Power Lunch - Trump lauds Elon Musk and DOGE at White House farewell 5/30/25

Episode Date: May 30, 2025

President Trump on Friday hosted a press event to celebrate Elon Musk, as the Tesla CEO concludes his official government service after four turbulent months leading the so-called Department of Government Efficiency. We’ll cover all of the angles for you. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Mr. Trump? Government's a little bit nasty, Peter, you haven't noticed that. You've had a charmed life, right? You tell me. Very charmed. I think you've had a charm life. I think what I'll do, you don't mind, numbers have just come out, which are rather extraordinary, and I thought I'd play a tape of one of the people who I've respected over the years,

from, you know, Joe Kiernan and Rick Santelli. This just came out, and we'll just play that for a second. Personal income is up eight-tenth, up eight-tenth. up eight tenths of a percent. That is almost triple the expectations. Yeah, I'll tell you, the income, the income numbers, really for the first four months of the year, they're stellar. They're really stellar. I mean, I could go back and look at the first four months of many different years, really very strong numbers, and you're right. This administration is criticized for just about everything under the sun. I've never, ever, in my lifetime, had glimpses

into the politics of an administration into form of transparency like this one. Why don't we be, you know, give credit where credit is due. I also. Income really shooting. Rick, I also thought everybody was going to get one last order of imports that were going to be tariffed and they were loading up on things. How the hell did the, how did they already fix the trade, or not fix it, but to cut it in half, that's crazy.

So there wasn't a lot of front load. of things that they needed before the tariffs hit? Yeah, I'll tell you what, it really does calling the question some of the conventional wisdoms. And, you know, it's going to be interesting to see what happens next month when we get this number or we see some of the other numbers like current accounts, see how they faired. Because I don't know, I've been watching these numbers a long time. I don't think I've ever seen the trade deficit cut in half of one month. Not bad.

Not bad. Come on, guys. I see Howard and Scott are here, so it's great. You guys want to stand over here. You might as well. You're the ones that help produce those numbers, and it'll only get better. The tariffs are so important, and that's why we were so happy with a decision yesterday where the tariffs continue, because without the tariffs, our nation would be imperiled.

We would really be imperiled. I think I can say that with great charity, Scott and Howard. And so we were very happy to get that decision, that big decision yesterday. And today it's about a man named Elon, and he's one of the greatest business leaders and innovators the world has ever produced. He stepped forward to put his very great talents into the service of our nation, and we appreciate it. And I just want to say that Elon has worked tirelessly helping lead the most sweeping and consequential

government reform program in generations. And you know the kinds of things that he's found. as people have found. He's brought a group of very smart people in, and they found things that are pretty unbelievable. I have to say that the numbers that we're talking about are substantial, but they're going to be very much more substantial with time, because many of the things that we're working on right now, we're going to have to remember Elon as we find them, but the numbers could double and triple, because many, many things, we don't want to go out with them until we're sure, but we've found things that are unbelievably stupid and unbelievably bad.

With the Department of Government Efficiency, Elon delivered a colossal change in the old ways of doing business in Washington. Doge has installed geniuses with an engineering mindset and unbelievably talented people and computers. I actually asked Elon one time, what's their primary thing? And they have a lot of primary things, all having to do with being smart. but he said the thing that they're really the best at is working with computers so that they can't be outsmarted by somebody that's not so honest

that happens to also be good with computers but not as good as these people. But the mindset and the senior ranks of every federal department and it's really changed. And with Elon's guidance, they're helping to detect fraud slash waste and modernize broken and outdated systems. So as you know, we're talking about various systems and changing systems. And, you know, sadly, it takes a long time to do that. You'll change, let's say, a system at IRS and computerize it properly where the job can be done in one-tenth of time.

But it takes sometimes years to rebuild those systems. But we've started, in many cases we've started. I will say that this has less to do with Elon, but the air traffic control systems, we're bidding out to the best companies in the world, those systems right now. They were horrible. The previous administration was horrible what they did. They spent billions and billions of dollars, and in the end, it didn't even come close to working. They tried to hook up wire to copper, and it can't be done.

And they just spent billions of dollars and just wasted money. Actually made the system much worse. So we're going to get a brand new modern system. Congress is working with us on that, and we're going to get it done as quickly as we can. But it's in the works. And once it's done, it'll be good for 30 years. But we have a system that's 48 years old and would have a modern computer hooked into a very outdated computer.

And they don't hook up. I mean, they didn't hook up. So after spending billions of dollars, they turned on the system. And in never any cases, from local to countrywide, they never worked. More than 75,000 bureaucrats have voluntarily left their taxpayer-funded jobs to come out and really do the job. Countless wasteful and unnecessary contracts have been terminated.

And you know that we have terminated many, many contracts. And many contracts, Elon, are right now being looked at. And it may be six months, it may be almost a year in some cases. We're going through procedures. We're going through courts. And we'll remember you as we announce billions of dollars of extra waste fraud. and abuse. Just as an example, Doge canceled $101 million for DEI contracts at the Department

of Education, $101 million, and that was just a small section of the Department of Education, $59 million for illegal alien hotel rooms in New York City. And the landlord never made the kind of money that he made in the last short period of time. $59 million to a hotel in New York City, $45 million for divest. diversity, equity, and inclusion, scholarships in Burma. In Burma, does anyone know about Burma? $42 million for social and behavioral change in Uganda. $40 million to improve the social and economic inclusion of sedentary migrants.

I can say it's $2 billion to Stacey Abrams and her environmental movement. There was $100 in the account, and all of a sudden they found $2 billion in the the account and I assume that's being looked at I don't know I'm not sure but I assume that's being looked at to think of that two billion dollars and then Lee will tell you there's another one over there for 20 billion dollars being spent on another environmental 20 billion not 20 million a lot not 200,000 which is a lot so think of it in her case you have a hundred dollars and now all of a sudden she gets hit with an infusion of two billion just before I take office.

$20 million for Arab Sesame Street in the Middle East. Nobody knows what that's all about. Nobody's been able to find it. $8 million for making mice transgender. So they spent $8 million on making mice transgender. And those are better than many of the others. I could sit here all day and read things just like that, but we have other things to do.

