July 3, 2025 • 12 mins
🏛️ Legislative Update: The “Big Beautiful Bill”
- The bill, strongly backed by Trump, is reportedly on the verge of passing the House of Representatives, having already passed the Senate after a marathon 27-hour amendment session.
- Trump aims to sign the bill by July 4th, aligning with his campaign promises.
- Key Republican figures and congressional reporters confirm momentum and optimism around the bill’s passage.
- The bill is described as potentially the largest tax cut in recent memory.
💼 Federal Reserve and Jerome Powell
- Trump is publicly pressuring Fed Chair Jerome Powell to resign immediately, criticizing the Fed’s refusal to lower interest rates.
- He accuses Powell and the Fed Board of failing in their duties, claiming they are costing the country trillions in interest.
- Trump has hinted at having “two or three” candidates in mind to replace Powell, including:
- Kevin Warsh (former Fed governor)
- Kevin Hassett (former NEC Director)
- Scott Desantis (Treasury Secretary)
- Christopher Waller (former World Bank President and Fed governor)
- Trump may announce a replacement as early as September or October, or wait until a 2026 Fed Board vacancy.
Please Hit Subscribe to this podcast Right Now. Also Please Subscribe to the 47 Morning Update with Ben Ferguson and Verdict with Ted Cruz Wherever You get You're Podcasts. Thanks for Listening
#seanhannity #hannity #marklevin #levin #charliekirk #megynkelly #tucker #tuckercarlson #glennbeck #benshapiro #shapiro #trump #sexton #bucksexton
#rushlimbaugh #limbaugh #whitehouse #senate #congress #thehouse #democrats
#republicans #conservative #senator #congressman #congressmen #congresswoman #capitol #president #vicepresident #POTUS #presidentoftheunitedstatesofamerica
#SCOTUS #Supremecourt #DonaldTrump #PresidentDonaldTrump #DT #TedCruz #Benferguson #Verdict
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Well, come in is the Ben Ferguson Show. It is
nice to have you with us. I was planning on
being on family vacation and just taking some time off
for the next week, but with so many things happening
in the world, we're deciding we're not going to be
doing that. So what we're going to be doing instead
is I'm going to be doing a hybrid with this
show and the forty seven Morning Update. It's that show
(00:22):
that I do every morning that's about ten to twelve
minutes long, three biggest stories of the day coming out
of the White House or that affect the White House.
So for the next few days, that is what you're
going to be hearing here, and I just want to
make sure that you knew that on the front end.
But first, right now, all of us our help is
needed with the people that are under attack in Israel.
(00:43):
We know that Israel is at war with Iran, a
nation that is vowed to wipe Israel and even the
United States of America off the map. In a necessary
act of self defense, Israel struck Iranian nuclear facilities, military targets,
and their top leadership. And right now, the International Fellowship
of Christians and Jews is on the ground preparing large
(01:04):
scale distributions of life saving food, First DAID and emergency kits,
especially to Israel's most vulnerable people, the sick, the elderly, children,
and families that are in great need. The Fellowship is
also making sure that hospitals, emergency rooms and shelters are
fully stocked with critical and life saving medical supplies. But
(01:27):
the Fellowship needs your most generous gift today to make
this work possible. If you want to stand with the
people in Israel and you want to bless them and
support them as they are under attack, now is your
time to stand with those that are the most vulnerable
in Israel. You can call them and give your donation
(01:48):
right now to have an impact virtually instantly on what's
going on eight to eight for eight eight IFCJ that's
eight eight eight eight eight IFCJ. You can also go
online and give it IFCJ dot org. That's IFCJ dot org.
(02:10):
It's the forty seven Morning Update and it starts right now.
This is the forty seven Morning Update, the new show.
I do hit subscribe auto download to it as well,
and yeah, take a listen to the big stories of
the day and will not allow Ice to arrest criminal
aliens in New York City. Your message to communists or
Han Mondani, well, then we'll have to arrest him. Look,
(02:31):
we don't need a communist in this country, but if
we have one, I'm going to be watching over them
very carefully. On behalf of the nation.
Speaker 2 (02:37):
You're listening to the forty seven Morning Update with Ben ferguson.
