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In Senate floor remarks, Sen. Thom Tillis (R-NC) explained his break from fellow Republicans on the Big Beautiful Bill.
Transcript
00:00Senator from North Carolina.
00:04Thank you, Mr. President.
00:05I'm going to be brief.
00:06I promise Senator Hollins, I'm sorry, Senator, it's going to be about five minutes.
00:12This is an easy one.
00:13Number one, I should have probably said this earlier, I don't, my colleagues on the other
00:17side of the aisle, I completely disagree with the narrative of the billionaire taxes.
00:22Folks, this is actually reducing or making sure that we don't raise taxes on people like
00:27me that grew up in trailer parks, didn't get my degree until I was 37, struggled to make
00:32ends meet.
00:33Those people benefit from that.
00:34I've read the bill.
00:35I think most of you know I'm detail-oriented.
00:38It's not what it seems.
00:41So I also should thank Senator Crapo.
00:43He's a good friend, great leader.
00:45I should have thanked him for the hard work that he's doing.
00:47I got a little bit focused on the Medicaid failed baseline that's in the bill, but I should
00:53have started with that.
00:54So thanks to Mike Crapo and to Senator Thune, who I admire as our leader.
00:58Mr. President, I'm here to talk about the production tax credit and the investment tax
01:01credit, though.
01:02It's another classic example where think tanks and people that haven't worked a day in business
01:08are setting policy in the White House without a clue about what they're potentially doing
01:12to our grid.
01:14A lot of people probably – I had Alex Weinstein, who is a self-described philosopher and expert
01:19in this area in my office, talking with three people, practitioners that actually work in
01:24it.
01:25One of them is someone who specializes in power purchase agreements for large businesses.
01:29Walmart is one of the most sophisticated buyers of electrons in the world.
01:33They map out their power requirements years in advance.
01:36They want to make sure that their food doesn't spoil and they've got power running.
01:41They've already made several power purchase agreements with projects underway, folks.
01:46And this bill is basically gutting it.
01:50And everybody's high-fiving.
01:51What's amazing to me, Mr. President, is the mark that we laid down the other day almost achieved
01:59the same level of cuts of the House bill within $30 billion.
02:03Within $30 billion.
02:05And instead of thinking that was progress, somebody got cute and decided to take away
02:09in-construction and put it in service.
02:11Let me tell you why that's disingenuous.
02:13I was a partner at Pricewaterhouse, worked in the utilities practice, large utilities
02:17like TECO, Duke, Florida Progress, AEP.
02:21I know this industry.
02:23I understand base load.
02:24I understand peaking, and I understand this technology, which is increasingly becoming
02:29viable because of storage as a part of augmenting base load.
02:34Well now we've got the Walmarts and all of these data centers and everything that we want
02:38to bring back on shore putting in these power purchase agreements, teed to these projects
02:43like solar in particular, like wind, and other innovative, renewable natural gas, methane,
02:51hydrogen.
02:52I can go on.
02:54But somebody, a self-described philosopher in a think tank that I admire a lot, but I realized
03:00if you're a philosopher and you're in a think tank, you by definition have never worked
03:04in an operational role.
03:06So you can't possibly understand what happens to this pipeline of power purchase agreements
03:12and the future of our grid.
03:13So here's what's going to happen.
03:15Wipe it clean.
03:17Put an excise tax in.
03:19Effectively throw the football in the end zone, spin it, walk away, and do the party dance.
03:25And what you have done is create a blip in power service because there isn't going to
03:32be a gas-fired generator anytime soon.
03:35Folks, the generator is necessary to create power with gas, best case five years from now.
03:41That's best case.
03:43Five years from now.
03:45So you can't get that online at the same time this whole pipeline is going down.
03:49So I want that philosopher to tell me that he understands how to plan out power over time
03:57and to let me know that when all these projects fail, some will make it, some will get subsidized,
04:02some will go bankrupt, so it won't be Armageddon, but it's going to be a problem.
04:09So they better get it right.
04:11It's another example, folks, when you rush a bill and you don't think through the implementation,
04:16you don't get it right.
04:18And so I hope that my colleagues recognize it's half-baked.
04:22It's another reason why we should go back to the house, Mark, get Medicaid right, so
04:27I can come on the floor and tell my colleagues on the other side of the aisle why they're
04:30wrong on all the attributes of the house, Mark.
04:34Why they are wrong on some of their characterizations of the tax bill.
04:38And why they will be wrong on an energy policy that makes sense.
04:42But I have to vote against a bill from my own party that I have never parted from before,
04:48because we're rushing to an arbitrary deadline with people who have never worked a day in
04:52this industry, maybe philosophized and written a few white papers on it, but haven't gotten
04:58their hands dirty.
04:59I have.
05:00And this is another segment of the bill that needs to change.
05:02Thank you, Mr. President.
05:03Mr. President.
05:05Mr. President.

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