So it's much, much more than just that. We're totally committed to making the doge cuts permanent and stopping much more of the waste in the months that come. We want to get our great big, beautiful bill finished and done after that. We're going to be, we put some of this into the bill, but most of it's going to come later. We're going to have it coterized by Congress, affirmed by Congress. In some cases, we'll make cuts. In some cases, we'll just use it in a different layer to save the money. but it's hundreds of billions of dollars.

Doge has also fully modernized the federal retirement process and continues to work very hard on the IRS modernization. But we're taking that over with Doge. Many of the Doge people, Elon, are staying behind too, so they're not leaving. And Elon's really not leaving. He's going to be back and forth, I think. I have a feeling.

It's his baby, and I think he's going to be doing a lot of things. But Elon's service to America has been without comparison. and in modern history is already running one of the most innovative car companies in the world. You look at his factories and compare them with some of the old factories we have, and it's a big difference in the most successful space company. And I guess in history, you would have to say, the largest free speech platform on the Internet, etc. Yet Elon willingly, with all of the success, he willingly accepted the outrageous abuse and slander and lies and attacks because he does love our country.

I know that very much. He loves our country. He comes from another country, country that's going through trials and tribulations, I would say. But he's all about the USA, and Americans owe him a great debt of gratitude. So I just want to thank Elon for his time as a special government employee.

Can you imagine? He called him an employee, but it's a special government employee and for coming and helping us, and he really has changed the mindset of a lot of people. A lot of people thought, you know, maybe we'll cut 1% or 2% or 3%. Then they said, well, we can cut a lot more than that. And we're going to do it very surgically. We're going to continue on the march.

We're making America great again when I was in Saudi Arabia. And we were in, as you know, three really great countries predominantly the three Qatar was great. UAE was great. Saudi Arabia. Incredible. Like such an incredible experience to be in those three countries. But the crown prince of Saudi Arabia, and I must tell you, the great leaders of the other two that we just mentioned, they all said the same thing that the United States is the hottest country right now,

anywhere in the world. And six months ago, we thought it was dead. It was like a dead country. And it would have been a dead country if we didn't have. the right result on November 5th. There would have been a horrible, horrible situation was going on with the borders, with transgender for everyone, men playing in women's sports and so much more. But they were saying the hottest country anywhere in the world. And then I played that little clip because that was one person who's respected, but two people, because Joe was in that one too,

which I was a good man. But that was one group of people saying something about, the success of what we've done over the last four months, they cannot believe it. In the one case, they said they've never seen anything like it as long as they've been doing what they've been doing it for a long time. So I just, I want to thank Elon for helping. And again, you know, the United States right now is the hottest country anywhere in the world. There's no country is hot. And we're doing really well where we came, when I left, we had no wars, we had no problems, We defeated ISIS. We rebuilt our military.

And we had no inflation. And when I came back, we had a lot of inflation. We had wars all over the place. We had the embarrassment in Afghanistan, where we gave up billions and billions of dollars of military equipment, the most embarrassing moment in the history of our country, I believe. I believe that strongly.

We have Russia with Ukraine. We had the attack on Israel in October, the horrible attack, October 7th, horrible, horrible attack. Nobody's ever seen anything like it. And now we have something where we're really healing a lot of that. We stopped India and Pakistan from fighting. I believe that could have turned out into a nuclear disaster. And I want to thank the leaders of India, the leaders of Pakistan.

And I want to thank my people also. We talk trade. And we said, we can't trade with people. that are shooting at each other and potentially using nuclear weapons. And they're great leaders in those countries, and they understood and they agreed. And that all stopped, and we're stopping others from fighting also, because ultimately we can fight better than anybody.

We have the greatest military in the world. We have the greatest leaders in the world. We put one of them in charge of the Joint Chiefs of Staff, as you know, General Raisin-Kane. And we wiped out ISIS, completely wiped out ISIS in three weeks. They said it would take five years, and we did it in three weeks. And that's the way it is, but we don't want to have to use our military. We want to be peace through strength when we can.

And that's the way we're going to have it. So I just want to thank Elon and all of his people. Most of those people are staying. Almost all of them are staying, and they're going to be with us. And you're going to see the results coming long into the future, even a year and two years later. You're going to see a lot of the results in those hundreds of billions of dollars are going to be adding up and they're going to continue to add. It'll be really interesting to see what the final number is going to be. But again, Elon gave an incredible service.

Nobody like him. And he had to go through the slings and the arrows, which is a shame because he's an incredible patriot. The good news is that 90% of the country knows that and they appreciate it and they really appreciate what he, did and I gave a little special something we have here. Thank you. A very special that I give to very special people. I have given it to some, but it goes to very special people and I thought I'd give it to Elon as a presentation from our country.

Thank you, Elon. Thank you. Thank you. The lock and this is amazing. Large luck. Well, let me say perhaps a few words, that this is not, this is not the end of Doge, but really the beginning. My time as a special government employee necessarily had to end. It was a limited time thing, it's 134 days I believe, which

ends in a few days. So that, you know, it comes with a time of it. But the Doge team will only grow stronger over time. The Doge influence will only grow stronger. It's like it to sort of bosom of Buddhism. It's like a way of life. So it is permeating throughout the government. And I'm confident that over time, time we'll see a trillion dollars of savings and a reduction in a trillion dollars of waste of forward reduction the calculations of the dose of those those team thus far in terms of an FY 25 to FY 26 delta are over 160 billion and that's climbing I would expect that probably that number will probably go over 200 billion soon so I think the Doge team is

doing an incredible job they're going to continue doing to doing an incredible job and and I'll be, and I'll continue to be visiting here and be a friend and advisor to the president, and I look forward to, you know, times being back in this amazing room. By the way, isn't this incredible? Like this incredible, I mean, it's stunning, I think. The way that the Oval Office, the House, the President has just completely redone the Oval Office. It's beautiful. I love the gold on the ceiling.

