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tv   U.S. Senate Sens. Thune Barrasso Schumer on the Debt Ceiling and...  CSPAN  October 6, 2021 5:58pm-6:19pm EDT

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president biden promised -- for american families wasn't worth all that much in not only are there tax is to go up so is the budget of the irs. democrats want to spend $80 billion so the federal tax authorities can expand their reach in the financial habit of average americans snooping on transactions. they want to finance their spending spree by effectively treating every ordinary american as if they wereff under irs cautioned. every ordinary american as if they were under irs audit. i must have forgotten when the president campaigned on getting everybody there on audit. i don't remember him saying that last year. it isn't regular americans need to audit its the democrats
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taxing and spending spree with these historic tax hikes that would hurt families and help china. >> mr. president september the 25th president biden tweeted and i quote my build back better agenda costs $0. that's right. according to the president a series of new permanent entitlements and a massive expansion of government, the biggest expansion of government at least since the new deal is going to cost $0 that from the present united states and the president has now been doubling down on that claim. on monday he once again tweeted the fact of the matter is my buildd back better plan cost zero. well mr. president the fact of the matter y is your go back better agenda cost $3.5 trillion at least. that's the minimum number of the committee for responsible
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federal budget where the federal secretary serves on the board before joining the administration estimates the cost at $5 trillion or more. but leaving that aside, leaving that aside mr. president even at the present tries to claim that his plan is fully paid for by tax hikes and other measures to say that it would cost $0 is beyond ridiculous. i mean think about it. let's say your college education was completely paid for by your parents. would it cost $0? of course not. it costs a lot of money money that your parents were likely able to pay because of a hard work and sacrifice. what if you saved up for a couplers of years for your dream vacation and now that you have all the money you'd need down to the cost of your uber's in your
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hotel breakfast does that mean your vacation is going to cost $0? of course it doesn't. the same thing applies when it comes to the democrats. even if democrats have all the money they need to pay for every dollar of their massive spending spree the price tag still wouldn't be $0. it's absolutely doesn't pass the sanity test for americans. the price tag for this proposal is at least minimum $3.5 trillion in likely much, much more. presumably what the president refers to when he makes the absurd claim that his spending bill will cost $0 is the assertion that it won't add to thet debt. the problem is that isn't true either. because with pay-fors in the democrats bill won't payhe for e bill in its entirety. the tax hikes in the democrats
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legislation pays for two-thirds of the bills ostensible $3.5 trillion price tag. other revenue won't muck up the difference. and what are the other revenue raising components? well a substantial part is increased irs enforcement. democrats claim they can get $700 billion in more revenue by closing the tax gap the difference between taxes owed and taxes paid. there's no question the individuals shouldn't get away with cheating on their taxes and there are undoubtedly reasonable measures we can takeme to strengthen enforcement and narrow the gap. unfortunately democrats haven't proposed any reasonable measures. instead the democrats are proposing to a double the size of the irs and b have the irs
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snoop on americans bank accounts. that's right. democrats want to double the size of the irs and force banks, credit unions and other financial institutions that provide details of individual spending to the federal government. under the administrations proposal once your withdrawal for deposits for the year is a certain amount and that amount by the way if the president has his way is $600,000 bank or credit union would be forced to report the details of correct to bitty to the federal government. so the federal government could end up with a record of every time you eat dinner out or pay your rent or buy a new jacket or a toaster oven. the invasion of privacy being talked about here is absolutely
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staggering. we are to have a much mechanism in place that would allow the irs to -- that might indicate potential criminal activity. we do not need the federal government monitoring every purchase that law-abiding americans make or how many times americans buy a cup of coffee. not to mention the incredible demand this reporting requirement would place on committee banks and credit unions. banks and credit unions around the country are worried about how we would manage these requirements and mr. president let's not forget the agency that would be receiving all this information has a reputation for mishandling private sales but that the irs is subject to a massive breach or hack a private taxpayer information, information is somehow ended up in the hands of applicants at
