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'This Is A Fraud!': Chris Van Hollen Cites GOP Lawmakers In Brutal Condemnation Of Big, Beautiful Bill
Forbes Breaking News
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yesterday
During Senate floor debate on the One Big Beautiful Bill Act, Sen. Chris Van Hollen (D-MD) voiced his opposition and cited Rep. David Schweikert (R-AZ) Rep. Chip Roy (R-TX) and in his criticisms of Senate Republicans' version of the legislation.
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00:00
Well, Mr. President, I thank my colleague and the ranking member of the Senate Budget
00:07
Committee, Senator Merkley.
00:09
I just want to start by reading a statement.
00:13
This is a quote.
00:15
Anyone that says current policy baseline is the right way to go is engaging in intellectual
00:23
and economic fraud.
00:25
It's intellectually lazy.
00:27
My basic mission in life is just to try to create some honest math, unquote.
00:34
That wasn't from Senator Van Hollen or anyone on this floor.
00:37
This was from a Republican member of the House, Congressman Schweikert from Arizona, talking
00:45
about exactly the issue we're debating here in the United States Senate.
00:51
Let me read you another quote, a little more colorful.
00:56
Again, about this Republican accounting fraud.
01:00
Quote, this is fairy dust.
01:03
And they're just full of crap.
01:05
And I'm going to call them out on it.
01:08
Republican Congressman Chip Roy of Texas.
01:11
They're right.
01:13
This is a fraud.
01:16
This is a fraud that would make the Enron scammers blush.
01:22
And I quote those House members for a reason, because we can disagree with what they did in
01:26
their bill.
01:27
And I strongly disagree with it.
01:30
But at least they used honest math.
01:31
And at least they used the math that is required by the rules here in the Senate.
01:40
The honest math that Republicans here in the Senate want to dodge because it will both tell
01:46
the American people just how big the deficits are, but also because it will screw up their
01:51
whole entire plan.
01:54
Just so people listening have some sense of how these Senate numbers are designed to disguise
02:02
the real impact of their deficits.
02:05
Look at, for example, the basic individual tax rates in the House bill.
02:10
And they extended those tax rates from the Trump 2017 bill.
02:16
It costs $2.2 trillion under what we call the current law baseline, which is the reality
02:24
baseline because that's what it will cost when you understand that they sunset at the
02:30
end of this year.
02:31
And that's what it will cost to renew them.
02:35
So under honest accounting, it's $2.2 trillion.
02:39
Under the Senate fraudulent accounting, that $2.2 trillion deficit miraculously becomes an
02:46
$83 billion deficit.
02:50
Let's look at the House permanent extension of key deductions for businesses.
02:57
That would cost honest accounting $821 billion.
03:01
Under the Senate accounting scam, $6 billion.
03:06
So what we're seeing here is this blatant deliberate effort to mislead the American people about
03:14
the true costs of this bill, about the deficit impacts of this bill, about how it will impact
03:20
the debt.
03:21
And we all know that when the debt goes up and we have to put more of our costs on Uncle Sam's
03:27
credit card, it puts upward pressure on interest rates.
03:32
That means Americans will pay higher interest rates on their mortgages, on their car loans,
03:40
and everything else.
03:42
So when you try to hide the deficit impact, you really are trying to fool the American people,
03:49
and we're here to blow the whistle.
03:52
Now I just want to show our colleagues something that was put together by the Committee for
04:01
a Responsible Budget.
04:05
And if you look at the blue, you can see for each year, starting this year, 2025-2006, the
04:12
blue is what Senate Republicans claim their bill will add to the deficit.
04:18
The red is how much more it will actually add to the deficit.
04:25
So at the end of this 10-year period, what you see is Senate Republicans are claiming that
04:31
their bill will add $441 billion, which is still a big number.
04:35
But the real number, the real number when you do honest accounting, when you add up all
04:42
of these, it's $4.2 trillion, a much bigger number.
04:48
Now I do want to point something out on this chart, I think everybody watching should understand
04:53
it.
04:54
If you look at these orange parts, these are the additional deficits from tax cuts.
05:01
Starting here in year 2029, 2030, you'll see that they actually do start going down.
05:08
Why is that?
05:10
It's because the tax cut that President Trump promised for no tax on tips, they phase those
05:19
out.
05:21
This is all just a make-believe ruse.
05:24
Yeah, we start providing no tax on tips, but those disappear.
05:30
The tax breaks for wealthy people, they go on.
05:34
And they go on not just for this 10-year period, but the reason they violate all the rules
05:40
of reconciliation is because they keep going on after that.
05:46
And as Senator Merkley said, if you look at the entire history of the Byrd rule, that's
05:51
Senator Byrd, it was designed to make sure that 51 senators through a vote could not make
05:58
these kind of permanent changes in any area, but specifically they were worried about areas
06:04
that increase the national deficit and debt.
06:08
So what Republican senators are doing is not only misleading the American people, but they're
06:14
violating the entire structure that carved out this special procedure that we call reconciliation
06:21
for the budget, which was intended to lower deficits and debts, not have them go on forever.
06:29
As Senator Merkley has pointed out, I think if you look over a 30-year period, we're talking
06:33
about $35 trillion plus additional to the debt.
06:41
And Republicans want to hide that from the American people.
06:44
That is budget fraud, pure and simple, and it is a violation of the rules of the United
06:51
States Senate, this whole special structure that was created not to blow bigger holes in
06:56
the debt and deficits, but to actually try to constrain them.
07:01
So shame on everybody who's part of this fraud on the American people.
07:05
I yield back my time.
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