Thank you. It's pretty nice. Yeah. That's been there a long time that was plastered. Nobody ever really saw it. They didn't know the eagle was up there. We highlighted it's a, essentially it's a landmark, a great landmark, and that's 24-carat gold, and everybody loved it, and now they all see it when they come in, so it's been good.

The Oval Office has, you know, finally has the majesty that it deserves thanks to the president. So I look forward to continuing to be a friend and advisor to the president, continuing to support Doge team and and we are relentlessly pursuing a trillion dollars in waste and for reductions which will benefit the American taxpayer so that's that's it really thank you mr. president thank you thank you president Trump the president mentioned that you had to deal with all the slings and arrows during your time at Doge there's this one of the people you know

some of the media reperquisitions in this room were the singers. Well, so there is a New York Times report today that accuses you of blurring the line between... The New York Times, is that the same publication that got a Pulitzer Prize for false reporting on the Russia Gate? Is it the same organization? I got to check my Pulitzer counter. I think it is.

I think the judge just ruled against New York Times for their lies about the Russia Gate hoax, And that they might have to give back that fluid surprise. That New York Times, let's move on. OK. That's question. I got one for President Trump. President Trump, Biden aides who used to work here are in talks with Republicans in Congress to go

and testify about what they did or didn't do to possibly conceal President Biden's decline. Do you think that Dr. Jill Biden should also have to come in and testify about what she or didn't do? Well, I hate the concept of it. It's the wife of a man who was going through a lot of problems, and everybody that dealt with them understood that.

And I guess it came out during the debate loud and clear. That was the biggest signal of all. They have to do what's right. The country was a lot of dishonesty in the election, as you know, 2020. That's been now caught. People understand it. It was a rigged election.

And when you go further out, when you see the auto pen, I mean, I think the auto pen is going to become one of the great scandals of all time because you have somebody operating it or a number of people operating. Because I knew Joe Biden. Joe Biden wasn't in favor of opening up orders, letting 21 million people into this from prisons and mental institutions and gang members. He wasn't into that at all. And, you know, who signed these orders, proclamations and all of the different things that he signed that set our country's story? far back that was so bad for our country. With the auto pen, how would it work? Like we're in the Oval Office right now.

If there was a group of rogue staffers that worked for you who wanted to advance a bill or an executive order without your knowledge, how could they do it? How do they go behind a president's back? I'd read your newspapers or your media the next day and I'd say, well, I didn't approve that and I would find it. I mean, they wouldn't get away with it for long because I'd say, I never signed that. Who to hell signed that? Autopens, to me, are used to sign letters to people,

because we get, I think they said, 20,000 letters a week. And you like to be able, when somebody takes the time to write a letter, it's nice to sort of write back. And autopens are meant for that. Autopens are not meant to sign major proclamations or tax cuts or borders, anything having to do with the border, which is so important. And if it happened on my watch,

I would be able to see it, because the next next day or sooner, I'd be reading about something that I knew nothing about and who the hell signed this. So I almost never used the auto pen. In fact, yesterday I was signing about 81, I think it was 81 proclamations and statements to people that I think should be signed by us. I think when you write letters to foreign dignitaries or presidents or prime ministers, you should be signing those letters, not done with autopens. I understand he signed almost everything with an auto pen. It's a very dangerous thing.

It really means you're not president. Whoever operated the auto pen, and we think we know who that is, and it was actually more than one person, but that's not what the presidency is all about. I hardly used to know. On the state, the tariffs on China. You said that they violated the agreement with the U.S. Well, they did. They violated a big part of the agreement we made.

If you read that, all statement, I was very nice to them. I helped them because they were in trouble with the stoppage of a massive amount of business. But I'm sure that I'll speak to President Xi, and hopefully we'll work that out. But, yeah, there's a violation of the agreement. Yes, Mr. President. Can you give us an update to the latest ceasefire agreement that Israel has agreed to, but Hamas still considering? Well, they're very close to an agreement on Gaza, and we'll let you know about it during the day or maybe tomorrow, and we have a chance of that. And I think we have a chance of making a deal with Iran also.

They don't want to be blown up. They would rather make a deal. And I think that could happen in the not too distant future. That would be a great thing. If we could have a deal without bombs being dropped all over the Middle East, that would be a very good thing. They can't have any good one. We want them to be safe. If we want them to have a very, very successful nation, let it be a great nation, but we can't have that they cannot have a nuclear weapons.

It's very simple. And I think we're fairly close to a deal with Iran. Mr. Ross, I asked my question for you on. Yeah, please. You said just now that you look forward to being a friend and advisor to the president. So do you expect to continue advising the president and Doge informally, or are you going to sort of shift your focus entirely to your companies? Well, I expect to continue to provide advice whenever the President would like advice. I hope so.

I mean, yeah, I expect to remain a friend and an advisor. And certainly if there's anything the President wants me to do, I'm at the President's service. Mr. Marshall, Mr. Marshall, you said that there was a trillion dollar promise for cuts from Doge. Yes, I think we do expect over time to achieve the trillion dollars. But what have you found in your time here? was the biggest roadblock to getting those cuts.

Was it the cabinet or was it Congress or something else? What was the biggest roadblock from your work? It's mostly just a lot of hard work. It's really not any one personal Congress. It's going through really millions of line items and saying just each one of them makes sense or does it not make sense. Obviously at times when you cut expenses, those who are receiving the money,

whether they're receiving that money legitimately or not, they do complain. And you're not going to hear someone confessing that they receive money inappropriately. Never. They're going to always say that they received money appropriately for an important course, naturally. That's what you'd expect.

But so we just have to, it's a, it's just a lot of work going through the vast expenses of the federal government and just really asking questions. What's this money for? Are you sure it's actually being used well? Many times we can't even find anyone through defense. So for a lot of the expenses, there's actually no defender at all. And then we have to just go work through the process of stopping the spending,

where there's often literally no defender. Nobody even knows why the money is being spent. It's truly absurd. I mean, we find situations where there are millions of software licenses where with zero people using them. Zero. Exactly. This is the quizzical expression.

