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Episode 4598: Big Beautiful Bill Fight Continues
Episode 4598: Big Beautiful Bill Fight Continues ...
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- [00:03]
Stephen K. Bannon
This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. Reasons I got a free shot. All these networks lying about the people, the people have had a belly full of it.
- [00:19]
Caroline Wren
I know you don't like hearing that.
- [00:20]
Stephen K. Bannon
I know you try to do everything in the world to stop that, but you're not going to stop it. It's going to happen.
- [00:24]
Dr. Stephen Myron
And where do people like that go.
- [00:26]
Stephen K. Bannon
To share the big lie?
- [00:28]
Dr. Stephen Myron
MAGA MEDIA I wish in my soul.
- [00:31]
Stephen K. Bannon
I wish that any of these people had a conscience.
- [00:34]
Caroline Wren
Ask yourself, what is my task and what is my purpose?
- [00:38]
Stephen K. Bannon
If that answer is to save my.
- [00:41]
Caroline Wren
Country, this country will be saved.
- [00:44]
Stephen K. Bannon
WAR ROOM here's your host, STEPHEN K. Band.
- [00:53]
It's Monday, the 30th of June, year of our Lord 2025. Of course, the big beautiful bill is trying to get, they're trying to move this through the Senate today. Already kind of revolt in the House. You got one group of people saying, hey, it's cutting too much money, and another saying it's not cutting enough. Clearly, the debt ceiling, the $5 trillion debt ceiling is in this. So that gives you some indication of, of direction, of least of the, of some of the debt that will run up over the next couple of years. We're going to get some details. We're trying to get Dr. Stephen Myron, he's the chairman of the Council of Economic Advisors, with which I would say, along with Scott Besant, the Secretary treasury, and Dr. Hesset over at the National Economic Council, that Stephen Myron is the third of the top three economic advisers to President Trump. I would toss in Peter Navarro there on trade. We're going to get him over, do something a little different. I think that other shows have done, which I've been spending the afternoon talking to certain officials that the cbo. And I think it's very important for the audience to understand because Elon Musk is out and he's not that I told you this was going to happen, but he's out lighting up the president and lighting up MAGA and claiming that it's time for a third party and that this is, he calls it, I think, in all his maturity, the Porky Pig bill. He's going on about the spending, hammering it, hammering it. And this is what galls me about this. This was the guy that told the president he was going to get $2 trillion of waste, fraud and abuse cuts. Then he backed it off to $1 trillion. And this was on an annual basis. This wasn't over 10 years. This was a trillion dollars because we asked him, made sure the question was asked very specifically. He said it over and over again, a trillion dollars. And at the end of the day, I don't know, folks. I know some of you fanboys said we got 160, but we haven't seen the $160 billion. What we do is have a $9 billion decision. And all of that is programmatic. I haven't seen any, I haven't seen any anything specifically fraud and abuse put forward from the Pentagon or anywhere. So we're going to take this a little different tack. If you got CBO that has one set of scoring, the, the, the administration has its own set of numbers, has its own financial forecast. It's a little more dynamic. And we've asked Dr. Steven Myron to join us, the chairman of the Council of economic advisers. Dr. Myron, thank you so much for joining us today. You know, the CBO is running around and saying this thing's going to add trillions of dollars to the debt and bigger deficits. You got Elon Musk now has weighed in and he's hammering the administration and actually calling for a third party. You know, I spent the afternoon talking to certain officials in the administration about the models you guys are looking at and how you're doing dynamic scoring and taking into account that the supply side, tax cuts, nature of this, a lot of the business, you know, elements you're bringing in on capital equipment. Can you just walk the folks too? Because the CBO's, I think saying you're going to have 1.8% GDP growth, IMF is a 1.7%. Can you just take a second and walk us through as you guys look at it, how this thing rolls out and what you think the right model people ought to be focused on, Sir?
- [04:24]
Dr. Stephen Myron
Sure, sure. So first of all, you know, look, thanks for having me. It's great to be here. Look, CBO does a really bad job of incorporating economic growth as a result of tax provisions that are strong incentives to increase production. Right. And so there's a number of incentives in the bill that are really important. There's the full expensing on equipment and manufacturing and R and D that are in new factories that are huge incentives to, to invest. That means that companies get huge tax write offs if they build a factory. Companies get huge tax write offs if they add more equipment to an existing factory. Right. It's really strong investment incentives. And of course, investment means more jobs, it means more economic activity, it means more productive capacity. It Means more manufacturing and national security as well. And that's super important. Right. There's also very strong incentives for more labor supply. Things like no taxes on tips or overtime tax benefits for seniors. Right. These are very, very, very what economists would call elastic, but you should just think of as responsive segments of the labor supply. These are folks that already respond very well to increased economic incentives to work and providing tax benefits just increase their willingness to work. And so that increases labor supply, which again boosts the economy. Better economic growth means more revenue because it means more income that gets taxed. Now, In President Trump's first term, GDP growth was 2.8% percent until the pandemic. And of course it's difficult to blame tax policy for the pandemic. But 2.8% GDP growth, what we've got from a similar set of policies also works out to about 2.8% GDP growth over the course of a decade. That alone brings in $4 trillion of additional revenue from better economic growth due to this full suite of, full suite of economic policies, including the tax incentives and the one big beautiful bill, but also huge amounts of deregulation, cutting red tapes that companies can invest in higher when they want instead of begging Washington for permission, spending years begging Washington. And also the President's energy abundance policies that lower gas prices, put more money in consumers pockets every month and also create better ability to reach to reshore manufacturing, better ability to build factories and manufacture United States because energy goes into everything.
