Hour 1 - Small Business is Big Business

Summary

Summary of "Hour 1 - Small Business is Big Business" from The Clay Travis and Buck Sexton Show

Release Date: May 9, 2025

In the first hour of the May 9, 2025 episode titled "Small Business is Big Business," hosts Clay Travis and Buck Sexton engage in an in-depth discussion about the pivotal role small businesses play in the American economy. The episode features insights from Kelly Leffler, the Administrator of the U.S. Small Business Administration (SBA), who provides valuable perspectives on current economic trends, trade policies, and the administration's strategies to support small enterprises.

---

1. Introduction and Current Affairs

Timestamp: [02:05] – [04:58]

Clay Travis opens the episode by highlighting significant recent events, including the election of Pope Leo XIV and its positive reception among Catholics worldwide. The hosts express optimism about the new papacy and its potential impact on the global Catholic community.

---

2. Leadership Appointments and Political Implications

Timestamp: [04:58] – [07:41]

Clay and Buck discuss the appointment of Ed Martin to a senior role in the Department of Justice (DOJ) and Judge Jeanine Pirro as a U.S. attorney for D.C. They analyze the strategic implications of these appointments, suggesting that they are poised to challenge "deep state liberals."

Notable Quote:

Clay Travis [04:58]: "It is as though the libs got to choose the form of their destructor."

Buck complements Clay’s analogy, emphasizing that the appointed officials are expected to intensify opposition against liberal agendas.

---

3. Investigations and Legal Challenges

Timestamp: [07:41] – [15:16]

The hosts delve into the recent developments concerning Letitia James, the Attorney General of New York. They discuss her confrontation at a town hall meeting following the revelation of an FBI investigation into her conduct, particularly focusing on alleged mortgage fraud.

Buck interrogates James' response to the allegations, highlighting the discrediting nature of her defense and questioning the validity of the investigation.

Notable Quote:

Buck Sexton [07:59]: "We respect all opinions. Everybody knows those allegations are baseless."

Clay challenges this assertion, noting the lack of prominent media outlets confirming the allegations, suggesting that the presence of documents indicates underlying issues.

---

4. The Role of Small Businesses in the Economy

Timestamp: [26:36] – [37:54]

The core segment of the episode features Kelly Leffler discussing the critical importance of small businesses as the backbone of the American economy. She emphasizes that small businesses constitute 99% of all businesses in the U.S. and are essential for economic growth and innovation.

Key Topics Discussed:

• Trade Policies and Tariffs: Leffler explains the administration's tariff strategies aimed at promoting fair trade and reducing dependence on Chinese imports. She acknowledges the short-term adjustments but underscores the long-term benefits of reshoring manufacturing.

• Tax Cuts and Economic Growth: The conversation highlights the significance of tax certainty for businesses, especially with the impending expiration of the 2017 tax cuts. Leffler advocates for the continuation of these tax benefits to sustain economic momentum.

• Supply Chain Resilience: Addressing concerns about potential supply shocks due to tariffs, Leffler assures that the SBA is facilitating connections between manufacturers and domestic suppliers to ensure a reliable supply chain.

• Infrastructure and Community Development: An example is provided through the Tennessee Titans' football stadium project in Nashville, showcasing how large-scale investments can stimulate local economies and support small businesses.

Notable Quotes:

Kelly Leffler [26:36]: "Small businesses are not only the backbone, but they're the economic engine of this Great Nation."

Kelly Leffler [27:26]: "When you hear the word tariff, think fair trade and restoring what we used to have in this country, which was a reliable supply chain."

Buck Sexton [37:54]: "If things go as the Trump team is hoping... we will be back near an all-time high in where stock prices are."

---

5. Future Outlook and Economic Optimism

Timestamp: [37:54] – [38:15]

Buck Sexton expresses optimism about the economy's trajectory, anticipating that as trade deals materialize, stock markets will approach historical highs. The discussion touches upon the resilience of the economy amidst global challenges, reinforcing the positive outlook presented by the administration's policies.

---

6. Conclusion and Final Thoughts

Timestamp: [37:54] – End

Clay wraps up the discussion by reiterating the importance of small businesses in driving innovation and maintaining economic stability. The hosts encourage listeners to remain optimistic and supportive of policies that bolster small enterprises.

Notable Quote:

Clay Travis [37:50]: "Made in America means something to us. When you invest 700 billion annually in American companies and the 13 million workers and families they support, you're investing in the success of Main Street."

---

Overall Insights

• Economic Strategy: The administration's focus on fair trade, tax cuts, and reducing regulations is portrayed as essential for empowering small businesses and fostering economic growth.

• Supply Chain Management: Proactive measures are being taken to ensure that small businesses have access to reliable domestic suppliers, mitigating risks associated with international dependencies.

• Community Impact: Investments in infrastructure projects not only enhance community development but also provide substantial support to local small businesses, creating a ripple effect of economic benefits.

• Legal and Political Environment: The episode underscores the intersection of legal challenges and political maneuvers, particularly how high-profile appointments and investigations can influence the broader economic landscape.

---

This episode serves as a comprehensive exploration of the integral role small businesses play in the U.S. economy, highlighting the administration's strategies to nurture and sustain this vital sector amidst evolving global dynamics.

Transcript

[Clay Travis]

You're listening to an iHeart podcast.

[Buck Sexton]

Hello, it is Ryan. And we could all use an extra bright spot in our day, couldn't we? Just to make up for things like sitting in traffic, doing the dishes, counting your steps. You know, all the mundane stuff. That is why I'm such a big fan of Chumba Casino. Chumba Casino has all your favorite social casino style games that you can play for free, anytime, anywhere with daily bonuses. So sign up [e-mail] that's chumbacasino.com no purchase necessary.