Surely if there's a million software licenses, someone should be using it. No, and then we've got to go through the process of saying, okay, look, if no one's using the software, we can terminate this software license agreement. That's everywhere in the government, by the way. Mr. Moss, what do you think would be easier, colonizing Mars or making the government efficient? It's a tough coal, but I think colonizing Moss and making life multi-tenituary is hotter. And as I said, we do expect to achieve over time the $20,000 of savings. We can't do it in like a few months.

But if you say by the, I think the official end of doors, the president may choose to extend, is the middle of next year. Say by the middle of next year, with the support of the president and Congress, could we achieve $20 million of savings? I think so. We're on track to do so. Do you have faith that Congress is? Mr. House, Mr. President.

Thank you, Mr. President. You had mentioned earlier in the week that Doge had become a whipping boy. And as the president mentioned, you went through a lot to go through this process. Was it worth it for you and what would you change? Yes. So what we found was happening was that if there were any cuts anywhere, then people would assume that was done by Doge. And so we became like the essentially the Doge Bougain where if, you know, any cut anywhere would be ascribed to Doge.

You know, a friend of mine's daughter who's at law school Georgetown thought that Doge had cut the Senate, you know, the internships for the legal internships for the Senate. And we have nothing to do with that. So if they have been cut, it's not to do with us, just as an example. So, you know, it just became a bit ridiculous where anything, any cut anywhere was Sam Ha Doge. Yet including things that made no sense.

And we would agree, made it. no sense. So there are many things that occur in the government because it's the banal evil of bureaucracy. It's sort of the frankly largely uncaring nature of bureaucracy. As the Great Milton Breedman said, money is spent most poorly when it is someone else's money being spent on people you don't know. And that's how federal spending is. And then you can't really even blame the individuals because the way the government works is complaint minimization. So when you do try to, when someone within the government tries to stop that money being spent, there's usually someone that complains. And then their manager will say it's not worth the trouble.

Just pay it anyway. That happens over and over again. So was it. Mr. Michael. I think it was an important thing. I think it was a necessary thing and I think it will have a good effect in the future. in the future. Thank you, President Trump. This week there was a video on board a plane that showed the First Lady of France slapping her husband, Emmanuel Macron. Do you have any

world leader to world leader marital advice? Make sure the door remains closed. That was not good. No, I spoke to him and he's fine, they're fine. They're two really good people. I know him very well. And I don't know what that was all about, but I know them very well, and they're fine. What do you think about the Democratic Party plan to avoid being swept in every battleground state again by spending $20 million to study how to speak to American men?

Well, you know, they spent 2.8 billion. We spent 1.5, we spent much less. We spent about half of what they spent. And at the end, they were $28 million short. They had to be, they spent $2.8 billion. It's a lot, but they couldn't get $28 million at the end, and now they want to spend. I read that, they want to spend money

to learn how to talk, that's fake. You don't want to be fake. You shouldn't have to hire consultants to say what America needs, because then they should be, the consultant should be running the deal, not them. But I read that they want to spend a lot of money in each state, so we want all seven swing states,

seven out of seven. We want a lot more than that. We won the popular vote. We want everything. And they want to spend money to find out what they did wrong. And I mean, I could tell you what they did wrong. I could tell you every one of their programs, when they say men playing in women's sports.

I would say that's not a winner. When they say transgender for everybody, I think that's not a winner. When they say open borders, so the entire world population of criminals can pour into our country, I don't think that's a winner. I mean, I can,

I just gave them that for free, but I don't know if they'll change their ways. I see them all the time. I see people that I know in Congress, Democrats, they're trying to justify some of the things I just said. You can't justify them. They're, you know, I always hear their 80, 20 issues. I say they're not 80, 20, they're 973. They might be 99 to 1.

They're not 80, 20. They wish they were 80, 20. And they're wasting a lot of money. They're going to continue with that nonsense. And this one's a little bit more of a page six question but back when he hosted the apprentice you mentioned once in 2012 that Diddy was a good friend of yours back then he has since found himself in some very serious legal trouble would you ever consider partnering him I well nobody's

asked you had to be the one to ask but nobody's asked but I know people are thinking about it I know they're thinking about it I think people have been very close to asking first of all I'd look at what's happening and I haven't been watching it too closely, although it's certainly getting a lot of coverage. I haven't seen him. I haven't spoken to him in years. He used to really like me a lot, but I think when I ran for politics, he sort of that relationship busted up from what I read. I don't know. He didn't tell me that, but I'd read some little bit nasty statements and the paper all of a sudden. You know, it's different. You become a much different person when you run for politics, and you do what's right.

I could do other things and I'm sure he'd like me and I'm sure other people would like me but it wouldn't be as good for our country. As we said, our country's doing really well because of what we're doing. So I can't, it's not a popularity contest. So I don't know, I would certainly look at the facts. If I think somebody was mistreated,

whether they like me or don't like me, it wouldn't have any impact on me. Mr. President, on the Big Beautiful bill, would you like to see the Senate build in some support for your tariffs on the Big Beautiful bill Or should that be a stand-alone bill? I have great support on the tariffs. I mean, I was so honored that we got that ridiculous stay lifted

because that would have taken away presidential power. It would have taken away everything that was granted by the founders. It would have been a terrible thing. And it would have, most importantly, it would have left us vulnerable. We have a lot of countries that use tariffs on us and use them viciously, actually, viciously. And if we didn't have the power to use tariffs on them and instantly, not when you go back to Congress.

Congress and try and get hundreds of people to agree on something that would take months to get just one simple proclamation. If we didn't have the power to counteract their powers, you wouldn't have a country left. We have to act fast. We have to be fast and nimble, as they say. And that was a really great moment, I think, yesterday when that stay was lifted. And hopefully now we'll go to court and just win that battle. Because if we don't have the power to do what they're doing to us. We are going to be a great nation no longer. Mr. President, Mr. President. Mr. President, Elon Musk was once idolized by folks on the left in this country before joining your administration. Now he's considered a hero by conservatives.