Speaker 1 (02:41):
Good Thursday morning. So nice to have you with us
on the forty seven Morning Update. And here are the
two big stories coming out of the White House that
you need to know about. First up, as you're listening
right now, it may have become a reality that the
White House has got the passage of Trump's Big Beautiful
Bill out of the House after getting a massive victory
(03:03):
in the Senate. As I'm recording this at basically one
am right now, Speaker of the House is saying we're
looking to get it done within hours. We'll have the
details on that for you as well. Now the President
isn't done there when it comes to helping you the
American taxpayer. We also now know that the President saying
(03:23):
it's time for the FED Chair Jerome Powell to be gone,
to resign and he's got two or three choices to
replace the FED chairman, which could save Americans literally trillions
of dollars in interest. I'll give you those details in
a moment. It's the forty seven Morning Update, and it
starts right now.
Speaker 2 (03:43):
Story number one.
Speaker 1 (03:44):
I just got off the phone moments ago with people
on Capitol Hill who are telling me that by the
time you hear this, there's a very good chance that
the Big Beautiful Bill will have already passed the House
of Representatives. Now I'm talking to you right now a
little after midnight, and what I am being told is
that the Speaker says we're going to get it done,
(04:04):
and that means the President Donald Trump can do what
he wanted to do, sign this by July fourth. The
White House saying they're closing in on the House passage
of Trump's Big Beautiful Bill as well at this hour
is I just spoke with someone within the White House
staff that says we are very close to this becoming
a reality. The White House indicating that it is making
(04:27):
major progress, closing in on the present's top priority and
getting it quote to his desk by Independence Day. We
also know that Representative Ralph Norman, the Republican from South Carolina,
had suggested quote that the White House is making progress
closing the deal on the Trump backed bill, saying, quote
(04:49):
the White House enlightened many Republican holdouts on how it's
implementation of the Big Beautiful Bill would accomplish what they want,
but wouldn't give spec pa cifix moving forward as they're
trying to keep things quiet and not be fought within
the media. Meredith Lee Hill, a congressional reporter also with Politico,
(05:09):
is reporting the House Speaker Mike Johnson had stated that
the House of Representatives was going to get the bill
there quote unquote tonight, adding that they were working on
it and very very positive about the progress that's being made.
Representative Andy Harris, a Republican from Maryland, also indicated that
(05:30):
it was quote a possibility that the House would still
vote today on the bill. That according to another congressional
reporter for punch Bowl News, So you put all of
this together, and what the reality now is is that
Trump could be within hours of having his Big Beautiful
Bill passed, after he successfully secured the Senate passage of
(05:53):
the bill on Tuesday after an all night amendment voter
rama which lasted a record twenty have an hour, something
we covered on the show as well yesterday. We know
that the President was thrilled to secure the Senate passage
of the bill after that all non amendment voter rama,
and he was happy that Vice President jd Vance was
(06:14):
able to cast that tie breaking vote in a victory
for Trump that was well, so close but also so
sweet and as good as it gets right now in Washington, DC.
So here we are after midnight, and the reality is
President Donald Trump is delivering on his biggest campaign promise
(06:36):
to date. We also know this the President is also
moving on to other major issues now.
Speaker 2 (06:44):
Story number two.
Speaker 1 (06:45):
Donald Trump is calling for the FED chair Powell to
quit quote immediately. Trump is ramping up the pressure on Powell,
urging lower interest rates against the Federal Reserve chairs continued
opposition the president, making it clear that it's time for
him to quote resign. In a true Social post on
(07:06):
Wednesday in the late afternoon, Trump said too late, should
resign immediately. He also linked to a Bloomberg story headline
that says FED chair should be investigated by Congress. The
FHSA head is now saying Powell was nominated by Trump
to lead the Fed during the first administration. Joe Biden,
(07:28):
who succeeded Trump as President, nominated him for a second term.
His tenure as the FED chair is set to end
May of twenty twenty six, and Trump is ramping up pressure,
saying I don't want to wait on Jerome Powell's tenure
to end, issuing a call for lower interest rates against
the Federal Reserve Chair and continued opposition and calling out
(07:52):
the failure of the Fed's monetary policy. For instance, earlier
this week, Donald Trump posted this, Jerome too late. Powell
and his entire board should be ashamed of themselves for
allowing this to happen in the United States of America.
They have one of the easiest yet most prestigious jobs
in America, and they've failed, and they continue to do so,
(08:16):
saying this, If they were doing their job properly, our
country would be saving trillions of dollars in interest costs.
The board just sits there and watches, so they are
equally to blame. We should be paying one percent interest
or better now. The post preceded Trump's SONI a letter
to Powell urging him to lower interest rates. The White
House Press Secretary Caroline Levitt told reporters on Monday. Pallis
(08:40):
stated that the Fed's decision to hold off on dropping
your interest rates owes much to concern about the possible
impacts of quote tariffs on inflation that coming from CBS
News Now reports say he's waiting to see how the
Trump tearor policy quote plays out and what it ultimately
does to the u US economy before making interest rate adjustments.
