00:00Welcome back to State of the Union. Democrats are promising a fight over President Trump's agenda.
00:05What will that actually look like? Here with me now is Democratic Senator Chris Murphy of Connecticut.
00:10Thank you for being here, sir. You just heard my conversation with the White House Budget Director, Russ Vogt,
00:15about the President's tax and spending bill in front of the Senate, which is something you're going to be dealing with this coming week.
00:22What is your response?
00:23What is your response?
00:53I assume that that's not true. It's just unreal the amount of gaslighting this administration is doing.
00:59I mean, it is a fact. The difference between passing this bill and not passing this bill is the addition of $3 trillion to the national debt.
01:09And that's not me saying that. That's the credit rating agencies that impact our entire economy.
01:15Moody's just downgraded the United States credit. They didn't do that under Joe Biden.
01:19They did that under Donald Trump because they look at this bill.
01:22They look at the attack on the middle class and the diminution in spending power that will come with it for the middle class and the deficits.
01:29And they say that, if implemented, this bill is going to make the American economy much weaker.
01:34So this bill is what it is.
01:36It is just an attempt to enrich Donald Trump's billionaire class, all his Mar-a-Lago friends, his corporate friends, at the expense of ordinary Americans.
01:44And they should just tell the truth about it.
01:46You mentioned Moody's because you mentioned that.
01:47I do want to ask you, my understanding is that the downgrade of the credit rating is about long-term debt.
01:55Democrats and Republicans have contributed to that.
02:01Well, but they're making that determination now because they are looking at Donald Trump's plan to add this massive new amount onto the debt.
02:09And let's also be clear that, you know, during the Biden administration, his big legislative achievements outside of the context of COVID relief actually declined the deficit,
02:21whether it was the Inflation Reduction Act or the infrastructure bill, which had significant new revenue in it as well.
02:29Overall, those bills reduced, not added to the debt.
02:32So Moody's made this determination now rather than during the Biden administration because they see this coming bill as one of the biggest additions to debt
02:42and one of the biggest attacks on the sort of middle class consumer power in this country in recent memory.
