as a nation we should be willing to sacrifice on behalf of the hardest working Americans so that their children have a better shot at the future. And in fact, Steve, I was talking to a truck driver and here's 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 little bit more for something here and there, my children will have a better future. And you think I'm gonna turn that down? I mean, sacrifice is what we do for our children. This is how he put it to me. And I thought that was really powerful. So we've been expecting everybody to sort of work together on this. We've all understood that our relationship with China is unsustainable. And as a nation under the guidance of President Trump, we have decided that we are going to do this together as an act of patriotism. And now I turn around and they're trying to pass this bill where suddenly rich Democrats in New York are saying, wait a minute, I don't wanna sacrifice on behalf of this country. I want more tax cuts. I mean, it's utterly ludicrous and it really offends me because again, we are asking the least of us to sacrifice the most. And then when it comes to the wealthy, we're telling them, no, no, but you get a pass on this. We're gonna cater to your every need. And of course, it's their fault that the taxes are so high in New York and these other liberal strongholds. So I think from my point of view, I really agree with Senator Hawley on this. The perception that the sacrifices are being asked to be made of the least of us, whereas the people who have the most are being coddled and catered to, that, to me, is unworthy of a party that has the great honor of representing America's working class.

[Chip Roy]

Do you anticipate right now, you see, we don't. And this is one of the things I think the White House is working on now. And I think you're going to see a much more fulsome package come forward. Because, you know, Hassett and Moran have a, I think, justification. They can back up a 3% growth rate, which really changes the equation here. Although the house did have 2.6. And in addition, they're talking about a couple of hundred billion dollars minimum of external revenue coming from tariffs. Do you think that the. That we've done a good enough job of selling the. Because I've got a big interview in Newsweek talking about a new golden age of manufacturing that's coming back to the United States because of President Trump's trade and tariff policies. Do you think we've done a good enough job of selling that to the American people of exactly what this program is, that these tariffs and these new trade relationships actually lead to a. Lead to something great? For the American workers.

[Batya Ungar-Sargon]

Absolutely. And I think you can see it in the President's poll numbers, which are going back up, much to the chagrin of the people who have to report on this in the liberal media. The American people, I think, are going to end up supporting this. They're going to see the benefits of this. And you know, this idea of turning a ship around that had been going in a direction at the behest of both parties to sell out America's working class, the courage that it took, the leadership that it took. I really cannot think of another person on this planet who could have done that the way that President Trump did, the way that he signaled to the entire country and in fact the entire globe. I don't work for Wall Street. I work for the average American. I work for the middle class. I work for the working class. I work for the American electorate alone and not the international global elites and not the elites of this country. I mean, the shock you saw from Wall street street at being told for the first time that the President does not work for them. I really think that that is what people are going to remember from this period.

[Chip Roy]

Batya, hang on for a second. We're holding to the break. Also, nor bin Laden from Geneva, the World Health Organization, Chinese Communist Party said they're going to step into the shoes of the Americans all next in the war room. You've heard me talk about Patriot Mobile for a while now. You probably know that for years they've stood in the gap for every American who believes faith, family and freedom. So here's the question. Have you switched to Patriot Mobile yet? You'll get exceptional nationwide coverage because unlike most cell phone service providers, Patriot Mobile utilizes all three major US Networks switch today without sacrificing quality or service. They even add two numbers on two networks on one phone. Let me repeat. They can even add two numbers on two networks on one phone. It's like you're carrying two phones in one. They have unlimited data plans, mobile hotspots, international roaming, Internet on the go devices and Internet backup. Switching is easy. Keep your number, keep your phone or upgrade their 100% US based team can activate you in minutes. Best of all, switching to Patriot Mobile supports your values. If you believe in our First Amendment and second Amendment rights, the sanctity of life, supporting our veterans and first responders. This is where you belong. Right now. Go to patriot mobile.com Bannon or call 972-patriot. Get a free month of service with promo code Bannon. So if you call in, tell them Bannon Also switch today. That's patriot mobile.com Bannon or call 972 Patriot War Room.

[Steve Bannon]

Here's your host, Stephen K. Bannon.

