00:00In 12 months, we have removed over 270,000 bureaucrats from the federal payrolls,
00:06the largest single-year reduction in government employment since the end of World War II.
00:12Nobody thought that was coming, but we had no choice to make a country great.
00:17You can't have all federal jobs.
00:20We've cut federal spending by $100 billion and slashed the federal budget deficit by 27 percent in the single year.
00:29It's going to go down quite a bit more from that, driving inflation way down from the record highs of the Biden administration.
00:37Every month, they went up and up and up.
00:41I promised to cut 10 old regulations for every single new regulation,
00:48but instead I've cut actually till this point 129 regulations for every one new regulation approved.
00:56So every time they come in with a new regulation, we do at least 10, but so far it's averaging out to 129, if you can believe it.
01:05In July, we passed the largest tax cuts in American history, including no tax on tips, no tax on overtime,
01:12no tax on Social Security for our great seniors.
01:15We also provided 100 percent expensing.
01:20That's the one they like.
01:22And bonus depreciation for all new equipment and capital investments to help companies expand and shift production to America.
01:30They are so in love with it.
01:34They build a plant.
01:35They're able to deduct it immediately, the whole thing, rather than waiting 38 to 41 years in the old days.
01:42This is a miracle taking place.
01:47Nobody thought it would ever be done by any country, but it's done by us.
01:51It was what made my first term the most successful four-year term that we've ever had from a financial standpoint.
01:59And now we've upped it.
02:00This is a 10-year program, not a one-year program.
02:03But you're allowed to deduct everything in one year.
02:06It used to be 38 to 41 years.
02:08In America, I've stopped the nation-wrecking energy policies that drive up prices while sending jobs and factories to the world's worst polluters.
02:19They are indeed polluters.
02:22Under sleepy Joe Biden, new domestic oil and gas leases fell by 95 percent.
02:28Think of that.
02:30And they wonder, why was gasoline going up so fast?
02:32The gasoline actually topped $5 a gallon, and some places $7 a gallon.
02:38And more than 100 major power plants were violently shut down by incompetent people that had no idea what the hell they were doing.
02:49Under my leadership, U.S. natural gas production is at an all-time high by far.
02:55U.S. oil production is up by 730,000 barrels a day.
03:01And last week, we picked up 50 million barrels from Venezuela alone.
03:08Venezuela has been an amazing place for so many years.
03:13But then they went bad with their policies.
03:1520 years ago, it was a great country.
03:17And now it's got problems, but we're helping them.
03:21And those 50 million barrels, we're going to be splitting up with them, and they'll be making more money.
03:30They've made it a long time.
03:31Venezuela is going to do fantastically well.
03:34We appreciate all of the cooperation we've been giving.
03:38We've been giving great cooperation.
03:40Once the attack ended, the attack ended, and they said, let's make a deal.
03:46More people should do that.
03:48But Venezuela is going to make more money in the next six months than they've made in the last 20 years.
03:56Every major oil company is coming in with us.
03:58It's amazing.
03:59It's a beautiful thing to see.
04:01The leadership of the country has been very good.
04:06They've been very, very smart.
04:08The price of gasoline is now below $2.50 a gallon in many states, $2.30 a gallon in most states.
04:19And we'll soon be averaging less than $2 a gallon.
04:22In many places, it's already down even lower, $1.95 a gallon.
04:29Numerous states are at $1.99, numbers that nobody has heard for years.
04:34Actually, since my last administration, we got it down to around those numbers.
04:40I've signed an order directing an approval of many new nuclear reactors.
04:45We're going heavy into nuclear.
04:48I was not a big fan because I didn't like the risk, the danger.
04:52But the progress they've made with nuclear is unbelievable.
04:56And the safety progress they've made is incredible.
04:59We're very much into the world of nuclear energy.
05:03And we can have it now at good prices and very, very safe.
05:07And we're leading the world in AI by a lot.
05:12We're leading China by a lot.
05:14I think President Xi respects what we've done, in part because I've allowed these big companies
05:19building these massive buildings to build their own electric capacity.
05:24They're building their own power plants, which, when added up, is more than any country anywhere in the world is doing.
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