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

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