[Chip Roy]

Okay, I'll go through this a little later. And by the way, Russ Fodd is going to join us. So the Council of Economic Advisors was a, Steve Moran is the, he's got the job Hassett had in the first term. That's kind of the economist, the econometrics group that works over EOB for the president. They've got their assessment. It's, I don't know, it's a hundred pages long. The, excuse me, the summary is 20 some pages long. We're going to put it out a little later in the show. It shows 3% north growth. And here's the point. That means another couple of trillion dollars of tax revenues on the structure that we just passed. Don't want the math to get too complicated, but remember, if you got real growth and this is a supply side tax cut trying to get us out of the doldrums of the Biden years. Remember, stagflation is when you got growth under like 2%, 2% or less. And you've got inflation. This is what, you know, the country's gone through in previous times. President Reagan kind of had this, although it was really inflation was on fire. He got through it. President Trump got through it the first time in Obama with this type of tax cut, right there was more supply sides. So we'll go through that anyway. There's some arguments made around and they're still not counting the tariff money. So and like I said, a lot of things got to come together here. But you're pushing the big beautiful bill. It passed this morning. Batya, you've been quite vocal about this. So give some guidance. People watching the show and listening, you got, you got Rand Paul, you got Ron Johnson, you got Mike Lee, Rick Scott, Josh Hawley, you got people over in the Senate. Then you get Eric Schmidt, you got some people that are listening and paying attention and saying, okay, what do we got to do here? How do they make this better for working class people in the middle class? Bache, give me two or three examples of what you would like to see.

[Batya Ungar-Sargon]

So for a decade, the left has attacked Donald Trump as basically being somebody who's only on the side of the rich. They love to say the lie that his only signature accomplishment from the first administration was a tax cut for the rich. That was nonsense. In the first administration, President Trump became the first president in 60 years under which the bottom 25% of wage earners saw a larger percent increase in wages than the top 25%. Which is the real reason, by the way, that the Democrats hate him. Cuz they're the party of the rich. What he's done in this administration so far is he has taken some unbelievably pro worker policies like controlling the border, which limits the supply of labor and gives workers higher wages and tariffs, which of course reshores manufacturing and gives working class Americans a fair shot at the American dream. Again with some pro business stuff that is very important. Deregulation, cheap energy, and of course lowering the corporate tax rate. This stuff is pro business. So he's combining the pro worker stuff with the pro business stuff that's going to make a roaring economy. The question is, where do tax cuts for the rich go? Do they go in the pro business side of things and they should give tax cuts for the rich or should we think about that in terms of what is pro worker here in terms of balancing the budget and raising taxes on the rich? And from my point of view, it's very clear. Can you imagine Steve depriving the Democrats of that talking point? Can you imagine forcing every Democratic politician to vote against a bill that raises taxes on the top tax bracket? It would be such an epic troll. In addition to signaling to the country and to the working class, the GOP is now the party of the working class. Let me just read you a few statistics, okay? In 2024, Bloomberg found that 69% of voters in swing states support raising taxes on the wealthy. In 2024, another poll found that 51% of Republicans support it. In 2025, Pew found that 63% of Americans support raising taxes on people making over $400,000 a year. And here's the kicker, Steve, and I'll just end with this. When you gave voters a choice, how would you prefer to balance the budget? Cut entitlements or raise taxes on people making over $400,000 a year? Over 80% said raise taxes, including 74% of Republican voters. This is a win, win, win issue. Raise taxes on the top income bracket. It is going to be a bonanza for the gop.

[Chip Roy]

What's your social media, ma' am? Where do people follow you?

[Batya Ungar-Sargon]

I'm Ungersargon on Twitter. I'm Bhatia Us on Instagram. Mr. Bannon, God bless you and the war Room Posse for everything that you do. You're the greatest patriot in this country. And I just, I don't know where we would be without You. I really have to say that I don't know where we would be without you. So God bless you and thank you for everything you do.

[Chip Roy]

