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CNBC TRANSCRIPT: SPEAKER PAUL RYAN SPEAKS WITH CNBC’s “SQUAWK BOX” TODAY

WHEN: Today, Wednesday, November 15, 2017

WHERE: CNBC's "Squawk Box"

Following is the unofficial transcript of a CNBC interview with Speaker of the United States House of Representatives Paul Ryan on CNBC's "Squawk Box" (M-F, 6-9am ET) today, Wednesday, November 15th. Following are links to video from the interview on CNBC.com: https://www.cnbc.com/video/2017/11/15/speaker-paul-ryan-says-senate-will-have-to-take-lead-on-scrapping-obamacare-individual-mandate.html, https://www.cnbc.com/video/2017/11/15/speaker-paul-ryan-tax-inversions-will-take-off-if-we-dont-cut-corporate-taxes.html, https://www.cnbc.com/video/2017/11/15/speaker-paul-ryan-providing-safer-and-sounder-tax-reform.html, & https://www.cnbc.com/video/2017/11/15/speaker-paul-ryan-we-better-do-what-we-said-we-would-do-on-tax-reform.html.

All references must be sourced to CNBC.

BECKY QUICK: THE HOUSE IS EXPECTED TO VOTE ON THE REPUBLICAN TAX PLAN SOMETIME TOMORROW. THE SENATE ALSO WORKING ON THEIR OWN BILL WHICH NOW INCLUDES THE REPEAL OF THE OBAMACARE INDIVIDUAL MANDATE. JOINING US TO TALK ABOUT ALL OF THIS IS HOUSE SPEAKER PAUL RYAN. AND MR. SPEAKER, THANK YOU FOR BEING HERE TODAY.

SPEAKER PAUL RYAN: THANK YOU FOR KICKING LIESMAN OFF THE SET. I REALLY APPRECIATE IT.

STEVE LIESMAN: OH, COME ON.

RYAN: OH, ARE YOU STILL THERE?

LIESMAN: COME ON.

JOE KERNEN: I TRY.

RYAN: BECKY AND GUYS, GOOD TO SEE YOU. BECKY, WELCOME BACK FROM JURY DUTY. NICE TO HAVE YOU.

QUICK: THANK YOU SO MUCH. IT'S GREAT TO FINALLY BE BACK MR. SPEAKER, LET'S TALK ABOUT WHAT'S HAPPENING. YOU'RE VOTING -- YOUR MEMBERSHIP IS VOTING, AND IT GOT A LOT MORE COMPLICATED WITH WHAT THE SENATE CHOSE TO DO OVERNIGHT BY WRAPPING OBAMACARE, A PARTIAL REPEAL OF THAT, OF THE INDIVIDUAL MANDATE. WE'VE ALWAYS SAID TAX REFORM IS REALLY, REALLY TOUGH. MAYBE TOUGHER THAN HEALTH CARE REFORM. SO BY PUTTING THE TWO TOGETHER, WHAT DOES THAT DO IN TERMS OF WHAT YOU HAVE TO CONVINCE YOUR MEMBERSHIP?

RYAN: WELL, WE DON'T HAVE IT IN OUR BILL. AS YOU KNOW, BECKY, WE'VE PASSED THAT BEFORE HERE IN THE HOUSE. SO WE'VE HAD THE HOUSE VOTES TO DO THAT. WE PASSED OUR REPEAL OF THE INDIVIDUAL MANDATE BACK IN MAY BUT WE NEVER HAD THE VOTES IN THE SENATE. BUT WHAT WE DIDN'T WANT TO DO IS MAKE TAX REFORM HARDER THAN IT ALREADY IS, BUT IT REALLY IS WHETHER OR NOT THE SENATE HAS THE VOTES FOR THIS OR NOT. WE'RE SEEING WHAT THE SENATE CAN DO IF THE SENATE CAN GET IT THROUGH COMMITTEE, IF THEY CAN GET IT THROUGH THE FLOOR, THEN WE'LL MEET THEM IN CONFERENCE AND ASSESS AT THAT TIME. RIGHT NOW –

QUICK: IF THEY WERE TO PASS IT THROUGH CONFERENCE, YOU THINK IT WOULD BE NO PROBLEM WITH YOUR MEMBERSHIP BECAUSE THEY'VE ALREADY VOTED ON THIS?