- [06:30]
Stephen K. Bannon
Let's go back. I want to go back to the reshoring for a second. We see every day another announcement of, you know, $500 million here, $50 billion there, a trillion dollars. And I'm taking out the sovereign wealth funds. I mean companies that are publicly reporting that have made very specific announcements about capital, that their capital equipment they're building, new plants they're building, how they're reshoring. I think in Kentucky over the weekend, I think it was GE bringing washing machines back, refrigerators. But every day it seems like you're having a another announcement. Is that all been factored in the growth that's going to come from just either lower energy deregulation, tariffs, whatever that that ends up being. Companies just want to be inside in the golden door, not have to deal with the tariffs. Is that how you get to the 2.8% or could that be potential even more upside?
- [07:23]
Dr. Stephen Myron
Well, look, it's definitely part of it. So we didn't go in and count. Every single deal is part of those numbers. But the President's suite of policies aim to make America the best place on earth to do business. So that anyone opening a factory, opening a new site, hiring workers is America is the obvious place to do it. Not China, not somewhere else. America is the place to do business. And all that does is boost the GDP growth, which helps bring in revenues. And that comes from tax incentives that we were just discussing a moment ago. You need tax incentives to create, to create an environment which people want to invest here. It comes from cutting red tape. It comes from cutting regulations that determine her business. You know, you may have a situation in which somebody wants to build a factory and, you know, build something like say, jet engines or something, but they can't do it because somebody finds a snail, right? You know, we want to prevent that from happening so that people can actually build, build the factories to increase production capacity here as opposed to elsewhere. And it comes from energy abundance. It comes from all those things that boosts the economy, that boosts growth, that boosts revenues. But we're not getting revenues just from better growth alone. There's an additional one and a half trillion dollars of discretion, discretionary reductions in waste, fraud and abuse that the government will be doing. The administration will be doing that. The Office of Management and Budget made public a few weeks ago. And there's an additional $3 trillion of revenue from tariffs. The idea of taxing foreigners to cut taxes on Americans seems like a no brainer to me. I can't believe it took this long for us to figure it out. But that's what President Trump's policy is and he knows it's the right policy. And then finally, because we're borrowing all this less stuff from the deficit, reduction from growth, from tariffs, from deregulation, from cuts, to waste, from abuse, that means you've got less interest to pay too. And that's an additional one and a half trillion dollars of lower interest expenses. So you add all this up, it comes to about 8 and a half to $11 trillion of deficit reduction relative to, you know, relative to where things would be if we had the big tax hike, as in the CBO baseline.
- [09:13]
Stephen K. Bannon
So this is what I want to. By the way, let's go back to the tariffs. We're second. I have been calculating 400 billion a year off of numbers. You're saying even, hey, you'll even take a cut that 300 billion a year over 10 years, $3 trillion additionally tariffs. And it looks like you're going to blow through that number in the first year.
- [09:27]
Mike Lindell
Right?
- [09:27]
Stephen K. Bannon
Just to make, just to show people, hey, they're not throwing a pie in the sky numbers. They're already going to hit this number or beyond in the first fiscal year, correct?
- [09:39]
Dr. Stephen Myron
Oh, absolutely. There's tens of trillions of dollars of revenue coming in from tariffs and every month already. And that number is only going to go higher as, as, as month to month volatility smooths out and we settle into the new reality of tariffs. But yeah, we've got about $3 trillion over 10 years or as you point out, about $300 billion per year. But of course, you know, rates could change. We're coming up on this July 9th deadline. And, you know, there's a lot of countries that are, I think, doing a really good job of negotiating and doing a really good job that, making the concessions they need for the president to keep their tariff rates real, relatively low. But there are other countries that are proving to be a bit intransigent and not really moving forward. And, you know, for those countries, you know, it wouldn't be surprising to me if tariff rates snap back up. So there's upside risk for sure to, to the tariff revenue number I gave you before.
- [10:25]
Stephen K. Bannon
I just want to make sure everybody knows. So the cbo, if you take the CBO score, which is not dynamic, but more than that, it also doesn't add everything up, you're going to, they're at a minus 3 trillion. You're actually saying the reverse. You're, you're kind of a positive 8 1/2 to 11 in deficit reduction. So the spread is anywhere from 10 to 11 to 14 trillion. I mean, there's a big spread here how the two institutions look at it, right? Cbo, which has a history of miscalculation, and you guys, which are putting this together, say, hey, here's a real snapshot of what this is going to look like given the convergence of all our policies, correct? It's.
- [11:05]
Dr. Stephen Myron
Yes, but not exactly right. So, so, so I gave the eight and a half to $11 trillion relative to the tax hike baseline. But if you, if, but you know, the bill, you know, but the, the, the bill itself in this, in the CBO scoring costs about three and a half trillion dollars. So the spread is three and a half. You'd subtract three and a half from the eight and a half to 11 numbers that I gave you. And so for the spread of the difference between us and CBO is going to be about five to five to, to, to eight and a half or something. So the spread is less. That's, that's, but other than that.