Let me tell my producer I want to book her every day. I'm just kidding. My new agent, let me introduce you. Thank you, ma' am. Thank you for the kind words, but I got the easiest job around. I just yelling at a microphone and put on people like you to the greatest audience in the world. Thank you. Appreciate you. There you have it. A lot of people ask in the chats, do we call center? I would hold off. Let's hold off and get organized here, because you guys, when you deliver a punch, you deliver a punch. And I think, let's get. Let's go through, see what we actually pass, make sure we understand it. I also want to make sure we have a fair accounting of what actually is the model, what's reality. And talking to a lot of people and knowing that the House did put in 2.6% growth, the white House talking about a higher number, that's fine. The CBO does not score the tariffs. That's a real number, and it could be a significant number. Also, I've been banging on the table for the, for the doge, the waste, fraud and abuse, particularly in Medicaid. We need to know that number. And if it's being kind of worked on by people behind the scenes and they don't think the Senate will vote or the House will vote or Congress will vote on some rescissions, we ought to know that. But that number ought to be calculated in here, too. And most importantly, it's not for the war room. In the war room audience, you need to explain this to the bond market. The bond investors need to hear this. That's why I think the White House needs. Not the people in the House that voted on it. The White House, I think, needs to go on much more aggressive offense of what the model is. I would say it can look pretty positive. And I think these things are sellable. I think people would understand it. I think you've got some good backup and some data. And like I said, Bhatia brought the big point in that all the criticism that was given when President Trump passed this the first time, the growth rate in the fourth quarter, I think in 19, was 3 to 3.5%. And wait for it. That's with Janet Yellen, the head of the Federal Reserve took a billion dollars off the balance sheet instead of expanding the balance sheet. And that means quantitative easing, putting more liquidity into the market. President Trump had a headwind of taking, of taking liquidity out of the market. She went from President Trump inherited a Federal Reserve balance sheet of about $4.5 trillion because that's how they basically used the Federal Reserve to bail out the system and particularly the wealthy. This is why Obama was not really a progressive that was all pro wrestling down in the front on cable tv. Behind the scenes, he did a very standard stock bailout of the wealthy. Why? By having the Federal Reserve and flood the zone with cash money to bail out the real estate interest, to bail out the companies, to bail out AIG and Goldman Sachs and all of them. And what President Trump in his first year or first two years, Yellen, who is head of the Federal Reserve, to deflate the asset bubble. And on this one, I actually think she was smart. I know people disagree, including President Trump. There was a headwind. So President Trump's plant had growth. And as Bhatia just said, for working class and middle class, it was the best times you're ever going to have. You had wage growth. You had no inflation, virtually no inflation and very low interest rates. This is why what Steve Cortez was showing in the first, even from Biden, is now the increase in interest rates. And that's because, and I think the Federal Reserve, there's some reports out there now, I think they're doing quantitative easing. I don't think there's a huge market right now for these securities at certain prices. And to keep it from blowing up, I think the Fed is actually acting in a pretty aggressive buying bonds, just saying. So this thing's going to get complicated, but we're going to make it all clear for you. The Senate's going to have to deal with some of these issues. As Chip said, we want to make it better, not worse. And there's a lot of people remember the 19 senators, Republican senators were collaborators. Mitch McConnell in that crowd were collaborators with Biden on all the madness that he passed. And there's some of the ones that are fighting, particularly at the Green New scam. If you think about just what's changed on this bill in the last week because of your efforts last week you had all the green, you had 2015 or 20% of the green New Scam stuff still in there. You had the work requirements, didn't start until 2029. 2029. Think about that. There are all types of things in here that people just didn't fess up to. And Bach is right. I think it's. And chip said it $350 billion, $350 billion for, you know, the issues around these blue states, New York, California, Illinois, that really have spending out of control. Okay, I've got a call open, but I can't, don't have time to play it nor bin Laden joins us. There is a big article if Denver could put this up. So noor talking about put up or shut up. I think it's Bloomberg, correct me. Reuters has a huge story this morning how the Chinese Communist Party is going to step into the shoes of the and fund the World Health Organization that you know, the world, the United States, and you outlined it yesterday, pulling out of who, that the CCP sees away with all the pandemic stuff that's been approved over the last couple of days to basically encircle the United States and make sure the citizens of the United States still have this around their neck while they control the deal in Geneva. Can you give us an update, ma' am?

[Noor Bin Laden]

Yes, absolutely. Listen, I alluded to it yesterday, but there are huge shakeups happening here in Geneva this week following the change in relationship between the United States of America and the WHO with this impending exit of the US out of the who. And that obviously is impacting the budget and the financing of the who. One thing I'll start with with regards to to these developments with China with the ccp. Yesterday I mentioned that the US Government did not send a single delegate or official to attend this year's World Health assembly. And that's the first since the inception of the WHO itself. Meanwhile, it's been reported by Health Policy Watch that China has sent more than 180 delegates to attend this week here in Geneva. And the list includes dozens of senior and mid level officials, experts, Ministry of Health and Centers for Disease Control members, but also academics and experts from various universities and institutions. So you're absolutely right. There is this takeover happening here in Geneva. And at the same time, I'm quite sure that China is going to be increasing its funding as all other member states. I mentioned also yesterday, one of the biggest news this week alongside this adoption of the pandemic treaty is the fact that member states of the who have all agreed to an increase of 20% membership fees. And that's on top of the additional money that Tedros Gabriel is pleading and begging people to give his failing institution.

