Scott Peters Calls GOP's One Big Beautiful Bill: 'A Disaster For The United States'

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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.

Transcript

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

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