RYAN: YEAH WE'VE PASSED THIS TWO OR THREE TIMES. MOST RECENTLY IN MAY. LOOK, DO WE LIKE THE INDIVIDUAL MANDATE? OF COURSE, WE DON'T LIKE THE INDIVIDUAL MANDATE. BUT RIGHT NOW WE'RE JUST FOCUSED PURELY ON TAX REFORM FROM THE TAX CODE SIDE. THAT'S THE HOUSE BILL. THAT'S THE BILL WE'RE BRINGING TO THE FLOOR. THAT'S WHAT WE WORKED OUT WITH OUR MEMBERS. AND THERE'S A LOT OF THINGS WE WANT TO DO TO IMPROVE OUR BILL BY THE WAY AND THAT'S WHAT A CONFERENCE COMMITTEE IS ALL ABOUT. SO THIS IS THE WAY THE LEGISLATION IS SUPPOSED TO WORK, THE LEGISLATIVE PROCESS WORKS. THE SENATE PASSED THE BILL YOU GO TO CONFERENCE, YOU IRON OUT YOUR RECONCILIATION DIFFERENCES AND THAT'S WHAT WE WANT TO DO. AND THERE ARE THINGS WE WANT TO DO TO IMPROVE THIS BILL, SO WE'RE EXCITED ABOUT THIS PROCESS GOING FORWARD.

KERNEN: THAT'S ONE THING –THAT'S ONE THING YOU WOULDN'T WANT TO CHANGE. IT'S A JUMP, SPEAKER, BUT THAT'S ONE THING YOU WOULDN'T CHANGE. YOU MIGHT HAVE SOME OTHER THINGS YOU DON'T LIKE THATT YOU GO TO THE MAT ON, BUT THIS ONE YOU GOT – IF THEY CAN DO IT, YOU SAY, YOU KNOW, MORE POWER TO YOU.

RYAN: LOOK, I'D JUST SAY, WE'VE ALREADY PASSED IT. SO.

KERNEN: RIGHT, OK. THAT'S WHAT YOU'RE SAYING. THAT'S INTERESTING – THAT'S GOOD.

QUICK: THAT IS INTERESTING. LET'S TALK ABOUT THOSE DIFFERENCES, THOUGH. ONE OF THE BIG DIFFERENCES IS THE STATE AND LOCAL TAXES. THEY DON'T LIKE THE IDEA OF REBATING ANY OF THEM. YOU ALL HAVE INCLUDED $10,000 FOR THAT MR. AND BRADY HAS SAID THAT HE WILL DEFEND THAT BECAUSE HE NEEDS IT TO MAKE SURE HE GETS THE VOTES FROM ALL OF YOUR MEMBERSHIP.

RYAN: THAT IS BOTTOM LINE – THAT'S BOTTOM LINE WITH US. WE HAVE TO DO THAT BECAUSE WE HAVE MEMBERS FROM THESE PARTICULAR STATES THAT THIS MATTERS TO. AND WE WANT TO MAKE SURE THAT TAXPAYERS IN EVERY STATE AND EVERY INCOME GROUP GET RELIEF. WE DON'T WANT RELIEF TO JUST GO TO 46 STATES, WE WANT RELIEF TO GO TO 50 STATES. AND SO THAT'S WHY WE'RE MAKING SURE WE WORK THE NUMBERS. THIS $10,000 PROPERTY TAX DEDUCTION THAT WE ALLOW TO CONTINUE REALLY DOES MAKE SURE THAT A PERSON IN THAT KIND OF CATEGORY IS TAKEN CARE OF. WHAT THE CBO TELLS US, I MEAN, JOINT TAX AND ALL THE ANALYSIS SAYS THAT THE AVERAGE TAXPAYER IN EVERY INCOME GROUP GETS A TAX CUT. I'M SURE THERE ARE PEOPLE WHO USE A LOT OF DEDUCTIONS WHO HAVE TAX LAWYERS AND ACCOUNTANTS THAT MAY NOT SEE IT THAT WAY, BUT THE PURPOSE OF THIS IS TO CUT TAXES FOR EVERYBODY, AND SO WE WANT TO KEEP DOING THAT, AND WE KNOW THAT THIS – FIX IS REALLY NECESSARY TO MAKE SURE THAT THAT'S THE CASE. YES, THAT IS ONE OF THE BOTTOM LINES FOR THE HOUSE.

