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