Good afternoon, everyone. We had a great meeting with the president and a number of special guests there and just wanted to share with you a couple of thoughts by way of update. Ever since the House passed the One Big, Beautiful Bill and sent it to the Senate, we've had increasing momentum for this legislation, it's grown rapidly.
We do have a great sense of urgency about getting this done. There are a number of reasons for that. In the few weeks since we passed our bill, we've witnessed a horrific anti-Semitic terrorist attack in Boulder that was carried out by someone who was not supposed to be in our country. And we've had illegal alien agitators taking to the streets in the city of Los Angeles.
The One Big, Beautiful Bill funds deportations so we can get these criminals out of our country, and it also funds border security at unprecedented historic levels. So, President Trump's secured border will stay secure into the future. Meanwhile, the debt limit is rapidly approaching and the expiration of the 2017 tax cuts is closer and closer with each passing day.
Despite the abundance of false narratives, the more the American people hear from us about the bill, the more they like it because they understand that this is written for and geared towards hard-working Americans, the people who are really working their hardest to provide for their family and to make ends meet.
This is going to give them extraordinary relief. And there's no daylight between myself and Leader Thune and with the White House team here to help deliver this relief for the American people who have suffered so greatly over the last four years. Republicans are going to do what we said we would do, and we will do it apparently without the Democrats help.
We're going to stop illegal immigration, restore American energy dominance, bring back common sense, keep taxes low for American workers and families and get this economy going again while we restore peace through strength and we have regulatory reform and all the other components of this bill that are going to help all boats rise.
So, we're really enthusiastic about it, as you know. We're very excited to get to the finish line and we're very close. And the anticipation, the expectation and the goal all along is to get it done by Independence Day. And I think we're on track to do that --
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-- next to Chairman Jason Smith of the Ways and Means Committee.
Thank you, Mr. Speaker. The One Big, Beautiful Bill is the largest tax cut in US history. It makes permanent all the expiring provisions of the 2017 successful Trump tax cuts. It provides no tax on tips, no tax on overtime, tax relief for seniors. It helps lower the rate for anything that's produced in the United States.
These are win-win. The average family, the average family of four, if we don't pass this tax bill, will see a $1,700 tax increase. If we pass this tax bill, they will see a $1,300 decrease in taxes. The biggest winners within this bill are those single mothers with two kids that is a waitress, or the lineman that works overtime, or the firefighter who works overtime, or the senior who is an Uber driver.
These are people who have been struggling under the Biden economy, and this will only make their lives easier to put food on their table, clothes on their backs and gasoline in the car. Today, we had a really good conversation about a provision within the Big, Beautiful Bill and that was the Trump investment accounts.
This is something that allows every single American born will have an investment account created. And it will not matter if you live on a city block or if you live on a county road, you're all going to have the same start, that you're connected to the economy of the United States. And if the economy of the United States grows, your investment account will grow.
I'm happy to turn it over to Blake Moore.
Thank you, Chairman Smith. Blake Moore. I'm a member of Jason Smith's committee, the Ways and Means Committee. And for over a year, I think I've done the most professionally gratifying thing in being able to work on something that's going to provide so much economic growth opportunity for our nation. But what this bill doesn't get enough attention on is the family aspect of the One Big, Beautiful Bill.
The tax reconciliation bill is, I would say -- probably the largest portion of this entire tax effort has been to support families. Two provisions from that I'll briefly highlight and then step back. The child tax credit, in 2017, Republicans doubled, not something we get credit for, but reminding we wanted to support and invest in families to be able to go through all the expenses that they go through.
We doubled that in 2017. It's set to go back to $1,000 this year if we don't get this bill done. But not only are we doubling -- are we making it 2,000, making it permanent and indexing it to inflation, we're actually providing an enhancement to that, tick up to $2,500 to be able to support families across the country.
But we didn't just stop there. We created this provision that's been an enormous amount of good work from a CEO Council that was here today meeting with the president called the Invest America Act, also known as the Trump Accounts, that are going to provide seed funding to every single child born over the next few years.
Creating them an opportunity to learn what compounding interest does so when they're 18, they're going to see something that has grown significantly bigger than what it was when they first had it. And then when they're 30, it's going to even be better. And it's giving them hope and a launch pad to be able to live the American dream.
And it's something that I can honestly say, I don't know of anything more gratifying to be a part of and I'll turn back to the speaker.
Speaker Johnson, what is your ask for Thune and the rest of Senate Republicans? I mean, can the House live with a cap lower than $40,000?
You mean on SALT?
On SALT.