ANDREW ROSS SORKIN: SPEAKER, I WANTED YOU TO WEIGH IN ON THE REPATRIATION ISSUE. I DON'T KNOW IF YOU GOT A CHANCE TO SEE THE VIDEO YESTERDAY, GARY COHN WAS AT A "WALL STREET JOURNAL" CONFERENCE WITH MANY CEOs FROM ACROSS THE COUNTRY. THEY WERE ASKED TO RAISE THEIR HAND IN FRONT OF HIM ABOUT WHAT KIND OF CAPITAL SPENDING THEY WOULD INTEND TO DO AND WHAT KIND OF WAGE GROWTH THEY THOUGHT WOULD HAPPEN AS A RESULT OF THIS REPATRIATION. AND VERY FEW HANDS WENT UP IN THE HALL. AND MY QUESTION TO YOU IS IF WE DO HAVE –

RYAN: SO WE SHOULD JUST NOT DO IT?

SORKIN: ELL MY QUESTION IS HOW THEN ARE YOU GOING TO MEASURE SUCCESS? IF WE ARE HAVING THIS CONVERSATION THREE YEARS FROM NOW, WHAT IS THE MEASURE, WHAT IS THE DATA POINT, THE METRICS WITH WHICH YOU WOULD USE FOR SUCCESS?

RYAN: IT'S A GOOD – IT'S ACTUALLY TOTALLY A LEGITIMATE QUESTION, I THINK. FIRST OF ALL, MEASURING SUCCESS BASED ON THE STATUS QUO – THE STATUS QUO IS WE'RE THE ONLY COUNTRY LEFT WITH THE WORLDWIDE TAX SYSTEM WHICH PENALIZES COMPANIES FROM BRINGING THEIR MONEY BACK. THEY BASICALLY DON'T AS A RESULT. THAT'S WHY WE HAVE $3 TRILLION IN CASH PARKED OVERSEAS IN THE FIRST PLACE. UNLOCKING THAT, BRINGING THAT MONEY HOME, BUT UNLOCKING THAT ALSO PUTS US AT A BETTER LEVEL PLAYING FIELD BY HAVING A TERRITORIAL SYSTEM. COMBINING THAT WITH A 20% TAX RATE, GETTING US FROM THE LAST COUNTRY PILE, MEANING THE HIGHEST INDUSTRIAL WORLD TAX RATE, TO ONE OF THE BEST TAX RATES, WE REALLY ARE CONVINCED THAT THAT'S GOING TO GIVE US FASTER ECONOMIC GROWTH, HIGHER WAGE GROWTH, THE TAX FOUNDATION SAYS ALMOST A MILLION NEW JOBS, FASTER GDP GROWTH AND PRESSURE UPWARDS ON WAGES, ABOUT 4% ON AVERAGE ON WAGES. SO THAT MEANS EVERYBODY'S AFTER TAX INCOME GOES UP IN THIS COUNTRY BECAUSE OF THAT. SO IF YOU ARE ASKING ME, LIKE, IN 2018 IT'S GOING TO BE $600 BILLION REPATRIATED AND THAT'S GOING TO BE USED FOR EQUIPMENT – I CAN'T ANSWER THAT QUESTION. BUT I DO KNOW WE'RE KILLING OURSELVES RIGHT NOW. I DO KNOW THAT INVERSIONS WILL TAKE OFF IF WE DON'T GET THIS DONE. WE'VE ALREADY SEEN A RASH OF INVERSIONS, WE'VE ALREADY SEEN A RASH OF FOREIGN COMPANIES BUYING U.S. COMPANIES. WE DON'T GET THIS DONE, THOSE COMPANIES THAT ARE SITTING BACK AND WAITING FOR US TO FIX THIS TAX CODE, THEY'RE GOING TO LEAVE. I KNOW THIS BECAUSE I TALK TO A LOT OF THESE BUSINESSES. SO THAT'S POINT ONE.

