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All-In with Chamath, Jason, Sacks & Friedberg

Winning the AI Race Part 4: Scott Bessent, Howard Lutnick, Chris Wright, and Doug Burgum

All-In with Chamath, Jason, Sacks & Friedberg

All-In Podcast, LLC

Alllin, Coronavirus, Calacanis, Palihapitiya, Health, Sacks, Friedberg, Allin, Entrepreneurship, Covid19, Gambling, Grow, Investing, Iq, Tips, Tech, Business, Jason, Startups, Poker, Technology, Money, Learn, Davidsacks, Davidfriedberg, Chamath

4.27.1K Ratings

🗓️ 23 July 2025

⏱️ 50 minutes

🧾️ Download transcript

Summary

(0:00) Scott Bessent, Treasury Secretary

(17:44) Doug Burgum, Secretary of the Interior and Chris Wright, Energy Secretary

(35:11) Howard Lutnick, Commerce Secretary

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Transcript

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0:00.0

Secretary Besson, it's wonderful to see you.

0:04.0

Before we maybe deep dive into AI, do you want to give us the high-level update on the 333 plan?

0:12.0

How are things going?

0:14.0

You had an incredible clip, by the way, with Maria Bartoromo, where you talked about some of the things that were happening economically.

0:20.0

Maybe just level set everybody on what's going on. So just for good framing, during the campaign, I'd a

0:26.7

333 plan. I think it's microphones off. Can we get the microphone on for Scott? Test test?

0:32.7

Test? There it is. Okay. Good. So I had a plan that I called 333, and the idea was to get the budget deficit, which was running about 6.7% of GDP under the Biden administration.

0:48.5

Highest that we'd ever had when we weren't at war or in a recession down to 3%,

0:55.1

3 plus percent economic growth on a persistent basis,

0:59.6

and to create 3 million more barrels of energy equivalent,

1:04.2

so oil and gas before President Trump leaves office. And look, we're full speed ahead.

1:14.6

We had the first June was the first positive June for the Treasury since 2015.

1:22.6

We actually had a surplus.

1:24.6

And we did that in a good way.

1:29.3

We took in more revenues, some from tariffs, and we brought down spending.

1:35.3

And when I think about what we can do here, that what I'm really excited about is the idea, with know, with AI, that we can go back to the paradigm.

1:49.0

When I was younger in the 90s, Alan Greenspan was able to run the economy very hot in the 90s.

1:57.0

And because, you know, it was the the IT boom and we had this very powerful non-inflationary growth

2:08.4

and I think that it's highly likely we could have that now and so that kind of growth would bring down the deficit very quickly.

2:21.7

There's been a lot of talk today about the amount of CAPEX spending that needs to go into AI

2:27.2

and all of the jobs that it creates. And you posted as well, actually, a couple of days ago,

2:32.8

and you talked about that there's just been an

...

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