[Chip Roy]

Hang on for one second because I want to come back and I want to talk about exactly what was passed and how that impacts American citizens. Although January of next year we're out, Nor Ben Laden joins us from Geneva. We're going to take a short commercial break. Take out your phone. Text Bannon B a n o n 989-898 get the ultimate guide, the ultimate guide for investing in gold and precious metals in the age of Trump. It's turbulent out there. Global bond markets are roiling this morning. You have to understand why gold is hedge and why gold is, I don't know, it's kind of the cynics. The cynics hedge the people that think fiat currency is fiat currency. Short commercial break Back in a moment in the war room. You missed the IRS tax deadline. You think it's just going to go away? Well, think again. The IRS doesn't mess around and they're applying pressure like we haven't seen in years. So if you haven't filed in a while, even if you can't pay, don't wait and don't face the IRS alone. You need the trusted experts by your side. Tax Network usa. Tax Network USA isn't like other tax relief companies. They have an edge, a preferred direct line to the irs. They know which agents to talk to and which ones to avoid. They use smart, aggressive strategies to settle your tax problems quickly and in your favor. Whether you owe $10,000 or $10 million, Tax Network USA has helped resolve over $1 billion in tax debt and they can help you, too. Don't wait on this. It's only going to get worse. Call Tax Network USA right now. It's free. Talk with one of their strategists and put your IRS troubles behind you. Put it behind you today. Call Tax Network USA at 1-800-958-1000. That's 800-958-1000 or visit Tax Network USA tnusa.com Bannon do it today. Do not let this thing get ahead of you. Do it today.

[Steve Bannon]

Here's your host, Stephen K. Banner.

[Chip Roy]

Okay, so nor did you, Chris, walk me through this, where in fact, I don't think we send observers. Correct me if wrong. I don't think. I think President Trump pretty adamant. Hey, we're out. He considers we're out. Now. Officially it takes place in January, but they have been there passing things. The question the audience wants to know how is that going to affect U.S. citizens? We're not part of the World Health Organization. We're acting like we're out already, but. But in January, we're out. And President Trump, God bless him, this is what I voted for. He ain't sending the money for 24 and 25. He's saying no. When I say Out. We're out. And they're having a scramble. And by the way, all these guys talking about they're going to put this up and they're going to do this, and Bill Gates, you watch, if they're not living off US Taxpayers, nothing happens. This thing will be crumbling as speak. But what did they actually pass, and what impact does it have on citizens of these United States if we're not part of the World Health Organization? Ma' am.

[Noor Bin Laden]

I'll answer your question after that. I'd really like to come back to the question on the budget and how the fact that the US Is leaving the WHO and won't be paying their membership fees is causing so many ripple effects here in Geneva. But to answer your question, there is something that is very critical. And the first thing I'd like to say is that the WHO makes it extremely convoluted and controlled, confusing on, but on purpose. They don't want the public to be informed. They don't want the public to really know what's going on. But I'll try my best to break it down in essence. On Monday, on the first day of the World Health assembly, the wha, they had an initial vote in order to bring the pandemic agreement to the floor on the Tuesday morning where it was officially adopted. This is what we discussed yesterday, and we saw the video of everybody clapping and the WHO leaders calling this a win for multilateralism. But it was extremely deceiving because the pandemic agreement wasn't signed. Steve. It cannot be signed because the annex hasn't been approved or even drafted yet. And this annex is the core of the agreement, and this is what they're going to be working on for the next year. The only problem is that from a PR standpoint, they couldn't come up this year and be like, oh, we're delaying it again, which is what they did last year. They've been working on this thing for the past three years. And so they had to mitigate this, you know, PR disaster, which is, you know, frankly, a total fiasco, by claiming victory when in fact there isn't a victory. And so the next step is for them to continue negotiating the annex of the pandemic agreement towards a target of actually signing the document at next year's WHA, at the 79th World Health Assembly. And once that gets proposed, and there are 60 ratifications, 60 signatures, then that will come in effect. But by then, the United States of America won't be a part of the who. So technically, the US shouldn't be impacted by the pandemic.