QUICK: RIGHT.

POINT TWO, IS LET'S JUST PUT OUR COMPANIES IN A COMPETITIVE ADVANTAGE IN THE WORLD. TERRITORIAL, 20% RATE, AND FULL EXPENSING. THAT'S THE OTHER THING. SO THE LAST POINT I'DMAKE

IS WHEN YOU COMBINE FULL EXPENSING, WHICH WILL BE EFFECTIVE IMMEDIATELY WITH A RATE CUT, WITH REPATRIATON, IT SAYS THE INCENTIVE IT TO INVEST IN AMERICA, THE INCENTIVE IS TO PUT MANUFACTURING IN AMERICA, THE INCENTIVE IS TO TAKE YOUR MONEY OVERSEAS AND INVEST IT IN AMERICA BECAUSE YOU CAN WRITE IT OFF. THAT'S WHY WE DO IT THAT WAY AND WE BELIEVE COMPANIES WILL DO THAT.

QUICK: BY CHANGING THE LAW, THERE ARE GOING TO BE SOME UNINTENDED CONSEQUENCES. ONE I HADN'T –

RYAN: NO TWO WAYS ABOUT IT.

QUICK: ONE I HADN'T THOUGHT OF BEFORE, TONY JAMES FROM BLACKSTONE MADE SOME COMMENTS TO BEN WHITE WHERE HE SAYS THE WHOLE IDEA OF STRICT LIMITS ON INTEREST DEDUCTION, HE THINKS, ARE VERY DANGEROUS. HE SAYS IT WILL BE THE ONLY ECONOMY IN THE WORLD THAT HAS SUCH A STRICT LIMIT ON DEDUCTIONS HE SAYS U.S. COMPANIES WILL BORROW ABROAD, BUILD A PLANT ABROAD AND HIRE PEOPLE ABROAD.

RYAN: I WOULD DISAGREE. HE MAY BE TALKING ABOUT THE 110 RULE, WHICH I WONT GO INTO THE OBSCURE DETAILS, BUT MOST COUNTRIES, AND THE OECD IS DOING THIS THEYRE DOING WHAT WE CALL A FIN CAP RULE YES, I KNOW THOSE INDUSTRIES THAT DO A LOT OF LEVERAGE DON'T LIKE THIS, BUT WE ARE DOING AN INTEREST LIMITATION ON 30% OF EBIDA. I KNOW THIS IS "SQUAWK BOX" ALL TALKING IN A WONKY WAY. I NORMALLY DON'T COMMUNICATE LIKE THIS.

QUICK: WE LIKE IT. WE NEED IT FOR A SUBJECT LIKE THIS.

RYAN: RIGHT, BUT WHAT I WAS TRYING TO SAY BECKY IS THAT MOST OF OUR FOREIGN COMPETITORS ARE ADOPTING WHAT WE CALL FIN CAP RULE. IF YOU ARE THINLY CAPITALIZED YOU CAN'T DECUCT INTEREST ABOVE A CERTAIN AMOUNT, AND THE TYPICAL AMOUNT IS 30% OF YOUR EBIDA – YOU CAN DEDUCT UP TO 30% OF YOUR EBIDA, BUT NOT AFTER 30% OF YOUR EBITA. AND BY THE WAY THAT'S WHERE THE REST OF THE WORLD IS GOING AND DOING THAT GIVES US THE MONEY WE NEED TO LOWER TAX RATES ACROSS THE BOARD AND GET US A 20% TAX RATE. AND A TERRITORIAL SYSTEM SO I WOULD SAY THE TRADE-OFF IS GOOD. FOR THOSE COMPANIES THAT WANT TO LEVER UP, YOU CAN LEVER UP THAT'S FINE. GO AHEAD AND DO THAT WHERE, YOU WONT BE ABLE TO DEDUCT ALL OF THOSE INTEREST COSTS BECAUSE WHAT THAT DOES THEN, WE BELIEVE IT MAKES US SAFER AND SOUNDER, LESS LEVERAGED, MORE EQUITY, LESS DEBT, HEALTHIER ECONOMY, IN A 20% TAX RATE.