(09:03):
Powell has specifically said he wants to see longer term impacts,
if any, on consumer pricing. So I tell you that
story to just make it very clear there could be
some big changes coming very soon. But it also tells
you about the confidence that the President has that by
the time many of you hear this, he will already
(09:24):
have the biggest tax cut that we've seen in our
lifetime and turning it into a reality. So what does
that mean moving forward, Well, it means we could see
some pretty big changes here the present, even moving forward
to say there are quote two or three choices to
replace the FED chairman and saying on Tuesday, yes, I'm
(09:46):
ready to go. When asked to board Air Force one,
whether he has a top choice to succeed your own
Pale Trump said exactly this, I have two or three
top choices. He declined to give any further information, yet
again showing how much Donald Trump's ready to move on.
We also know that The Wall Street Journal reported last
(10:06):
week that Trump is considering the former Fed Governor Kevin
Walsh and National Economic Council Director Kevin Hassett as replacements. Also,
Treasury Secretary of Scott Descent is also being pitched as
a potential candidate. That according the Wall Street Journal, which
also listed former World Bank President and FED Governor Christopher
(10:29):
Waller as potential nominees. Now a courting the Wall Street Journal,
Trump is toyed with the idea of selecting and announcing
a replacement as early as September or October. However, Thescent
told Bloomberg TV on Monday that the Trump administration is
considering using the next expected Federal Reserve Board of Governors
vacancy in early twenty twenty six to appoint a successor. Now.
(10:52):
Since returning to the White House in January, Trump has
criticized Powell, as well as other Fed governors, for declining
not to lower interest rates, which are currently in the
four point twenty five to four point five to zero range.
FED chairs have long seen as insulated from presidential dismissal
for reasons other than malfeasan's or misconduct. That Trump is
(11:15):
threatened to test the legal premise with frequent threats to
fire Jerome Powell. Now Supreme Court ruling in May by
the way, he's concerns that Trump could fire Powell, as
the Justice called the FED quote a uniquely structured quasi
private entity. So that leaves us at this point where
(11:37):
the president's clearly saying he believes Jerome Powell and his
board are the wrong people for the job, and he
wants to move as quickly as possible to move the
country in the right direction. He also has made it
clear that lower interest rates save you countless dollars in interests,
something that's good he believes for the economy. So if
(11:58):
you want to know what's happening right now at the
White House, it's pretty clear the present's getting ready for
a very big Fourth of July celebration, and it's one
that is going to give you a huge advantage in
your pocket book. And he's not done there. He's also
now looking to lower interest rates for you as well,
(12:19):
and that is exactly what the America First Agenda that
Donald Trump promised you looks like as we go into
the fourth of July.
Speaker 2 (12:26):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news, also subscribe to the Ben Ferguson podcast
and we will see you back here tomorrow.
Speaker 1 (12:42):
Make sure you share this podcast with your family and friends,
put up on social media wherever you are, and we
appreciate you listening every day. We'll see you back here tomorrow.
Well, come in is the Ben Ferguson Show. It is
nice to have you with us. I was planning on
being on family vacation and just taking some time off
for the next week, but with so many things happening
in the world, we're deciding we're not going to be
doing that. So what we're going to be doing instead
is I'm going to be doing a hybrid with this
show and the forty seven Morning Update. It's that show
(00:22):
that I do every morning that's about ten to twelve
minutes long, three biggest stories of the day coming out
of the White House or that affect the White House.
So for the next few days, that is what you're
going to be hearing here, and I just want to
make sure that you knew that on the front end.
But first, right now, all of us our help is
needed with the people that are under attack in Israel.
(00:43):
We know that Israel is at war with Iran, a
nation that is vowed to wipe Israel and even the
United States of America off the map. In a necessary
act of self defense, Israel struck Iranian nuclear facilities, military targets,
and their top leadership. And right now, the International Fellowship
of Christians and Jews is on the ground preparing large
(01:04):
scale distributions of life saving food, First DAID and emergency kits,
especially to Israel's most vulnerable people, the sick, the elderly, children,
and families that are in great need. The Fellowship is
also making sure that hospitals, emergency rooms and shelters are
fully stocked with critical and life saving medical supplies. But
(01:27):
the Fellowship needs your most generous gift today to make
this work possible. If you want to stand with the
people in Israel and you want to bless them and
support them as they are under attack, now is your
time to stand with those that are the most vulnerable
in Israel. You can call them and give your donation
(01:48):
right now to have an impact virtually instantly on what's
going on eight to eight for eight eight IFCJ that's
eight eight eight eight eight IFCJ. You can also go
online and give it IFCJ dot org. That's IFCJ dot org.
