FOX Business host Larry Kudlow reacts to Rep. Mike Johnson's re-election as Speaker of the House on the 'Kudlow' show.
High noon for Speaker Mike Johnsonand this is the riff.
This afternoon on the floor of the House of Representatives, Michael Johnson was re-elected Speaker of the 119th Congress by a vote of 218 to 215.
It might be a bit long, but it all reminded me of the great cowboy movie “High Noon” – starring Gary Cooper and Grace Kelly. Cooper won an Academy Award for his role, where he had to clean up the bad guys and actually shoots the city's worst criminal at the end of the film.
That wasn't the case on the floor today, but in the end, Mike Johnson was able to convince dozens of Republican rebels, including a friendly persuasion of President Trump for the last two sanctuaries. So, Cooper's metaphor isn't exact, but you get the picture.
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President Johnson delivered a powerful acceptance speech after the final wrap-up — highlighting key elements of President Trump's agenda for change. Here is one of them:
Speaker Johnson: We act quickly and start by defending our country's borders. This is priority number one. yes | We will deport dangerous criminals, illegal aliens, and finally finish building the border wall.
Then, the speaker immediately moved on to pro-growth tax cuts. listen:
Johnson: After four years of high inflation, we have a big agenda. | We can and must fight high inflation. We're giving Americans relief and extending Trump's tax cuts.
Unfortunately, when President Trump takes office, he will be stuck with the remnants biden inflation – Partly due to the crazy, last-minute, pointless spending by Biden and the Fed, which mistakenly monetizes Biden's deficit by lowering interest rates and increasing the money supply.
Unless Mr. Trump implements supply-side tax cuts and deregulation quickly, the new year of 2025 could be very disappointing for the broad working-class coalition that gave Mr. Trump such a resounding electoral victory.
That's why the new Congress must act quickly to put together what some sources close to President Trump are calling “a big, beautiful bill.” This includes tax cuts, border closures, DOGE spending cuts, energy deregulation, and a “peace through strength” defense component.
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Let's not waste any time – like what happened in 2017. Get started right away with a big and beautiful financial package. Do this by the middle of the year at the latest.
That will beat Biden's inflation and bring much needed conditions. blue collar The boom is this riff.
This article is adapted from Larry Kudlow's opening commentary in the January 3, 2025 edition of “Kudlow”.