[Clay Travis]

VGW Group Voight we're prohibited by law 21 plus terms and conditions apply.

[Kelly Leffler]

This podcast is sponsored by Talkspace. May is Mental Health Awareness Month and Talkspace, the leading virtual therapy provider, is telling everyone let's face it in therapy, by talking or texting with a supportive licensed therapist at Talkspace, you can face whatever is holding you back. Whether it's mental health symptoms, relationship drama, past trauma, bad habits, or another challenge that you need support to work through. It's easy to sign up. Just go to talkspace.com and you'll be paired with a provider, typically within 48 hours. And because you'll meet your therapist online, you don't have to take time off work or arrange childcare. You'll meet on your schedule. Plus, Talkspace is in network with most major insurers and most insured members have a $0 copay. Make your mental health a priority and start today. If you're not covered by insurance, get $80 off your first month with Talkspace when you go to talkspace.com and enter promo code SPACE80. That's S P A CE80 to match with a licensed therapist today, go to talkspace.com and Enter promo code SPACE80.

[Leon Nayfak]

In the fall of 1986, Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency. It became known as the Iran Contra Affair.

[Clay Travis]

The things that happened were so bizarre and insane I can't begin to tell you. Please do.

[Leon Nayfak]

To hear the whole story, listen to Fiasco Iran Contra on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[Clay Travis]

Welcome everybody. Friday edition of the Clay Travis and Buck Sexton show kicks off right now. A beautiful Friday in Trump's America. Things going very well. A solid week in Trump or the solid week for Catholics around the world who have a new Pope, Leo xiv. Some people are saying the best of all the Leos are among the very best Leos.

[Buck Sexton]

We should Chicago White Sox fan Buck Remember I was asking yesterday, like he is evidently a die hard Chicago White Sox fan. There's all these articles now about that. So I love the new Pope.

[Clay Travis]

Yes, the new pope guy, maybe the first pope ever. A big fan of deep dish pizza. And we are excited for what this means for the flock and for the throne of Saint Peter and all of the great stuff that is hopefully going to come from his leadership for the church, for the billion plus Catholics around the world. So we've got a lot to dive into today and it's a Friday, so we want to do a lot of calls, a lot of talk backs from all of you. You know how to do those talk backs? The I Heart app, which all of you should have on your phone. It is free. It is a fantastic app. You can listen to the show, you can listen on demand to our podcast network and you can use a little microphone on the Clay and Buck page for talkback purposes. So send those to us. Some really interesting stories to dive into. Clay is bringing me up to speed on some big stuff in the sports world. He'll bring that to you later on with the transgender sports issue. And Charles Barkley, noted analyst and man who says what is on his mind. Yeah, I said something about the trans sports issue which will get some of our attention in just a little bit. Also got to tell you about the guest lineup we have because we are stacked. Small Business Administration's Kelly Leffler, our friend David Rutherford, former Navy seal, member of the Clay and Buck podcast network. Talk to him about what's going on in the Pentagon these days and other issues of of note. Also, Steve Hilton, third hour. He's running for governor in California. We like Steve Hilton. Very smart guy, got a cool accent. So he's got that going for him, which is nice. And we'll talk to him in just a little bit about that. So a bunch of guests and a lot of big stories to dive into. First up, we had Ed Martin on the program yesterday. Very impressive guy and it's already been announced. Okay. He's not going to be the U.S. attorney for D.C. he's going to have a senior role at DOJ looking at weaponization of DOJ. So this is something that I think will be very important to the administration and it's a good place for Ed Martin to be. Judge Jeanine Pirro has been named. So I did make the reference on X Clay. It is as though the libs got to choose the form of their destructor.

[Buck Sexton]

That was a very good analogy. I saw you shared that.

[Clay Travis]

Thank you.

[Buck Sexton]

And it is very funny.

[Clay Travis]

They, they were hoping for something less terrifying than Ed Martin. And we present you with Judge Jeanine, who I think is going to make the deep state libs quake in their little tiny boots. So this is a good thing.

[Buck Sexton]

Yeah. This is also where I think Trump excels is when he doesn't get the person that he wants, he usually finds somebody that is going to drive people even crazier than the person that he initially wanted. And Judge Jeanine has been a prosecutor. She obviously is incredibly skilled as a judge, clearly. And a judge has been very successful in, in her time at Fox News. And I don't know, has there been a report about how long she wants to do this job. I know she's leaving Fox News, but the real reason here that the action is taking place is if it wasn't decided by May 20, then there would be some authority with Democrats having a say in who the who the chief law enforcement officer in D.C. would be. So this is the timing behind it.

[Clay Travis]

Well, I think U.S. attorneys can last 120 days as an interim U.S. attorney.

[Buck Sexton]

That's right.

[Clay Travis]

And what I like is these interim US Attorneys look at Ed Martin, they're going in there with a mission and they're going after it right away. So there's a lot. Even if she only stayed for four months, I think there's a lot that could be done. And I wonder what this is going to mean for those who, well, Thom Tillis wouldn't come on the show, the senator we asked, we said, please explain to us why you think that believing in the rights of J6 defendants makes you not okay to be a U.S. attorney. He would not do that. So I don't know. I think I smell, I think I smell someone being a little chicken. But he wouldn't come on the show and we are going to continue to follow that story. I also though would say on the legal front, big news with the FBI. It's funny. Yesterday we have the Pope Leo, the 14th biggest story of the day. No question, we're waiting for the name gets announced. But Clay, while that's going on, the news breaks that Letitia James, the attorney general of New York, the second largest blue state in the country, she who went after Trump with the full force of her office in a clear politicized weaponization of her office and the powers therein, she is now facing a full blown FBI investigation and she was confronted at a town hall after that news broke. Here is the New York State Ag Play 1.