(02:10):
It's the forty seven Morning Update and it starts right now.
This is the forty seven Morning Update, the new show.
I do hit subscribe auto download to it as well,
and yeah, take a listen to the big stories of
the day and will not allow Ice to arrest criminal
aliens in New York City. Your message to communists or
Han Mondani, well, then we'll have to arrest him. Look,
(02:31):
we don't need a communist in this country, but if
we have one, I'm going to be watching over them
very carefully. On behalf of the nation.
Speaker 2 (02:37):
You're listening to the forty seven Morning Update with Ben ferguson.
Speaker 1 (02:41):
Good Thursday morning. So nice to have you with us
on the forty seven Morning Update. And here are the
two big stories coming out of the White House that
you need to know about. First up, as you're listening
right now, it may have become a reality that the
White House has got the passage of Trump's Big Beautiful
Bill out of the House after getting a massive victory
(03:03):
in the Senate. As I'm recording this at basically one
am right now, Speaker of the House is saying we're
looking to get it done within hours. We'll have the
details on that for you as well. Now the President
isn't done there when it comes to helping you the
American taxpayer. We also now know that the President saying
(03:23):
it's time for the FED Chair Jerome Powell to be gone,
to resign and he's got two or three choices to
replace the FED chairman, which could save Americans literally trillions
of dollars in interest. I'll give you those details in
a moment. It's the forty seven Morning Update, and it
starts right now.
Speaker 2 (03:43):
Story number one.
Speaker 1 (03:44):
I just got off the phone moments ago with people
on Capitol Hill who are telling me that by the
time you hear this, there's a very good chance that
the Big Beautiful Bill will have already passed the House
of Representatives. Now I'm talking to you right now a
little after midnight, and what I am being told is
that the Speaker says we're going to get it done,
(04:04):
and that means the President Donald Trump can do what
he wanted to do, sign this by July fourth. The
White House saying they're closing in on the House passage
of Trump's Big Beautiful Bill as well at this hour
is I just spoke with someone within the White House
staff that says we are very close to this becoming
a reality. The White House indicating that it is making
(04:27):
major progress, closing in on the present's top priority and
getting it quote to his desk by Independence Day. We
also know that Representative Ralph Norman, the Republican from South Carolina,
had suggested quote that the White House is making progress
closing the deal on the Trump backed bill, saying, quote
(04:49):
the White House enlightened many Republican holdouts on how it's
implementation of the Big Beautiful Bill would accomplish what they want,
but wouldn't give spec pa cifix moving forward as they're
trying to keep things quiet and not be fought within
the media. Meredith Lee Hill, a congressional reporter also with Politico,
(05:09):
is reporting the House Speaker Mike Johnson had stated that
the House of Representatives was going to get the bill
there quote unquote tonight, adding that they were working on
it and very very positive about the progress that's being made.
Representative Andy Harris, a Republican from Maryland, also indicated that
(05:30):
it was quote a possibility that the House would still
vote today on the bill. That according to another congressional
reporter for punch Bowl News, So you put all of
this together, and what the reality now is is that
Trump could be within hours of having his Big Beautiful
Bill passed, after he successfully secured the Senate passage of
(05:53):
the bill on Tuesday after an all night amendment voter
rama which lasted a record twenty have an hour, something
we covered on the show as well yesterday. We know
that the President was thrilled to secure the Senate passage
of the bill after that all non amendment voter rama,
and he was happy that Vice President jd Vance was
(06:14):
able to cast that tie breaking vote in a victory
for Trump that was well, so close but also so
sweet and as good as it gets right now in Washington, DC.
So here we are after midnight, and the reality is
President Donald Trump is delivering on his biggest campaign promise
(06:36):
to date. We also know this the President is also
moving on to other major issues now.
Speaker 2 (06:44):
Story number two.
Speaker 1 (06:45):
Donald Trump is calling for the FED chair Powell to
quit quote immediately. Trump is ramping up the pressure on Powell,
urging lower interest rates against the Federal Reserve chairs continued
opposition the president, making it clear that it's time for
him to quote resign. In a true Social post on
(07:06):
Wednesday in the late afternoon, Trump said too late, should
resign immediately. He also linked to a Bloomberg story headline
that says FED chair should be investigated by Congress. The
FHSA head is now saying Powell was nominated by Trump
to lead the Fed during the first administration. Joe Biden,
(07:28):
who succeeded Trump as President, nominated him for a second term.