Why do you think this man, what he's done in American life, has been so politicized. Does it all that do with you? His life has been amazing. I mean, I look at so many different things. I look at, I look at that rocket being, you know, guided back into position. I've never seen that before. I thought it was a space movie. I thought it was a movie. You look at what he's done in terms of communication. It's been unbelievable. So many different, even tunnels going underground, not having to go through all the process of going, you know, he's got a company that does that. He's got so many different companies, Starlink, as an example. He saved a lot of lives, probably hundreds of lives in North Carolina. I don't even know if you remember, but they called you. They needed Starlink

in North Carolina. And I didn't know what the hell Starlink was. I said, what is it? Who owns it? He said, do you know Elon Musk? I said, you happen to know the gentleman. This was before his government stay. And they said, we really need it.

Because North Carolina was literally became an island. It was, people had no communication. They had no access to anything. And they were dying. And I called up Elon and you can't get it because it's so successful. It's very hard to get. And he had so much of it brought over

there and they told me it was unbelievable, but saved a lot of lives. So, you know, he's just done a lot of things. He, I don't think, frankly, I don't think he gets credit for what he's done. But he's, and he's a very good person, too. You know what? If he wasn't a good person, if he wasn't it, but he did the same things, you know, I'd probably maybe speak differently. He happens to be a really good person who loves the country.

Mr. Bollinger. One big, beautiful bill. You had indicated this week that there were some things you didn't like about what had passed in the house. What changes do you want to see the Senate make? And you had also indicated there were things you didn't like about the bill. What would you be suggesting he pushed senators to change in their version? Well, I'll tell you, I'll go first.

It's an unbelievable bill. It cuts your deficits. It cuts, you know, it's a huge cutting. But there's the things I'd like to see maybe cut a little bit more. I'd like to see a bigger cut in taxes. It's going to be the largest tax decrease or cut in the history of our country. I'd like to see it get down to an even lower number. I was shooting for a slightly lower number.

I would have liked to have done that. But with all of that being said, when you look at the tax cut and the fact that the original tax cut, which made us so successful. We had the most successful four years in the history of our country, the economy, and this is going to be even better. And you see that by the reports that came out

just yesterday or tonight. I guess they were released this morning at 8 o'clock. you see the kind of numbers where somebody that's a pro is like, whoa, I haven't seen numbers like this since I've been doing this. You know, these are human emotions of professionals that have never seen numbers like, and we've just started. The bill is a great bill.

It's gonna be jiggered around a little bit. It's gonna be negotiated with the Senate, with the House. But the end result is it extends the Trump tax cuts. If it doesn't get approved, you'll have a 68% tax increase. You're going to go up 68%. That's a number that nobody's ever heard of before. You'll have a massive tax increase. If it does get approved, you'll have a large tax cut, the largest we've ever had when you add the past tax cuts that we got you, the Trump tax. They call them the Trump tax cuts. It's an amazing bill. It does amazing things. With all of that,

it's going to be adjusted a little bit over the next coming weeks, and I think it's going to be passed. The Republicans want to pass it. With all of the great things it does, including an extension of debt, it's the extension. We have to extend the debt. If we don't extend debt, we're in default. Now, the Democrats might like our country to be in default,

but in 250 years we've never been in default. That was handed to them by a very well-meaning man that gave it to them because he thought it was the right thing to do. It could have been their problem. before the election. But this man thought it was the right thing to do, and he was well-meaning. I don't hold anything against him for that. But that was put on our plate when it should have been on the Democrats. September 28th, a famous date. It should have been taken care of by the Democrats. But this person, a man of power, gave it to us so that in June that comes due. Well, we have to

take care of that, because if we don't take care of it, we have a country in default, and we don't never want to have a country in default. You know, I'll tell you, a certain senator, Elizabeth Warren, said that she would never ever allow a default on our debt. She would never let it happen. And she would like to get rid of the debt ceiling, what's called the debt ceiling.

I call it the debt extension, because we really need an extension, that she'd like to see that gotten rid of. And there are many people that agree. Many Democrats agree with that. But we gave that through, and you know, I don't want to say an era, he did it well, meaning they gave that to us. It was a Democrat problem just before the election. Would have had a huge impact on the election. And to our benefit, we won anyway, but to our benefit.

But felt that really for the good of the country, we should extend that. But Elizabeth Warren and various other people would like to see that her whole career she wanted to see it. terminated, gotten rid of not being voted on every five years or ten years. And the reason was because it's so catastrophic for our country. And I always agreed with her. That was one thing I agreed with her on. Now, I haven't spoken to her, but I would say that if you asked her that question now, she'd say, no, no, it's their problem.

But it's a very unfortunate situation. It's a very unfair situation. And she happened to be right of that. It should be gotten rid of. Or it should simply be extended. But that's one of the things that gets taken care of in this bill. That automatically gets extended for a four-year period. And it should be.

But I agree with Elizabeth Warren on that. I think you should get rid of it. It's too catastrophic. Mr. Mr. Motton. Yeah, please, go ahead. What message do you like to send to international students? Are they still welcomed to study in the United States?

And one question for Mr. Musk. To students? Well, we want to have great students here. We just don't want students that are causing trouble. We want to have students. I want to have foreign students. I think Harvard, you know, it's close to 31%. That's a lot.

Our country's given $5 billion plus to Harvard over a short period of time. Nobody knew that. We found that out. I wouldn't say that was a Doge thing, but we found that out over a period of time. That was sort of a Trump thing. We ended up in litigation for other reasons,

because they're very anti-Semitic. And in finding out and in going through the books, we found out that they're the country gave them $5 billion plus, much more than that, actually. And we're having it out with them, and let's see what happens. I think we have a very good, well, it's a very sad case. It's a case we win. We can't lose that case because we have the right to make grants.

We're not going to make any grants like that. But I don't think Harvard's been acting very nicely. I think Colombia wants to get to the bottom of the problem. They've acted very well. And there are other institutions, too. They're acting. but Harvard's trying to be a big shot. And all that happens is every three days,

we find another $100 million that was given. Two days ago, we found $200 million more. The money's given to them like gravy. I'd like to see the money go to trade schools where people learn how to fix motors and engines, where people learn how to build rocket ships. Because, you know, somebody has to build those rocket ships. And I'd like to see trade schools set up

because you could take $5 billion plus hundreds of billions more, which is what's spent. And you could have the greatest trade school system anywhere in the world. And that's what we need to build his rockets and robots and things that he's doing and to build lots of other things. And, you know, I went to school with people. In some cases, they weren't good students, but they could fix the engine of a car better than anybody I've ever seen. They could take it apart blindfold. And they had an ability of that. And they did very well. They made a lot of money. You know, it's a very skilled job. It's great. But I'd like to see a lot of money going into trade schools.

