Bloomberg Surveillance Bloomberg Surveillance TV: June 5, 2025
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Jun 5, 2025 
Mike Johnson, the Republican Speaker of the House, shares insights on the House tax bill and the challenges of getting it through the Senate. He emphasizes the urgency in legislative efforts before upcoming elections. Krishna Guha, Vice Chairman at Evercore ISI, discusses the economic outlook and the Fed's approach to interest rates. The conversation touches on labor market dynamics, economic trends, and the role of government spending in shaping fiscal policies.
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House Bill's Historic Tax Focus
- The House tax bill aims to deliver historic tax cuts and savings, while addressing the federal debt incrementally.
- It uses budget reconciliation to bypass the Senate 60-vote threshold and push the America First agenda.
SALT Deduction's Vote Impact
- Increasing the SALT deduction cap is critical to securing enough House votes, despite Senate Republicans' opposition.
- The negotiated $40,000 cap must be maintained to balance votes and pass the bill.
Tariffs' Role in Budget Calculations
- Revenue from tariffs, though not credited by CBO, is considered real by lawmakers and factored into pro-growth calculations.
- The tax cuts and deregulation policies of 2017 are expected to be repeated to reignite economic growth.