Trump Tax Bill’s Final Hours & Zero-Click Search 5/21/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 21 May 2025

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

GOP leaders are working to finalize President Trump’s cornerstone legislation: a massive tax bill, with Speaker Mike Johnson pushing for a floor vote in the House as early as tonight. CNBC’s Emily Wilkins reports the latest developments from Washington. Deputy Treasury Secretary and Acting IRS Commissioner Michael Faulkender discusses the reconciliation bill, budget details, Medicaid reforms, efforts to reduce the federal deficit, the state of the IRS, and plans to modernize the agency. And, internet search is changing drastically; Cloudflare co-founder and CEO Matthew Prince weighs the impact of zero-click searches – where a user gets answers and information without further links and AI’s disruption of the search and creator economies. Meanwhile, Target lowers its sales outlook, citing tariff uncertainty and backlash over its DEI policy rollback. Plus, the FAA extends flight restrictions at Newark airport through June due to an air traffic controller shortage and ongoing technical issues. Michael Faulkender 25:46 Matthew Prince 40:04 Emily Wilkins, @emrwilkins Courtney Reagan, @courtreagan Michael Faulkender, @TreasuryDepSec Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:03.0	Hi, I'm CNBC producer Katie Kramer.
0:07.0	Today on Squawk Pod.
0:09.0	Up later, starting early, the House in a 1 AM committee session
0:14.0	as Congress tries to get President Trump's key legislative agenda to the floor before the weekend.
0:19.0	Our Emily Wilkins burning the midnight oil.
0:22.1	The House had to find $1.5 trillion of spending cuts. It is about there.
0:26.6	It's fuzzy math, isn't it?
0:28.3	And from the White House Deputy Treasury Secretary Michael Falkender on the taxing timeline.
0:33.0	As Reagan used to say, if you'll offer me 80%, I'll take it and I'll come back for the other 20% later.
0:38.9	But we are going to get this bill passed out of the house this week.
0:42.1	Are you not Googling so much anymore?
0:44.6	How artificial intelligence is disrupting search and building a new industry.
0:49.7	We talk to Cloudflare CEO Matthew Prince.
0:52.4	If you look at the most thoughtful AI companies that are out there,
0:55.0	they understand that they have to pay for content.
0:58.0	Plus the rest of today's news, surviving the mess at Newark Airport,
1:02.0	and retailers braving the volatility of both taste and tariffs.
1:07.0	This thing is battered, beaten, bruise.
1:09.0	Shareholders are, you know, they're crying uncle.
1:12.8	It's Wednesday, May 21st, 2025.
1:16.1	Squawk Pod begins right now.
	...

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