- [11:40]
Stephen K. Bannon
Yeah, yeah, yeah, but it's a big. But it's a significant, it's a significant spread. It's. One group's going to be right here and one group's going to be wrong. That's, that's. You can't deny. I mean, you're, you guys add everything up which is larger. These are all the activities, these are all the things you're working on that are coming. They're real, they're happening right now. CBO kind of has a very static way they look at this. Correct.
- [12:06]
Dr. Stephen Myron
They do. And let me, let me just give an example to make it really obvious to everyone listening, which is that if there's. So there's an incentive in this bill that the full expensing on new factories. So if I build a new factory, it's completely tax deductible immediately. Right. So that's a very, very powerful and profound incentive, tax incentive from the government to get me to build a new factory. Right. Obviously there's going to be more new factories as a result of that. Right. As the government gives away money to people to build factories, you will get new, more factories. Cbo, you know, in those, more factories means more investment, more, more economic activity, more income. More income means more tax revenue. Right. CBO doesn't account for those increased incomes and those increased tax revenue that come from the fact that people are building more factories than they would without this incentive. And by the way, do you know.
- [12:58]
Stephen K. Bannon
Yeah, go ahead. Yeah, a terrific.
- [13:00]
Dr. Stephen Myron
No, I was going to say President.
- [13:01]
Stephen K. Bannon
Trump's first term, I think if. Yeah, go ahead.
- [13:06]
Dr. Stephen Myron
A great track record on this. Revenue, revenues as a share of the economy before the tax cuts and jobs act, before the 2017 tax cut that everyone said was going to blow such a big hole in the desert deficit. Right. Such a big hole in the national budget. 17.1% of GDP was revenues before the tax Cuts and jobs act, still 17.1% of GDP. So there is no long term hole as a result of the tax cuts of 2017. And corporate tax revenue went from 1.6% of GDP to 1.8% of GDP. So we cut corporate tax rates and yet corporate revenue grew as a share of the economy. So we've got a fantastic track record on this.
- [13:43]
Stephen K. Bannon
Now in the fourth quarter, I think of 2019, actually got to 3.3%. He averaged 2.8, but it got to 3.3. Dr. Marin, where can people go? Myron, where can people go? To find out more about this, your social media, you have a website. I want people to get fully up to speed on what reality is.
- [14:01]
Dr. Stephen Myron
Sure. So we've got the research paper on our website as well as a chart book about the deficit. It's the Council of Economic Advisors page on the White House website. You can just search on the Internet for White House cea. I've also got a, you know, we've got a Twitter handle, sorry, an x handle @cea47. I'm also Evemyron. But yeah, you'll be hearing more from us.
- [14:28]
Stephen K. Bannon
Dr. Yes, go on offense. You guys have a great story to tell. Let's tell it. We're here at the War Room to be your platform. Love it. Absolutely love it. Thank you so much for joining us today.
- [14:40]
Dr. Stephen Myron
Thanks for having me.
- [14:42]
Stephen K. Bannon
President Trump's got some pretty smart guys working for him. Myron's one of them. Short commercial break we're going to be back talking about the big beautiful bill that's engulfing Washington right now. Next.
- [15:00]
Caroline Wren
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- [16:28]
Stephen K. Bannon
War Room, here's your host, Stephen K. Bannon.
- [16:34]
Okay, in breaking news, the Senate just failed to remove illegal aliens from Medicaid programs because the parliamentarian changed the vote requirement to 60 votes from 51. She said it basically couldn't go into a straight reconciliation. You're seeing this happen a lot on various things. I think Planned Parenthood, the defunding is only for a year, not for 10 years. Caroline Wren, thank you for taking time. I know you had other things planned. But for jumping in here just on the vote, Arama is still going on. But there, you know, you've got guys like Tony Perkins and I'm not talking about Elon Musk. Elon Musk is just coming out to attack. This is his vengeance on the president, right? Calling once again calling for a third party. This is after he tried to, you know, slime back in there and say he was sorry and you know, wanted to be the president's friend again. Now he's calling for a third party, a new party. He's just lamblasting this bill with a blunderbuss. Right. Not even looking at it in a sophisticated manner. And there's and don't get me wrong, I have big issues with the lots in this bill. But then you have things like the parliament, you got Tony Perkins and others are saying, hey, look, we've been working on this. We think you get to the House, but you just can't do a one year cut on Planned Parenthood. The whole thing's got to go. That's what we voted for. And now you see kind of just out of nowhere you got, there's parliamentarian makes a decision. It can't go in for the, it can't go for the 51, you know, just the majority, the majority vote. It has to get to 60, which is really break a filibuster, which you're never going to do on the illegal aliens Medicaid. And that there was the whole thing off because that's one of the biggest cuts for Medicaid and that's one that virtually all the Republicans back. So can you give us a sense in the Senate first, where do you think this thing stands? I understand there's dealmaking going on and Thune's got a look, I don't, you know, Thune's got a very tough job trying to wrangle all these folks. Give us your sense of on the Senate side of where we stand.
