US Senate pushes ahead on Trump tax cuts as nonpartisan analysis raises price tag

The Manila Times

US Senate pushes ahead on Trump tax cuts as nonpartisan analysis raises price tag  US Senate version of President Donald Trump's sweeping tax-cut and spending bill will add $3.3 trillion to the nation's debt, about $800 billion more than the version passed last month by the House of Representatives, a nonpartisan forecaster said on Sunday, June 29.  The Congressional Budget Office issued its estimate of the bill's hit to the $36.2 trillion federal debt as Senate Republicans sought to push the bill forward in a marathon weekend session.  Republicans, who have long voiced concern about growing US deficits and debt, have rejected the CBO's longstanding methodology to calculate the cost of legislation. But Democrats hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress.  VIDEO BY SENATE TV / REUTERS  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe  Visit our website at https://www.manilatimes.net  Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion   Subscribe to our Digital Edition - https://tmt.ph/digital   Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer Stitcher: https://tmt.ph/stitcher  Tune In: https://tmt.ph/tunein  Soundcloud: https://tmt.ph/soundcloud   #themanilatimes #tmtnews #worldnews

Transcript

00:00Here's after the date of enactment of the RECA Extension Act of 2022 and inserting December 31, 2027.

00:09I would like to start by just taking a moment to thank the clerks who stayed up all night

00:17reading the amendment and getting us to this point. I know it was a long night and that we're

00:23not finished yet, but I want them to know that the Senate appreciates their dedication, their

00:28stamina, and their service.

00:30I rise for a parliamentary inquiry. Republicans are about to pass the single most expensive bill in

00:37U.S. history to give tax breaks to billionaires while taking away Medicaid, SNAP benefits, and

00:43good-paying jobs for millions of people. CBO just this morning said it will explode the debt by

00:50$3.3 trillion. And they said it will likely cost more over time. More than that. Closer to

00:58$4 trillion. Rather than be honest with the American people about the true costs of their

01:03billionaire giveaways, Republicans are doing something the Senate has never, never done

01:09before. Deploying fake math and accounting gimmicks to hide the true cost of their bill.

01:16Look, Republicans can use whatever budgetary gimmicks they want to try and make the math

01:22work on paper. But you can't paper over the real-life consequences of adding tens of trillions

01:29to the debt. The debate and eventual voting on the big, beautiful bill has begun. Hallelujah.

01:38It's taken a while for us to get here. We're going to have a debate worthy of a great country.

01:43We'll have what they think and what we think. And we're going to vote on this bill in the

01:49coming days. And I'm excited about that. I've worked a long time with my colleagues to get

01:56to where we are today. So to the American people, the debate is beginning right now.

02:26I'll see you soon.

02:28Now let me think.

02:29Let's see.

02:30One more time.

02:32One more time.

02:35You

02:36Bye.

02:39Bye.

02:41Bye.

02:42Bye.

02:43Bye.

02:44Bye.

02:45Bye.

02:46Bye.

02:48Bye.

02:49Bye.

02:50Bye.

02:51Bye.

02:52Bye.

02:53Bye.

02:54Bye.

02:55Bye.

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Transcript

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