Latest / The 47 Morning Update with Ben Ferguson / Trump’s July 4th Power Play w Bill Passage & Fed Pressure

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Trump’s July 4th Power Play w Bill Passage & Fed Pressure · The 47 Morning Update with Ben Ferguson

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  Speaker 1: And will not allow Ice to arrest criminal aliens in
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  Speaker 1: New York City. Your message to communists or Han Mondani, well,
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  Speaker 1: then we'll have to arrest him. Look, we don't need
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  Speaker 1: a communist in this country.
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  Speaker 2: But if we have one, I'm going to be watching
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  Speaker 2: over them very carefully on behalf of the nation. You're
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  Speaker 2: listening to the forty seven Morning Update with Ben ferguson.
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  Speaker 1: Good Thursday morning. So nice to have you with us
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  Speaker 1: on the forty seven Morning Update. And here are the
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  Speaker 1: two big stories coming out of the White House that
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  Speaker 1: you need to know about. First up, as you're listening
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  Speaker 1: right now, it may have become a reality that the
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  Speaker 1: White House has got the passage of Trump's Big Beautiful
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  Speaker 1: Bill out of the House after getting a massive victory
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  Speaker 1: in the Senate. As I'm recording this at basically one
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  Speaker 1: am right now, Speaker of the House is saying we're
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  Speaker 1: looking to get it done within hours. We'll have the
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  Speaker 1: details on that for you as well. Now the President
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  Speaker 1: isn't done there when it comes to helping you the
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  Speaker 1: American taxpayer. We also now know that the President saying
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  Speaker 1: it's time for the FED Chair Jerome Powell to be gone,
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  Speaker 1: to resign and he's got two or three choices to
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  Speaker 1: replace the FED chairman, which could save Americans literally trillions
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  Speaker 1: of dollars in interest. I'll give you those details in
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  Speaker 1: a moment. It's the forty seven Morning Update, and it
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  Speaker 1: starts right now.
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  Speaker 2: Story number one.
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  Speaker 1: I just got off the phone moments ago with people
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  Speaker 1: on Capitol Hill who are telling me that by the
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  Speaker 1: time you hear this, there's a very good chance that
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  Speaker 1: the Big Beautiful Bill will have already passed the House
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  Speaker 1: of Representatives. Now I'm talking to you right now, a
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  Speaker 1: little after midnight, and what I am being told is
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  Speaker 1: that the Speaker says we're going to get it done,
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  Speaker 1: and that means the President Donald Trump can do what
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  Speaker 1: he wanted to do, sign this by July fourth. The
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  Speaker 1: White House sang they're closing in on the House passage
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  Speaker 1: of Trump's Big Beautiful Bill as well at this hour
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  Speaker 1: is I just spoke with someone within the White House
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  Speaker 1: staff that says we are very close to this becoming
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  Speaker 1: a reality. The White House indicating that it is making
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  Speaker 1: major progress, closing in on the present's top priority and
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  Speaker 1: getting it quote to his desk by Independence Day. We
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  Speaker 1: also know that Representative Ralph Norman a Republican from South Carolina,
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  Speaker 1: had suggested quote that the White House is making progress
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  Speaker 1: closing the deal on the Trump backed bill, saying, quote
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  Speaker 1: the White House enlightened many Republican holdouts on how it's
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  Speaker 1: implementation of the Big Beautiful Bill would accomplish what they want,
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  Speaker 1: but wouldn't give specifics moving forward as they're trying to
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  Speaker 1: keep things quiet and not be fought within the media.
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  Speaker 1: Meredith Lee Hill, a congressional reporter also with Politico, is
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  Speaker 1: reporting the House Speaker Mike Johnson had stated that the
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  Speaker 1: House of Representatives was going to get the bill there
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  Speaker 1: quote unquote tonight, adding that they were working on it
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  Speaker 1: and very very positive about the progress that's being made.