- [18:28]
Mark Beale
Isn't it incredible how they could pass Obamacare through reconciliation but for some reason we cannot roll back any of the, you know, provisions that made into Obamacare through reconciliation. The parliamentarian strikes it out like that's why people are frustrated with this parliamentarian is because it's, it is just so duplicative what they are, what she's doing. And so it's extremely frustrating to watch there's no way the House is going to vote on a bill that includes, includes funding illegal aliens, health care. I'm telling you that right now. And so there, that is definitely going to be something that's going to stall this Senate bill a little bit. They do have some more time. They were, I think, hoping to have the final passage today, but due to some members being on codells and different things on the House side, I think it's, there's no way really to vote on this in the House side until Wednesday. But it's certainly an imperfect bill. In fact, the House Freedom Caucus just came out and said that the Senate version adds 651 billion to the deficit. Y' all promise us it wouldn't add anything to the deficit. And that was before special interest costs, which nearly double that total. So, you know, I've talked a lot with Congressman Andy Harris, the head of the Freedom Caucus, who's been incredible. But the Senate bill that they're currently voting on right now is not going to be acceptable for the House. There's no possible way to get it through. So they will have to make changes once it goes back over to the House side. But more importantly, I mean, I'm hoping that this bill gets done and over quickly, quite frankly, because having campaigned as hard as we did, especially with you, Steve, as populist, we have to realize that we've spent the past few months promoting a new war in the Middle east and talking about cutting Medicaid. And these are not successful things or these are not things that I know the MAGA base wants us to be talking about or focused on. In fact, the only successful bill I've seen get through was some sort of crypto bill, another like carve out for the tech industry here. So I hope that the House will make the changes and we can get this done. Because if I were the Democrats, there is a lot of messaging I could do against us right now.
- [20:22]
Stephen K. Bannon
Well, but if the bill passes in its form, I mean you saw what happened and people should take New York City. And I'm not talking about his radical, his radical solutions, but the ground game he put together and how he got to low information voters, you've got to take that into consideration when you do this. I mean, there's some terrible messaging here. And look, I've been an advocate from day one. And the reason I don't like this bill, although I support the president trying to get it done, is it should raise taxes on the upper bracket. That's one of the ways that we can get the math to work better. And of course the Republican party parts of that are just absolutely, you know, opposed to that. So when you say pass it, I mean it has to have a balance between like for instance in the old cutting Medicaid with a meat acts we can't do anymore for the simple reason that so many jobs have been shifted overseas, so few people have medical insurance, so few companies are paying for it or even paying decent salaries that there's a lot of MAGA on, on on Medicaid. At the same time you've got to take illegal aliens off 100% and the able bodied have to work. And I don't think it's in there. A bed check once every six months is enough. I think it's got to be much more frequently that. And if they can't make the bed check, they gotta, you know, there's not a problem with working people, able bodied people having, you know, having Medicaid. But if you, you know, you don't have a job, you're not searching for a job, you're not doing community work, you're not going to college, you know, you got to check that frequently. If they're not going to do that, they got to drop off the roles. Those types of things I think have to be in there, right? You have to take care of the rural hospital, rural hospitals I believe, although Thom Tillis also has, some of the Tillis guys and Rand Paul also have make sense in some of their sayings. So this thing I think needs to be refined more and we have to get the messaging right on this or we're going to get crushed on this thing. I mean I see it right now and there's too many things slid in here or they're trying to slide in here for the tech industry. One is the artificial intelligence. Right. The ten year moratorium about any state having any say so at all. You know, the issues have cropped up on artificial intelligence all the time. Also the fact that the bottom line is it takes you 10 times more regulation to open up a nail salon in Washington D.C. than any regulation on artificial intelligence right now. And essentially they just want to take all regulation off it and have another big win for tech. Ma' am.
- [22:53]
Mark Beale
Yeah. When I say just pass, I mean the Senate side is I think an unacceptable bill. But in the House they can go back to a lot of the House provisions which included the things that you're talking about right now. And so that's what I'm hoping is when it gets kicked back over the House side, then the House can actually let the House Freedom Caucus take the lead on these things and go back to fixing those. The AI thing that you just mentioned is horrible. But back to what you're talking about in New York City, Mondami, I know you and I have been talking a lot about this. Now, things that Mondami has said in the past are absolutely insane. I have no doubt that the man is a Marxist socialist nut job, but he did not campaign over the last four months as that. He campaigned essentially as Steve Bannon. And there's a reason why he resonated the way he did. And if the Democrats campaign like this, they will crush us in the midterms. And the Democrats stick to the. The talking points of the cost of living is too high and Americans need a raise. The American health care system is broken and insurance companies are corrupt and evil. No new wars and protect Social Security and Medicaid. Those four things are the people. That is what people care about back at home, that anyone that I talk to outside of Washington, D.C. those are the talking points that they want to hear. And that's really what Mamdani was talking about on the campaign trail. Now, the places where I differ with him massively are regarding immigration. He's so far out there. And also, you know, when we're talking about Israel, you know, he, he is also way too far out there on that. But on the campaign trail, when you're asked in a debate, where would you travel first? And every candidate says Israel. And he says, I wouldn't travel anywhere. I'm running for mayor of New York. So I'm going to be right here in New York City. That resonates with folks. So the talking points that he had over the last four campaigns were actually, they were extraordinarily effective and they were smart. And I'm curious to see how the Democrats will follow there. But they were talking about things that you've talked about, Steve, and that I did on this show and what Republicans should be focused on.
