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tv   U.S. Senate Sens. Thune Barrasso Schumer on the Debt Ceiling and...  CSPAN  October 6, 2021 3:34pm-3:55pm EDT

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it is an ordinary middle-class american americans who need it cannot become is the democrats reckless taxing and spending spree with these historic tax hikes owner families pretty and help china. >> on septemberes the 25th of, president biden entered by tweeted by bill back agenda it costs $0 read that is right, and according to the, presidents, a series of new permanent entitlements in a massive expansion of government, the biggest expansion of government at least since the new deal, is going to cost $0 predict that's from the president of the united states and the president has now been doubling down on that claim, money he once again tweeted, the fact of the matter is vied bill back and better it costsll zero. well, no mr. president, the fact of the matter is that your build back better agenda costs three
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to have trillion dollars at least. that is the minimum number and the committee for responsibleta budget where the presidents secretary served on the board for joining the administration estimates the cost at $5 trillion or more. leaving that aside, even if the president had been merely claim that his plan is fully paid for, by the tax hikes and other measures, to say that it would cost $0 is beyond ridiculous. and to think about it, the same college education was completely paid for by your parents, it would then cost $0 read of course not. it costs a lot of money that your parents likely were able to pay only because of hard work and sacrifices or what if you saved up for a couple of years for your dream vacation and now
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you have all the money you need down to the cost of your hotel breakfast. does that mean that your vacation is going to cost $0 read of courseam it doesn't. the same applies if legislation even if all the democrats have all the money they need to pay for every dollar of the massive spending spree, the price tag still wouldn't be $0 is just absolutely does not pass the sanity test for americans. the price tag for this proposal is the least minimum train have trillion dollars and likely, much much more. presumably with the president is referring to when he makes the observed claim, that is spinning bill will costss $0, his assertn that builds more to the debt. the problem is is true not true
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because of the democrats bill won't actually pay for the bill in its entirety. in tax hikes, and the democrats legislation watch toilet paper about two thirds of the bill, a sensible three and a half trillion dollar price tag ready and other revenue raising components of the bill will not make up the difference and what are those other revenue raising components well, substantial part is increased irs enforcement. the democrats claim they can get $700 billion in more revenue by closing the tax gap, the difference between taxes owed in taxes paid. another is no question, thedu individual should not get away with cheating on their taxes. and there are undoubtedly reasonable measures that we can take to strengthen enforcement a narrow the gap. unfortunately democrats have a propose any reasonable measures
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instead the democrats are proposing to double the size of the irs, and have the irs new on americans bank accounts. that's right, democrats want to double the size of the irs and force the banks, the credit unions and other financial institution to provide details of individual spending to the federal government. under the administration's proposal, once you withdraw or deposit for the years, a certain amount and that amount by the way, if the president has his way, is $600 predict your bank or credit union would be forced to report the details of your activities to the federal government. so federaler government could ed up with a record of every time you eat dinner out or pay your rent or buy a new jacket or
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toaster oven. the invasion of privacybe being talked about here is absolutely staggering. we already have a mechanism in place to allow the irs to do large transactions that might indicate criminal activity and we do not need the federal government monitoring every purchase that law american and dividing americans from the app store many times americans buy a cup of coffee. not to mention, the incredible demands of the reporting requirements were placed on community banks and credit unions. it banks and credit unions around the country are worried about how they would manage to comply with the bills reporting requirements and let's not forget, and the agency receiving all of this information, has a reputation for mishandling private data. in fact the irs subject to a massive leak or pack of private
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taxpayer information your months ago, information is on now and up in the hands of advocates of public up and the treasury know the irs provided meaningful follow-up about that data breach my class any accountability. even already travel agency access to reams of additional private taxpayerin information,s a very bad idea and mr. president, even if we have this method invasion of privacy was worth it the truth is all the additional improvements will not provide the money democrats are claiming that we provide. chris claim they can give $700 billion from the bill increase tax enforcement measures and the reality is more likely to be about $200 billion more according to an analysis from the wharton school of business. so democrats doubling the size
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of an agency with clear management issues and implementing a staggering invasion of taxpayer privacy to pay for a tiny fraction of their spendingo spree. and as i've said mr. president, no taxpayer and any income level to be able to avoid paying taxes that he or she owes in a dozy sign on to cosponsor legislation that would look responsible ways to strengthen irs enforcement efforts. the democrats proposals, to double the size of the irs and track the taxpayer spending, should never, never seen the light of day pretty even former irs and served under presidents obama and trump said that he thought that $80 million for the agency was too much. and taken together, the irs enforcement on steroids andn democrats massive tax hikes. be enough to pay for the multitrillion dollar legislation. and partly because the tax hikes
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may numbering in as much of the democrats point but also because democrats thatge follow suit alo use budget gimmickry to disguise their will and the standard method for analyzing the cost of the bill is a ten year budget window. say look at what your bill will cost over ten years, that's how you get the cost of your bill, that's normally the way that it works around here. that's not exactly with the democrats are doing. the child allowance and the democrats bill, democrats only head of thegh cost of that throh the year of 2025 predict that allows democrats to claimro the cost of that provision is around 500 billion instead of the $1.1 trillion the measure would actually cost over a decade. and all of those tax hikes, arab course just recovering the cost of the bill over 810 year or shorter window.
