All-In with Chamath, Jason, Sacks & Friedberg
Winning the AI Race Part 4: Scott Bessent, Howard Lutnick, Chris Wright, and Doug Burgum
23 Jul 2025
(0:00) Scott Bessent, Treasury Secretary (17:44) Doug Burgum, Secretary of the Interior and Chris Wright, Energy Secretary (35:11) Howard Lutnick, Commerce Secretary Follow the besties: https://x.com/chamath https://x.com/Jason https://x.com/DavidSacks https://x.com/friedberg Follow on X: https://x.com/theallinpod Follow on Instagram: https://www.instagram.com/theallinpod Follow on TikTok: https://www.tiktok.com/@theallinpod Follow on LinkedIn: https://www.linkedin.com/company/allinpod Intro Music Credit: https://rb.gy/tppkzl https://x.com/yung_spielburg Intro Video Credit: https://x.com/TheZachEffect
Full Episode
Secretary Besson, it's wonderful to see you. Before we maybe deep dive into AI, do you want to give us the high level update on the 333 plan? How are things going? You had an incredible clip, by the way, with Maria Bartiromo, where you talked about some of the things that were happening economically. Maybe just level set everybody on what's going on.
So just for good framing, during the campaign, I had a 3-3-3 plan.
I think his microphone's off. Can we get the microphone on for Scott? Test, test.
Test. There it is. Perfect. Okay, good. So I had a plan that I called 3-3-3, and the idea was to get the budget deficit, which was running about 6.7% of GDP under the Biden administration, highest that we'd ever had when we
weren't at war or in a recession down to 3%, 3 plus percent economic growth on a persistent basis, and to create three million more barrels of energy equivalent, so oil and gas, before President Trump leaves office. And look, we're full speed ahead. We had the first, June was the first positive
june for the treasury since 2015 we actually had a surplus and we did that in a good way we took in more revenues some from tariffs and we brought down spending and when i think about what we can do here that what I'm really excited about is the idea with AI that we can go back to the paradigm. When I was younger in the 90s, Alan Greenspan was able to run the economy very hot in the 90s.
And because it was the IT boom and we had this very powerful noninflationary growth. And I think that it's highly likely we could have that now. And so that kind of growth would bring down the deficit very quickly.
There's been a lot of talk today about the amount of CapEx spending that needs to go into AI and all of the jobs that it creates. And you posted as well, actually, a couple days ago, and you talked about that there's just been an inflection point that you've seen in CapEx spending sort of as a steward of the US economy. Can you tell us about what's happening?
So it's a combination, and it's a barbells. So I've been in Pittsburgh twice in the past four weeks Four weeks ago, I went with President Trump when he announced the US Steel, Nippon Steel deal, substantial investment by Nippon Steel into an old, very important industry. And then last week, on Tuesday, there was an AI summit
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