[Chip Roy]

Hold on, hang on. But if I, if I go overseas, or if I work for an overseas company or if I do anything overseas that's going to impact me, because isn't this passing all the stuff with the digital IDs and, and everything, all the evil we try to get out of this, we walked away. Which is smart. But aren't they going to try to put a noose around the United States by doing this? Ma' am. And my point is, we're gonna have to get more aggressive. Just walking away is one thing, but we're gonna get more aggressive in combating what they're doing. We just can't be passive, can we? Just by. Just by us being there doesn't mean that this thing's not. They're not gonna try to roll up U.S. citizens. We're just not a signatory. Correct.

[Noor Bin Laden]

That's an absolute critical point you just made, Steve, and this is why I mentioned it yesterday. But I'm going to reiterate this point because it's so important. You guys in the United States of America need to ask President Trump and the Trump administration to reject the amendments to the international health regulations that were adopted at last year's World Health Assembly. And you have until July 19th to reject those amendments, which are actually the legal. Which is the legal instrument that the WHO is using to put that noose that you've described.

[Chip Roy]

Okay, you just answered my question. Okay, so here's what we need to do. This is one of the things we're going to have to get up on the ramparts. I need. We're going to get you back. And I want to take, and maybe I do a six o' clock show. I got a little more time to go through this, and maybe we do that for next week, but I want to take like an hour and I want to go through exactly what it is. And then we'll obviously weaponize the more impossible because we have to go on offense. Step one, which President Trump has done with all the work and all the support of the board, everybody else, Michele Bachmann, is to tell these people, screw you, we ain't paying for this. This is absurd. We're out. And he's adamant, including not paying these last couple of years. So he's throwing that hard. However, we need to go on offense. And going on offense, you're saying step one is to make sure that, that the United States comes out and says we're not party to the amendments. Right. That not only that, we're going to sign them, but they have no jurisdiction over the United States. Is that what it is?

[Noor Bin Laden]

Exactly. And I mean, there are so many resources and this is the job that my friend Nick and I did with the website weheardothers.com to put all of these resources. But specifically, when it comes to the question of these amendments and the importance to reject them by the deadline of July 19, there is one specific website that James Rogasky has put together, which is rejectthe amendments.com and that's the one website the posse needs to go to in order to educate and, and, and understand what is at stake here.

[Chip Roy]

So we're going to put it all up. What's your, what's all the where did they go for you in social media? I'm gonna work with you over the weekend. We'll get you back next week. We're going to get up and make sure that by July 9, no later than July 19, the United States has rejected these. And that's step one of going on offense. You got to go on offense against these people. Otherwise if you're passive, the crusher where do people go nor to get you?

[Noor Bin Laden]

Norbanladen.subsac.com, norben Laddin on Twitter. And once more, with regards to the who we heard others calm.

[Chip Roy]

Perfect. Nor bin Laden an audience favorite, I might add. Thank you so much, man. Appreciate you.

[Noor Bin Laden]

Thank you. I love the posse. Always great to be with you guys.

[Chip Roy]

Fantastic.

[Steve Bannon]

Boy.

[Chip Roy]

Bacia and Noor in one in two blocks. How about that? Who's giving you that? Come on, man. That's why the war room's the war room room bringing you fighters. This who its reign of terror over. Citizens of this republic is over and we're going to make sure it's over. We're not only going to tear this thing apart, we're going to bury it and we're going to tell them how much dirt we're putting on top of it. Okay. On its grave. Short commercial break if we figure this out, the great Alex Jones is going to join us next in the war room. What if he had the brightest mind in the war room delivering critical financial research every month? Steve Bannon here. War room listeners know Jim Rickards. I love this guy. He's our wise man. A former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself. Now he's issuing a dire warning about April 11, a moment that could define Trump's presidency and your financial future. His latest book, MoneyGPT, exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds, algorithm driven crashes, and even threats to national security. Right now, War Room members get a free copy of MoneyGPT when they sign up for Strategic Intelligence. This is Jim's flagship financial newsletter, Strategic Intelligence. I read it. You should read it. Time is running out. Go to rickardswarroom.com that's all one word. Rickards war Room Rickards with an S. Go now and claim your free book. That's rickardswarroom.com do it today to provide.

[Batya Ungar-Sargon]

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[Chip Roy]

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[Batya Ungar-Sargon]

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[Chip Roy]

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[Batya Ungar-Sargon]

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[Chip Roy]

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[Batya Ungar-Sargon]

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[Chip Roy]

Cheers to your health.