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and in reality, the new government benefits democrats are putting in place, are not going to expire for ten years. and this bill is effectively instituting multiple permanent, permanent entitlement programs and long-term cost of those programs is not going to be covered by the tax hikes, is massive it was tax hikes are, and i talked to a lot about the cost of the a dollar cost of ths bill. which are massive. most big expensive in government and literally my generation it in history. i can spend is just as long talking about the bills cost, like the fact that the bill is likely to cause the workers jobs and opportunities by increasing the tax burden on american businesses and depressing economic growth or the cost to american families who are going
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to be facing higher energy bills and prices as a result of this legislation. but i'm going to stop here for today. one thing is for sure mr. president, democrats massive spending spree, is going to cost a lot more than $0 predict the american taxpayers, they're going to be paying a heavy price for this legislation and for a y long time to come. i yield back. >> mr. president. thank you, i agree with my colleague and my neighbors have tos say, about the issues of te spending bill. that would also add that people all around the country are paying the price right now with raising prices. getting hammered at the grocery
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store inherited the gas station, and every month since joe biden took the oath of positive and office, prices have risen faster than wages of people feeling the pain in the bite taken out of their wallets and even without the specific it raise taxes that the democrats are proposing read the american people have already taken it a pay cut and i note that the majority leader has arrived ine the floor so i am going to delay the remainder of my remarks so he can continue with his leader t time at this apoint printed. >> i think my friend from wyoming. and i can said that he would be able to resume as soon as i finish my remarks pretty. >> without objection, majority leader. >> in america mr. present we have always kept the basic promise, to pay our debts on time without exception. it is been a key to our economic success in our standing in the global markets across the world. and today, it is time for us in
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this chamber to do our jobs and make sure those promises remain unbroken. in order to preserve taking credit of the united states, the sinema sacked emma the end of this week, senate bill two president of biden's destitute exceeding the debt ceiling allowing our government keeping his bills in meeting our outstanding obligations. later this afternoon, the senate will vote on closure on the house message and that would suspend the debt ceiling through december 2022. and enclosures invoked, the senate will then vote to pass this bill on a central majority basis and democrats from the start, were going to do the responsible thing and vote to allow the u.s. to keep paying his bills and every single one of us is worried about forclosure this afternoon. and for months, leader mcconnell and senate republicans have insisted they want to solution the debt ceiling. but only if the democrats do all the work by themselves and we've
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already prevented republicans with numerous opportunities to do what they say they want. including by offering simple majority votes of democrats can suspend the debt ceiling on their own as republicans of asked me the republicans have chosen obstruction and kept us unfortunately on the path to default read republican obstruction on the debt ceiling over the last few weeks has been reckless in irresponsible but nonetheless today, republicans will have an opportunity to get exactly what they kept asking for. in the first and easiest option is this. republicans instantly get out of the way and we can agree to skip the filibuster vote so that we can proceed to final passage of this bill. i yield back. >> thank you, i asked unanimous
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consent that i be allowed it to complete my remarks in the senator from pennsylvania feet allowed to make his remarks of prior to the roll call vote predict and thank you. i come to the floor today to talk about what people in wyoming are seeing every day and that is rising prices when you go to the gas station in the grocery store and they are paying more and more. and every month since joe biden took the oath of office, the prices have been rising faster than wages people are feeling the bite in their wallets of these higher prices. in effect, people all across the country and certainly in my state of of wyoming, has suffered a paycheck cut because the money just does not go as far. president biden told us this would not happen. he actually said inflation was transitory. well, president biden may still