- [24:42]
Stephen K. Bannon
Well, what he did is took a form of populism and his radical ideas like the, the free transportation and the. In the food stores. He tried to play down, he tried to take and steal as much of President Trump's platform as possible. Understanding the Democrats have not put forward a legitimate populist left. A populist left platform. And this guy is a jihadist. He's a, he's a neo Marxist. He is. It's the Red Green Alliance. You can see what's happening in New York City, but the sophisticated level that he ran it. I mean, this is kind of Obama 2.0, the Sofi. Because Obama was a total radical, right? The, this guy's a beyond a radical. He's beyond Obama. But the way that they're running, they understand that populism and populist policies are the solution. That's why the House. I mean, this is going to be a big fight. I don't see this right now. And maybe I'm wrong. I don't see this on the president's desk on 4th of July for a signature unless the House gets back here quickly and they're able to hammer some of this out with the Senate.
- [25:44]
Mark Beale
Ma' am, you know, I think that deadline is looking more and more unlikely as well. And so which I have no problem if they pass that deadline, you know, fine. I just want this bill fixed and made in the most America first model of what it is. This is supposed to be President Trump's agenda in this bill. And so I am really hoping that the House can get in there and truly fix it. And then I hope that the House and the Senate and then President Trump's team focus on the campaign promises that they made to Americans. And that is to focus on lowering the cost of living in this country, which he really had. He's been doing. I mean, the price of gas has gone down, inflation is going down, they've got to cut rates. But these are all things that we need to be talking about and not just constantly talking about these confusing languages in the bill and Iran and Israel. Now Netanyahu is coming next week. That's a whole nother last week of messaging, talking about Netanyahu's visit, talk about America, talk about the problems that Americans are having that they want fixed, that President Trump promised he would fix and which he actually is. But we are getting distracted looking at these, you know, just constant overseas problems. And right now we need to focus on the wins of President Trump can deliver and has delivered it.
- [26:56]
Stephen K. Bannon
And not just that. The Netanyahu, the New York people understand this. I spent four days up there looking at the data. It was a referendum on Netanyahu. Better you better understand this because bringing Netanyahu to the White House next week is horrible. Horrible. Particularly if we're in the middle of this horrible messaging, because they still are bound and determined to do regime change. The American people have zero interest in this. They just want to, hey, we got it done. Took out the nuclear program. President Trump ended the 12 day war with a catastrophic strike. Game over. Let's take the win and move on. Caroline, where do people get you on social media? People want to follow you. Particularly is this works up through the in the Senate and you hearing a lot of guys in the House, a lot of people, members of the House starting to say, hey, this is going to be tough to to swallow in the House. So it's going to be a big fight this week. Where do folks go? Ma' am?
- [27:44]
Mark Beale
It is at Caroline Wren on Twitter, getter and Truth Social.
- [27:50]
Stephen K. Bannon
Thank you, ma' am. Appreciate you. Philip Patrick, even as we speak, is heading to lax, the airport. He's going to be heading to Brazil for the, for the BRICS nations. Their, their, their meeting in Brazil to talk about the US dollar as the prime reserve currency. Birchgold.com promo code Bannon the end of the dollar empire. Seven free installments. Get up to speed. We're going to have Philip Patrick from LAX in the 6 o' clock hour before he leaves. We'll have him every day from Brazil. Short break. Back in a moment.
- [28:28]
Caroline Wren
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- [29:49]
Stephen K. Bannon
Here's your host, Stephen K. Ban.
- [29:54]
Okay, they just passed. So for instance, the, the parliamentarian is saying now you can't do the, you can't, you can't do the illegal aliens. Yet we just did pass. I think they blocked funding, funding Planned Parenthood. Now, I'm not sure if that's for the whole 10 years of the one year. I think it's just for the one year. But the U.S. senate has just blocked a measure that would require the big beautiful bill to fund Planned parenthood by a 4,951 vote. That's positive today. Also, you should note, and this is one of the reasons we're not going to the floor all the time, normally have these vote Aramas. It's one after the other after the other. You know, they go all night and they go for a couple of days maybe, and it's completely jammed with amendments. Debate on the amendments. This is going a little, you know, catches catch can a little Sarah Farris. I want to report that there is zero rush by the Senate to move along with these amendments. The last amendment vote for Murray was open for 45 plus minutes. It just failed. This is not your average voterama usually overnight and much, much faster. I think the reason is that they're still debating things are going into this bill. Now, my understanding is that this, the reporting this morning on the show about Marsha Blackburn actually working on some compromise with Ted Cruz, turns out it was essentially wrong. Marsha Blackburn is down and she's kind of dug in. Particularly the parliamentarian is not going to say that they can get any compromise language she thinks protects children and content creators on the, on the bill on artificial intelligence. And right now, my understanding is a parliamentarian just came back, said they can't make those changes. And so as it stands right now, and we are a big advocate of calling your congressman, calling your senator and saying, hey, there should be no compromise in this. It should be the, the states, you know, they should not block the states for 10 years. This moratorium against the states for 10 years is, is absolutely, is absolutely outrageous. And it should be. And my concern is not a lot of these people and Mike Davis and others are putting up these issues about content creators and the ability to, you know, make sure that they can't take all of your information like President Trump's book Art of the Deal, and take it and use it for machine learning and make people smarter and not have to pay for it or not have to compensate for it. So there's taking