The House of Representatives began debate on President Donald Trump’s sweeping spending bill following a late-night shift as key Republican holdouts threw their support behind the measure. Representative Ro Khanna (D-Calif.) stepped out of an hours long speech from Minority Leader Hakeem Jeffries (D-NY) to fill CNBC’s audience in on the broader implications of the legislation. Microsoft will lay off about 9,000 employees, just under 4% of its global workforce. CNBC’s Steve Kovach and fellow tech journalist Michal Lev-Ram discussed the role of AI in the cuts and the future of tech’s labor force. Meanwhile, U.S. payrolls increased by 147,000 in June, President Trump continues to put pressure on Fed Chair Jerome Powell to cut rates, and OpenAI is issuing a warning about Robinhood’s “tokens” in the company.

Ro Khanna - 15:28

Steve Kovach & Michal Lev-Ram - 23:03

In this episode:

Rep. Ro Khanna, @reprokhanna

Michael Lev-Ram, @mlevram

Melissa Lee, @MelissaLeeCNBC

Andrew Ross Sorkin, @andrewrsorkin

Cameron Costa, @CameronCostaNY