[Buck Sexton]

My question is For Tush. James, will you apologize to President Trump for wasting millions of dollars and the state of New York for a witch trial? And how does it feel to know that you're. You will be imprisoned for mortgage fraud?

[Letitia James]

Thank you for coming. We want to thank him for coming.

[Buck Sexton]

We respect all opinions. Everybody knows those allegations are baseless.

[Clay Travis]

They're discredited.

[Buck Sexton]

And so we want to thank him. I love this guy. I love this guy. Buck.

[Clay Travis]

But she says they're discredited. I know. This is what they always say when they're caught, right? This is what the Democrats always go to. Who says they're discredited? I would. I haven't seen even ABC and New York Times, the usual suspects. I haven't seen anyone say this is all a fabrication. And that means that there are documents that indicate there's a problem here.

[Buck Sexton]

I think her best defense, actually her best public defense in her legal defense, and we talked a lot about this during Trump. Sometimes those are the same, sometimes they're different. Her best public defense is, oh, this is just them coming after me because I went after Trump. Ok, That's a public defense. It's not a legal defense. Her best legal defense, based on the research I have done, is there may be multiple forms that she has filled out. Some of them she lied on, others of them she did not lie on. And therefore she may be able to argue. Again, this is me putting on my criminal defense attorney hat. She may be able to argue that this was not a crime because there's evidence that she did not lie in other documents. Now, that's not a good defense. Not a good defense. I'm just saying, if I were her criminal defense attorney, there's sometimes a difference between public defense and actual legal defense. Public defense of Trump hates me, and this is why I'm being looked at, is not actually a legal defense. The document defense that I trotted out potentially could be one.

[Clay Travis]

Ok, so on that document defense, though, did she get the rate that you would get if you was your primary residence? Because that's the question, too, you know, then it's really hard to say, well, there's one document that I did the right way, one I did the wrong way. Ok, but you got the benefit for the wrong way and should have known that. You should have been aware of that.

[Buck Sexton]

I think a lot you wouldn't know.

[Clay Travis]

Clay, you sit down. Have you. When was the last time you did a mortgage for a house? It's been a long time. Right.

[Buck Sexton]

We moved in here 10 years ago.

[Clay Travis]

Right. Okay. So remember you sit there, there's. You gotta have the. What do you call the people that have to check the signatures, you know, the notaries. Notary. Thank you. Yeah. Sit there with a notary. You got to show your id, you got to sign every page. You got to sign the page that says you signed the page. You got to sign the page that says you read the signature over and over again. She's a lawyer. So the. I messed up on the documents, and the outcome was the one that was favorable to me.

[Buck Sexton]

That's the.

[Clay Travis]

I think that's a. That's a key.

[Buck Sexton]

I think a lot of people who sit on a jury might be willing to believe that you screwed up on a document when you're going through and filling them out. But it's awfully convenient that each time that you screwed up on the document, it benefited you.

[Clay Travis]

Yeah.

[Buck Sexton]

And I think a lot of people sit back. If I were the prosecutor, I would sit down and I would say, letitia James, you are a lawyer. You understand the significance of filling out forms under the color of law. Isn't it convenient that you manage to incorrectly fill out the forms multiple times for multiple different mortgages in ways that personally benefited you? You didn't screw up in a way that hurt you?

[Clay Travis]

Well, yes. Or that was irrelevant. Right. This is.

[Buck Sexton]

Yeah.

[Clay Travis]

This is also true in any perjury. This is effectively a perjury situation. And in any case where there's perjury, where there's alleged perjury. Right. It's. Is it material. Is it material to, you know, people say, well, what if I say that I had Cheerios yesterday, but I actually had, you know, Fruit Loops or something? They don't usually do perjury if it's immaterial to what they're asking about. Right. If it. If it could be. Now, that's up the discretion of the prosecutor. But the way it's supposed to go, it's not so minor that it's irrelevant. Right. A spelling error on a mortgage document can't get you locked up. If she got better rates, then that's something that, you know, then that again, throws the document judgment into, or document error into, I think, a harder position. But to your point about how she's going to run this, if they do bring a charge, which we'll see. I'm not sure they have the. The courage to do so.

[Buck Sexton]

Chutzpah. Yes.

[Clay Travis]

Yeah. Yes. I'm not sure they have the courage to do so, but if they were to do so, I think she's just going to her defense will just be, this is all just trump payback. It won't even really matter that much. And hope that she can get people on the jury who will say now will she take it to a jury? Will she get a plea deal? Will she even be charged? Those are all outstanding questions. But her waving her hand and saying these are discredited allegations. No, I don't think so. I haven't seen anything that discredits them. She, to your point, Clay, she may have a defense that's not the same thing as this is a fabrication. Which is what a discredited allegation would be, no doubt.

[Buck Sexton]

And I do love. I don't want to under. Under serve or under praise that guy. I love the reaction to him, whoever that guy is. And it wouldn't shock me if he's listening right now. To go into the lions den there and, and ask that question and have everybody just react in, in, in anger and derision was so great. The audio is phenomenal. I'm sure the video is also fantastic. So why was he escorted out?

[Clay Travis]

Why. Why does security escort you? He just asked a question. He wasn't. Why is he allowed to be escorted out? On what basis? He's not disturbing the peace. He's not causing an undue rush. He asked a completely valid question and I believe security, meaning the police, had him removed.

[Buck Sexton]

Yeah. Maybe they would argue it was for his own security. I don't know. I don't know what the crowd looked like. I don't know what the crowd's reaction to him was. Were they closing in on him? But that in and of itself is a very good question. I actually think, again, the discredited answer is a good one. I didn't think Letitia James handled it poorly in terms of the way that that plays out. Like she gets to make her argument that it's not true and she says he has a right to make that argument even if we know it's not true.

