Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Jimmy Panetta Lambasts The GOP For Failing ‘Working Families To Pay For Tax Cuts For Billionaires’
Forbes Breaking News
Follow
5/19/2025
During Friday’s House Budget Committee hearing, Rep. Jimmy Panetta (D-CA) discussed the consequences of increasing the deficit and cutting social services.
Category
🗞
News
Transcript
Display full video transcript
00:00
I yield to our friend from California, Mr. Jimmy Panetta, for three minutes.
00:04
Thank you, Mr. Chairman.
00:05
Look, I think we all recognize how difficult it is to craft legislation that balances fiscal
00:11
responsibility with economic growth, but I think we can all clearly see that this legislation
00:18
is not the way to do it, considering that you completely blow out the debt and deficit
00:23
and you thoroughly fail working families to pay for tax cuts for billionaires.
00:28
I mean, look at the distribution tables alone for this bill.
00:33
The top 0.1% stand to gain $255,000 in 2027 alone.
00:41
That's $700 every day for that 0.1%.
00:44
Yet for those earning less than $50,000 per year, the average benefit is only $265.
00:53
That's less than $1 a day.
00:55
That's 310 times more benefit for billionaires.
01:01
And the consequences of this bill go well beyond that, and they're well documented.
01:05
The $750 billion, $715 billion, that's legislation which slashed from Medicaid and the Affordable
01:12
Care Act, would strip health coverage from nearly 14 million Americans.
01:17
The bill includes the deepest cuts to food assistance in the history of the United States,
01:23
slashing SNAP benefits for nearly 11 million Americans.
01:28
And for what?
01:29
In addition to being stuffed with largesse and accounting gimmicks, the bill also offers tax
01:33
breaks for gun silencers.
01:36
It not only fails working families, it undermines America's economic security, and it explodes,
01:42
explodes our nation's fiscal foundation.
01:45
Now, in order to do everything the president promised, in order to cut many of these benefits
01:52
for working families, this bill would add close to $7 trillion to our national debt.
01:57
It will increase interest rates.
01:59
It will make everything from buying a home to financing a business more expensive.
02:04
The nonpartisan Cato Institute has stated that the bill is likely to increase growth by only
02:10
0.6 percent, nowhere near enough to offset the fiscal damage brought on by this legislation.
02:18
In fact, this bill is expected to reduce investment, lower wages, and have little impact on the total
02:26
national income.
02:27
And so as I see it, this bill represents gutting benefits for working families, giving tax breaks
02:34
to billionaires, giving in to exploding our national debt, and giving up, giving up on the fiscal health
02:42
of our nation, and therefore giving up on our obligation to our children's and our country's future.
02:48
That's why I oppose this bill, and so should you.
02:51
Thank you, Mr. Chairman.
02:52
I yield back.
02:53
I thank the gentlemen, and now-
Recommended
2:28
|
Up next
'Just Not Right': Stephen Lynch Reacts To Cuts To Social Services In GOP's 'Big Beautiful Bill'
Forbes Breaking News
5/22/2025
29:22
Rashida Tlaib Accuses GOP Of Trying To 'Gaslight' Americans Over Claims Medicaid Won't Be Cut
Forbes Breaking News
4/17/2025
1:07
'A Betrayal Of Working Families': Chris Pappas Rails Against Benefits Cuts In GOP's 'Budget Scheme'
Forbes Breaking News
6/10/2025
4:19
Angie Craig Lambasts Looming SNAP Cuts For ‘Taking Food Out Of The Mouths Of Hungry Children’
Forbes Breaking News
5/7/2025
2:44
'Greed, Corruption, And Tax Breaks For Billionaires': Jim McGovern Assails GOP Over Budget
Forbes Breaking News
5/23/2025
3:20
GOP Lawmaker Josh Brecheen Demands Changes To Trump-Backed GOP Reconciliation Bill
Forbes Breaking News
5/16/2025
5:17
'Truly Horrifying To Me': Emily Randall Decries GOP Attacks On Welfare Programs
Forbes Breaking News
5/12/2025
1:26
‘America’s Worst Budget Ever’: Latimer Calls GOP Bill A ‘Tax Scam’ Benefiting ‘Wealthiest’ Americans
Forbes Breaking News
5/20/2025
28:20
GOP Reps Hold Special Order On House Floor To Discuss Progress On Reconciliation Budget Bill
Forbes Breaking News
5/9/2025
8:50
Voter Asks Brian Schatz What He's 'Most Angry About' In GOP Budget
Forbes Breaking News
6/9/2025
3:39
‘It Is Morally Bankrupt’: Kim Schrier Slams GOP Bill For Proposing ‘Largest Cut Ever’ In Medicaid, SNAP
Forbes Breaking News
5/21/2025
0:43
House Republicans Propose Social Security Retirement Age Increase and Medicare Restructuring
Benzinga
3/21/2024
2:46
'The Big Grift': Chuck Schumer Tears Into Proposed Cuts To Medicaid And SNAP In Republicans' Budget
Forbes Breaking News
5/13/2025
3:25
‘It Would Eviscerate A Balanced Budget’: Melanie Stansbury Rails Against ‘Decimating’ Cuts Of GOP Tax Bill
Forbes Breaking News
5/28/2025
14:50
House Democrats Blast 'Devastating Cuts' In The Republican Reconciliation Bill
Forbes Breaking News
5/14/2025
1:20
‘Seniors’ Benefits Are Under Attack, And Donald Trump Is To Blame’: Ross Slams Social Security Cuts
Forbes Breaking News
5/15/2025
4:13
Angie Craig Issues Warning: If Medicaid Is Cut ‘We’re Literally Talking About Cutting Food Security’
Forbes Breaking News
5/7/2025
2:13
Pete Aguilar Blasts GOP Budget’s ‘Unfairness,’ Claims It Helps The Rich While ‘Shortchanging The Future’
Forbes Breaking News
5/14/2025
31:13
Hakeem Jeffries Announces Proposal To Force Vote To Stop Safety Net Cuts By GOP
Forbes Breaking News
5/6/2025
4:32
'That's The Truth!': Chip Roy Torches GOP's Big Beautiful Reconciliation Bill For Deficit Increase
Forbes Breaking News
5/16/2025
1:21
'This Is Life Or Death': Lucy McBath Decries Medicaid Cuts In GOP Reconciliation Bill
Forbes Breaking News
5/21/2025
5:20
Greg Casar Asks Secretary Linda McMahon Point Blank How Much She Will Receive In Tax Cuts From GOP Budget
Forbes Breaking News
6/9/2025
7:42:49
Jim Jordan Leads Epic House Judiciary Committee Hearing On Trump Budget
Forbes Breaking News
5/5/2025
0:24
House Republicans pass stopgap bill to fund government
Bangkok Post Group
3/12/2025
1:27
'These Programs Are Under Attack': Pete Aguilar Decries Cuts To Food Assistance In GOP Budget
Forbes Breaking News
6/11/2025