2:06You know, Kevin McCarthy was just here and he said there's no question that this will get passed because they have to do it otherwise taxes go back up and everybody goes home a heel, right?
2:58When you look at though the distinctions between the Senate and the House, how do you think that breaks down?
4:06Do you see a shift in attitude even in the last week or do you think it's still a sense of paralysis?
6:52You want to you want to weigh in on the plane?
Joining us right now is Moelis & Company Vice Chairman Eric Cantor, a former US Congressman from Virginia who served as House Majority Leader. Let's just go brass tacks really for the market investors to understand sort of what's going to happen here with both the budget and how this tax plan plays out. How quickly do you think this all happens?
Well, you know, they've got to sort of resolve some of the issues. But I haven't seen the latest on the SALT provisions as well because I'm sure there are negotiations still ongoing with that. And the interesting part about this sort of SALT negotiations is that a big portion of those who are asking for a higher cap come from a state like New York, right? Many are from upstate New York. Several of those have indicated publicly their desire to run for governor of this state. And that puts them in a separate category. And frankly, when you are in the whipping process, it makes a very difficult prospect for leadership to convince them to come along because they've got other interests right now. So, it'll be interesting to see how that plays out, but I assume, you know, they're going to try and get this to the floor as quickly as possible. They'll still have a lot of wrangling to go forward. It does not stop until the last vote is taken on the floor. And then they got to worry about the Senate.
Well, that's what I was going to say. So, there's the fault lines inside of the House to begin with. By the way, we're on it's it's May 14th. Do you think this gets inside the House wrapped up? Is this something that happens in a week? Is this something that happens in two weeks? I mean, we had the speaker here a couple months ago. He said this will be done by Memorial Day.
Yeah. Well, it's not going to be done by Memorial Day. Maybe Labor Day, but maybe not. I do think the X date announcement by Bessent earlier I think this week or last about when the debt ceiling needs to be raised in August I think that does put a hard deadline on things that you can probably suspect now. Congress does act on deadlines like that. So I suspect that we're going to be seeing this throughout the summer until the end of July.
You know, Kevin McCarthy was just here and he said there's no question that this will get passed because they have to do it otherwise taxes go back up and everybody goes home a heel, right? I mean, there's no question.
Obviously, look, there's no excuse for Republicans not to pass this bill. There's uni-party control. You've got this reconciliation process which reduces the voting threshold in the Senate. But look, there's provisions in here and I know from, you know, our client perspective at Moelis, you know, we've got a lot of folks in the clean energy business and there is significant reductions in the benefits that were afforded the clean energy business, the renewables industry in the IRA bill that are being taken away and I suspect the Senate now is going to be very active on those issues and it's one of the unanswered questions as to what else will be sort of messed with in this bill.
Cantor, E. (2025, May 14). Former House Majority Leader Eric Cantor: There's no excuse for Republicans not to pass the tax bill [Interview transcript]. CNBC Television. CEOInterviews.AI. https://ceointerviews.ai/interview/750641/
MLA
Eric Cantor. "Former House Majority Leader Eric Cantor: There's no excuse for Republicans not to pass the tax bill." CNBC Television, 14 May. 2025. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/750641/.
BibTeX
@misc{cantor2025_750641,
author = {Eric Cantor},
title = {Former House Majority Leader Eric Cantor: There's no excuse for Republicans not to pass the tax bill},
howpublished = {Interview transcript, CNBC Television. CEOInterviews.AI},
year = {2025},
month = {may},
url = {https://ceointerviews.ai/interview/750641/},
note = {Speaker-attributed transcript with timestamps}
}
