CNBC Excerpts: Senator Ted Cruz (R-Texas) Speaks with CNBC’s “Squawk Box” Today

WHEN: Today, Tuesday, June 2, 2026

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with Senator Ted Cruz (R-Texas) on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Tuesday, June 2. Following is a link to video on CNBC.com: https://global-deals.online/video/2026/06/02/sen-ted-cruz-on-bipartisan-college-sports-bill-midterm-elections-and-iran-war-latest.html%3C/a%3E.

All references must be sourced to CNBC.

CRUZ ON COLLEGE SPORTS BILL

TED CRUZ: We've got right now the transfer portal is out of control. You've got athletes that are transferring 3, 4, 5, times. You've got a cost spiral that is bankrupting athletic programs. Almost every athletic program in the country is losing millions, some cases tens of millions of dollars. What that is producing is every week a different school is canceling a different program. You see women's sports canceled, you see track and field canceled, Olympic sports canceled, tennis canceled, and I think it's completely unsustainable. And so what this bill – it's a bipartisan bill – I negotiated it with Maria Cantwell, who is the senior Democrat on the Commerce Committee. I'm the chairman of the Commerce Committee. And we spent literally thousands of hours negotiating this bill. This bill tries to bring order to the chaos, it tries to save and preserve college sports by addressing it from two directions.

CRUZ ON PREDICTION THAT COLLEGE SPORTS WILL SHRINK SCHOOLS

CRUZ: If we don't act, I think we're on a path where within five years there will be 30 to 50 colleges that have college sports, and it will basically be a mini NFL, and just about everyone else goes away, and that would be tragic, because look, there are lots of reasons why sports matters. Sports brings us together at a time where we fight over everything else, we can all cheer together for sports, but more importantly, sports is this incredible avenue for young men and women to get a college education.

CRUZ ON SCHOOL TRANSFER RESTRICTIONS

CRUZ: You know, my focus on this, Becky, really from the beginning was not the top 1%, It was not the superstars, the Michael Jordans, the Arch Mannings of the world. They'll do great, they're going to make millions of dollars, they're going to be superstars for the rest of their lives. 99% of college athletes will never play in the NFL, will never play in the NBA. And I'm focused on the kid that you know came from the inner city, didn't have much opportunity, but had a skill, worked hard, got a scholarship, went to school. If that kid goes to, say, four different schools in four years, he or she is not getting a good education, you're just bouncing around. And if you don't make the NBA or the NFL, you come out without an education and without a future. That's terrible. We need to continue this avenue for kids, not just to go to school, but think about all the skills you learn in sports, teamwork, discipline, sportsmanship, hard work. Those skills prepare those kids for success in life.

CRUZ ON KEN PAXTON, JAMES TALARICO & MIDTERMS

CRUZ: The primary is over, and Ken Paxton is the Republican nominee. I am all in. I'm supporting Ken Paxton. In fact, I'm hosting a fundraiser for him later this week, and I think it's critical that he win and it's important for Republicans to take the race seriously in November. The Democrat opponent, James Talarico, I think is a very, very dangerous candidate. His policy views are far, far left, but this guy is talented, he's charismatic, he sounds like a preacher, and I'm worried that voters who are not paying much attention to just turn on the TV and see him, they're going to say, "Oh, what a nice young man," and the Democrats, they hate Ken Paxton. Texas has been their white whale, their Captain Ahab chasing the state of Texas. They're going to put over $100 million into this election, and so from a Republican perspective, I believe we're going to win, because I think Talarico's values don't line up with the voters of Texas but it's a real—

CRUZ ON BIDEN'S DOJ DEFENSE OF PAXTON

CRUZ: So, look, in the impeachment, he was acquitted, and I would point out, if you want to know how valid those charges is, were just ask yourself one question, was the Biden Department of Justice a lap dog for Republicans? I don't think they were. It was the Biden DOJ who investigated Paxton and chose not to bring charges. I think that that speaks a lot of volumes.

CRUZ ON IRAN 

CRUZ: Listen, I think the President's leadership on Iran has been extraordinary. His decision—

ANDREW ROSS SORKIN: You were very critical of him just two weeks ago, though.

CRUZ: Well, no, I wasn't. I was critical of voices around him, and there's a difference there. I think Donald Trump has been clear-eyed from the very beginning. His decision to launch this military attack is the most consequential decision of his second term, and I think it was exactly the right decision. I talked to President Trump just a few days ago, and what I urged him then, I said, hold the line, don't take a bad deal, hold the line, no nuclear weapons, zero enrichment, which Trump has said many times, and hand over all your enriched uranium.