July 3, 2025 • 10 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.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
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, we don't need
a communist in this country.
Speaker 2 (00:12):
But if we have one, I'm going to be watching
over them very carefully on behalf of the nation. You're
listening to the forty seven Morning Update with Ben ferguson.
Speaker 1 (00:20):
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
(00:41):
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
(01:02):
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 (01:21):
Story number one.
Speaker 1 (01:22):
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,
(01:43):
and that means the President Donald Trump can do what
he wanted to do, sign this by July fourth. The
White House sang 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
(02:06):
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 a Republican from South Carolina,
had suggested quote that the White House is making progress
closing the deal on the Trump backed bill, saying, quote
(02:28):
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 specifics 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, is
(02:48):
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
(03:08):
it was quote a possibility that the House would still
vote today.
Speaker 2 (03:13):
On the bill.
Speaker 1 (03:14):
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 the bill on Tuesday after
an all night amendment voter rama which lasted a record
(03:37):
twenty seven hours, 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
not amendment voter rama, and he was happy that Vice
President Jade Vance was able to cast that tie breaking
vote in a victory for Trump that was well, so close,
(03:59):
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 to date. We also know this
the President is also moving on to other major issues now.
Speaker 2 (04:22):
Story number two.
Speaker 1 (04:23):
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
(04:45):
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.
It is now saying Powell was nominated by Trump to
lead the FED during the first administration. Joe Biden, who
(05:07):
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
(05:30):
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 continued to do so,
(05:54):
saying this. If they were doing their job properly, our
country would be saving trillions of day 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 Sonia letter to
Powell urging him to lower interest rates. The White House
(06:14):
Press Secretary Caroline Levitt told reporters. On Monday, Pallis 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
(06:38):
to the US economy before making interest rate adjustments. 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
(07:00):
the time many of you hear this, he will already
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 President even moving forward
to say there are quote two or three choices to
replace the FED chairman and saying on Tuesday, yes, I'm
(07:24):
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 week that
(07:45):
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 to Wall Street Journal, which also
listed former World Bank President and FED Governor Christopher Waller
(08:08):
as potential nominees. Now 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 Border governors vacancy in
early twenty twenty six to appoint a successor. Now. Since
(08:31):
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 Trumps threatened to
(08:54):
test the legal premise with frequent threats to fire Jerome Powell.
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 the president's clearly saying
(09:17):
he believes Jr. Own Powell on this 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 you want
to know what's happening right now at the White House,
(09:39):
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, and that is
exactly what the America First tis agenda that Donald Trump
(10:01):
promised you looks like as we go into the fourth
of July.
Speaker 2 (10:05):
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.
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, we don't need
a communist in this country.
Speaker 2 (00:12):
But if we have one, I'm going to be watching
over them very carefully on behalf of the nation. You're
listening to the forty seven Morning Update with Ben ferguson.
Speaker 1 (00:20):
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
(00:41):
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
(01:02):
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 (01:21):
Story number one.
Speaker 1 (01:22):
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,
(01:43):
and that means the President Donald Trump can do what
he wanted to do, sign this by July fourth. The
White House sang 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
(02:06):
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 a Republican from South Carolina,
had suggested quote that the White House is making progress
closing the deal on the Trump backed bill, saying, quote
(02:28):
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 specifics 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, is
(02:48):
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
(03:08):
it was quote a possibility that the House would still
vote today.
Speaker 2 (03:13):
On the bill.
Speaker 1 (03:14):
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 the bill on Tuesday after
an all night amendment voter rama which lasted a record
(03:37):
twenty seven hours, 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
not amendment voter rama, and he was happy that Vice
President Jade Vance was able to cast that tie breaking
vote in a victory for Trump that was well, so close,
(03:59):
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 to date. We also know this
the President is also moving on to other major issues now.
Speaker 2 (04:22):
Story number two.
Speaker 1 (04:23):
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
(04:45):
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.
It is now saying Powell was nominated by Trump to
lead the FED during the first administration. Joe Biden, who
(05:07):
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
(05:30):
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 continued to do so,
(05:54):
saying this. If they were doing their job properly, our
country would be saving trillions of day 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 Sonia letter to
Powell urging him to lower interest rates. The White House
(06:14):
Press Secretary Caroline Levitt told reporters. On Monday, Pallis 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
(06:38):
to the US economy before making interest rate adjustments. 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
(07:00):
the time many of you hear this, he will already
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 President even moving forward
to say there are quote two or three choices to
replace the FED chairman and saying on Tuesday, yes, I'm
(07:24):
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 week that
(07:45):
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 to Wall Street Journal, which also
listed former World Bank President and FED Governor Christopher Waller
(08:08):
as potential nominees. Now 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 Border governors vacancy in
early twenty twenty six to appoint a successor. Now. Since
(08:31):
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 Trumps threatened to
(08:54):
test the legal premise with frequent threats to fire Jerome Powell.
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 the president's clearly saying
(09:17):
he believes Jr. Own Powell on this 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 you want
to know what's happening right now at the White House,
(09:39):
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, and that is
exactly what the America First tis agenda that Donald Trump
(10:01):
promised you looks like as we go into the fourth
of July.
Speaker 2 (10:05):
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.
Host
Ben Ferguson
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