I've always felt that. And we probably found our pot of gold, and that's what's been wasted at places like Harvard. And the money's been wasted. Yeah, places. Mr. Musk, is your eye okay? What happened to your eye? I know this was a blues thing.

Well, it wasn't anyone here in France. So, but I said. What does that mean? No. I didn't notice it. First lady of France. I didn't know. So, yeah, I was just hoarse around with the Llex,

and I said, go ahead, punch me in the face. And he did. It turns out even a five-year-old punching you in the face, actually. No, his ex it did? Yeah. Exced could do it. If you knew X, he could do it.

I saw his mom right now. But I didn't really feel much at the time, and I guess it bruises up. But I was just watching around with the kids. I didn't notice it, actually. I know that you tried to stay pretty neutral because not your war. But as you-

By the way, not my war, I just want to solve the problem for people. This was not a war that was gonna happen if I were present. Right, and so not your war, but as you try to fix it, and as you survey this hellscape of the Ukrainian front lines. It's horrible. And you guys, you and your team deal with a very stubborn Vladimir Putin.

Do you look- And Zelensky. But do you look at this conflict- Very stubborn Zelensky too. Any differently now? Like, do you look at this and see Putin as, the good guy or the bad guy? So I've known him very well

and I went through a lot of things with him because Russia was, you know, the Russia, Russia, Russia, Russia hoax turned out to be a total hoax. New York Times, they got a Pulitzer Prize they have to give back to Pulitzer Prize. That's my lawsuit and they're doing very poorly in that lawsuit but, you know, they wrote stories about how it was true and it was false and, you know, a lot of Washington Post also.

So I have gotten to see things that I was very surprised at, rockets being shot into cities like Kiev during a negotiation that I felt was maybe very close to ending. We were gonna solve a problem, and then all of a sudden rockets got shot into a couple of cities and people died. I saw things that I was surprised at. And I don't like being surprised at.

and I don't like being surprised. So I'm very disappointed in that way. With that being said, I'd like to see it end. 5,000 people, I think the numbers even more than that, but 5,000 people a week are being killed, mostly soldiers, but also people that live in little cities in towns throughout Ukraine. And I'd like to see that stop.

And I asked Caroline this yesterday, but I want to ask you directly, so many of the things that you're trying to do are held up in court right now. If the courts are going to have so much influence over U.S. policy, do you wish you would have just become a judge instead? Yeah, well, look, it wasn't meant to be that way. If you look at the founders, the president had certain powers, and you have your three groups, and they all had supposed to be equal, pretty equal powers.

But you can't have a judge in Boston running foreign policy in places all over the country because he's got a liberal bent or he's a radical left person. That's what the executive branch is for. You have checks and balances. But we had millions of people pour into our country. Many, many criminals poured into our country. Murderers, murderers, mental institutions from all over the world being emptied out into our country.

And if we don't get them out and get them out quickly, we're going to lose your country very easily. This is a bad that anybody would allow this to happen. to our country. You know, with all of the things, we took over inflation, we took over some wars, we took over a lot of problems that didn't exist when I was president. None of it existed. We wiped out ISIS. Other than that, we had no wars. Putin was never going to hit Ukraine. Israel would have never been attacked. That attack, as you know, Iran had no money. They didn't have money for Hamas. They didn't have money for Hezbollah. They had no money whatsoever. That

wasn't going to happen. All of these things that had. happened, weren't going to happen. You wouldn't have had inflation. So it's very sad when I came back, but the thing that is the hardest is that they allowed 21 million people into our country, and many of those people are stone cold criminals. They moved their criminal population into the United States. And of all the things that, you know, are bad, I solved inflation, I believe, already. I got the fuel prices down. The fuel prices came down. That's one of the reasons. They screwed up the energy. They screwed up the cost of gasoline and oil and gas. And you had tremendous inflation. The greatest inflation probably in the history of our country under Biden.

And when people said, oh, but the economy was, no, the economy was terrible for the people because they couldn't afford the energy. And the energy brought everything else up. Energy is the big deal. But with all of that, we solved that already in four months. we solved that $1.99 and $1.98 gasoline. First time people have seen that in a long time since my term. But the hardest thing to solve is millions of people pouring into our country, many of whom are criminals. Because remember, these countries are smart.

Their leaders are very street smart. They're sending the people that they don't want. They don't want the people that are there, that are law-abiding, that are productive, that are working hard. They want people that are in jails. We have them. They allow them to come in. And I always look to the other side,

like, why would somebody do something? In business, I'd try and study, why would they want to do this? Why would they want to sell it? Why would they want to buy it? One thing I can't figure out is what would an administration, what were they thinking when they allowed millions of people from prisons all over the world, not just from South America, Venezuela, all of them.

all over the world from the Congo in Africa, hundreds of people, thousands of people from the Congo, rough, rough prisoners from Asia, from Europe, rough parts of Europe. Why would they allow them to come into our country? Why would they do that? It's the one thing I can't figure out. And I don't believe it was Joe Biden.

I really don't. I mean, he's been a sort of a moderate person over his lifetime. I'm not a smart person, but somewhat vicious person, I will say. If you feel sorry for him, don't feel so sorry because he's vicious. What he did with his political opponent and all of the people that he heard, he heard a lot of people by, and so I really don't feel sorry for him. But he wasn't a person that would allow murderers to come into our country.

He wasn't a person that was in favor of transgender for anybody that wanted it. take kids out of families, et cetera, et cetera. So I just don't understand why a thing like this, how a thing like this could have been allowed to happen. Very sad. Mr. President. He's very sad, very sad for our country. President.

Mr. President. I'm sorry. Can I ask you back, I think the fundamental moral flaw of the left is empathy for the criminals and not empathy for the victims. Empathy for the criminals, but not empathy for the victims. And there's been way too much of that. That needs to stop.