[Clay Travis]

Police escorted him out. I don't understand why police should be escorting a man out. Who asks a valid question at a town hall. He wasn't refusing to comply or let her speak anyway.

[Buck Sexton]

It is a good question. My bet would be that they would argue that he was in peril. But if he didn't want to leave, then he shouldn't be forced to leave. There's nothing wrong with the question that he asked.

[Clay Travis]

What he's going to be. He's going to be mobbed by a bunch of blue haired communists who never lifted.

[Buck Sexton]

I don't Know what the finger in a fight was? I mean, first of all, who shows up at a. Was this a public forum with the New York Attorney General? Can you think of a more boring way Spend the night? I mean, in all seriousness, I. I understand they have these town halls and everything else, but the. I don't even know why the Attorney General. I guess she's democratically elected, so maybe she feels compelled to do these town halls, but it actually, to me, makes it look like you are engaged as she is in direct response to the public, which is why a lot of attorney Generals are not elected to statewide office, because they're supposed to be above the fray.

[Clay Travis]

You know, when you've got kids under your roof, you don't play around with your protection. I'm just a few weeks into fatherhood. Clay's an old hand at this. He's got three boys. We know you are the one who has to be first and foremost protecting your family at all costs, at all times. Sabre is the number one pepper spray brand trusted by law enforcement. And they have a whole slew of fantastic non lethal personal and home defense products that I really want you to go check out. I wish there weren't as many home invasions. I wish there weren't as many crazies in some parts of this country as there are. But you need to be prepared to defend yourself and your family, and Sabre does that for you. Look, I've got a gun safe, full of lethal options, too, but we have a whole bunch of Saber products here because having that non lethal option for my wife, for Clay's wife, that's their go to. And also for me, I like having forced escalation if I know the situation can be handled nonlethal. I'll go to that first. Saber gives you that. The gels they have for pepper spray, plus the pepper spray launcher, which honestly also just to get trained up on is a lot of fun. So it's something you could shoot in your backyard safely. Can't necessarily do that with a firearm, right? So go check out what Saber has. Go to saber radio.coms a b r e radio.com you'll save 15%. Sabre s a b r e radio.com or just call this number. 844-824 safe. 844-824 safe.

[Buck Sexton]

Making America great again isn't just one man, it's many. The Team 47 podcast, Sundays at noon Eastern in the Clay and Buck podcast feed. Find it on the iHeartRadio app or wherever you get your podcasts.

[Clay Travis]

President Trump was right when he said Obamacare sucks. President Trump also said he didn't want to terminate Obamacare, but he wants to replace it with much better health care.

[Buck Sexton]

Now you can replace your overpriced Obamacare with Ease for Everyone, the only group plan that any adult in the US Is now eligible to join. With a monthly cost as low as $262, you get free unlimited prescriptions with 93% of all drugs covered available at no extra cost, including insulin. With huge savings on brand names.

[Clay Travis]

There's free unlimited virtual primary care and urgent care with just a $30 copay, you get generous cash back reimbursements for doctor's office visits, emergency room visits and ambulance transportation.

[Buck Sexton]

You can have affordable health care for as low as $262 a month. Today visit ease for everyone.com/clay that's ease for everyone.com forward/clay paid for by Affordable.

[Clay Travis]

Benefit Choices There's a growing expense eating into your company's profits. It's your cloud computing bill. You may have gotten a deal to start, but now the spend is sky high and increasing every year. What if you could cut your cloud bill in half and improve performance at the same time?

[Buck Sexton]

If you act by the end of May, Oracle Cloud Infrastructure or OCI can help you do just that. OCI is the next generation cloud design for every workload where you can run any application, including any AI projects, faster and more securely for less.

[Clay Travis]

In fact, Oracle has a special promotion where you can cut your cloud bill in half when you switch to OCI. The savings are real. On average, OCI costs 50% less for computing, 70% less for storage and 80% less for networking. Join Modal, Skydance, Animation and today's innovative AI tech companies who upgraded to OCI and saved offer only for new US.

[Buck Sexton]

Customers with a minimum financial commitment. See if you qualify for half [e-mail] Clay and that's oracle.com Clay did you.

[Unknown]

Know that just like here in the U S, Israel has their own Independence Day? In case you missed it this year, Israel's Independence Day was a few days ago on May 1. But for the people of Israel, freedom is nothing more than a daily struggle to survive. There's no real peace, only terror, no joy, just suffering. The Israeli government relies on the International Fellowship of Christians and Jews for ongoing help to make sure the elderly, the sick, the wounded, soldiers and impoverished families don't fall through the cracks. That's why your gift to the Fellowship will provide such important life saving aid, medicine, hearty meals, safety and comfort. I believe that when you bless the people of Israel, we unlock God's blessing in our lives as well. So to show your support for Israel's independence, you can make a life saving gift today. You can call 888-488-IFCJ. That's 888-488-4325. You can also go online to ifcj.org.

[Kelly Leffler]

That'S ifcj.org this podcast is sponsored by Talkspace. May is Mental Health Awareness Month and Talkspace, the leading virtual therapy provider, is telling everyone let's face it in therapy, by talking or texting with a supportive licensed therapist at Talkspace, you can face whatever is holding you back. Whether it's mental health symptoms, relationship drama, past trauma, bad habits or another challenge that you need through, it's easy to sign up. Just go to talkspace.com and you'll be paired with a provider, typically within 48 hours. And because you'll meet your therapist online, you don't have to take time off work or arrange childcare. You'll meet on your schedule. Plus, Talkspace is in network with most major insurers and most insured members have a $0 copay. Make your mental health a priority and start today. If you're not covered by insurance, get $80 off your first month with Talkspace when you go to talkspace.com and enter promo code SPACE80. That's S P A CE80 to match with a licensed therapist. Today go to talkspace.com and Enter promo code SPACE80.