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propublica. neither he treasured in her the irs has provided a meaningful follow-up about that pretty much less any accountability. giving it regarding troubled -- access to taxpayer information is a very bad idea and mr. president even if we grant this massive invasion of privacy the truth is all this additional enforcement still wouldn't provide the money that democrats claim we provide. democrats claim they canld get $700 billion from the tax increase enforcement measures. the reality is more likely to be about $200 billion lower according to an analysis from the school of business.ho democrats would be doubling the size of the agency with clear management issues and implementing a staggering invasion of taxpayer privacy to pay for a tiny fraction of their
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spending spree. has a said mr. president no taxpayer should be able to avoid paying taxes he or she owes and i signed on to co-sponsor legislation that would look at responsible ways to strengthen irs enforcement efforts but democrats proposals to double the size of the irs and taxpayer spending should never, never have seen the light of day. even former irs commissioner who served under president obama and -- said he thought $80 billion from the agency was toore much. mr. president taken together irs enforcement on steroids and democrats massive tax hikes will still not be enough to pay for their multi-trillion dollar legislation. partly because the tax hikes may not bring in as much as the democrats planned but also because democrats have used a lot of budget gimmickry to
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disguise the bill. the standard deficit for analyzing the cost of the bill is a 10 year budget window. so if you look at what your bill would cost over 10 years, that's how you get the cost of your bill but that's normally the way that it works around here. that's not exactly what the democrats are doing. the child onto the democrat bill. democrats have only allowed the process to 2025 and that allows democrats to claim that provision is around $500 billion instead of the $1.1 trillion the measure would cost over a decade. all of those tax hikes are just for covering the cost of the bill over a ten-year or shorter window. in reality the new government benefits democrats are putting in place are not going to expire for 10 years.
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this bill is effectively instituting multiple permanent entitlement programs. the long-term costng of those programs is not going to be covered by the tax hikes democrats are currently proposing as massive as those tax hikes are. mr. president i've talked a lot about the cost of this bill. the biggest expansive government literally in my generation in history. i could spend just as long talking about the bill's other costs like the fact that the bill is likely to cost workers jobs and opportunities for increasing the tax burden on american businesses in depressing economic growth. ever the cost to american families who are going to be facing higher energy bills and higher prices as a result of this legislation. so i'm going to stop here.
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one thing is for sure mr. president democrats massive spending spree is going to cost a lot more than $0. the american taxpayers, the american taxpayers will be paying a heavy price for this legislation and for a very long time to come. mr. president i yield the floor. >> mr. president, thank you mr. president. i agree with what my colleague from south dakota might neighbor has to say about the issues of the spending bill and i would also add that people all around the country are paying the price right now. they are getting hammered at the grocery store hammered at the gas station and every month since joe biden took the oath of office prices have risen faster than wages. people are feeling the pain of
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the bite taken out of their wallet even without they taxes at the democrats are proposing the democrats -- the american people of -- i'm going to delay the remainder of my remarks so he can continue at this time at this point. >> thank you my friend from wyoming and i ask consent that he be able b to resume as soon s i finish my remarks. >> without objection the majority leader. >> in america mr. president we have always stated the promise that they pay her debts on time without exception. it's been a key to our economic success and are standing in the global market across the world. today it's time for us in this chamber to do our jobs and make sure those promises r remain unbroken. in order to preserve the full faith and credit of the united
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states the senate must act and by the end of this week sent the bill to president biden's desk extending the debtyi ceiling and allowing the government to keep paying the bills to meet our outstanding obligations. later this afternoon the senate will vote on cloture on the house message that would suspend the debt ceiling through december 2022. if cloture is invoked the senate will then vote to passna this bl on a full majority basis. democrats have concluded from the start we are going to do the responsible thing and vote to allow the u.s. to keep paying its bills. every single one of us has a vote for cloture this afternoon. leader mcconnell andy senate republicans have insisted they want a solution to the debt ceiling but only if democrats do all the work item sells. we party presented republicans with numerous opportunities to do what they saysa they want including by offering a simple majority vote so democrats can