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  Speaker 1: Representative Andy Harris, a Republican from Maryland, also indicated that
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  Speaker 1: it was quote a possibility that the House would still
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  Speaker 1: vote today.
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  Speaker 2: On the bill.
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  Speaker 1: That according to another congressional reporter for punch Bowl News,
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  Speaker 1: so you put all of this together, and what the
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  Speaker 1: reality now is is that Trump could be within hours
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  Speaker 1: of having his Big Beautiful Bill passed, after he successfully
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  Speaker 1: secured the Senate passage of the bill on Tuesday after
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  Speaker 1: an all night amendment voter rama which lasted a record
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  Speaker 1: twenty seven hours, something we covered on the show as
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  Speaker 1: well yesterday. We know that the President was thrilled to
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  Speaker 1: secure the Senate passage of the bill after that all
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  Speaker 1: not amendment voter rama, and he was happy that Vice
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  Speaker 1: President Jade Vance was able to cast that tie breaking
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  Speaker 1: vote in a victory for Trump that was well, so close,
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  Speaker 1: but also so sweet and as good as it gets
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  Speaker 1: right now in Washington, DC. So here we are after midnight,
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  Speaker 1: and the reality is President Donald Trump is delivering on
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  Speaker 1: his biggest campaign promise to date. We also know this
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  Speaker 1: the President is also moving on to other major issues now.
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  Speaker 2: Story number two.
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  Speaker 1: Donald Trump is calling for the FED chair Powell to
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  Speaker 1: quit quote immediately. Trump is ramping up the pressure on Powell,
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  Speaker 1: urging lower interest rates against the Federal Reserve chairs continued
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  Speaker 1: opposition the president, making it clear that it's time for
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  Speaker 1: him to quote resign. In a true social post on
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  Speaker 1: Wednesday in the late afternoon, Trump said too late, should
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  Speaker 1: resign immediately. He also linked to a Bloomberg story headline
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  Speaker 1: that says FED chair should be investigated by Congress the FHSA.
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  Speaker 1: It is now saying Powell was nominated by Trump to
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  Speaker 1: lead the FED during the first administration. Joe Biden, who
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  Speaker 1: succeeded Trump as President, nominated him for a second term.
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  Speaker 1: His tenure as the FED chair is set to end
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  Speaker 1: May of twenty twenty six, and Trump is ramping up pressure,
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  Speaker 1: saying I don't want to wait on Jerome Powell's tenure
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  Speaker 1: to end, issuing a call for lower interest rates against
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  Speaker 1: the Federal Reserve Chair and continued opposition and calling out
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  Speaker 1: the failure of the Fed's monetary policy. For instance, earlier
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  Speaker 1: this week, Donald Trump posted this, Jerome too late. Powell
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  Speaker 1: and his entire board should be ashamed of themselves for
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  Speaker 1: allowing this to happen in the United States of America.
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  Speaker 1: They have one of the easiest yet most prestigious jobs
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  Speaker 1: in America, and they've failed, and they continued to do so,
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  Speaker 1: saying this. If they were doing their job properly, our
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  Speaker 1: country would be saving trillions of day in interest costs.
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  Speaker 1: The board just sits there and watches, so they are
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  Speaker 1: equally to blame. We should be paying one percent interest
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  Speaker 1: or better now. The post preceded Trump's Sonia letter to
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  Speaker 1: Powell urging him to lower interest rates. The White House
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  Speaker 1: Press Secretary Caroline Levitt told reporters. On Monday, Pallis stated
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  Speaker 1: that the Fed's decision to hold off on dropping your
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  Speaker 1: interest rates owes much to concern about the possible impacts
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  Speaker 1: of quote tariffs on inflation that coming from CBS News
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  Speaker 1: Now reports say he's waiting to see how the Trump
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  Speaker 1: tearor policy quote plays out and what it ultimately does
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  Speaker 1: to the US economy before making interest rate adjustments. Powell
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  Speaker 1: has specifically said he wants to see longer term impacts,
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  Speaker 1: if any, on consumer pricing. So I tell you that
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  Speaker 1: story to just make it very clear there could be
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  Speaker 1: some big changes coming very soon. But it also tells
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  Speaker 1: you about the confidence that the president has that by
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  Speaker 1: the time many of you hear this, he will already
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  Speaker 1: have the biggest tax cut that we've seen in our
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  Speaker 1: lifetime and turning it into a reality. So what does
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  Speaker 1: that mean moving forward, Well, it means we could see
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  Speaker 1: some pretty big changes here. The President even moving forward
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  Speaker 1: to say there are quote two or three choices to
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  Speaker 1: replace the FED chairman and saying on Tuesday, yes, I'm
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  Speaker 1: ready to go. When asked to board Air Force one
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  Speaker 1: whether he has a top choice to succeed your own pale,
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  Speaker 1: Trump said exactly this, I have two or three top choices.