[Leon Nayfak]

In the fall of 1986, Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency.

[Clay Travis]

Did you make a mistake in sending arms to Tehran, sir?

[Buck Sexton]

No.

[Leon Nayfak]

It became known as the Iran Contra.

[Clay Travis]

Affair and I'm not taking any more questions. In just a second I'm going to ask.

[Leon Nayfak]

I'm Leon Nayfak, co creator of Slow Burn. In my podcast Fiasco Iran Contra, you'll hear all the unbelievable details of a scandal that captivated the nation nearly 40 years ago, but which few of us still remember today.

[Clay Travis]

The things that happened were so bizarre and insane I can't begin to tell you. Please do.

[Leon Nayfak]

To hear the whole story, listen to Fiasco Iran Contra on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

[Buck Sexton]

Welcome back in Clay Travis Buck Sexton Show. Buck, I don't know if you have seen all this talk, but I know we talked about the Jake Tapper Alex Thompson book that is coming out. Scott Jennings said on CNN the other day I don't think, and maybe we can grab this audio that Democrats are ready to reap the whirlwind of what's going to come from this book. It makes me think that a lot of people have already read it. It hasn't been released yet. But you know how this works when you're writing a book. You know, people blurb it, they get to look at it early and maybe we need to get Scott Jennings on again to talk about this on some level. And of course Scott is CNN's resident non moron on their evening telecast who defends sanity. How much do you think, if at all Biden going around now and trying to do the View is in some ways a prebuttal to what they know is coming. There's also talk, and I hadn't really thought about this, that the Trump team could be prepared to release the Robert her audio. Remember they gave us a transcript. I think that's a no brainer. Do you agree to go ahead and release the audio? The audio should have been out before but that seems like it must be a calamity for Biden that they never released it in the first place.

[Clay Travis]

Yeah, whatever they can to show the scale of the COVID up because these same individuals who sold their integrity and their souls to cover up for dementia Riddle Biden now want to tell you about, you know, the Trump stock market and what's going to happen with the border and the same people, they want you to have faith in them, the so called journalists and they were almost to a person complicit in this. Right. You know, they'll, they'll point out one guy and by the way, I'm not impressed. This is why, I don't know should we even have the people on that wrote the book? You know, one of them's. Anyway, I'm not going to get into it. I'm not impressed with. Oh but I, I asked like a couple of questions about questions. You and I are making jokes about carrying around a dead body pretending it's alive in Weekend at Bernie's and they're asking questions. I mean this is absurd.

[Buck Sexton]

I also think because we do get this question, why does this matter? Biden's not president anymore. I think it matters because it devalues and delegitimizes the legacy media that might try to attack Trump.

[Clay Travis]

Well, that's what I mean, that this is why we should, everything should come out. The scale, the scope of the COVID up and the lies, they were all complicit in this. These are the people who are like, how dare you have questions about the election. You're an insurrectionist. All the I wonder what the I wonder what the crossover is, Clay, of people who use the term the insurrection about January 6 and also covered up Biden having dementia, the commander in chief, the guy with the nuclear codes.

[Buck Sexton]

It's an overlapping Venn diagram. It's one circle. But but I do think that's the important part here is it delegitimizes them massively. It's why we have to continue to cover this story because any of their attacks on Trump are devalued as a result. Nonstop action this week in both the NBA and the NHL. Everybody excited, especially Knicks fans like Buck Sexton. They don't even know how to react to having a 2 oh series lead tomorrow. Have a chance to go up 3 0. NHL playoffs underway. My Atlanta Braves making the nice win last night over The Cincinnati Reds. Chords 500 if you want to get hooked up right now, you can go to prize picks. You can play in California, Texas, Georgia. Over 30 states, 13 million people playing just makes the game a little bit more fun. You put in $5 on your picks, you get back $50. That is you get 50 bucks when you go to prizepix.com code clay when you play your first $5, you get 50 bucks. Prize picks run your game. Texas, California, Georgia. Get hooked up now. Prizepix.com code Clay Kelly Leffler been all traveling all over the country as part of Small Business Week. And Kelly, I just want to kind of tee you up here right off the top. How do you see based on your travels and the data that you have access to, small business is clearly the engine that drives by and large, the American economy is not huge businesses. Actually, it's all the dynamic small businesses out there that are so incredibly important. What are you seeing on your travels and how would you assess the overall economic status of the country right now?

[Letitia James]

Well, you're absolutely right. Small businesses are not only the backbone, but they're the economic engine of this Great Nation. It's 99% of all businesses across this country. So it's incredibly humbling to be the cabinet level person advocating within the Trump administration for small business. And there is no stronger champion for small business than President Trump. He always says, kelly, small business is big business. And I've seen that as I traveled across the country. I was everywhere from Boise, Idaho to Phoenix, Arizona to Nashville this week. But every week I'm out with small businesses and there's tremendous optimism thanks to President Trump's pro business, pro growth agenda to lower taxes, get rid of regulation, get red tape out of the way. And obviously what we do is we provide capital, which is a lifeblood of businesses.

[Clay Travis]

Kelly, thanks for being here with us. There's some that I know in the small business community who are all supportive when it comes to the Trump tariffs, what he's trying to accomplish, and they think it will benefit them long term. But I have heard concerns about short term supply shock, you know, that could hit in the next few months, for example, because of particularly what's going on with China. Right. That's where there's some issue. Are you seeing any reason for concern when it comes to supply shock that could affect a lot of businesses that rely on some of those imports. And if so, what do you think can be done to kind of mitigate that so we can get to the other side where the trade deals are in and things are booming?