all this as free content. Certainly I have an issue with that as a content creator. You know, that's the type of thing you get worked out. My bigger problem is that the states may be our bulwark here about what's going on with artificial intelligence. Like I said, You've got more regulations on getting a nail salon set up or hair braiding salon set up than you have on, on artificial intelligence right now. And this is another bill passed by big tech. You heard Caroline Wren. The only thing I think has really been passed of any substance is this was this genius act on, on, on cryptocurrency that was really pushed by the tech bros. And you see right now you've got a tech bro. Okay, fine. You've got the tech bros that are, that are pushing here. You see they're hiding behind Elon Musk or they're ripping on President Trump right now, calling for a new third party. I don't think it behooves us in the efforts we're trying to do here to try to get this all put to bed. And look, nobody's in love with this bill. The entire thing, it's got issues to it. It's also got great benefits. You heard Dr. Stephen Myron at the, at the very top with the economic growth that could come out of this, and that's the bet that's being made, is supply side. Joe Allen joins us and Joanna, I think we're trying to get some other people as the show goes on. But right now I did have a chance to talk to Senator Blackburn. She's pretty dug in that she, she's not, she's not enthusiastic about any compromise on this unless it's the only possible way out. But right now she says the parliamentarian, she doesn't think he's going to prove anything that would be on any compromise. So there's not going to be a compromise. Do you have any, any update on that, sir?
- [34:09]
No, Steve, other than I have heard from a reliable source that Blackburn is planning to stand up to this, that she is not planning on compromising. I think that her constituents should give her all the support that she needs and make sure that she understands that they do not want this federal preemption. They do not want to have the federal government be the sole bulwark against the various downsides of AI. I mean, you know, we've covered this for four years. The war room audience understands that everything from AI addiction with kids becoming kind of brain dead due to reliance on it, all the way out to the dangers of AI powered weapon systems and even having potentially some sort of artificial general or superintelligence, that would just be a civilization shattering transformation, you want to have at the very least, whether it's the most mundane algorithm or some dreamt of godlike AI, you want to have the legal systems in place to hold these companies liable to actually insist on transparency so that the systems are being tested consistently so that we know that if you hand a child a laptop and say this is your teacher, this is where you will learn about reality, that the child is not going to be fed hallucinations constantly and have their mind warped all the way out to the medical industry where right now they're talking about a kind of new medical ethic where one is considered to be negligent, one is considered to be basically conduct, you know, malpractice as a doctor for not consulting AI as some sort of justification for any diagnosis, any sort of treatment. So, yes, Marsha Blackburn 100% needs to stand up. She's got Josh Hawley on her side. She has Rand Paul on her side and of course, she has most of America on her side. The latest poll from the Institute for Family Studies conducted with YouGov showed that Trump voters just isolating, selecting for Trump voters, that 55% do not want an AI moratorium. 55%, I'm sorry, 55% want their states to be empowered to make their own decisions and conduct themselves into the future as they choose. So yeah, Steve, I think that Marsha Blackburn, if she has the spine to do this, she's going to come out a winner at the end.
- [36:57]
Yeah. I don't know why Ted Cruz, and this is another thing that concerns me about Texas. That's great. State of Texas, why Ted Cruz is doing the bidding of the, of the tech bros here. Hang on a second. We got Mark Beale joins. Joe, stay right there because I want to ask you about the conference you went to and what the sense of the folks at the conference was. Mark Beale, can you help us on this? People are pretty worked up about looking at keeping the states and any kind of involvement in the states at all in any type of oversight or regulations on AI. This is going to be a very big deal in the Senate right now. And they're talking about compromise. But we now know that some people are saying, no, we don't want to compromise. We want, we want, you know, no, we're not taking 10 years. We're not taking five years. We want no years, zero. Can you give us an update?
- [37:46]
Joe Allen
Yeah, it's pretty dynamic situation now, Steve. It's funny that this one little line in the big beautiful bill has attracted so much attention and I think it's right that it is attracting this much attention. All the industry leaders, people are saying this is going to be one of the most transformative technologies in human history. And it's probably worth a national dialogue on how we need to be thinking about it. And the idea that we're going to put this provision in the big beautiful bill and slow down the president's agenda and give give kind of the tech industry a freebie seems a little bit kind of dissonant to me, at least when it comes to what good policy should look like.
- [38:26]
Stephen K. Bannon
Well, this is why it was done. This bill's 900 pages long. You see the fights. And right now Twitter is blowing up with these votes and where Republicans are coming down on these votes right now. And it looks, I think Shakir Kapoor over at Sahil Kapoor over at CNN is saying, hey, the whole thing looks far from a done deal. And we already know this is not moving at the kind of pace you normally have. Voter ramas. The reason is students having to put together almost on amendment by amendment, a different coalition. How did this. And the parliamentarian, I think, is sitting there going, this thing should have never been in here in the first place. This is a pure policy, you know, this is a pure policy change and a massive policy change. And it shouldn't be in a budget reconciliation. Right. That's why she's coming back and, you know, enforcing kind of what the rules are for these reconciliations. But this shows you that people like Ted Cruz and those that are doing the bidding of the oligarchs are going to slip a one page in with, you know, one paragraph, two paragraphs that could change American life.
