On Tuesday, Rep. Suhas Subramanyam (D-VA) spoke on the House floor about the Big Beautiful reconciliation bill, which ultimately passed the House early Thursday morning.
Category
🗞
NewsTranscript
00:00Moody's, a credit rating firm, downgraded America's credit rating this past weekend.
00:04What does this mean? It's like when your credit score goes down, it will make it more expensive
00:09for a country to borrow money, and the interest rate on our $36 trillion debt will go up.
00:15How much do we spend on interest right now? Well, in 2024, we paid $892 billion in interest
00:21payments. That's 13% of our budget. That's more money than we spent on law enforcement, education,
00:28science, and transportation combined. And now it's going to get worse because this one big,
00:33beautiful bill coming up is going to explode the deficit so that we can give tax cuts to billionaires
00:39and the largest corporations while also slashing Medicaid, food assistance, and other programs
00:44American families depend on. There is no fiscal responsibility in this bill, and this bill will
00:49add $5 trillion to the federal debt. This credit downgrade should be a warning to reverse course,
00:55but instead we seem to be headed straight for a fiscal disaster, and we need to stand up to this.
00:59I yield back. The chair recognizes the gentleman from Missouri, Mr. Alford, for five minutes.