[Letitia James]

Yeah, it's an important question. Look, there's going to be a period of adjustment and the President's been very clear about that. And as we talk with small businesses, that concern is far outweighed by the opportunities that they see to finally have fair trade. So when you hear the word tariff, think fair trade and restoring what we used to have in this country, which was a reliable supply chain that obviously got hollowed out, we lost 70,000 manufacturing plants, 5 million jobs. So at the SBA, what we're trying to do is create a connection between supply chains, manufacturers to onshore. We're going to be providing those connections to small businesses so that they can have alternatives to where they're importing from China. If they've built their businesses around Chinese Communist Party manufacturing, we have to make sure we bring that back. But it's already being done in America. Everything from aerospace to socks to microchips and beyond, like we're already doing this. The left wing media narrative is that we can't and we should not do this. But I'm telling you it's happening and all it relies on is, you know, continuing to push those tax cuts through, get rid of regulation and make sure we have a skilled workforce and we're, we're going to be stronger than ever before.

[Buck Sexton]

Kelly, when you look at this bill that is obviously working its way through Congress right now, the so called big beautiful bill that we expect to see come through sometime around Memorial Day, how much, how important do you believe it is based on the conversations that you're having, to have some form of tax certainty, given that the tax cuts that Trump initially put into Place in 2017 are set to expire. How important is it for businesses to know what to expect in that arena?

[Letitia James]

I think it's incredibly important, Clay, because I think this economy is spring loaded for tax cuts. And you know, I think it's something that's frustrating to me as someone who spent decades in finance is the when when the Fed only looks at tariffs as an issue. We've got so much counter inflationary good news coming into this economy. Not only is inflation falling, but taxes are going to go down, regulation is going to go down if we give small businesses the certainty that they will continue to have the 20% deduction bonus, depreciation, accelerated depreciation back to January 20th. I have talked to many manufacturers who are waiting to put in the order for more CNC machines to buy more land to grow and build because they're already getting the orders thanks to President Trump's tariff strategy to bring people to the table and bring manufacturing here. People are saying we want to reshore, so it's ready to go. We need Congress to act.

[Clay Travis]

What's your go ahead?

[Buck Sexton]

Yeah, I was just going to say sorry, building on that question, I can't believe the number of countries out there that are cutting interest rates like crazy, in particular all over Europe. I don't know that we've ever seen a divide like this. Is there any doubt in your mind based on what you are seeing that the Fed should be cutting interest rates?

[Letitia James]

There's no doubt in my mind. We have four year inflationary core inflationary lows. It's much lower when they did double cut cuts last fall right ahead of the election. And when you have these counter inflationary trends of lower taxes, less regulation, falling energy prices unbelievably low. We had a five handle on the oil price the other day. The 10 year is already kind of self regulating itself down. So I feel very confident that we should go into the next rate cut looking at it. But who knows? I mean if this has become a political issue, anything could happen.

[Clay Travis]

If things go and we're speaking to Kelly Lefler who runs a Small Business Administration. For anyone joining us, if things go as the Trump team is hoping and as we've started to see some indicators, for example, the deal with the UK we're hearing about an India deal, we're hearing about other deals on the horizon. If these trade deals go through, let's say in the next 60 days or so, at least most of them right, China is probably going to be a longer issue. But what happens for businesses for the rest of the year that is positive. Like how are the way. Because right now I think as you've said, Trump has made it clear there might be an adjustment period and if you're relying on supply chain from China, there could be some issues with that. But what is the upside of making this fair trade for we have a lot of small business owners listening right now, a lot of people who work for small businesses right now. How does this get better for them if the Trump policy and well, if the Trump deals rather go through.

[Letitia James]

Yeah, that's a great question. We just saw yesterday the UK trade deal opened up our ag markets to the tune of $5 billion. It's going to bring in about 6 billion in tariff revenue. But what it's also going to do is remove some of the non tariff barriers that were put into their regulatory apparatus that blocked our ability to ship our products overseas. I talked to one logistics company who said his business used to be half import, half export. 10, 15 years ago, today it's 10% export because of all the trade barriers against our country and that have made us more dependent on bringing in goods. So small businesses, what that I'm seeing on the ground, the manufacturers in particular are gearing up to invest and make things in America that we can then ship overseas, keep for ourselves and not be reliant on anyone for food, for pharmaceuticals, other critical areas of our trade. So I think, look, small businesses are certainly just critical in this conversation and I am making sure that they have a seat at the table because this is again, it's really the backbone of our country and we have to make sure that we're well aware of everything going on. The president is on top of it and that's why he's pushing fair trade, lower taxes, less regulation, low energy prices. This all benefits small businesses.

[Buck Sexton]

Kelly, I hear you were touring the Tennessee Titans football stadium. Hopefully at some point in time they'll actually start winning games when that new stadium opens up. But there is a lot of optimism. Obviously you've been in Tennessee. Nashville is growing very rapidly. I know you live in Georgia, which has also got a pretty good economy rolling. What'd you think of the stadium? And, and, and in general, what do you think that's going to mean for downtown Nashville where for people who are around here, I think we're going to get a Super bowl, which is going to be pretty cool in a few years for the city of Nashville.

[Letitia James]

I think it's a tremendous investment that is really powering the economy even today. We saw 1,000 workers on site, driven by more than 65 small businesses that are helping build that stadium. And so in addition to the entertainment value and the value it brings to small businesses in terms of creating sustainable businesses around that stadium, it's just going to create this venue that builds a really strong community. And I was with your great governor, Governor Lee, and just looking at, I think the state bird is now the crane, the construction crane, given how many cranes are in the air there. But it was exciting to see and they're doing a fantastic job. There was a great small business contractor that won the sba, one of the contractor or the SBA awards and he was just talking about the generational change that this economic development is creating for all communities across Tennessee.

