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00:00Mr. President, the criticism that I've seen, and I'm sure you've seen, regarding Elon Musk and your big, beautiful bill, what's your reaction to that?
00:07Do you think it in any way hurts passage in the Senate, which, of course, what is your seeking?
00:12Well, look, you know, I've always liked Elon, and I was always very surprised.
00:16You saw the words he had for me, the words.
00:18And he hasn't said anything about me that's bad.
00:21I'd rather have him criticize me than the bill, because the bill is incredible.
00:26It's the biggest cut in the history of our country.
00:28We've never cut.
00:30It's about $1.6 trillion in cuts.
00:33It's the biggest tax cut.
00:35Tax, you would say, people's taxes will go way down.
00:40But it's the biggest tax cut in history.
00:42We are doing things in that bill that are unbelievable.
00:47And when you look at what we're doing for small businesses, for people, for middle-income people, all of the things that we're doing, nobody's ever seen anything like it.
00:57And, you know, Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles.
01:05And, you know, they're having a hard time, the electric vehicles.
01:08And they want us to pay billions of dollars in subsidy.
01:12And, you know, Elon knew this from the beginning.
01:17He knew it for a long time ago.
01:18That's been in there.
01:19That's been, I would say, J.D., that hasn't changed.
01:22That's been right from the beginning.
01:24Mr.
01:24I think, Mr. Secretary, that hasn't changed at all, right from the beginning.
01:28But I know that disturbed him.
01:31He wanted, and rightfully, you know, he recommended somebody from, that he, I guess, knew very well.
01:38I'm sure he respected him.
01:39But to run NASA, and I didn't think it was appropriate.
01:43And he happened to be a Democrat, like, totally Democrat.
01:48And I say, you know, look, we won.
01:50We get certain privileges, and one of the privileges, we don't have to appoint a Democrat.
01:54NASA is very important.
01:56We have great people.
01:57General Cain is going to be picking somebody with our, we'll be, we'll be checking him out and seeing.
02:05But he wanted that person, a certain person, and we said no.
02:09And, you know, I can understand why he's upset.
02:12Remember, he was here for a long time.
02:14You saw a man who was very happy when he stood behind the Oval Desk.
02:20And even with the black eye, I said, do you want a little makeup?
02:23We'll get you a little makeup.
02:24But he said, no, I don't think so, which is interesting and very nice.
02:30He wants to be who he is, so you could make that statement, too, I guess.
02:33Look, Elon and I had a great relationship.
02:38I don't know if we're well anymore.
02:39I was surprised, because you were here.
02:41Everybody in this room practically was here, as we had a wonderful send-off.
02:45He said wonderful things about me.
02:46You couldn't have nicer.
02:47He said the best things.
02:49He's worn the hat.
02:51Trump was right about everything.
02:52And I am right about the great, big, beautiful bill.
02:56We call it a great, big, beautiful bill, because that's what it is.
03:00And, again, biggest tax cuts in history, biggest economic development moves anywhere.
03:06We've never done anything like it.
03:08Business is spurred.
03:10And I don't know if you've seen the numbers, but the numbers came out.
03:13Even the CBO, which is run by Democrats, said that we're going to be doing, you know, I'd like you to discuss it, the 2.8 trillion, that CBO.
03:23So this is something, a group of people that are Democrats.
03:26They're very hostile to us.
03:28They just came out with phenomenal numbers what it does.
03:31Do you want to mention that, Scott?
03:33Yes, sir.
03:33So what we've seen is we keep hearing from the CBO that there's going to be a large deficit from the bill, which we disagree with.
03:41But using the CBO scoring, they came out and scored the tariff revenue.
03:46We think it will be the minimum of 2.8 trillion over the 10-year window, which actually puts the bill in surplus if you include the tariff revenue, which they won't do.
03:56It gives you a tremendous surplus, but we're not allowed to use that.
04:01For some reason, they say scoring.
04:03Nobody knows what scoring means.
04:04Maybe a couple of people, but nobody.
04:06Somebody sits in the background.
04:08They say, well, we're not going to allow that.
04:10They're not allowing other things that we have that are tremendously profitable for our country.
04:14But if you saw the other day CNBC, they came out with numbers.
04:20And the people on the show, very good people, I've watched them for a long time, they couldn't believe the numbers, how good they are.
04:26The numbers were incredible.
04:27And that was personal income and also very low inflation.
04:31We have very low inflation.
04:32We're down to 2% now and maybe even lower than that.
04:36And when I took it over, it was a mess.
04:38Remember, we had the worst inflation probably in the history of our country.
04:42They say 48 years, but let's say that's, I think it's worse than that.
04:47So we had the worst inflation in the history of our country under the Biden administration.
04:52Now we're down to a beautiful number, 2%.
04:56You'd actually like to keep it there.
04:58Better than zero is 2%.
04:59It's going down maybe to 1%.
05:01And 1% is like perfect.
05:03That's perfect.