Well, I've asked them to modify it as little as possible because I've got a very delicate balance there and it took us the better part of a year to negotiate that fix. And I understand that Republicans in the Senate are not in love with the idea of raising the SALT cap and nor am I. I also come from a red state.
But the reality is that we have a very diverse conference, and we have House Republicans from all over the country and some of them come from these blue states. And this is a very important thing for their constituents, and we've got to give them something to take home and deliver. So, that was a hard-fought consensus that we found.
And as is general with the bill overall, I just asked them to modify it as little as possible so we can get it done and get it to the president's desk.
Mr. Speaker, Jordan Conrad from Gateway Pundit. A lot of people want to know, are we going to see consequences for these Democratic lawmakers who are inciting riots and violence in California and calling for insurrections across the nation?
Yeah. It's a real concern. It's beneath any member of Congress. We should be supporting the rule of law and, obviously, upholding federal law. And that's what's being flouted in California and it's a shame. With regard to what the consequences are, I'm not sure yet. There'll be a lot of discussion about that.
I mean, Congress has limited power to control our own. I mean, there are censures and those types of activities. But in the meantime, I would just encourage my colleagues to think very seriously, think very hard about that. The Democrats are making a terrible political calculation. They are on the side of lawbreakers.
They are on the side of illegal aliens. They are on the side of, in some cases, MS-13 members and people who have abused their spouses. I mean, they're on the wrong side of this. The American people do not want violent criminals from other countries illegally in the US. I mean, this is a very commonsense position that we've taken.
And the Republican Party is standing for the deportation of these dangerous people. ICE is involved in that; it is their job to do so, and they are following the will of the country. The people don't want dangerous people here. This is the easiest question that they should be able to answer and then they don't -- they've got --
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One more on the Big, Beautiful Bill, sir.
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-- a provision within the Big, Beautiful Bill regarding artificial intelligence, unregulated AI in all 50 states for the next 10 years. Are you aware of that? Why is that included in the Big, Beautiful Bill and does the White House know about it?
Yeah, of course. I know about it. The White House knows about it. I spoke with, as recently as last night, with David Sacks, who's the AI czar in the White House. Here's the rationale behind it. I think there's a lot of misunderstanding about this. It would be a very dangerous thing, we feel, for all 50 states to have a patchwork of regulations on AI. There's a number of reasons for that.
Imagine a state like California that hyper-regulates everything. They would stifle innovation. They would put so much tape and regulation on top of it they would smother it. And that would be a serious problem from a national security standpoint. Because remember, we're in a race with other countries, not the least of which is China.
And if we hamper our own innovation and we make it too complicated to continue to develop, then China will overtake us and that's a very dangerous situation. And look, there's a classified level of briefing on this that I wish everybody could hear, but you need to understand we're doing the responsible thing.
Now I don't know -- at the end of the day, the Senate of course is looking at that provision to see about the scope and the duration of the pause, I would say, and we'll see how that comes out in their deliberations. But in the House, we felt like that was an important thing to do. I am a fierce guardian of states' rights and federalism and all those principles that made us the greatest nation in the history of the world.
But there are a handful of issues that beg to be addressed on a federal level, and this is one of them. And Congress needs time to do this right so that we don't get ourselves behind China and other --
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Did you have an opportunity to talk with the president about Elon Musk, his comments on this bill? And if you believe in a reconciliation?
I've spoken to the president quite a bit about all this and I'm not going to talk about it, but --
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Did Elon Musk ever call you back?
Look, I am very -- we are -- we've communicated, yeah. Look, I think there's going to be a reconciliation here and I think it's really important for the country -- two very important individuals. And the president is doing his job. He is laser focused on that. He's not going to get distracted by Twitter wars and all the rest.
And he shouldn't and he can't. So -- but I think the temperature is being turned down and I'm very hopeful that these two will reconcile real soon.
Are you in on the reconciliation between Elon Musk and President Trump?
I'm doing my dead level best. I'm trying to be a peacemaker and all this. Last question.
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Just two quick things. First of all, in there just a little while ago, the president suggested the deadline on the Big, Beautiful Bill may slip beyond July 4th.
No, no, no, no, no. We're going to get it done by Independence Day. It's going to be a great celebration.
One other thing, there's going to be a massive military parade here in DC later this week. If the District of Columbia needs reimbursement for any road repairs or other fixes after this massive parade, is Congress ready to reimburse the city for that?
We haven't even addressed it. We'll address it if that happens. But I'll tell you, the president just mentioned in the event inside -- I don't know if some of y'all are in there, but some of this is being privately funded and it's going to be a good thing for the country, a showing of force on the Army's birthday on Flag Day and it'll be a great celebration for America.
So, thank you.