'Billionaire Boondoggle': Chuck Schumer Tears Into GOP's Budget, Warns It Could Add To National Debt

During remarks on the Senate floor Monday, Senate Minority Leader Chuck Schumer (D-NY) spoke about the Republicans' budget.

Transcript

00:00on tariffs. Last week Walmart announced that soon it will raise prices on its

00:07products nationwide. Then over the weekend Donald Trump, who started this

00:12stupid trade war to begin with, tried to bully and harass Walmart for having the

00:16gall of being transparent about the decision. For having the gall to show

00:22that prices are going up because of Donald Trump's tariffs. Then today CEO

00:27of JP Morgan, Jamie Dimon, warned the impact of tariffs have not yet passed

00:32through the broader economy. Even Donald Trump's scaled-back tariffs are, quote,

00:37pretty extreme, unquote, in Dimon's words. So Donald Trump can try to blame

00:43businesses when they're forced to raise prices, but he can't escape the economic

00:47realities of his own trade war. He can, he made this mess, he's sending prices up, he

00:54will bear the responsibility. Donald Trump will. Finally, it's pretty rich for Donald

01:01Trump to tell retailers that they have to, quote, eat the tariffs, but meanwhile he's

01:05accepting luxury planes and crypto deals in the Middle East. Donald Trump does far

01:10more to help himself than to help America. On the tax scam, on Friday Moody's ratings

01:18downgraded the U.S. government's credit rating, citing rising fiscal deficits, soaring interest

01:24costs, and fears that Republicans are about to make things worse. You'd think Moody's

01:30announcement would be a wake-up call to the so-called party of responsibility, of fiscal

01:34responsibility, to stop their multi-trillion dollar giveaway to the ultra-rich. But nope, last

01:42night, Republicans cleared another hurdle to pass their billionaire boondoggle, one that

01:47adds trillions to the national debt. Republicans have forfeited any credibility when it comes

01:52to complaining about government waste. They are now the undisputed kings of reckless spending,

01:58and their big, beautiful bill is their crown jewel. Permanently extending these billionaire

02:04tax giveaways could add as much as $50 trillion to the national debt in the next 30 years. 50 trillion.

02:11And no matter what Republicans say, these tax breaks are not going to pay for themselves.

02:17The last Trump tax cuts certainly didn't. Why will these be any different, particularly

02:23given the economic chaos Donald Trump has created with tariffs? Americans have to be wondering,

02:29what are we in return, what are we in return for this, what are we getting in return for this fiscal

02:35time bomb? The answer is this, more tax breaks for those at the top. That's it. Those at the bottom,

02:44meanwhile, are getting ripped off. A study from Wharton released on Friday found that many Americans

02:49making less than $51,000 a year would lose after-tax income under the Republican proposal. You heard that

02:56right. Many making less than $51,000, that's a lot of Americans, would see their incomes go down.

03:02Future generations, meanwhile, will be condemned to a lifetime of higher borrowing costs,

03:08incurable inflation, and diminished economic potential. This is the entire goal behind the

03:15Republican so-called Big Beautiful Bill. Help the ultra-rish today. Screw the middle class tomorrow.

03:21That's not beautiful. That's ugly.