QUICK: THAT'S A VERY THOUGHTFUL RESPONSE. LET ME TELL YOU ABOUT SOMETHING ELSE. TONY JAMES DOESN'T LIKE THE FACT THAT YOU ARE MESSING WITH CARRIED INTEREST BY CHANGING IT TO THREE YEARS INSTEAD OF ONE. I DON'T THINK YOU'RE GOING FAR ENOUGH I MEAN, I THINK IT'S INCOME. WHY DON'T YOU CHARGE IT AS SUCH?

RYAN: SO IT IS GOLDILOCKS, RIGHT? THERE ARE DIFFERENT SHADES OF GRAY ON THE POLICY YOU CAN DO HERE. WHEN YOU GO GET INTO THIS ISSUE, WHAT I HAVE LEARNED AND I USED CHAIR THIS COMMITTEE, YOU END UP DOING A LOT OF COLLATERAL DAMAGE AND UNINTENDED CONSEQUENCES YOU COULD REALLY MESS UP THE REAL ESTATE MARKETS. THERE'S A LOT OF THINGS YOU COULD MESS UP. AND THAT IS WHY WHAT THE WAYS AND MEANS COMMITTEE DID WITH THEIR CARRIED INTEREST POLICY THEIR PERFERRED POLICY WAS TO EXTEND THE HOLDING PERIOD FROM ONE TO THREE YEARS SO IT IS NOT FAST CASH, IT IS MONEY THAT ACTUALLY STAYS THERE IN ORDER TO ENJOY LONG-TERM CAPITAL GAINS FOR CARRIED INTEREST YOU STILL HAVE SHORTER HOLDING PERIOD FOR NORMAL CAPITAL GAINS BUT JUST NOT FOR CARRIED INTEREST. WE THINK THAT'S THE SMARTER POLICY, AND WE THINK THAT'S THE POLICY THAT'S SURGICAL AND DOESN'T HAVE A LOT OF UNINTENDED CONSEQUENCES.

SORKIN: HEY, SPEAKER, YOU ARE CLEARLY STEEPED IN ALL OF THESE DETAILS, AND I'M AFRAID TO TALK ABOUT IT, BUT WE HAD AN INTERVIEW YESTERDAY WITH DIANE BLACK WHERE WE TALKED ABOUT CARRIED INTEREST WE ASKED ABOUT CARRIED INTEREST, AND IT WAS RELATIVELY CLEAR TO MOST VIEWERS, AND I HATE SAYING THIS, AND I DON'T THINK SHE EITHER UNDERSTOOD THE QUESTION OR WORSE, I DON'T THINK SHE UNDERSTOOD WHAT CARRIED INTEREST WAS AND THE DETAILS OF IT. MY QUESTION TO YOU IS MORE AS YOU TALK TO ALL OF THE PEOPLE IN CONGRESS, WHAT SENSE DO YOU HAVE THAT THEY HAVE THIS LEVEL OF SOPHISTICATION THAT YOU DO TO ACTUALLY BE ABLE TO WADE INTO THESE ISSUES?