To the President's point, there's been immense judicial overreach that is unconstitutional. That was never intended. And it's undermining the people's faith in the legal system. It needs to stop. It's gone too far. Mr. President, we had just a couple of hours ago, we had a great decision from the Supreme Court, thank goodness, that was very very very.

very important. We had two important decisions yesterday on the tariffs because again, we have to be able to fight a fair fight with other countries. Howard, would you say? We have to be able to use tariffs to fight people that use tariffs on us. I mean, if we didn't have that power of tariffs, we would economically be destroyed as a country because they will destroy us. Other countries will destroy us with unchecked tariffs. We can check them when we have the use. They tried to take that power away from us. And if you take that power away, we're not going to have a country. We won't have an economically viable country. But it's very important on immigration that we be able to get people out

without having to go through a long court case. I mean, it was up to some of these judges, every single one of these millions of people, millions of people, criminals, prisoners that were let go from jails because they save a fortune when they did. They brought them into the United States. States. You know what they're saving? The money they're saving? But some of murders, it's very important that we're able to get those people out of here fast, bring them back to their country where they belong. And those countries take them because if they don't take

them, they have to go through the wrath of the United States and they take them. But we have judges that don't want that to happen. And it would be, it's a terrible thing. That's going through the court system right now, that whole situation. But when ICE and with Border Patrol, they've done an incredible job. When they do this incredible job, and they capture 100 killers and drug dealers, and we can't keep them for years here as we go through trials. We have to get them out rapidly,

and we know who they are. We know who they are, and we're very careful about who they are, but we have to get them out rapidly. Or, again, we're not going to have a country. Okay? Maybe one or two more. I'm concerned that tariff may also affect companies like Tesla, which has parts manufactured abroad. And this is also to you, Mr. Musk.

Well, he's going to end up building his whole car here. I mean, I thought he built his whole car. Pretty much he does. He's got incredible factories. And like I looked at one in Texas, it's unbelievable. I know all of the manufacturers will build their parts here, too. I mean, it used to bother me. They make a part in Canada, part in Mexico, a part in Europe, and it's sent all over the place,

and nobody knew what the hell was happening. I think it's really dangerous. You build a car, make it in America. And I gave them a little leeway on that, you know, gave them some leeway. But over the next year, they've got to have the whole thing built in America. That's what we want. We want America to buy American-built cars. Thank you very much, everybody.

Thank you, Chris. Thanks, guys. How is your room? I don't know. It's a row. Thank you, guys. Thank you, guys. Are you considering?

Thanks, guys. Keep going. Keep going. Keep going. Thank you. Thanks, guys. You know, she always does keep going and thanks, but we have to listen anyway for those parting little comments for President Mike Mike McMake.

Welcome to Power Linge, everybody, along with Mike Santoli. I'm Kelly Evans. And, of course, the president just spoke from the Oval Office for nearly an hour with Elon Musk at his sidebear, who had gotten hit in the face by his son and a tussle. So he says, yeah. Yeah. Megan Kassela is here to wrap the headlines. But I just want to point out, Megan, as we tossed to you, you know, you know,

So the market hit session lows last hour and that news that we might be widening export controls with China. And then the Dow turned positive after the president basically said that he had, that he was going, he said, I'm sure I'll speak with President Xi and hopefully I'll work that out referring to kind of the China trade issue. And as he said that, the Dow turned positive. And so we're still just a little bit below that level. Yeah, Kelly, that was the interesting thing heading into this was I'd been talking with White

House officials today asking them whether all of this tough talk towards China mostly this morning was going to lead to any concrete actions. At the time this morning, they kept saying, wait for the president to speak. That made us think there might be some sort of announcement coming. But you're right, that was the most substantial comment that we got on China. The president saying that he's sure that he'll speak to President Xi. So reading between the lines there, there is not anything scheduled yet, but he did say, hopefully we will work that out. Just a couple of other pieces of news that came up in this long oval session that I would flag. Elon Musk was asked about his next steps. He said,

He said he'll stay on as an advisor to the president for whatever advice he might want, but he's mostly going to be focusing on his companies. The president also was really celebrating the court ruling yesterday, the one that allowed the tariffs to stay in place despite the trade ruling that most of the tariffs were found to be outside of the president's authorities. So really celebrating that, he was honored to get that lifted without it. The country would be vulnerable. And just the final piece of news really was that he was asked about the House bill that

has passed already. And if he wanted to see any changes to that, he wanted to see any changes to that. He mentioned only two. He vaguely sort of said, I'd like to see it maybe cut a little bit more, referring to spending, but then he also said, I'd like to see a bigger cut in taxes. Now, that bill, the House version, extended the 2017 tax cuts, but he says he was shooting for a slightly lower number and that he might be pushing the Senate to bring it down a little bit further. But the China news, as you mentioned, Kelly, really the biggest headline and almost for its lack of action than anything else from that Oval Press conference.

Exactly, Megan. Yeah, the absence of re-escalation, if we want to call it that. Appreciate that. Let's get to our panel to break down all these headlines. Michelle Caruso-Cabrera is CEO of MCC Global Enterprises, Chris Cassanti, chief market strategist at MAI Capital Management, and Dorric McNeil and senior policy analyst at Longview Global. Michelle, I'll just start with your kind of general takeaways in terms of it's an interesting setup in general where you have a temporary government employee given an hour to have. have a send-off? Well, with all the focus from the bond market about the levels of government spending, I thought it was interesting that Elon put on a very good face about cutting one trillion

dollars worth of spending, which is substantial, but was not his original goal. Yeah, and that would be over 10 years if it happened. Right. His original goal was $6 trillion. Remember, he's very close to the president of Argentina who cut the budget 30% in one month. And if you were to cut 30% of the U.S. budget, that's what you would get, the $6 trillion. But he ran into a lack of presidential power, right? He ran into Congress. He ran into all of these headwinds. So he didn't get as much as he wanted there. But put on a good face and it was a good effort. And he says it's going to add up over time. Yeah, I mean, there's just not that much discretionary spending as a percentage of the mix you can even work with there. DeWardric, maybe we could just talk about this

China piece and whether, you know, what we've heard today on both sides, this idea that maybe there's been a little bit of additional friction, not as much contact, maybe mutual accusations of either side not living up to their deal? Yeah, well, I think certainly stalled talks is important for us to kind of disaggregate. The low-hanging fruit here was lowering the tariffs. The other stuff was always going to be complicated, and it's important that we baseline to get a deal for the First Trade War. It took almost two years.