05:04You don't want to have zero for certain reasons that nobody is very interested to listen to.
05:10But we have almost perfect inflation.
05:13Grocery prices are down.
05:15Everything.
05:15Remember eggs, eggs.
05:17We weren't going to buy another egg for the next 20 years.
05:20It was so expensive, right?
05:21Remember?
05:21You guys all hit me about eggs.
05:23Eggs have come down 400%.
05:25Everybody has eggs now.
05:27They're having eggs for breakfast again.
05:29But if you look at gasoline, very important.
05:32I think always the most important because it's the energy is a big, the biggest factor.
05:36That's what happened.
05:37He screwed up our energy policy and everything went up because energy went up.
05:42But now energy is way down.
05:43And they have states where you're at $1.98 a gallon for gasoline.
05:50So the costs have come way down.
05:53And one of the things I ran on was that.
05:56I ran on the border.
05:57We have the best border in the history of our country.
05:5999.99%.
06:01It was last week three people came in.
06:05Two of them for medical reasons.
06:07We let them in because one of them had a heart attack.
06:09I think it was a nice thing to do.
06:11And one of them had something else.
06:13So we've never had.
06:15I had very good numbers for four years, but we really topped it.
06:20And I want to thank Christy and Tom Holman.
06:22They've done a fantastic job.
06:25But nobody mentions that anymore.
06:26Remember, a few months ago, the border was a total disaster.
06:31People were coming in by the hundreds of thousands of people a day, a week, a month.
06:37I mean, we had a month.
06:38Two million people came in in one month.
06:40The border was being overrun, and a lot of bad people, criminals, murderers, drug dealers.
06:47We had some of the worst people in the world coming in from all over the world.
06:51It's totally closed.
06:53And you know what?
06:53People are coming into our country, but they're coming in legally.
06:56So we've done a great job.
06:59Elon knew that.
07:00Elon endorsed me very strongly.
07:02He actually went up in campaign for me.
07:04I think I would have won.
07:05Susie would say I would have won Pennsylvania easily anyway, even if the governor ran.
07:10And the real governor, not the governor from Minnesota, who's, I mean, he's a sick puppy.
07:14That guy, that poor guy, I feel sorry for him.
07:16But they made a bad choice with him.
07:19But if you pick Shapiro or anybody else, I spoke to him recently about his, you know,
07:24his house being set on fire, which was terrible.
07:29But if they picked him, I would have won Pennsylvania.
07:31I won it by a lot.
07:32But I'm very disappointed because Elon knew the inner workings of this bill better than almost anybody sitting here, better than you people.
07:42He knew everything about it.
07:43He had no problem with it.
07:44All of a sudden, he had a problem.
07:45And he only developed the problem when he found out that we're going to have to cut the EV mandate because that's billions and billions of dollars.
07:52And it really is unfair.
07:53We want to have cars of all types, electric.
07:56We want to have electric, but we want to have gasoline, combustion.
08:01We want to have different.
08:02We want to have hybrids.
08:03We want to have all.
08:04We want to be able to sell everything.
08:06And when that was cut and Congress wanted to cut it, it became a little bit different.
08:13And I can understand that.
08:14But he knew every aspect of this bill.
08:17He knew it better than almost anybody.
08:19And he never had a problem until right after he left.
08:22And if you saw the statements he made about me, which I'm sure you can get very easily.
08:26It's very fresh on tape.
08:28He said the most beautiful things about me.
08:30And he hasn't said bad about me personally, but I'm sure that'll be next.
08:34But I'm very disappointed in Elon.
08:36And I've helped Elon a lot.
08:38I just want to clarify.
08:41Did he raise any of these concerns with you privately before he raised them publicly?
08:45And this is the guy you put in charge of cutting spending.
08:47Should people not take him seriously about spending now?
08:50Are you saying this is all sour grapes?
08:51No, he worked hard and he did a good job.
08:54And I'll be honest, I think he misses the place.
08:57I think he got out there and all of a sudden he wasn't in this beautiful Oval Office.
09:00And he's got nice offices too.
09:02But there's something about this one.
09:04I was telling the chancellor, this is where it is.
09:07People come in here, even from Germany.
09:10They come in and they walk into the Oval Office and it's just a special place.
09:15It's World War I.
09:16It started and it ended here.
09:18And World War II and so many other things.
09:22Everything big comes right from this beautiful space.
09:25It's now much more beautiful than it was six months ago.
09:29A lot of good things are happening in this room.
09:32And I'll tell you, it's not, he's not the first.
09:35People leave my administration and they love us.
09:40And then at some point they miss it so badly.
09:44And some of them embrace it and some of them actually become hostile.
09:49I don't know what it is.
09:50It's sort of Trump derangement syndrome, I guess they call it.
09:53But we have it with others too.
09:55They leave and they wake up in the morning and the glamour's gone.
10:00The whole world is different.
10:02And they become hostile.
10:04I don't know what it is.
10:05Someday you'll write a book about it and you'll let us know.