- [39:28]
Joe Allen
Sir, you know, it would be one thing if the President of the United States came out and said, personally this is a big important priority for me, but we didn't even see that AI policy appear once in his statement of administration policy. And so it's not clear to me that the white, that the president himself is really focused on this. I think he's got a big agenda in the big beautiful bill. And at this point, we're slowing down the implementation of what the American people elected the president to do over this kind of very bespoke issue. And I think, you know, Joe or someone else mentioned some of the polling in the American people don't, don't want to see a freebie to the industry. Just let it do whatever it wants. And it's not, you know, I saw Secretary Lutnick today, tweeted that, you know, it's concerns about just California and the liberal agenda. But as you pointed out, it's Texas, it's Utah, Georgia, There are plenty of Tennessee, plenty of good conservative states. Out there trying to get their arms around this. And it's a bit of a head scratcher while we're trying to undo all that hard work.
- [40:37]
Stephen K. Bannon
Well, let me ask you. I think people in briefing the President, President understands that we're in a part of this because of deep seat. We are in a race with the Chinese Communist Party. I think his, you know, he comes down and says, hey, I want us to be a leader in artificial intelligence. I don't want to fall behind the Chinese. The artificial intelligence industry in particular, the four guys that are at the lead of it, including Elon Musk and one, they're using that as kind of, we've had this Sputnik moment. We can't have any regulations at all. It's a, it's a matter of life and death to do this. Do you agree with that or do you think that's oversell?
- [41:13]
Joe Allen
I, I think it's all about the relative velocity of the United States and China. You know, I think the tech industry has been selling to the Chinese all the capabilities they've needed to be successful and to catch up to us. Over the last, you know, three to five years, we've been hemorrh, leveraging our capabilities to the Chinese. And so the idea that some folks in industry want to say, oh, we're scared about China, and at the other, you know, turn around and then sell them our most, most sophisticated capabilities. There's some logical, you know, questions that we might have in that. So I do, I am, I am appreciate the concern that a patchwork regulatory regime might impact our industry and may slow us down. That's why I think it's really urgent that the Congress get itself together and start to focus on this and then also sort of slow down flow of our stuff over to the Chinese and so that their military is not weaponizing American tech against us. I think both those two things would happen. This would help increase the lead between the United States and China in a helpful way that also allows us to think more deeply about the, the impact of this and powerful technology on the American people.
- [42:21]
Stephen K. Bannon
Can you hang on for a second, Mark? And, and I'm gonna get Joe Allen back in here in a moment. We're gonna take a break. We've got Jackie Toboroff and Dave Ramaswamy. What happened in New York, I think, particularly below the surface, has tremendous lessons to the MAGA movement and into where this country is heading because it's quite dangerous. Also, Dave Ramaswamy is going to join us to talk about the education industrial complex that complex is the tap root of what happened in New York City. And you're going to be pretty shocked at how the recruiting was done, how tax dollars were paid for. Paid for it. What has really happened to these school systems and what it's visited upon you. The situation in New York is it ain't DEFCON 1, but it ought to be DEFCON 2 and a half. It's that serious. So Jackie's going to join us. Dave Ramaswamy we're also going to get Philip Patrick. Philip Patrick and the team are heading to Brazil today. They're going to get there to get ready for the conference. The BRICS nations are meeting. They're meeting for one reason, to think through. It's called the Rio reset. They're thinking about what they're going to do in relation to the US dollar. Learn all about it, particularly gold as a hedge and why you need to understand gold now more than ever. Birchcold.com promo code Bannon the end of the dollar empire. Get it? Today we're going to have Philip patrick live from LAX in the 6 o' clock hour. Short break.
- [43:48]
Caroline Wren
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- [44:41]
Stephen K. Bannon
Here's your host, Stephen K. Band. You know, we started the show today with Dr. Steven Mirren, the chairman of the Council of Economic Advisors walking through the model. They're using a 2.8% growth. You heard the supply side part of this. All of it's great. There is an issue that nobody debates and that is there's going to be a gap, right? We think it's going to be a smaller gap. The CBO and the Democrats think it's going to be a bigger gap. That gap's got to be closed when they do it. As Dr. Marin talked about it, increased tax revenues coming on on increased growth. If you've got a problem with the irs, IRS in their mind they're going to come and get your money, okay? So if you've got a problem with them, you need advice from someone like Tax Network USA, TN, USA.com promo code Bannon or 8958 1000. If you have a letter from the IRS, if you're late filing, if you haven't filed, stop the anxiety. It's not the end of the world if you take action. If you don't take action. I'm not saying it's the end of the world, but it might be the end of your world. So go to Tax Network USA, 800-958-1000, tell em Bannon sent you. Get a free consultation. They've solved a billion dollars worth of tax problems. Yours is not that big, but it's causing you to lose sleep at night. It shouldn't take action today. You will feel so much better. 800-958-1000, Tax Network USA. Get those guys off your back. Do it today. Joe Allen. Joe, you went to a conference this weekend. I know I'm gonna get you up on Skype one day to get a better view. But just give us a quick overview how. I couldn't make it out there because I was in New York City trying to figure. Trying to figure out how not to have a radical takeover of the mayorship. And that's gonna be quite difficult. But tell us about the conference.
