'Billionaires Win, Working Families Lose': Chuck Schumer Tears Into Republicans' Budget

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

Transcript

00:00On reconciliation, Donald Trump can meet with House Republicans as many times as he likes,

00:06but he won't change the fundamental problem of their bill.

00:10It kills jobs, U.S. jobs, explodes the deficit, overwhelmingly helps the rich.

00:16First on jobs, Donald Trump and Republicans want to reward billionaires by taking an axe

00:21to clean energy investments America needs to meet our energy demands of the future.

00:27Under Donald Trump, China is overtaking the United States, the U.S., sorry.

00:32Under Donald Trump, China is overtaking the U.S.

00:37Republicans' attacks on clean energy investments mean the U.S. will cede our leadership on clean

00:41energy to Chinese companies.

00:44Clean energy is the future.

00:46We need it to meet our energy needs.

00:48And Republicans who squander the future will regret it.

00:51They're letting China become number one on one of the most important industries in the

00:55world.

00:56Energy.

00:57Energy.

00:58Second, if Republicans make Trump's tax cuts permanent, they'll add over $50 trillion

01:04to the debt in the next 30 years.

01:07Our children, our grandchildren, will be condemned to a lifetime of higher interest rates, higher

01:11costs, diminished potential.

01:14Meanwhile, Republicans keep saying their tax scam will lift Americans across the board.

01:19This is false, and we have the data to show it.

01:23According to a study by Wharton under the Republican plan, the top 10 percent of Americans will get

01:2865 percent of the benefit of the value of the tax breaks.

01:32Many Americans making less than $51,000 a year would see their incomes go down.

01:38Many working families in the first income quartile will take a $1,000 hit.

01:42And the national debt will increase by $4.6 trillion over the next decade.

01:48That is in addition to, again, the potential $50 trillion over the next three decades if

01:53these tax giveaways are made permanent.

01:55That's the formula for the Republicans' big, beautiful bill.

01:59Billionaires win.

02:00Working families lose.