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believe that yet after seven months in a row, it does not look transitory to most americans. and now economists have actually revise their expectations. expectations of inflation and they have revised it in ways that we are going to be paying higher prices for longer periods of time. the reviser expectations about economic growth as well. and they've revise those downward, inflation up economic growth down. and on friday the congress department said the one measure of inflation has actually hit the highest it has been in 30 years pretty and the company salesforce now estimates the cost of christmas shopping will go up by 20 cents for every dollar you would spend on christmas presents. now the store dollar tree has announced that it will start selling items which cost more than a dollar. i intend dollar tree stores that
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tare very important part of our communities and many people in rural areas rely on the dollar stores for their everyday needs worried and joe biden's economy, these people are getting part of most partied so why is that happening. the money supply is increased this fast in 75 years. he has not. last year i was spent trillions of dollars to respond to the worst pandemic and our nations history read actually in a century. the republican majority in the senate, we passed five relief bills, about argosy overwhelming majority voted much of the money still has not been spent and this january democrats took ovet in the white house and as well as the senate. the nation's credit cards, and they started swiping prayed and in march the president cited $2 trillion spending bill. it was supposed to be about
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coronavirus read and only 9 percent of the money actually went to public health. and they cut republicans out of the negotiations completely, so much of the new spending went to democrats neighbor groups to labor unions union bosses, bankrupt blue states. the foot the bill entirely on the american credit card read and federal reserve started printing money, prices started going up for you to have not learned their lesson pretty want to keep spending. now they want to spend more than twice as much money as they had just spent in march. in asking for the largest tax increase in 50 years. tax increases also raise prices, last week white house press secretary made his statement enemy it was one of the most irrational statements and some business owners have ever heard. she said that it is unfair and observed for companies to raise prices in response to higher
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taxes. she said is observed unfair for companies to raise prices in response to higher taxes will may be unfair but is certainly not absurd, speak the end of basic arithmetic when the government raises taxes, the cost of business and doing business goes up rated companies in either have to cut costs or increase their revenue. when democrats raise taxes, amy'san higher prices and fewer jobs, and in many cases, broken and is an alarming the president biden was to raise taxes on american energy. energy prices have already gotten an oil yesterday was at a seven or eight year high read as you gas prices have doubled this year. democrats are now proposing a new natural gas production read according to one estimate, the t thief would cost our economy $9.1 billion.
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and eliminate 90000 good paying american energy jobs. it also mean higher energy prices for people trying to keep theirnd home, cooler homes and higher energy prices also mean higher grocery prices rated means higher retail prices. maybe unfair according to the white house press secretary but it is not absurd. because the prices are rising for a reason. in the right to because democrats spent trillions of dollars simply cannot afford. democrats need to learn their lesson before it is too late. stop this rush to more taxes than spending and borrowing freighted stop cutting into people's paychecks and american families are feeling the pain and stop pouring more fuel on this fire of inflation that is raging across the country thank you. i yield the floor. >> the u.s. senate in recesses leaders negotiate on legislation
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to suspend the debt ceiling and the treasury department has said that it will run out of money to pay the government spills in the middle of the month which would cause a default on government debt payments unless congress takes action to extend the debt ceiling and when the senate is back in session, live coverage on "c-span2". >> c-span is your unfiltered view of government, and by these television companies and more read including cox. and is committed to providing eligible families to access to affordable internet predict in the digital divide in engaging. cox, support c-span as a public service, along with these other television dividers getting a front row seat to democracy. >> the treasury department said that it will run out of money to pay

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