WASHINGTON — This morning, following House passage of landmark crypto legislation and the first spending rescission in 25 years, Speaker Johnson joined CNBC’s Squawk Box to discuss how the House Republican economic agenda is delivering for American families.
Watch the full interview here
On the pocketbook benefits of the One Big Beautiful Bill:
The reason we named it the One Big Beautiful Bill is because there’s so much in it for everyone. And I’m delighted to hear the former HUD Secretary sing the praises of the bill. There are a lot of praises to sing, and everyone will be singing that tune, and certainly the voters will when they come to the midterms in 2026. And the reason for that is because we wrote this bill for the lower- and middle-class earners in America. We’re the working-class party, the Republican Party is, and we delivered for them. And it’s important to point out, all the Democrats in Congress voted against all those great provisions.
You’re talking about historic tax cuts, historic savings at the same time. But what it means for the typical family in America, an additional average $13,000 in their pocket at the end of the year in take home pay, you’re talking about the child tax credit. 91% of Americans will benefit from the increase that we did there. Seniors got tax relief, no tax on tips and overtime, things that are really going to mean a lot to people, and it’s going to be jet fuel the US economy. You’re beginning to see just the enthusiasm that the passage of the bill has sparked. This is the beginning of a great run for America. President Trump called me early this morning, we were doing a victory lap together on the phone about the passage of the rescission bill late here last night. And he said, Mike, we’re just winning. We’re going to continue to win. This is a great moment for America. I said, sir, it’s historic and there’s much more to come.
On Jerome Powell’s job as Fed Chairman:
I’m as anxious to see how that plays out as you are. I will tell you that the sentiment here, my opinion is that we should reduce interest rates. The American economy is hot, and we have so many good things going on. We’re delivering over and over. The Republican majority here for the American people, not just the One Big Beautiful Bill, not just with the rescissions package that we passed last night, clawing back with $9 billion of wasted taxpayer funds…the sectors of the economy right now that are giving us the most concern is, as the president has discussed, home ownership, you know, you’ve got a lot of young people and people of all ages who are having a hard time getting into the real estate market because they can’t afford the interest rates on a home. And it affects purchases of automobiles and all large ticket items. If you reduce that, I don’t say slash interest rates but do something that’s meaningful to get that humming again, because that will last. It’ll have a lasting effect. And if you combine that with the other things that are happening, I think we’ll have the greatest economy in the history of the world.
On House Republicans pushing for maximum transparency regarding the Epstein Files:
I believe in maximum transparency. And so does President Trump, and that’s what he said. He says it many different ways. Many different times. But we want all credible evidence to be put out there for the American people. Reagan used to remind us to trust the American people. They’re smarter than anybody gives them credit for. And I believe people can draw their own conclusions about that, but they have to have the documents. Now, at the same time, I think the interest here and the concern, and frankly the duty, the responsibility is to protect the innocent, right? If you have minors who are victims of sex trafficking, heaven forbid, predatory activity, you can’t have their names out there, right?
So, the courts and law enforcement and government agencies have a custom of protecting the innocent [and] bogus allegations that would be made against people that can’t be authenticated. So that’s the concern. They’re trying to thread that needle because the Department of Justice does have a responsibility to make sure those people’s lives are not destroyed.
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