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Kevin Hassett on CNBC: 'Highly Confident' the Tax Bill Passes by July 4

June 23, 2025 · CNBC Television · 0:09:34

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

National Economic Council Director Kevin Hassett joined CNBC’s Squawk Box after the U.S. strikes on Iran to discuss the President’s economic agenda. On the strikes’ economic fallout, Hassett said, as he stated it, that the American actions had been extremely targeted and had not really disrupted global oil markets, noting that excess reserves held by oil-producing countries are maybe three times total Iranian production, leaving a lot of room to adjust if needed, and that the targeted move appeared to have the desired effect of ending the nuclear program without much oil disruption.

On the tax bill, Hassett said the White House spent the prior week speaking with senators and House members and was, as he stated it, highly confident it had the votes to get the bill through the Senate, through the House, and signed by the Fourth of July. He described the ‘Big Six’ design used since January — the Treasury Secretary and Hassett meeting regularly with the majority leader, the Speaker, and the heads of the two tax-writing committees — and credited the organizational design with producing a unity he said he had never seen in Washington, as he stated it.

He said the President’s red lines, such as no tax on tips and no tax on overtime and making his tax cuts permanent, were clear, while issues like the SALT cap would be worked out around the edges, and he expected to see the final deal by midweek with a Senate vote possibly that week. On trade, he said Secretary Bessent and Jamieson Greer had been in constant contact with the Chinese about getting rare earths and magnets to U.S. users to avoid a supply-chain disruption, as he stated it.

Why it matters

The interview captures the administration mid-push on its signature bill, with Hassett converting a war weekend into a unity argument and putting a public July 4 deadline on the record.

Scoreboard watch

Flagged for the scoreboard editor: Hassett predicted on June 23, 2025, that the tax bill would pass and be signed by July 4 — a dated, checkable prediction made on CNBC, as he stated it; no verdict is given here.

Sources: CNBC Television, “NEC Director Kevin Hassett: ‘Highly confident’ we’ll pass Pres. Trump’s tax bill by July 4”, 2025-06-23 (official upload, embedded above; published 2025-06-23). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.