RYAN: I USED TO CHAIR THE WAYS AND MEANS COMMITTEE, AND I SPENT MY ADULT LIFE WORKING ON TAX POLICY. I WAS JACK KEMP'S TAX ECONOMIST WHEN I WAS A YOUNG GUY. YOU KNOW, SOME OF US JUST HAD DIFFERENT EXPERTISE. WHAT WE TYPICALLY DO IN CONGRESS IS WE LOOK TO THE PEOPLE WITH EXPERTISE TO SET THE TONE AND THE TEMPO AND THE POLICY IN THIS AREA I LOOK TO MAC THORNBURY ON HOW TO REBELIEVE THE MILITARY BECAUSE HE KNOWS A WHOLE LOT MORE ABOUT IT THAN I DO AS CHAIR OF THAT ARMS AND HOUSE SERVICES COMMITTEE. YOU SPECIALIZE IN CONGRESS. THAT'S WHAT YOU DO. YOU CAN'T BE A JACK OF ALL TRADES OTHERWISE, YOURE A MILE WIDE AND AN INCH THICK. YOU SPECIALIZE AND LOOK TO PEOPLE THAT SHARE YOUR PRINCIPLES AND HAVE YOUR VALUES ON THOSE PEOPLE WHO SPECIALIZE AND WORK WITH THEM ON THOSE ISSUES. THAT'S JUST HOW IT WORKS IN CONGRESS. THAT'S HOW IT SHOULD WORK IN CONGRESS TO SPEAK, DIANE, SHE KNOWS WHAT SHE'S TALKING ABOUT. SHE KNOWS THESE ISSUES. SHE'S A MEMBER OF THE WAYS AND MEANS COMMITTEE -- SHE'S A CHAIRMAN OF THE BUDGET COMMITTEE. MY GUESS IS SHE PROBABLY JUST DIDN'T GET THE QUESTION RIGHT.

KERNEN: YOU SAW VIRGINIA. I JUST WANT SOME OVERALL COMMENTS, MR. SPEAKER, AND WHETHER THAT -- BECAUSE IM TRYING TO THINK ABOUT HOW THAT WOULD -- WHETHER IT WOULD EMBOLDEN OR SCARE REPUBLICANS POLITICALLY.

RYAN: ARE YOU TALKING ABOUT POLITICALLY?

KERNEN: YES, I COULD SEE IT. LOOK, YOU HAVE TRIED – YOU DIDNT DO OBAMA CARE, OR THE SENATE DIDNT. PEOPLE THAT WERE CRITICIZING THAT LAW, THEY GOT WHAT THEY WANTED. THAT DIDNT HELP IN VIRGINIA AT THIS POINT DONT YOU THINK MAYBE YOU OUGHT TO JUST -- REPUBLICANS SHOULD BE REPUBLICANS AND DO WHAT THEY SAID THEY WERE GOING TO DO AND MAYBE TAKE YOUR CHANCES WITH THAT INSTEAD OF TRYING TO BE ALL THINGS TO ALL PEOPLE WITH FEET OF CLAY AND JUST SCARED, OH, MY GOD, THEYRE CRITICIZING US. MAYBE YOU ACTUALLY EMBOLDEN PEOPLE TO STICK TO THEIR GUNS ON TAX REFORM INSTEAD OF WIMPING OUT.

RYAN: WE'RE VOTING TOMORROW, JOE.

KERNEN: YOU SEE WHAT I'M SAYING? PUT THE OBAMACARE THING IN THERE. YOU DIDN'T DO IT THEN. YOU WILL PROBABLY LOSE IN 2018 ANYWAY, YOU ALWAYS DO. THE PARTY THAT'S ON THE SAME SIDE OF THE PRESIDENT USUALLY LOSES. HOW ABOUT THIS DO SOMETHING BEFORE YOU ARE NOT IN POWER ANYMORE?

RYAN: THE HOUSE HAS PASSED OVER 380 BILLS IN THE FIRST TEN MONTHS OF THE TRUMP ADMINISTRATION MORE THAN OBAMA, CLINTON AND THE BUSH'S.

KERNEN: I KNOW. THE BIG ONES.

RYAN: WE PASSED THE BIG – WE PASSED A REPEAL AND PLACE OF DODD FRANK IN THE SUMMER.

KERNEN: OK.

RYAN: WE PASSED A REPEAL AND REPLACE OF HEALTH CARE IN MAY.

KERNEN: THIS IS TOUGH LOVE. THIS IS TOUGH LOVE. I'M NOT HITTING YOU FROM THE LEFT. I'M

RYAN: WE'RE BRINGING OUR TAX REFORM BILL TOMORROW BUT TO YOUR POINT –

KERNEN: WHAT ABOUT DACA? WILL YOU DO DACA? WILL THAT GET DONE TOO? WILL THAT HELP YOU IN '18 OR WILL THAT NOT HELP YOU IN '18?