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  Speaker 1: He declined to give any further information, yet again showing
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  Speaker 1: how much Donald Trump's ready to move on. We also
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  Speaker 1: know that The Wall Street Journal reported last week that
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  Speaker 1: Trump is considering the former FED Governor Kevin Walsh and
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  Speaker 1: National Economic Council Director Kevin Hassett as replacements. Also, Treasury
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  Speaker 1: Secretary of Scott Descent is also being pitched as a
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  Speaker 1: potential candidate. That according to Wall Street Journal, which also
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  Speaker 1: listed former World Bank President and FED Governor Christopher Waller
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  Speaker 1: as potential nominees. Now courting the Wall Street Journal, Trump
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  Speaker 1: is toyed with the idea of selecting and announcing a
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  Speaker 1: replacement as early as September or October. However, Thescent told
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  Speaker 1: Bloomberg TV on Monday that the Trump administration is considering
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  Speaker 1: using the next expected Federal Reserve Border governors vacancy in
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  Speaker 1: early twenty twenty six to appoint a successor. Now. Since
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  Speaker 1: returning to the White House in January, Trump has criticized Powell,
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  Speaker 1: as well as other FED governors, for declining not to
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  Speaker 1: lower interest rates, which are currently in the four point
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  Speaker 1: twenty five to four point five to zero range. FED
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  Speaker 1: chairs have long seen as insulated from presidential dismissal for
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  Speaker 1: reasons other than malfeasan's or misconduct. That Trumps threatened to
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  Speaker 1: test the legal premise with frequent threats to fire Jerome Powell.
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  Speaker 1: Supreme Court ruling in May, by the way, he's concerns
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  Speaker 1: that Trump could fire Powell, as the Justice called the
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  Speaker 1: Fed quote a uniquely structured quasi private entity. So that
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  Speaker 1: leaves us at this point where the president's clearly saying
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  Speaker 1: he believes Jr. Own Powell on this board are the
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  Speaker 1: wrong people for the job, and he wants to move
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  Speaker 1: as quickly as possible to move the country in the
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  Speaker 1: right direction. He also has made it clear that lower
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  Speaker 1: interest rates save you countless dollars in interests, something that's
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  Speaker 1: good he believes for the economy. So if you want
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  Speaker 1: to know what's happening right now at the White House,
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  Speaker 1: it's pretty clear the present's getting ready for a very
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  Speaker 1: big Fourth of July celebration, and it's one that is
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  Speaker 1: going to give you a huge advantage in your pocket book.
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  Speaker 1: And he's not done there. He's also now looking to
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  Speaker 1: lower interest rates for you as well, and that is
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  Speaker 1: exactly what the America First tis agenda that Donald Trump
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  Speaker 1: promised you looks like as we go into the fourth
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  Speaker 1: of July.
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  Speaker 2: Thank you for listening to the forty seven Morning Update
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  Speaker 2: with Ben Ferguson. Please make sure you hit subscribe wherever
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  Speaker 2: you're listening to this podcast right now and for more
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  Speaker 2: in depth news, also subscribe to the Ben Ferguson podcast
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  Speaker 2: and we will see you back here tomorrow.