[Clay Travis]

What does it look like, Kelly, if we get to a reasonable best case outcome, specifically with the trade tariff issue with China, like what we know with our other allies, because you've already seen some of they go, okay, we need to reassess this, we need to even some things out, that's fine. China is a different ball of wax and a much bigger challenge I think, than obviously our allies are for, for clear reasons. What does it look like if Trump gets that where he wants it to be?

[Letitia James]

Yeah, that's an important question. And those conversations are starting tomorrow, it sounds like. And what we need to make sure is that America, America's interests are protected in this in ways that they have not been in the past. Whether it's intellectual property. What happened is we would send our intellectual property overseas, they'd manufacture it for us and then they put the trade barrier up so they would have stolen our intellectual property, manufacture it there for their people and then we lose that market. So we're going to have those protections, we're going to have larger markets if we can have more cooperative reciprocal trade levels and then we won't have the non tariff trade barriers that they set up against us. They've put up kind of false environmental barriers, health barriers and other things that they don't hold themselves to, but they can erect that against our manufacturers. And so I think restoring our strength by having manufacturing here and pursuing our energy dominance agenda, we start mining in America again, getting the rare earth minerals and making sure that we protect our economic security and our national security at the same time. Because we have seen with the chips situation and others, rare earths, we're way too dependent on China in terms of national security. And I've seen some great chips manufacturers, small businesses in America, this can be done, but we have to really focus in on that as much as we're focusing on what China is doing.

[Clay Travis]

Kelly Lefler, administrator of the U.S. small Business Administration. Kelly, thanks so much for being with us. Appreciate it.

[Letitia James]

Thank you all. Great to be with you.

[Clay Travis]

I'm optimistic. Well, we've been optimistic the whole time.

[Buck Sexton]

Actually about the economy I think this summer. And again, I don't want to go full Jim Cramer here because he tends to be wrong on everything. But I think by the summer, as more and more of these trade deals are rolling out, I think we will be back near an all time high in where stock prices are.

[Clay Travis]

You know, some of our adversaries get a vote as well. And officials from the BRICS nations are meeting in Brazil this July to discuss the US Dollar. I mean, these are big countries with big economies. China, Russia, India, South Africa. One of the topics at that meeting is whether they can displace the US Dollar as the global currency. They're calling this a Rio Reset for a reason. If that were to happen, there's an if in that statement, but you got to be prepared for it. Then global demand for US Dollars would dramatically decrease and that would bring down the value of the dollars in your savings account. This transition is not going to happen overnight, but it's a good idea to prepare for the uncertainties in the future to hedge for what could happen with these BRICS objectives. Learn if diversifying into gold is smart for you because I thought it was smart for me, I just did it a few weeks ago. Birch Gold Group can help you figure out what makes sense for your portfolio and to take your hard earned savings and put some of them, for example in a tax sheltered IRA in Precious metals. Claim your free info kit on Gold by Texting my name Buck to 989898, a rating with a Better Business Bureau. Tens of thousands of happy customers. Let Birch Gold arm you with a free no obligation info kit on Gold before July and the Rio Reset because you could see a run up in Gold then text Buck to 989898 today.

[Buck Sexton]

Geek out with the guys on the Sunday Hang with Clay and Buck podcast a new episode every Sunday. Find it on the iHeart app or wherever you get your podcasts.

[Clay Travis]

President Trump was right when he said Obamacare sucks. President Trump also said he didn't want to terminate Obamacare, but he wants to replace it with much better health care.

[Buck Sexton]

Now you can replace your overpriced Obamacare with Ease for Everyone, the only group plan that any adult in the US Is now eligible to join with a monthly cost as low as $262. You get free unlimited prescriptions with 93% of all drugs covered available at no extra cost, including insulin, with huge savings on brand names.

[Clay Travis]

There's free unlimited virtual primary care and urgent care. With just a $30 copay, you get generous cash back reimbursements for doctor's office visits, emergency room visits and ambulance transportation.

[Buck Sexton]

You can have affordable health care for as low as $262 a month. Today visit ease for everyone.com clay that's ease for everyone.com forward/clay paid for by Affordable Benefit Choices.

[Unknown]

Did you know that just like here in the us Israel has their own Independence Day? In case you missed it this year, Israel's Independence Day was a few days ago on May 1. But for the people of Israel, freedom is nothing more than a daily struggle to survive. There's no real peace, only terror, no joy, just suffering. The Israeli government relies on the International Fellowship of Christians and Jews for ongoing help to make sure the elderly, the sick, the wounded, soldiers and impoverished families don't fall through the cracks. That's why your gift to the Fellowship will provide such important life saving aid, medicine, hearty meals, safety and comfortable. I believe that when you bless the people of Israel, we unlock God's blessing in our lives as well. So to show your support for Israel's independence, you can make a life saving gift today. You can call 888-488-IFCJ. That's 888-488-4325. You can also go online to ifcj.org.

[Kelly Leffler]

That'S ifcj.org this podcast is sponsored by Talkspace. May is Mental Health Awareness Month and Talkspace, the leading virtual therapy provider, is telling everyone let's face it in therapy by talking or texting with a supportive licensed therapist at Talkspace, you can face whatever is holding you back, whether it's mental health symptoms, relationship drama, past trauma, bad habits or another challenge that you need support to work through. It's easy to sign up. Just go to talkspace.com and you'll be paired with a provider, typically within 48 hours. And because you'll meet your therapist online, you don't have to take time off work or arrange childcare. You'll meet on your schedule. Plus Talkspace is in network with most major insurers and most insured members. Have a $0 copay. Make your mental health a priority and start today. If you're not covered by insurance, get $80 off your first month with Talkspace. When you go to talkspace.com and enter promo code SPACE80. That's S P A CE83 to match with a licensed therapist today. Go to talkspace.com and enter Promo Code SPACE80.

