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- [00:00]
Ben Meiselas
This is an unmitigated disaster for MAGA Mike Johnson, folks. And we've been predicting it here at the Midas Touch Network. Donald Trump's, quote, big beautiful budget, end quote, was just voted down by members of the GOP in the Budget Committee up. The GOP members shot down Trump's budget. They said it was going to increase the deficit by trillions of dollars. And get this, there is even more opposition to Trump's bill in the Senate than in the House. But this bill has been derailed in the Budget Committee. MAGA Mike Johnson yesterday was saying, nope, it's on track. Things are going great here on the Midas Touch Network. We were saying, nope, Remember what we reported earlier this morning as well? We said that bill ain't gonna make it outta the Budget Committee. And here's the moment where the House Budget Committee found failed to advance the GOP tax and spending bill 16 to 21. There were four no votes. Then there was a fifth vote that was made by someone in order to reintroduce this perhaps in the future. Let me show you what went down. Let's play the clip.
- [01:16]
Clerk
The clerk shall report.
- [01:18]
Mike Johnson
Mr. Chair, on the vote there were 16.
- [01:21]
Clerk
Eyes and 21 no's. Well, the nose habit. The committee stands in recess subject to the call of the chair. I want to thank everybody for their time and patience and Godspeed and safe travels.
- [01:37]
Ben Meiselas
So here's what was going down in real time. You had MAGA Republican Congressmember Norman a no vote. MAGA Republican Congressmember Chip Roy a no vote. MAGA Republican Congress member breach in a no vote. MAGA Republican Congressmember Clyde a no vote. And then. And MAGA Republican Congressmember Lloyd Smucker changed his vote to a no, likely in order to try to I guess bring this back up. But the House budgets vote on that reconciliation bill has failed. MAGA Mike humiliated by MAGA Republicans. A major Friday disaster for Donald Trump. Now we got wind of this as well when we saw Ralph Norman, MAGA Republican and others kind of walking with a smile on their face earlier today. They kind of indicated what was about to go down. We thought this was going to happen, but MAGA Mike was lying and saying it wasn't. Here's what MAGA Republican Ralph Norman was doing earlier in the day when he was walking there and he's like not going to tell you what I'm going to do here. Play this clip.
- [02:47]
Clerk
Are you meeting with the majority? Are you up there?
- [02:52]
Committee Chair
Will you guys advance the agenda today?
- [02:56]
Will Kane
Will be in the room.
- [02:57]
Mike Johnson
What's this conversation.
- [03:01]
Ben Meiselas
With, with Gil back, they, with Gil back, they can lose both of you.
- [03:07]
Unnamed Speaker
Do you think the market will get started today?
- [03:15]
Ben Meiselas
What's going on? Now? You'll recall yesterday MAGA Mike Johnson was, surprise, surprise, lying. By the way, this guy is the worst speaker of the House ever. We'll see if he's going to lose his job now soon. I think MAGA Mike is indeed on the chopping blocks. But yesterday MAGA Mike says this big beautiful bill, it's all going to plan. Yes, we have some issues around salt, right. The, the state and local tax deduction, but that's not even the issue that ended up crushing it. It was the people it Right Wing magazine, the Budget Committee, who said this was adding trillions of dollars to the deficit. So they even got to the SALT issue and they haven't even got to the Senate where there's more opposition. Here's what MAGA Mike was saying yesterday.
- [04:08]
Mike Johnson
Play this clip very brief because discussions are ongoing, but we had a good sampling of the conference in my conference room here for the last couple of hours. We had the SALT caucus, the leadership of the SALT Caucus, five or six of those members, and then we had a sampling of others. We had the chairman of the Republican Study Committee, chairman of the Freedom Caucus, another sampling of members who are from committees of jurisdiction, including Ways and Means. And it was a very thoughtful discussion. I'm sure you'll talk to many of them individually, but I think everyone will say it was productive and that we are moving the ball forward. Everyone has known that the SALT issue is one of the big ones that we have to resolve. It's one of the key pieces of this equation to sort of meet the equal equilibrium point that everybody can be satisfied with. Not everybody's going to be delighted with every provision and a bill this Lord, but everyone can be satisfied and we're very, very close to that. So I've committed to work throughout the weekend on it. Others are as well. And I am convinced that we'll be able to adjust the dial, so to speak, so that we can come to an agreement that will meet the criteria that everybody has and that we can move this thing forward. We are still on path to pass this bill next week to have it on the floor. That's always been the plan, and I don't see anything that would impede that right now.
- [05:20]
Ben Meiselas
Now, as I mentioned, there's even more resistance to this horrible, atrocious tax bill that by its own very terms raises the debt ceiling by almost $5 trillion. There's more opposition in the Senate to this than even in the House of Representatives. So this thing still has to, this thing has to go to the Senate. And Senators have said this is dead on arrival. Even if you pass this thing, we, which it didn't even get out of the budget Committee. They said we ain't, we ain't passing this thing. This is why I like to show you the receipts. I don't wanna buy media narratives. Let's just listen to what the people are saying. Right, here's MAGA Republican Ron Johnson from Wisconsin. Here's what he's gotta say about this. Play this clip.
- [06:04]
Ron Johnson
Acceptable.
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Clerk
Can you see yourself voting for this.
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Will Kane
Big beautiful bill at all?
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Ron Johnson
Not, not in the current structure? No. I refuse to vote for something that's going to actually increase the deficits, exacerbate the problem from the current situation. Again, we, we shouldn't be talking about this right now. We should have been doing all the work. Like I say, the multi step process. We'd already have the border funding, we'd have defense, we'd have $850 billion of real savings banked already. Plus we could have extended current tax law taking tax increase off the table. We could have had all that done. But unfortunately decisions were made to do one big beautiful bill. It's not beautiful. I'm sorry, it's not a big beautiful bill. That's called rhetoric.
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Clerk
There's one thing mislabeling, there's one thing.
- [06:50]
Ben Meiselas
That he's a no vote. Then you've got MAGA Republican Senator Rand Paul from Kentucky. He's a no vote. So Senator Johnson, Senator Paul here, play this clip.
- [07:01]
Clerk
Senator, what do you need to see.
- [07:02]
Ben Meiselas
In this bill to be on board?
- [07:05]
Clerk
The problem is, is it's asking conservatives like myself to raise the debt ceiling $5 trillion. That's a, that's historic. No one's ever raised the debts that much. It will be a record for Congress to raise the debt $5 trillion. But also it indicates that this year the debt, the deficit will be over 2 trillion. But it means they're anticipating close to 3 trillion for the next year. It's really a slap in the face that those of us who are excited about Elon Musk and Doge and all the cuts, where are the cuts? If the cuts are real, why are we going to borrow 5 trillion? So what I proposed was this. I put forward a proposal and we voted on it to raise the debt ceiling for three months. Why? Because I think we should vote on the debt ceiling every three or four months. To see if they're doing their job. If they promise us cuts in spending, not just the administration. I'm talking about congressional leaders as well. If the. If the promises are real, I'll vote to raise it every three months.
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Unnamed Speaker
So I'm really looking forward to Mother's Day this year. It's going to be a very special day. It's always a special day, but it's extra special this year because my wife Xochi just became a mom to our beautiful baby girl, Ximena, who's seven months old. And my mom, who just became a grandma, is going to get to spend the day with us as well. And I got Xochi and my mom the best gift. But shh, don't tell them what it is. I'm just going to tell you. I got them an Aura digital picture frame where I was able to load some of the best memories from the past seven months of my mom's granddaughter and my wife's daughter Ximena and all of us together. Normally, these photos would just be on my phone and I wouldn't know what to do with them. But now with this Aura digital picture frame, they get to display it at their house or in their living room or wherever. And they get to see these photos that I've personally curated for them. Oura Frames was named the best digital photo frame by Wirecutter. It's featured in 495 gift guides from last year. So the next time you need to call your mom, you can also send her a new pic of you from that trip you've been telling her all about right from your phone. Aura has a great Mother's Day deal for a limited time. Listeners of our podcast can save on the perfect gift by visiting auraframes.com to get $35 off plus free shipping on their best selling Carver mat frame. That's a u r a frames.com the promo code is MIDAS. Support the show by mentioning us at checkout. Terms and conditions apply. That's aura frames.com and use that promo code, Midas.
- [09:42]
Ben Meiselas
And ultimately what you got is these MAGA Republicans who also want to cut Medicaid. By the way, the MAGA Republicans who voted to block this bill in the budget committee, who derailed this thing in the budget committee, they're also the people who want Medicaid cut. Like a lot of them, they. These are the people. So their view is that if their view is you have to cut Medicaid or else you're gonna balloon the deficit. So how are they even ever going to solve this? I mean, take a look. This is MAGA Republican Buddy Carter talking about ending Medicaid.
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Clerk
Play this clip trying to get on Medicaid and yet we've got some able bodies who, who really should not be on there or should be able to to go to another insurance product that would to have health insurance. And yes, we all agree that we want to try to make sure everybody has access to health care but at the same time not on the program that was intended for the most vulnerable in our society. Yeah, look, I mean I'm sure there's a fair amount of waste to be cut as well.
- [10:47]
Ben Meiselas
And this was yesterday as well when you had MAGA Republican Jason Smith go on Will Kane show. Here's what they had to say. Let's play this clip.
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Josh Hawley
One of the debates your colleagues are having as well is over Medicaid cuts. And are they steep enough or are they too steep? There seems to be a little bit of divide like that on the right. Congressman Roy was on our program yesterday and he said whether or not it's salt or whether or not it's Medicaid cuts, it's not enough. And he reflects some other voices out there, like some senators that he'll have to go through eventually as well, like Ron Johnson. This is what they had to say.
- [11:21]
Will Kane
There's a lot of overlap there for the big blue states that are taking a lot of Medicaid money for all, all of these able bodied people. I think we need those reforms. So if they want their SALT increase, maybe they should come work with us on Medicaid. I think that Scott Bessen is right. But let's be very clear. All we're talking about to Ron John's point, Ron, Senator Ron Johnson is $150 billion a year in savings in this bill out of a $7 trillion spend for your government.
- [11:48]
Josh Hawley
Chairman, is there enough, is it enough deficit reduction to get the votes that you're going to need to pass the House and the Senate?
- [11:57]
Committee Chair
You know, failure is not an option, Will, because if we're not able to pass this bill, what's even worse is that there's zero spending cuts. And what's even worse is that all the IRA credits are intact. That would happen if we're not able to pass this bill. If we pass what the House is projected to pass, and that's one point, let me say when we pass what the House is projected to pass, the $1.5 trillion worth of cuts would be 300% more than what's ever been cut by any Congress in the history of America. But we could do better. I totally agree. But it's all about balancing and we can't lose more than three people. So we just have to thread that needle. But if we can't pass this bill, there's going to be zero in cuts. That's what I would. I would let my colleagues know.
- [12:46]
Ben Meiselas
And folks, even Josh Hawley, maga, Republican Josh Hawley from Missouri even, he was basically saying, look, one of the big problems about this tax bill is it cuts Medicaid. And he's like, I can't, you have to give, I don't want to give Hawley credit for much, but at least he says here we can cut Medicaid. And he admits that Trump's bill is going to cut Medicaid. That and this bill is what failed to pass in the House today. Play this clip.
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Josh Hawley
Cade, do you agree with the speaker? Is his bill still not a cut to Medicaid?
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Will Kane
Well, the right thing to do is not to cut Medicaid. So I'm glad to hear him say that. Manu it ought to be just a basic foundational principle. It is wrong to cut health care for the working poor. And that's what we're talking about here with Medicaid. My state is a Medicaid expansion state. Over 20% of Missourians, including hundreds of thousands of children are on Medicaid and mono. They're not on Medicaid because they want to be. They're on Medicaid because they cannot afford, afford health insurance in the private market. These are working people and their children who need health care. And it's just wrong to go and cut their health care when they're trying to make ends meet, trying to help their kids, trying to make sure that they're able to provide for their families. So I hope that the House GOP and the Senate GOP will get the message here. By the way, President Trump has said the same thing, no Medicaid benefit cuts.
- [14:07]
Ben Meiselas
So last point, I want to make too, one of the other. There's so much nefarious things about, about this tax bill. It also cuts like 40% of homeowners assistance as well to low income people. It's going to make so millions of people homeless. It's going to take away health care for millions of people. But here's HUD Secretary Scott Turner. Here's what he's got to say about it too. And he's talking about, you know, I mean, under this budget, I mean literally it, 40% of all rental assistance out the drain, homeowner, out the drain. I mean, Donald Trump's whole platform, the fraud was lower costs, make housing more affordable. And of course, he's a fraud, He's a felon. Trump, he's a sexual abuser. He's a fraud, he's a liar, he's a criminal. Anyway, here, play this clip.
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Clerk
There should be new qualifications to receive the welfare benefits. You write able bodied adults receiving benefits must work, participate in job training or volunteer in their communities at least 20 hours a week.
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Josh Hawley
So tell us about that.
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Clerk
Is that a way to significantly cut back? How can the administration enforce those policies to reshape the welfare system?
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Scott Turner
Well, Maria, I think it's a paradigm shift. You know as well as I do, work restores dignity. Work brings pride. You know, and our welfare system deviated from what it was intended to be, from its origin. It was intended for the most vulnerable, to the most needy in our country. But now we've created welfare as a lifestyle in our country. And you know, America is not a welfare state. America is a country of opportunity and a country of entrepreneurship. And so this will help us to encourage able bodied people in America that are receiving government subsidies to work. You know, there was a study that came out, almost 50% of households that are receiving HUD funds, almost 50%. Not one person in that household is working. And that has to change that culture, that paradigm has to change. @ HUD. This is common sense, compassion. We want to help people and invigorate and encourage people to work, able bodied people to work. We're not talking about the elderly, we're not talking about those that are disabled. Able bodied, able minded people that are receiving HUD funding should go to work to restore dignity. Maria, Maria, you get up early in the morning and you work, you serve. And so we want to give other people and encourage others the same opportunity. And so this is a great step forward, working with our colleagues at Agriculture and also Health and human services and Dr. Oz to be kind of a catalyst to change the trajectory of the lives of people in our country.
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Clerk
I think it's a great point that you make, Secretary, because work is empowering.
- [16:52]
Ben Meiselas
Well, there you have it, folks. We're going to keep you updated, but these are some major developments. Will MAGA Mike Johnson now lose his job? This bill has blown up in the budget committee. Wow, wow, wow. A big morning, everybody. Hit subscribe. Let's get to 5 million subscribers and thank you for watching. Can't get enough Midas? Check out the Midas plus substack for ad free articles, reports, podcasts, daily recaps from Ron Filipkowski and more. Sign up for free now@midasplus.com Sam.