On Friday, at a House Budget Committee markup of 'One Big Beautiful Bill', Rep. Scott Peters (D-CA) spoke about the Republican budget reconciliation bill.
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00:00I thank the gentleman and now yield three minutes to my friend from California,
00:04Mr. Scott Peters. Thank you, Mr. Chairman. Unfortunately, this is just from a budget
00:09perspective a disaster for the United States despite the flowery language you hear. Every year
00:16this country has been racking up two trillion dollars of debt because we don't pay our expenses
00:22and that means that the deficit unless we the national debt unless we do something about that
00:26will grow from 36 to 38 to 40 to 42 and despite all the cuts you hear about none of them are applied
00:36to lowering that annual deficit number that adds to our national debt not any of them because they
00:41literally by the order of this committee were directed to be used to offset the cost of extending
00:47and adding new tax breaks for people okay so that's why this does not reduce the debt in fact
00:54the independent analysis of the committee for a responsible federal budget says that over the
01:00next 30 years this will add 37 trillion dollars to the national debt 37 trillion dollars it doesn't
01:06reduce the debt doesn't reduce the deficit scott percent the secretary uh treasury says we need to
01:12get our deficits down to three percent of gdp to dig out of this hole today without this law that's going
01:18to take about seven trillion dollars of savings and revenues over the next 10 years there's nowhere
01:25near any of that that's going on here but when you add in the cost of this bill this budget busting bill
01:31that number goes to 11 to 12 trillion dollars we're gonna have to save over the next 10 years this is not
01:37this is not going in the right direction at all no matter how convicted they sound over on the side
01:42there are alternatives first of all this is their bill this is the way they wrote this bill in 2017
01:48to for these things to expire democrats had nothing to do with the expiration of these these these tax
01:53cuts that's how they wrote it in 2017 okay they voted for this but you have alternatives because if
01:59you look at the look at the tax rate from 37 to 39.6 would would be incurred on who on people who earn
02:06more than six hundred ten thousand dollars a year those people aren't working for two percent two
02:11dollars per hundred dollars those people can afford uh that tax increase and it would raise
02:16four hundred two billion dollars to help close the gap um the when we when the the republicans
02:24lowered the corporate rate from 35 which so many people in here agree was too right too high to 21
02:30that went well past what the republican noise it means chair dave camp was asking for he's asking for 25
02:35percent if you raise that up again to 25 percent as the republicans wanted back then that's 500
02:41billion dollars and the tax gap republicans don't even want to enforce the tax laws we have without
02:46raising a single rate all the tax gap the amount of the difference between what we what we owed and
02:52what we collect is 697 billion dollars and what are we doing about that we see doge cutting irs irs's
03:00ability to collect those those things this is irresponsible it's the wrong thing to do for
03:05budget we need it we need a bipartisan process that deals with honestly with revenues and cuts
03:10we don't have it please vote this down i yield back