[Leon Nayfak]

In the fall of 1986, Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency.

[Clay Travis]

Did you make a mistake in sending arms to Tehran, sir?

[Buck Sexton]

No.

[Leon Nayfak]

It became known as the Iran Contra.

[Clay Travis]

Affair and I'm not taking any more questions. In just a second I am going.

[Leon Nayfak]

To ask Attorney General I'm Leon Nayfak, co creator of Slow Burn. In my podcast, Fiasco Iran Contra, you'll hear all the unbelievable details of a scandal that captivated the nation nearly 40 years ago, but which few of us still remember today.

[Clay Travis]

The things that happened were so bizarre and insane I can't begin to tell you. Please do.

[Leon Nayfak]

To hear the whole story, listen to Fiasco Iran Contra on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.

[Buck Sexton]

Appreciate all of you hanging out with us. We are rolling through the Friday edition of the program. Hope all of you are gonna have fantastic weekends. I'm gonna be up in Chicago this weekend. Buck hometown of Pope. Oh God, I've already forgotten his name.

[Clay Travis]

Leo the 14th.

[Buck Sexton]

Leo. Leo. Leo the 14th pope from Chicago. Chicago White Sox fan. I'm gonna go get some deep dish pizza. I've got my oldest son going with me which should be super fun. Gonna be speaking at the University of Chicago again. Last time I went there that created some fireworks. So should be fun. I'll be there Saturday morning. I think I tweeted out the link if anybody's in the Chicago area and we're gonna go get some deep dip dip deep dish pizza while we're there. But I also am gonna have a little bit of a late night, a little bit of a late flight and so I'm gonna be pounding Crockett Coffee this afternoon to take me into the weekend. We have a brand new mushroom coffee available and if you go and subscribe and use code book, you get an autographed copy of my most recent book, American Playbook, which Katie, who has been working with me for a decade, is going to be sending out to your homes. If you go to crockettcoffee.com and subscribe, use code book, boom, you can be on your way to having a good time with that. Do we have I've got a couple of different clips that I wanted to hit when we come into into the the top of the next Hour, the Bernie Sanders talking about why he flies private. And also we didn't get to play for you yesterday. Joe Biden doing the View the full clips that we had because news about the new broke but a lot of VIP emails and whatnot. Rolling in some line. Lynette says some of these callers so pessimistic. I believe the majority of cardinals picked who the Holy Spirit nudged them too. I'm ecstatic. Let's be hopeful and give the man a chance. Super fun time to live through. Please listen to some positive callers. I'm Catholic and I believe the vast majority are thrilled. Everyone in my friends and family is buck. I'll tell you this. My friends and family, everybody is just ecstatic that there is an American Pope because we had been told for so long it wasn't going to ever happen because of the power that America had on the global stage already. And so I thought that, that the overall reaction would be very positive. And so far it has. Did you find that to be the case after we got off the air? The news broke while we were on the air. So we were in real time scrambling because this guy kind of came out of nowhere. No one anticipated that that was likely going to be the pick.

[Clay Travis]

Yes. Well, we have to see what this pope does. And for believing Catholics within the church, there is a hand of God in all things, certainly in the picking of the next leader of his church. So, yeah, I think or of the Catholic Church. So I think that there's plenty of reasons for tremendous optimism. And it's, it's a new era in the church and we shall see how it all goes. You know, we don't know anything until we know something. I put it, I tell you that, you know who else doesn't know anything is Bernie Sanders. He's going around on the, on the tour of oligarchy. We need to people who fall for this stuff. And you know, it's interesting, even some of the people that have switched over to the right in recent years become Trump voters. Used to be Bernie. People, people. And I always want to sit down with them and say he is such a charlatan. Really, when you get down to it, how do you not see what a phone. He's consistent. But that's not the same thing as not being a phony. He's the biggest phony. And we'll get into he's a socialist who owns three houses and wants to lecture you about rich people. We'll talk about that coming up. Made in America means something to us. When you invest 700 billion annually in American companies and the 13 million workers and families they support, you're investing in.

[Leon Nayfak]

The success of Main Street.

[Clay Travis]

That's money powering growth in manufacturing, tech, energy and innovation. And it starts with private equity backing American ambition. Learn how private equity keeps American businesses [e-mail] paid for by the American Investment Council.

[Kelly Leffler]

This podcast is sponsored by Talkspace. May is Mental Health Awareness Month, and Talkspace, the leading virtual therapy provider, is telling everyone let's face it in therapy, by talking or texting with a supportive licensed therapist at Talkspace, you can face whatever is holding you back, Whether it's mental health symptoms, relationship drama, past trauma, bad habits, or another challenge that you need support to work through, it's easy to sign up. Just go to talkspace.com and you'll be paired with a provider, typically within 48 hours. And because you'll meet your therapist online, you don't have to take time off work or arrange childcare. You'll meet on your schedule. Plus, Talkspace is in network with most major insurers and most insured members have a zero dollar copay. Make your mental health a priority and start today. If you're not covered by insurance, get $80 off your first month with Talkspace when you go to talkspace.com and enter promo code SPACE80. That's S P A CE80 to match with a licensed therapist today, go to talkspace.com and Enter promo code SPACE80.

[Leon Nayfak]

In the fall of 1986, Ronald Reagan found himself at the center of a massive scandal that looked like it might bring down his presidency. It became known as the Iran Contra Affair.

[Clay Travis]

The things that happened were so bizarre and insane I can't begin to tell. Please do.

[Leon Nayfak]

To hear the whole story, listen to Fiasco Iran Contra on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[Clay Travis]

You're listening to an iHeart podcast.