00:00It's a really big day for Speaker Johnson because we should note the amendments that he agreed upon all day long and all evening long into the early hours are still being discussed in the rules committee.
00:10So these amendments, this bill is making its way through the rules committee right now.
00:14It started at one o'clock in the morning and we don't even have the text yet to confirm what was discussed.
00:20So this is a really important day for Speaker Johnson.
00:22The first question, can it get through the rules committee?
00:24And then, of course, how soon could he get it on the House floor to meet his self-imposed Memorial Day deadline?
00:30We will see what he has to say in the nine o'clock hour when he sits down with me here in Washington, D.C.
00:34But, Jonathan, two big changes per reports were discussed.
00:38And this is potentially able to get the entire Republican conference together to vote for this.
00:43One is the salt cap.
00:44This is really important for high tax states like California, New Jersey and New York.
00:51You've heard that before.
00:52I know you've spoken a lot with Representative Mike Lawler.
00:55So what was agreed upon was lifting of the salt cap from $10,000 to $40,000 for those making less than $500,000.
01:03Now, there's also something else in there potentially for conservatives.
01:06We do expect potentially the carve out, the rescission of these credits for green technology, those grants.
01:15That might happen sooner than it was expected to be.
01:19So maybe as soon as 2028.
01:21So that would be a carrot for those conservatives to be able to sign up for this.
01:25But we should note, this is going to be a long slog today on whether or not this bill gets to the House floor.
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