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suspend the debt ceiling on her own as republicans advance but each time republicans have chosen obstruction and cat is unfortunately on a path to default triggerbt public and obstruction of the debt ceiling over the last few weeks has been referenced -- reckless and irresponsible the nonetheless republicans will have an opportunity to get exactly what they kept asking for. the easiest option is this. republicans can simply get out of the way and we can agree to the filibuster vote so we can proceed with final passage of this bill. i yield the floor. >> mr. president. mr. president i ask unanimous consent that i be allowed to complete my remarks in the center from pennsylvania senator toomey be allowed to complete
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his remarks prior to the scheduled roll call vote. >> without objection. >> mr. president i come to the fore today to. talk about what people in wyoming are seeing every day and that's a rise in prices at the gas station when they go to the grocery store. they are paying more and more. every month since joe biden took the oath of office prices have been rising faster than wages. people are feeling the bite in their wallet by these higher prices. in effect people across the country and certainly my home state of wyoming have suffered a paycheck cut because the money doesn't gock as far. president biden told us this wouldn't happen. he actually said inflation is transitory. well president biden may still believe that get after seven months in a row it doesn't look transitory to most americans.
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economists have revised their expectations. expectations of inflation are revised in ways that will pay higher prices for longer periods of time. they revise their expectations about economic growth as well and they have revised those downward. inflation up, economic growth down. the commerce department said one measure placed that the highest it's been in 30 years. the company's salesforce estimates christmas shopping costs will go up by 20 cents for every dollar you would spend on christmas presents. the historic toiletries announced it will start selling items which cost more than a dollar. we have $10 stores in wyoming and they are an important part of our communities. many people in rural areas rely on dollar stores were there every day needs.
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joe biden's economy these people are being hurt the most. why is it happening? it's because the money supply has increased and it hasn't increased as fast and 75 years but last year congress >> trillions of dollars in response to the worst pandemic in our nations history. actually the century. with her public majority in the senate they were done in a bipartisan overwhelming majority vote. much of the money still hasn't been this january democrats took over the white house as well as the senate. get their hands on the nation's credit card and they started swiping. in march to the president signed a $2 trillion spending bill but it was supposed to be about coronavirus. only 9% the money went to public health. they cut republicans out of the negotiations completely.
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so much of the new spending went to it cretz favorite -- union bosses and bankrupt blue states. the put the bill entirely on the american credit carpet the federal reserve started printing money and prices started going up. yet democrats haven't learned their lesson. they want to keep spending. now they want to spend more than twice as much money as they just >> in march. they are also asking for the largest tax increase in 50 years. tax increases also raised prices.s. last week the white house press secretary made a statement to me that was -- was one of most irrational statements of business owners have ever heard bridges that was unfairse and absurd for companies to raise tprices in response to higher taxes. she said it's absurd and unfair for companies to raise prices
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and response to higher taxes. it may be unfair but it's certainly not desert. it's basically a it's basically rhythmic to bring the government raises taxes the cost of doing doing business goes up and companies either have to cut more to increase their revenue per democrats raise taxes and it means higher prices fewer jobs and in many cases both. president biden wants to raise taxes on energy. oil yesterday was that a seven or eight year high. prices have doubled this year. democrats are now proposing new natural gas production. according to one estimate it will cost our economy $9.1 billion. it will eliminate 90,000 good paying american energy jobs. also mean higher energy prices for people trying to heat their
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homes and cool their homes higher energy prices also mean higher grocery prices. entire retail prices may be unfair according to the white house press secretary but it is not absurd. prices are rising. they are rising because democrats >> going to dollars that we cannot afford and democrats learned their lesson before it's too late. not just more taxes spending and barring. stop cutting into peoples paychecks. american families are feeling the pain and stop pouring more fuel on this fire of inflation that is racing across the country. thank you mr. president. i yield the floor. >> the treasury department says it will run out of money to pay the government's bills in the middle of the month which would cost to government debt payments. today president


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