So trying to speed-date through some of these very, very difficult structural issues, Many of us did not think that that would happen. I think Secretary Besson is correct. I think to loosen this a bit, we will need a leader-to-leader talk at some point, but I don't see that that is going to happen anytime soon, given that the hawk seemed to be circling the U.S.-China relationship again. And we've had a lot of hits coming from the U.S. to China over the last week. So I think the Chinese government is going to be reluctant to put Xi on a call right now, we get somewhat of a quiet period here, and I don't see that happening anytime soon. And, Chris, the market seems to be keying off of the president's attitude towards China, where with the kind of terse blog post this morning, we saw a sell-off. Then, of course, when he says, I'm sure I'll speak with the president and we'll work things out. Now, work that out seems to refer to this rare earth. Jameson Greer was on CNBC this morning and said that China was slow rolling its compliance with that deal,

which seems to be part of this tone shift that we've seen. But then the president treated it as less of a big. deal, it seems. Yeah, Kelly, I think you're touching on exactly the right thing. I think the big story from press conference wasn't what was said, but what wasn't said. It was China. And I think there's been real difficulty with the Chinese negotiations. The Secretary of the Treasury this morning said that they're really at an impasse. I don't think we really have any new information other than the president's optimism that he may talk to Xi. I think that's news to the Chinese, probably. So I think that's what ought to be worrying the market over the next few days.

And we'll see how that works itself out. I want to mention kind of Tesla as well. I mean, the shares had roaring month going into this on the anticipation that Musk will be returning to the company. That's final today. Of course, they're selling off a little bit on that, sell, you know, buy the rumor, sell the fact. Let's hear from one shareholder on what she expects post Musk, post-Doge, now that Musk is returning. Nancy Tangler is Laffer Tangler, C-I-O-N-C-O-N-C-O. Nancy, so what next for Tesla?

Well, I think Kelly quickly that, you know, full self-driving will be with us soon. Musk announced that the cars were going to drive themselves from the factory to the buyer. You know, he's always early, but it may happen, and I think that's an important change. Megapac, which is the energy business, is growing at 113% previous quarter, 70% last quarter, and is now being mandated when there are renewables because of what, happened in Spain. It's the most profitable, fastest growing part of Tesla. And then, you know, we've got 500,000 manufacturing jobs that are not being, they are not filled. And Tesla announced they're going to have thousands of robots on the factory floor by the end of the year. So I think

the company is back. I think every shareholder is glad to see it. And you can see the run-up in the stock. We added to it around 240 bucks a share in March, and it's, you know, trading around 350. So So at your peril, you underestimate Elon Musk, who often teeters on the edge of a disaster and then pivots at just the right moment. Nancy, I mean, it's commonplace obviously now to observe that the core actual car company that's producing cash flow is a small minority of whatever market value you can now attribute to the whole business. It's $1.1 trillion. The business is going to have like $10 billion in earnings next year. put a huge multiple on it, it's still less than half. I guess do you have to have a pretty strong sense of how quickly all the other things can kick in and actually start to become a business?

Well, I think this stock is a narrative stock, Mike. So, you know, go back and look at Amazon all those years. It's up something like 180,000 percent since the IPO. And much of that time, the company was not earning money. Think of the car, the EV, as the iPhone is to the Apple Eco. I think the full self-driving aspect, you know, I live in Phoenix, which is Waymo land, and it's commonplace to see these driverless cars toting passengers around. I think that part of the business is going to scale quickly and will probably be monetized pretty quickly. So it's all about

the ecosystem, in my view, with Tesla. It's not about valuation. And it's not even necessarily about earnings growth because they whiffed last quarter and the stock's up 50%. Although, Chris, you're sitting here with a slightly different spin on what you do with shares of Tesla vis-a-vis other parts of the market. Sure, and it's funny. I think Nancy and I can both agree that it is a narrative stock. But sooner or later, I think this is a narrative market right now and has been since the bottom on April 8.

But if tariffs slow the economy, and I think they will, I think that the market moves away from supporting narrative stocks. And Tesla had better deliver more than $10 billion on a trillion. market cap. So yeah, so I have problems. Just with just with the math, not with the genius. I remember a few years ago we were talking. You said I'd take Verizon over Tesla for a pair trade, but you'd say UNH over Tesla. Yes, today I would take UNH over Tesla. UNAH is dropped by half. Tesla is up by almost 50%. For the first time ever, Justin for splits, Tesla stock is more expensive the UNH. And the numbers, it's all math to me, Kelly. And the Tesla math doesn't work for me.

Yeah, I understand. So Michelle, give us a final. word here from everything. Now that Musk is stepping away from Doge, his efforts have been less than he might have wanted. Now we have the one big bill coming along that's going to kind of be a deficit and debt buster as well. But the hope is we get maybe better. Well, the bond market did seem to come down, right? I think the last 12 hours up until this moment, we thought we were in a re-escalation phase, right? The April low was the de-escalation when it came to trade. Now it's, it felt like re-escalation. Besant last night. The guy on the Squawk box this morning, you know, Stephen Miller also speaking today.

So Trump pulling it back ever so slightly, I think leaves it less clear where we are at this moment in terms of how are you going to trade the trade war at this moment? Improves the tone going into the weekend or into July maybe as investors now have to grapple with that. It's all about, to me, what the market interprets as the White House is willing to take as a victory. Short road to an off ramp, that's bullish. Great point.

We're dealing with us for a while. Great point. We thank you all so much for being with us throughout the hour here on Power Lunch today. Tanger, Michelle Crusoe Cabrera, Chris Grisci, DeWordrick, McNeil. And that does it for us. Thanks for watching, Powerland.