On Friday, at a House Budget Committee markup of 'One Big Beautiful Bill', Rep. Lloyd Doggett (D-TX) spoke about the harms in the Republican reconciliation bill.
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00:00The gentleman from Pennsylvania now recognized for three minutes my friend from Texas, Mr. Lloyd Doggin.
00:06Republicans talk fiscal responsibility, but they practice fiscal irresponsibility.
00:12Trump's big, beautiful bill is full of ugly details.
00:16Mr. Chairman, there is absolutely no fiscal sanity, as you refer to it, in this bill.
00:22What begins is a $4 trillion bid of public borrowing,
00:26according to the Nonpartisan Committee for Responsible Federal Budget,
00:31likely ends up adding almost $7 trillion to the national debt.
00:37And you Republicans are stone silent on any justification for the trillions you're adding.
00:42You only want to change the subject.
00:44Because when it comes to more and more tax breaks for those at the top, the billionaire class,
00:50too much is never enough, even when it produces fiscal irresponsibility.
00:55This bill is laden with budget-busting park for every well-connected donor,
01:00from firearm silencers to tanning salons.
01:04Even the Wall Street Journal editorialized this week, quote,
01:09it's largely a political document focused more on massaging 100 constituencies than helping the economy grow.
01:16And the Libertarian Cato Institute, quote,
01:20it's not significantly pro-growth.
01:23It will reduce investment, lower pre-tax wages, and have little impact on total national income.
01:30Americans living very comfortably with $1 million or more in annual income
01:36will get 310 times more of this bill's benefits than those earning $50,000 or less.
01:43Yet there is a way to provide all of the bill's benefits, the good, the bad, and the ugly,
01:51to provide all of it to 98% of American taxpayers and still cut this proposal's cost in half.
01:59Just limit the benefits to those who earn $400,000 or less annually.
02:04And this would mostly ask Elon Musk and the billionaire class, the richest 2% of Americans,
02:11to pay the same tax rate that they paid under President George W. Bush and under President Barack Obama,
02:18simply going from 37% to 39.6%.
02:22Surely, surely, unless you are totally beholden to the billionaire class,
02:28that's not too much to ask of Republicans.
02:31The ugly bill also devotes $20 billion to undermining our public schools
02:37with a new form of private school vouchers.
02:40It wrecks our planet and business opportunities with a repeal of renewable energy credit.
02:45It expands Trump's ability to destroy opponents by denying their tax-exempt status.
02:50It denies health insurance coverage to about 14 million Americans.
02:54It's all ponies and rainbows, according to one K Street lobby.
02:59But for families, it's a long black storm cloud rolling in fast
03:03as they lose access to a physician, food security, and educational opportunity.
03:09Of course, Trump's not worried.
03:11He has a shiny new Qatari jet in which he and his billionaire friends can fly off into the sunset.
03:17I yield back.
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