RYAN: WE KNOW – WE ARE GOING TO DO A DACA FIX. IT'S GOING TO HAVE TO HAVE A LOT OF OTHER THINGS TO IT, LIKE BORDER AND – INFORCEMENT. LET'S PUT THAT ASIDE FOR A SECOND, PUT THAT ASIDE. LET ME GO BACK TO YOUR VIRGINIA QUESTION BECAUSE YOU MADE A GOOD POINT, WHICH IS WE BETTER DO WHAT WE SAID WE WOULD DO. WE RAN ON TAX REFORM, WE KNOW THERE'S NOTHING MORE WE COULD DO THAT WILL DO MORE TO GROW THE ECONOMY AND RAISE WAGES, GET AFTER TAX INCOMES UP, GET ECONOMIC GROWTH FASTER, GET TO A 3% ECONOMY. WE KNOW THERE'S NOTHING WE CAN DO LIKE THIS THAT GETS US TO THIS KIND OF AN ECONOMY WE KNOW WE CAN HAVE. AND SO, YES, WE SAID WE WOULD DO THIS, AND WE HAVE TO DO THIS THAT'S THE COVENANT WE HAVE WITH OUR SUPPORTERS, THE VOTERS, THE PEOPLE. AND THAT'S WHY YOU VOTE FOR REPUBLICANS. SO YEAH, YOU BET. WE NEED TO MAKE GOOD ON THIS PROMISE IF WE'RE GOING TO BE SUCCESSFUL POLITICALLY, BUT MOST IMPORTANTLY, IF WE WANT TO BE SUCCESSFUL AS A COUNTRY WE HAVE TO GET THIS DONE.

QUICK: SPEAKER RYAN, HAVE YOU ALREADY DONE THE WHIP COUNT, AND ARE YOU SURE YOU HAVE THE VOTE –

RYAN: WE FEEL GOOD WHERE WE ARE. WE LIKE WHERE WE ARE.

QUICK: AND SECOND OF ALL, WITH WHAT THE SENATE HAS JUST DONE BY ADDING THIS OBAMACARE REPEAL PART OF IT, DO YOU THINK THE SENATE HAS THE VOTES TO GET PASSED AS WELL, OR HAVE THEY COMPLICATED –

RYAN: I LEARNED A LONG TIME AGO, DON'T GET IN THERE AND SPECULATE WHAT THE SENATES GOING TO DO AT THE END OF THE DAY OR WHERE THEY ARE AT ANY GIVEN MOMENT. WE WANT THEM TO BE SUCCESSFUL. WE WANT THEM TO BE SUCCESSFUL IN GETTING THEIR BILL OUT OF COMMITTEE AND OFF THE FLOOR SO WE CAN GET IN A CONFERENCE COMMITTEE WITH THEM. WE WANT TO GIVE THEM AS MUCH LEEWAY TO DO THAT. IT'S JUST VERY IMPORTANT AT THIS STAGE OF THE PROCESS – IT'S REALLY IMPORTANT HOUSE PASSES A BILL. SENATE PASSES A BILL. THEN WE IMPROVE THE BILL AND WE GET THE BEST POSSIBLE BILL IN THE CONFERENCE COMMITTEE THERE. ARE IMPROVEMENTS THAT WE WOULD LIKE TO MAKE WITH PASS-THROUGHS AND A BUNCH OF THINGS. SO, WE WANT TO GET TO THE CONFERENCE AND MAKE THESE IMPROVEMENTS AND GET THE BEST POSSIBLE BILL, BUT THEY GOT TO PASS A BILL, AND WE HAVE TO PASS A BILL FOR THAT TO HAPPEN.

QUICK: IF THERE ARE THINGS YOU'D LIKE TO IMPROVE IN YOUR BILL, WHY DON'T YOU JUST IMPROVE IT? YOU CAN'T GET THE VOTES –

RYAN: FRANKLY, IT JUST TAKES TIME. WE'RE WAITING FOR SCORE KEEPING – THINGS LIKE THAT.

QUICK: DO YOU EXPECT YOU'LL HAVE MET IN CONFERENCE BEFORE THE HOLIDAY SEASON?

RYAN: YES.