His tenure as the FED chair is set to end
May of twenty twenty six, and Trump is ramping up pressure,
saying I don't want to wait on Jerome Powell's tenure
to end, issuing a call for lower interest rates against
the Federal Reserve Chair and continued opposition and calling out
(07:52):
the failure of the Fed's monetary policy. For instance, earlier
this week, Donald Trump posted this, Jerome too late. Powell
and his entire board should be ashamed of themselves for
allowing this to happen in the United States of America.
They have one of the easiest yet most prestigious jobs
in America, and they've failed, and they continue to do so,
(08:16):
saying this, If they were doing their job properly, our
country would be saving trillions of dollars in interest costs.
The board just sits there and watches, so they are
equally to blame. We should be paying one percent interest
or better now. The post preceded Trump's SONI a letter
to Powell urging him to lower interest rates. The White
House Press Secretary Caroline Levitt told reporters on Monday. Pallis
(08:40):
stated that the Fed's decision to hold off on dropping
your interest rates owes much to concern about the possible
impacts of quote tariffs on inflation that coming from CBS
News Now reports say he's waiting to see how the
Trump tearor policy quote plays out and what it ultimately
does to the u US economy before making interest rate adjustments.
(09:03):
Powell has specifically said he wants to see longer term impacts,
if any, on consumer pricing. So I tell you that
story to just make it very clear there could be
some big changes coming very soon. But it also tells
you about the confidence that the President has that by
the time many of you hear this, he will already
(09:24):
have the biggest tax cut that we've seen in our
lifetime and turning it into a reality. So what does
that mean moving forward, Well, it means we could see
some pretty big changes here the present, even moving forward
to say there are quote two or three choices to
replace the FED chairman and saying on Tuesday, yes, I'm
(09:46):
ready to go. When asked to board Air Force one,
whether he has a top choice to succeed your own
Pale Trump said exactly this, I have two or three
top choices. He declined to give any further information, yet
again showing how much Donald Trump's ready to move on.
We also know that The Wall Street Journal reported last
(10:06):
week that Trump is considering the former Fed Governor Kevin
Walsh and National Economic Council Director Kevin Hassett as replacements. Also,
Treasury Secretary of Scott Descent is also being pitched as
a potential candidate. That according the Wall Street Journal, which
also listed former World Bank President and FED Governor Christopher
(10:29):
Waller as potential nominees. Now a courting the Wall Street Journal,
Trump is toyed with the idea of selecting and announcing
a replacement as early as September or October. However, Thescent
told Bloomberg TV on Monday that the Trump administration is
considering using the next expected Federal Reserve Board of Governors
vacancy in early twenty twenty six to appoint a successor. Now.
(10:52):
Since returning to the White House in January, Trump has
criticized Powell, as well as other Fed governors, for declining
not to lower interest rates, which are currently in the
four point twenty five to four point five to zero range.
FED chairs have long seen as insulated from presidential dismissal
for reasons other than malfeasan's or misconduct. That Trump is
(11:15):
threatened to test the legal premise with frequent threats to
fire Jerome Powell. Now Supreme Court ruling in May by
the way, he's concerns that Trump could fire Powell, as
the Justice called the FED quote a uniquely structured quasi
private entity. So that leaves us at this point where
(11:37):
the president's clearly saying he believes Jerome Powell and his
board are the wrong people for the job, and he
wants to move as quickly as possible to move the
country in the right direction. He also has made it
clear that lower interest rates save you countless dollars in interests,
something that's good he believes for the economy. So if
(11:58):
you want to know what's happening right now at the
White House, it's pretty clear the present's getting ready for
a very big Fourth of July celebration, and it's one
that is going to give you a huge advantage in
your pocket book. And he's not done there. He's also
now looking to lower interest rates for you as well,
(12:19):
and that is exactly what the America First Agenda that
Donald Trump promised you looks like as we go into
the fourth of July.
Speaker 2 (12:26):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news, also subscribe to the Ben Ferguson podcast
and we will see you back here tomorrow.
Speaker 1 (12:42):
Make sure you share this podcast with your family and friends,
put up on social media wherever you are, and we
appreciate you listening every day. We'll see you back here tomorrow.
Host
Ben Ferguson
Popular Podcasts
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.