- [46:27]
Well, Steve, first and foremost, I gotta say that I was. I was at two conferences back to back between Bozeman, Montana and somewhere in the wilds of Wyoming. And both of them, they insist that you come out and at least say hi, but hopefully come out and share your wisdom on stage. So the first was Nefcon with Timothy Albarino. And I've got to say, you know, I spoke at his Birthright conference two years before. Of course, that audience is going to be much more primed towards ideas of transhumanism, artificial intelligence, artificial superintelligence. But just in the last two years, you can see this dramatic change because people are now interacting with AI, Their jobs are insisting that they use it, their schools are starting to roll it out as teaching tools. It's becoming just the norm. And of course, you're seeing it in the military. You're seeing it being pushed into the government with Palantir and Doge. So the awareness is just so much keener now than it was two years ago. And, you know, statistically, if you look at the polls, if you look at the surveys, Americans, by and large don't want to incorporate AI into their lives. They don't want to have AI as some sort of tool that they're forced to use all the time in their job. So, you know, when it gets to the legality of it, the ability of states to regulate it or the federal government incorporating it, most Americans are not comfortable with this. And I hope that politicians in Congress and in the administration are starting to see that this is not something that is for the people. This is something that is being pushed by a very, very tiny minority of billionaires and their technologists and the smaller camp of transhumanists. The second thing I just want to say though, with Wyoming, just I can't really talk about who was here, but I will say that a number of people who are deeply involved in the tech industry and also writers, a lot of artists, the same sort of sentiment even among technologists, this extreme discomfort at the very least that you have a small handful of tech oligarchs determining all this. Nobody wants it. And that's really the point. Americans don't want it. The tech companies do. The politicians really need to reflect our interest, not theirs.
- [48:56]
Joe, how do people get to you? We'll get you back up when you get to a location in the next couple days. Where do people go in the interim, sir?
- [49:04]
At Joe B O T X Y Z on social media and joebot XYZ substack. Thank you very much, Steve. I will talk to you soon.
- [49:15]
Thank you. And I'm glad you represented us well at the conference. It's really proud of you. Mark Beale, this is one we should this what they try to slip into one page we should have a national debate over. Correct. What would you recommend that the audience do right now in order to make sure their voice is heard about this? AI moratorium states got to take a 10 year, a decade and not do anything. No regulations on artificial intelligence. What are your thoughts?
- [49:44]
Joe Allen
This is the most important issue of our time and the American people have to have a vote, have to have a say. You know, we. Some of the arguments that they're making right now sound awfully like, like the arguments they use with nafta and you know, that, that disenfranchise a lot of people. And the most important things that we need to do now is get active, get on the phone, call your congressman, call your senator, let them know that you care about this issue and you care about it deeply. And I think that's the way that we're going to move the needle. We need a grassroots uprising to start engaging and picking up the phone and making sure. These politicians understand that the people have an interest and have a say and they want their voices heard.
- [50:21]
Stephen K. Bannon
Mark, you're leading an organization now. You dedicate yourself to this effort. Where do people go? Sir?
- [50:28]
Joe Allen
Our organization is called the AI Policy Network. And you can find us online at AI the aipn.org.
- [50:37]
Stephen K. Bannon
Brother, thank you. And thank you for jumping on here this afternoon. We're going to get you. This one's a dog fight. It's going to go through the night and probably tomorrow. So we'll be hunting you down in the morning, sir. All right, Steve. Hey, thanks, Mark. Bill, they got. Do I have Lindell? I've got the Mike Lindell. I go from artificial intelligence to Mike Lindell. Mike Lindell, you saved the company. You saved the company. Now sell us a pillow or sell us a sheet. Tell us some of these sheets. People want to support you. They love the fact that you're back and they love the fact that you live to fight another day, sir.
- [51:11]
Mike Lindell
Well, thank you, Steve. And thank you, War Room Posse. You guys made it all possible. And I'm back in Minnesota. I was down at my factory today. Remember, we've got the new percale sheets. The whole line came in. These are the higher thread count per kale sheets. We're doing just as just for today, now tonight, this the last few hours of that sale. We. I wanted the war room posse to get it for the wholesale price, 2988. They're normally 79, 8999. Any size, any color. And for 2980, 2988 doesn't matter if it's king size, queen size, split kings. Go to the website. You guys, this is just a few hours left. Click on Steve there. There's the 29.88. There's going to go up to the regular sale price which the rest of the country is plan paying. You got the 50% off crosses. I just got those in my office. The new ones just came in there. Check those out. And all of the stuff we have on sale, the big ticket items, we left them on sale for 50% more. That's the beds, the mattress toppers, the mattress pads. All of it made in the 100% in the USA. Get those big ticket items. But you guys call downstairs. I had fun this morning. 800-873-1062. Get yourself a set of these sheets. I'm gonna go down there right now and take phone calls with my crew.
- [52:32]
Stephen K. Bannon
Take a call.
- [52:33]
Mike Lindell
We've been having a great time here. It's like a telethon Steve.
- [52:36]
Stephen K. Bannon
Promo code. War room. We gotta jump. Back in a moment.