This Trump Success Will Soon Be ‘obvious’: Newt Gingrich

I'm not going to use the term great, big, beautiful. That was good for getting it approved, but it's not good for explaining to people what it's all about. It's a massive tax cut for the middle class. And I don't know, it should be simple, but a lot of people didn't understand it. President Trump talking about rebranding the big, beautiful bill now that it's law and with a midterm election coming up. Joining me now is Newt Gingrich, former Speaker of the House, Fox News contributor, and author of Trump's Triumph, America's Greatest Comeback. Great to see you, Mr. Speaker. Thanks for being here. The president has so much on his plate. I mean, I haven't seen a president this busy since the last time he was president, but he knows how to make a sale like no one else. Do you think he can do that? Because he's behind. We'll say exactly how much in a moment, but he is behind on the economic issue. Yeah, look, I think he'll be behind for a little while, but I think ultimately by next summer, we will be in a boom and it will be obvious that all the investments, all the overseas sales, all of the tax breaks, all of the deregulation, all of the cuts of wasteful spending, the cumulative effect will be pretty amazing, I think, by the summer of 26. But, you know, this bill, when you break it down, you get beyond the immediate headline and you realize, for example, on Medicaid, it stopped paying illegal immigrants. Now, the Democrats really want to go and campaign that they're in favor of paying illegal immigrants on Medicaid. It stops able-bodied adults who refuse to work. You know, that's like an 80 or 90% issue for the American people. They don't want to pay adults who are capable to do nothing. The Democrats really want to be the people who block that. When you take the bill apart and you begin to go step by step, it would have been the largest tax increase in history. So a no vote by the Democrats in the House and the Senate was, in effect, functionally a vote for the largest tax increase in history, which the American people deeply oppose. And I think you just have to take the bill step by step, walk people through it, which, you know, I think can be done. And I think the people at Ways and Means of the House, for example, have done a brilliant job of putting together a whole series of press releases and speeches, exactly how powerful this bill is going to be. Well, we've also got some good news that came out today, and it continues to roll out rather slowly, but it does roll out. We got a GDP revision of 3.3% for the year. That's a big growth rate, and it's two points higher than it was expected to be. It was expected to be 3.1%. We had mortgage rates fall. That's going to mean a lot to people that are trying to buy a house. But these numbers are bothersome. He's still stuck with the bad approval rating on economics. I think we can put it up that Gallup poll shows him with a 37% approval on economic policies. For his entire first presidency, he had a 52% approval rating on the economy from Gallup as well. So that's apples to apples, and it doesn't look so good. Why is it? What is it that the American public doesn't get? Look, I think the turmoil about the tariffs, where people didn't understand what he was doing, where a lot of the negotiations were in public, that seemed confusing. I think the Democrats ran an all-out, and so did most of the propaganda media of the left, ran an all-out campaign to try to smear the bill and to make it look bad. But look, I just watched today as Caroline Leavitt laid out the fact that this particular weekend, people go out to drive. They're going to have the lowest gasoline price in five years. Now, that's real. That's an effect. That's in people's pocketbooks. And my hunch is that by early next year, Trump's job approval on the economy will be back up where it was in his first term or higher, because I mean, I just believe it's a matter of fundamentals. When you have things like reducing, it took 39 years to depreciate a factory. Under the new bill for the next six years, it takes one year. So the incentive to go out and build, for example, the new computing centers is going to be just enormous. What about, he talks about providing simplification, make the whole thing simple. What about going back to the idea of simplifying the tax code? Maybe you have a rescission, another attempt at rebranding and sort of tweaking the tax bill to get rid of some of the tax brackets. We still have seven tax brackets. It's enormously complex. Maybe get that down to three or something. You know, I participated in that with Reagan. He had a first big tax cut bill in 81. Then he came back and we passed a huge tax simplification bill late in his term that was very effective and clearly helped accelerate economic growth. And that's the key to all this. Not to sound like Larry Kudlow, but it's true. If you can get the economy growing, if you can get people going to work, you take them off of food stamps, you take them off of welfare, you take them off of other government dependencies, have them earning a living and paying taxes, you change the whole long-term perspective of the country. And I think that's got to be a key to this. And I like the idea, probably not before the election in 26, but certainly in 27, 28, looking seriously at a second big tax bill that would dramatically simplify the code. And I think, by the way, the American people would love to have a much simpler tax code. Yeah. And on the rescissions, I said rescissions instead of, I should have said reconciliation, but there is still the questions about rescissions, in particular pocket rescissions, which is a rather complex vehicle to have the president essentially do something like a line item veto. Is that still on the table? Well, I think they'll try it out and see whether or not they can get it past the Supreme Court. I also think that Speaker Johnson believes ultimately they'll maybe do one more rescission this fall and then another rescission early next year. Because as you know, under the Senate rules, the rescission is the one bill that takes 50 Republicans plus the vice president to pass it. Where they're going to have a bigger challenge is the continuing resolution if they need one. They can't get all the appropriations bills passed in September. And then you've got to go in the Senate to getting 60 votes. And that means you somehow have to get seven Democrats to agree to vote with you. That's going to be a much harder, bigger challenge than the rescission bill. Do Republicans hold the House in the midterm? I'll probably gain maybe 10 to 20 seats. Whoa, what a prediction. That's my guess. All right. We have you on tape. Newt Gingrich, great to see you. Thank you so much for being here. Appreciate it. Thank you.