Senator schumer look at that. Got it. Very nice charts. I would like to complement our staff. Ok. Good afternoon everybody, and thank you for joining us today. We know they are popping champagne and down pennsylvania avenue. There are only two places where america is popping champagne, the white house and the Corporate Board rooms, including trump tower. Otherwise, americans have a lot to regret. First, i want to respond to comments senator mcconnell made on the senate floor. His opening comments. First he said, i brought them along, because they are so good to use. This is the final transcript. He said, first, the senate accomplished something really remarkable. He is right. To pass a bill of tax cuts and have it be so unpopular with the American People, is an amazing achievement for the republicans. It has never been done before. To have for the first time, according to wall street journal polls, americans prefer democrats and republicans on taxes, is truly remarkable. Great accomplishment mitch, great accomplishment, republicans. Second, he said he championed the open process the tax bill went through. Sure, they went through an open process. Only if you define open by one Party Negotiating behind closed doors, having one markup with only one expert witness, while voting down every single amendment proposed by democrats. If anyone believes this was an open process, then i have a bridge back in my hometown to sell you. Then, senator mcconnell told us, this bill was passed to encourage job creation and put more money in the pockets of working men and women. Well, if you believe trickledown economics, he is right. The trouble is, no one in america, not the american public, not the economists, believe that trickledown works. Corporations are flush with cash right now. The stock market is booming. Job creation is not. Look at all the companies who have said they would use their tax break for stock buybacks, for dividends, that do not affect the average american. I love the example of at t. Over the last 10 years, at t has paid an average tax rate of 8 a year. They have 80,000 fewer employees today than they had been. Tax breaks do not lead to job creation. They lead to big ceo salaries and money for the very very wealthy. Finally, senator mcconnell touted the repeal of the individual mandate, that is true. And now, our republican friends will own premium increases on millions of middleclass families. Most, the increase they will have to pay in Health Insurance, far exceeds the amount of the tax break they will get. And 13 million fewer americans will have Health Insurance at all. As republicans head to the white house for their backslapping and high fives to celebrate passage against the will of the American People, we have a simple message for our republican friends. Republicans will rue the day they passed to this bill. And you can bet democrats will make sure of that. We will continue to hammer away at why this bill is so unpopular. And why what the republican rhetoric and the reality are so far apart. Todays passage of the partisan tax bill officially submits of the Republican Party as the party of the wealthy, the party of big corporations, against the middle class and the working people of this country. Why . President trump, is rich fans, cabinet members and donors and the biggest corporations, make out like bandits, while the middle class gets crumbs and tax hikes. Corporations get permanent tax breaks. Individual tax breaks expire. By 2027, 83 of the middle class, almost 145 million american families, will either get a tax increase, or seek a tax change of less than 100. Meanwhile, according to the tax policy center, the top 1 of earners reaps 83 of the benefits. Let me say that again, middleclass, 83 get an increase of taxes or a decrease of less than 100. Top 1 , 83 of the benefits. So, no surprise when President Trump admitted this morning that the corporate rate was the biggest factor in their plan. Middle class america is asking, scratching their heads, why does the top get far more than i do . Why do i get a tax increase when so many of them get a huge decrease . This bill doesnt sit well with the American People right now. And it will not sit well with the American People next year. So when middle class families see their taxes go up, theyll know republicans are to blame. When middle class families see their Health Premiums rise, theyll know republicans are to blame. And when middle class families see billions more in stock buy backs and dividends going to wealthy shareholders instead of increased wages or new jobs, theyll know republicans are to blame. So while republicans will own every nook and cranny of this awful tax bill, democrats are going to fight like hell to stop speaker ryan and the Freedom Caucus from ending medicare and cutting medicaid. