Let me say this. It's it's very disappointing. Okay. I've come to consider Elon a good friend. He's obviously a very intelligent person and he's done a lot of great work. With all due respect, my friend Elon is terribly wrong about the one big beautiful bill. [00:00:16] Spoiler alert. Not only is Elon Musk not wrong about the so-called big beautiful bill, he and Mike Johnson doesn't seem like they're really friends. So let me get into the latest updates on this. You know, quarrel that's playing out between Elon Musk and, [00:00:34] the Republican caucus in attempting to pass this bill, which would, of course, add to our debt and deficit. Now. But, Anna, I got to say, I got to interrupt for a second because let's be honest, it's not just about the Republican caucus. Elon Musk is definitely taking a shot at Trump. [00:00:50] Trump says this is his most important bill. And it's true it is, because this is where he's going to get paid and all of his donors are going to get paid, and all the rich are going to get paid. So to him this is the most critical bill. So Ellen trying to torpedo it is a massive piece of drama between the two principal players. [00:01:06] The reason Ellen is saying Congress and congressional Republicans said of Trump is he's trying to tone down the drama by like two inches 2%. Right? But we know, we know. Yeah, they're definitely now in loggerheads. No, no shots are being fired. So let's start with House speaker Mike Johnson who's now fighting [00:01:24] this all out war with Elon Musk. And that's because the former head of Doge has been taking some pretty massive shots at Trump's big, beautiful bill. Now let's rewind for just one second to kind of explain how we got to this point. So during a recent interview with CBS, Elon Musk stated that he was disappointed [00:01:44] with Trump's big, beautiful bill. Here's what he had to say about it. You know, I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it and it remains the work that the Doge team is doing. [00:01:59] I actually thought that when this big, beautiful bill came along, I mean, like everything he's done on Doge gets wiped out in the first year. I think. I think a bill can be, can be, can be big or it can be beautiful, but I don't know if it can be both. My personal opinion. [00:02:17] So after Elon Musk said that Mike Johnson went to a laundromat, watched all of the machines spin so he can engage in the spin cycle, totally tried to spin this entire situation. Writing on X, the House made sure to build on Doge's success [00:02:32] within the one big beautiful bill. Stephen Miller has made an important point. No he hasn't. About the two efforts, Doge found savings in discretionary spending, such as funding agencies, while our one big beautiful bill secured over $1.6 trillion in savings [00:02:49] in mandatory spending such as Medicaid. So there you have Mike Johnson, clearly admitting that Republicans secured some pretty deep cuts to programs like Medicaid in order to give even more handouts [00:03:05] and tax breaks that disproportionately benefit the richest among us. And yet, by the way, the big beautiful Bill would do exactly what Elon Musk is warning about. It would blow up the deficit even worse than we already have it. So the Committee for a Responsible Federal Budget estimates that the bill [00:03:22] would add $3 trillion to the debt, including interest, over the next decade. The Congressional Budget Office had similar figures. Every analysis of the big Beautiful bill shows that it will add to the federal debt, which currently sits at $36 trillion and cost us $1 trillion just last year [00:03:43] in order to service. So this is an issue now, that didn't stop Mike Johnson, by the way, from going on NBC's Meet the Press over the weekend to just brazenly lie to the American people about what the bill actually does. Take a look. [00:03:58] Remember in the first Trump administration, the 2017 Tax Cuts and Jobs Act, the CBO was off in its estimates of that one by $1.5 trillion. Okay. Because they underestimated the incredible growth that would be brought about. This is going to be jet fuel. The reason we call it the big beautiful bill is because it is [00:04:14] a tremendous pro-growth package entwined in this legislation that is going to make everybody's incomes go up. There's going to be more job opportunity. It is worth noting that some budget experts say that in 2017, actually, the CBO was pretty right when you adjusted for inflation. [00:04:31] But let me read you something that you said back in 2021 about the CBO. This was in relation to a Democratic bill. You said the CBO has confirmed this bill adds nearly $400 billion to the deficit, contrary to the White House's claim that the bill is paid for. [00:04:48] So do you only believe the CBO when a Democrat is president, Mr. Speaker. No, this is very easy to explain. The CBO sometimes gets projections correct, but they're always off every single time. When they project economic growth. [00:05:04] They always underestimate the growth that will be brought about by tax cuts and reduction in regulations. Let's talk about economic growth briefly, because there's a little trick that Republicans like House speaker Mike Johnson play. Economic growth. For whom? [00:05:21] Because an increase in the gross domestic product, the GDP, doesn't necessarily mean that that economic growth is benefiting American workers. The same bill, the big beautiful bill, has a provision included that prevents states from regulating artificial intelligence. [00:05:38] And we already know artificial intelligence is going to be a disruptor in the job market. Many people are very likely going to lose their jobs as a result of AI replacing them. States aren't going to have the ability to do anything to mitigate that damage, because this bill includes a provision preventing them from doing so. [00:05:57] So while he talks about, oh, this is going to create so many new jobs, is it though. And these new jobs could be employed through AI technology. Yeah. So let's start to break it down. First of all I hate that it's called a big beautiful bill. [00:06:13] That's so dumb. It's almost like defund the police. It's like nails on a chalkboard for me. Why is it beautiful? Oh, because it cuts taxes on the rich. Wow, that's so beautiful. Well, Elon Musk agrees with you, and and he wrote just today. I'm sorry, but I just can't stand it anymore. [00:06:30] The massive, outrageous, pork filled congressional spending bill is a disgusting abomination. Shame on those who voted for it. You know you did wrong. You know it. And he even went as far as to call for every Republican who votes for the bill to be primaried, saying In November next year we fire all politicians [00:06:49] who betrayed the American people. And I'm going to give you. Johnson's response to all of this in just a minute. But, Jake, why don't you weigh in? So there's one there's two very positive things happening here. Number one, they're recognizing that it adds money to the debt. [00:07:05] Oh thank God. So Republicans have been lying my whole life about oh no. When we seem to create $4 trillion, 2 trillion, $5 trillion in extra deficits and debts, it doesn't really count. [00:07:20] Later there will be a Laffer curve where all the rich will laugh at you and pretend that more money came in later. Ha ha ha. And now there's a bunch of Republicans Rand Paul, Ron Johnson, Elon Musk, etc. Going, no, it's actually going to add 4 to $5 trillion to the debt. [00:07:36] So now there's a huge caveat to that in their point of view. Right. But at least they're acknowledging that. And that is breaking the gaslighting. And it's super important because then it's one thing when the left says, hey, this adds 4 trillion to the debt. [00:07:53] You know, a lot of no MAGA believes that if the left says it, and, and some independents believe it and some independents don't. But even when other Republicans and other folks on that team like Elon Musk said, then almost all the independents go, oh, okay, I guess so. [00:08:08] It is true. They are adding three at a minimum 3.8 trillion to the debt. So that's huge. Number two. Good thing is they're fighting and it's not like a fake fight like they've had in the past with like oh golly gee, the Tea Party would like you to be more conservative. [00:08:23] Oh no. Republicans don't want more tax cuts for the rich. Well golly gee, we agreed on more. No, it's not one of those okay. They're actually fighting. And so that's positive because, at least one side is showing some of the ugly parts of this agenda. Right. So now, okay. Where's the giant caveat? [00:08:42] They still don't get them wrong. Don't get into any of this twisted All of the Republican leaders still are in La La Land, where they think they're going to find $4 trillion in spending cuts like they don't none of them have talked about. [00:08:58] They talked about, not doing the giant tax cuts for the rich, except Ron Johnson, miraculously. Right. And we covered that on an earlier show. But outside of that, they're like, yeah, man, we're gonna fight spending. No, Jake, you're being way, way, way, way, way too generous. [00:09:14] No, they don't actually believe they're going to find $4 trillion in savings. They don't believe it. They never believed it. They never intended to balance the budget. Balancing the budget has never been a priority for either party. I'm just going to be honest with you about that. [00:09:29] And that, yes, that includes Republicans who tend to pretend that they care about the deficit and the federal debt the most. I think that there are voters who are concerned about the deficit, who are worried about the $36 trillion debt, especially considering the fact that we're now spending $1 trillion a year to service it. [00:09:46] That is a problem. But hold on. They just want their tax cuts. They want to do a favor for their donors. This is what their donors want. And let's not forget, a lot of these members of Congress are very wealthy themselves. They want a little bit of a tax break as well. I don't believe for a second that they actually think they're going [00:10:03] to find $4 trillion in savings. No, no. That's why I want to be very clear. So there's two teams here Team Trump and Team Elon. Right. So Team Trump is actually old school uniparty establishment politics in this case. In this case. Yes. Right. In this case they're like hey you know what they're doing. [00:10:19] Exactly what Anna said. Oh it's magic. We'll do 4 trillion in tax cuts mainly going to the wealthy. We won't cut any spending. We'll add spending to the Pentagon and to other places where you wanted to cut. And we'll just cut from the poor Medicaid and, you know, and [00:10:36] and that won't be anywhere near enough because we're going to gorge on tax cuts. So that is classic Republican uniparty party establishment strategy. Now you go over to Team Ilan with Rand Paul and the others, right. That team is now saying, okay, everyone else is right. [00:10:54] The CBO is right. Yes, it does add 4 trillion to the deficit. Okay. So that's a huge admission that the Republicans never do. Right. But Anna, they're still that's the team that's pretending there's 4 trillion in spending cuts. And let's not because none of them, literally none of them say other than Ron [00:11:12] Johnson once said it and I bet he takes it back, are saying maybe we shouldn't do gigantic tax cuts for the rich. Correct. Okay, then I agree with your analysis 100%, because I don't want anyone to make the mistake of thinking Elon's the good guy here, because. [00:11:28] While. While Elon is correct in noting that this adds to our federal debt, he is correct about that. His priority is not to balance the budget by doing away with the unfairness of our of the tax policy that's included, [00:11:44] which again leads to less revenue for the federal government because of the major tax breaks that, again, disproportionately benefit the rich. Now, I want to be fair. And also note, you know, Trump is trying to make good on his promise of no tax on tips. [00:12:00] And based on reporting, the provision related to that would basically allow those in the service industry to earn up to $25,000 in tips that will not be taxed, [00:12:15] which is pretty huge. $25,000 is huge. - There's a there's a chance that. - They might take that out, though. - Let's keep it. - Real. No, no, no, that's exactly what I'm getting to. There's a chance that Team Elon is worse than Team Trump. So right now they look better because they're at least acknowledging, [00:12:32] yes, we are adding 4 trillion to the debt. Right. And so that's a huge moment. But probably what they'll do in the Senate. What are they going to take out? Something for the rich? - No chance. - There's 0%. Those are the. Donors. 0%. Ellen and Rand Paul, all those. Every one of those guys work for the donors or are donors and are stupid rich. [00:12:50] And they're like, no way. The most important thing is tax cuts for billionaires. Right. Number one priority always for every single Republican of my lifetime. Period. Okay. So they're never going to change that. So what they'll likely do is go, well there is too much spending and cut cuts. [00:13:07] So we're going to have to take out the tax cut on tips and overtime. - I would. - Not be. Surprised. I honestly wouldn't be. So let's keep a close eye on that, because that'll show you what the real priorities are, not just for Elon Musk, for the Republican Party as well. Now, in response to these criticisms coming from Elon Musk, Mike Johnson [00:13:27] was actually responding to Musk's comments in the video that we showed you at the very top of this segment. But here's where things get interesting, because Johnson also accused Musk of acting out of self-interest. Wow. Shocking. [00:13:43] Not like Mike Johnson, by the way, is acting out of self-interest. Or anyone else in Congress is acting out of self-interest. I want to go to the video and then get your response. Okay. Take a look. I've said this many times. I'll be saying it until we get this thing over the line. This is the most amount of money that any government has ever saved on planet Earth [00:13:59] in a piece of legislation, ever. It's a very important first start. Elon is missing it. Okay. And it's not personal. I know that the the EV mandate is very important to him. That is going away because the government should not be subsidizing these things as part of the Green New Deal. [00:14:15] And I know that has an effect on his business, and I lament that. We talked about the ramp down period on that and how that should be duly considered by Congress. But for him to come out and pan the whole bill is is, to me, just very disappointing, very surprising. In light of the conversation I had with him yesterday. [00:14:31] Do you think that's Tesla's. What's driving this? Is that what you're suggesting? I'm going to let others draw their own conclusions about that. But this is not personal between any of us. I just I just deeply regret that he's made this this mistake. Look at this little gangster over here, right? [00:14:47] Like, hey, Elon, we know those, federal tax subsidies for EVs mean a lot to you. Be a real shame if something happened to that provision, right? And guess what? He said EV mandate. What he was referring to were the tax subsidies for those who buy EVs. [00:15:05] And apparently, it was something that started in the Obama administration. The federal government had offered Americans $7,500 in tax credits on electric vehicles, and that tax credit was originally going to expire in 2032. [00:15:21] But the big, beautiful bill includes a provision that changes the expiration date of that provision to the end of this year. So that is a huge blow to Tesla and electric vehicles. So now let's break it down. Look, this is why it's important that you watch an honest show [00:15:36] so we can tell you who's lying and who's telling the truth about different things. Okay. By the way, Democrats included, of course, is, as you all know, in this case, though, this is why the fight is good. Because now Elon Musk and Rand Paul said something true about Team Trump, [00:15:53] which is they're going to have at least 4 trillion, maybe 5 trillion to the debt. Right now, Ron Johnson is saying something true about Elon Musk. He's saying, well, he is a donor. And apparently he you know, he's that's between the lines, right? But we took away his tax credit. [00:16:09] - So now he's mad. - And they added a fee to EVs. Yeah. Yeah. So that is true. That is. So Speaker Johnson is correct about that. They did do that. That is a provision in the bill. And I'm positive that Elon Musk is furious about it. [00:16:26] Right. So when you see Elon Musk going off on the bill, is it partly out of self-interest, as Mike Johnson is saying they're absolutely. - Definitely. - Absolutely. He wanted more goodies, more breaks, which, by the way, would have added even more to the deficit. Right. So. And that makes sense. That's what donors always want. [00:16:43] They always want to rob the taxpayer for their own benefit. That is 90% of the reason why donors, especially corporate donors, give money to politicians, period. Right. So you see how good the fight is because it's revealing. Not to us we already know, but to the right wing base. [00:16:59] Hey, maybe Elon is acting out of self-interest. Hey, maybe this is going to add 4 trillion to the debt. Now let's go to what is the correct answer, what the American people want but have no chance of receiving. So when I talk to MAGA about this, when I get to, hey, what are we [00:17:15] giving extra tax cuts to the rich for? They hate it. They don't agree with me, right? They're like, no, we need tax cuts and the rich need to get it the most. Okay? And later, I swear they told me they're going to give me a job and it's going to pay really well like 10 or 20 years from now, and they promised to trickle on me. [00:17:34] And I am waiting for that trickle. Right? By the way, you guys know that you could actually just give it to the middle class instead. I know that's never occurred. That thought has never occurred to a Republican politician or to anyone in right wing media. And that is why right wing voters don't know. You could actually do economics called middle out, which where you give things [00:17:54] to the middle class and they spend money and create a virtuous cycle in the economy, which is much, much more likely. Instead, we're going with the dumb ass plan of giving everything to the top and go, well, yeah, they'll hoard most of it. Isn't that good? [00:18:09] Isn't it good when rich people hoard the money and don't use it to stimulate the economy like working class people would? Of course it's not good, but every liar in media pretends that that's a real idea. Every liar in politics pretends that's a real idea. No trickle down economics. Supply side economics is a joke. [00:18:26] It's literally never worked in my lifetime. It's just a shady excuse to give more money to the rich, because they're the ones who donated to the politicians now. So MAGA is totally unconvinced about the point that I just made hardcore MAGA. But but they make the same mistake that, like Biden and Kamala Harris [00:18:45] supporters made, which is, oh my God, Queen Latifah endorsed Kamala Harris. So we're going to win because I really like Queen Latifah and I really like Kamala Harris. Oh, I think Joe Biden's young. So everybody thinks Joe Biden is young. And in this case, they think, well, I want tax cuts for the rich. So I'm sure the country wants tax cuts for the rich. [00:19:02] No they don't. Including Republican voters. 76% of Americans say raise taxes on the rich. Raise taxes. Don't cut them. Bring them up, not down. Three quarters of Americans believe that. [00:19:19] But do you ever see that in American media? - I don't. - Never. Never. Why? Everyone in TV is spectacularly wealthy. And that's the very last thing they're going to tell you is that the American people want to raise our taxes. They're not going to ever say that. [00:19:35] And so are they actually cutting the taxes for the rich guys? I'll give you one stat. We've given you many before, but I'll give you one today. People making above $500,000 are going to get a $1.7 trillion tax cut. [00:19:51] Why? Why do people making above half $1 million a year need an extra 1.7 trillion? It's like is the middle class is okay. The poor are okay. In America. Everybody else is totally fine. But we have to go out of our way to give another couple of trillion dollars [00:20:09] to the very, very, very top. Why? And of course, the answer is because almost everyone in Congress got bribed. And finally, the last part of this is at the very end of this drama is when the Democrats appear, okay? And at the end they come into Congress all singing together, arms locked together. [00:20:29] Going. There was nothing we could do. There was nothing we could do. I mean, in this case, there really isn't much they can do. You know, they don't hold a majority in either chamber. Yes, I agree that even if they did hold majorities in either chamber, they would. [00:20:45] That's when they would claim there's nothing we can do when there clearly is. So no, but I hear you, I hear you. And they really don't have the votes. - Okay. - I love beating up on Democrats. But in this case, I think it's a little unfair. No it's not. - Every single. - Democrat. Voted against the bill. Well, the Democrats who showed up voted. [00:21:00] If they needed the votes, I guarantee you they would have found corporate Democrats to get those votes, I guarantee it. Why? I've seen this movie 100 times. I've been covering politics for a quarter of a century. Every single time the Republicans go no won't add to the deficit, as we're now at $37 trillion in the deficit. [00:21:16] And every single time Democrats go, oh, we are going to vote against it. It is terrible. Oh, look at that. A couple of people flipped over or they didn't need it and there was nothing we could do. There was nothing we could do. And so, Anna, what can they do? Just real quick? You could fight them rhetorically. They could. [00:21:32] Should be an army of Democrats on the air now going. What are you giving, 1.7 trillion to the rich for? No. Hakeem Jeffries is on it. Okay. He told him already. Like you're going to find out. They're going to find out. That's hilarious. But you see what I'm saying? [00:21:47] Whether it's that stat or any other stat or fact right now, it should be in every American's heads, 1.7 trillion, 1.7 trillion to the rich, 1.7 trillion to the rich. So whenever they think of the so-called big beautiful bill, they think, oh, that's 1.7 trillion to the rich, right? [00:22:02] How many Democrats are making that point? Well, no, I'm just going to say zero. No, but Bernie makes that point. AOC these days makes that point. So a couple of them, a couple of progressive populists do. Right? But the rest of them are like, I can't wait for my donors to get those tax cuts. I mean, Trump bad. [00:22:18] Every time you ring the bell below, an angel gets his wings. Totally not true. But it does keep you updated on our live shows.