QUICK: BEFORE CHRISTMAS HOLIDAYS.

RYAN: YES.

KERNEN: CONGRESSMAN, OR SPEAKER, THERE ARE POLLS THAT SHOW ROY MOORE IS BACK UP AND THAT ALABAMA, THEY MAY ELECT THIS GUY. WHAT THEN? AND HOW'S THAT GONNA WORK?

RYAN: I CAN'T SPEAK TO WHAT THE SENATE CHOICES AND OPTIONS ARE.

KERNEN: THERE YOU GO WITH THE SENATE AGAIN. YOU ARE LUCKY YOU'RE IN THE HOUSE. DON'T YOU EVER – I DON'T THINK I WOULD EVER –

RYAN: WE PASS ALL THE BILLS, RIGHT? YOU REMEMBER THAT? SO.

KERNEN: THEY GET GOOD TABLES. AND THEY GIVE GREAT SPEECHES, THEY GIVE GREAT SPEECH IN THE SENATE, DON'T THEY?

RYAN: IN DEFERENCE, NOT IN DEFERENCE – BUT CUT THEM A LITTLE SLACK, THEY HAVE TO DO PEOPLE, WE DON'T HAVE TO DO PEOPLE. THEY HAVE TO DO JUDGES AND ASSISTANT SECRETARIES OF THIS AND THAT AND THEY'VE GOTTA DO AMBASSADORS. HALF OF THEIR TIME IS PASSING PEOPLE THROUGH WHICH TAKES LIKE UP 30 HOURS A PERSON. THEN THEY'VE GOT A CRAZY FILIBUSTER RULES, WHICH DRIVES US NUTS IN THE HOUSE BUT IT'S THE RULES THEY HAVE. SO THEY HAVE A DIFFERENT SYSTEM THAN OURS. THEIR SYSTEM TAKES LONGER. OUR IS LEANER AND MEANER.

KERNEN: SO WHAT HAPPENS WHEN YOU NEED THAT SEAT? IS IT BETTER TO LOSE – THERE ARE PEOPLE NOW IN THE JOURNAL AND OTHERS OP-ED SAYING IT WOULD BE BETTER FOR THE REPUBLICANS TO LOSE THAT SEAT THAN TO HAVE JUDGE MOORE –

RYAN: THE GUY SHOULD STEP ASIDE. THE GUY SHOULD STEP ASIDE BECAUSE FIRST OF ALL, THESE ALLEGATIONS ARE ABSOLUTELY CREDIBLE ALLEGATIONS, SO THE GUY SHOULD STEP ASIDE. IF HE CARES ABOUT THE PEOPLE AND THE VALUES, HE CLAIMS TO CARE ABOUT, IN FAITHFULNESS TO THOSE VA VALUES, HE SHOULD STEP ASIDE IT'S THAT SIMPLE.

KERNEN: OKAY, I KNOW THAT'S NOT YOUR THING AND IT'S NOT YOUR – BUT I HAVE TO ASK THOUGH BECAUSE --

RYAN: NO, I GET IT.

KERNEN: YEAH, IT'S GONNA HAPPEN AND IN THE SENATE. YOU KNOW WHAT, SPEAKER, PEOPLE ARE GOING BACK AND LOOKING AT WHAT A LOT OF VICTIMS CLAIM, VICTIMS THAT WERE DISCREDITED BEFORE AND THEY WERE WRITTEN OFF AND THERE MAY BE RECKONING FOR OTHER AREAS BECAUSE OF THIS. SO IF IT FIXES THE SITUATION, MAYBE THERE'S A BRIGHT SLIDE.

RYAN: ABSOLUTELY.

QUICK: MR. SPEAKER, THANK YOU FOR YOUR TIME.

RYAN: ALRIGHT. THANKS FOR HAVING ME BACK. TAKE CARE.

QUICK: GOOD TO SEE YOU.

For more information contact:

Jennifer Dauble
CNBC
t: 201.735.4721
m: 201.615.2787
e: jennifer.dauble@nbcuni.com

Emma Martin
CNBC
t: 201.735.4713
e: emma.martin@nbcuni.com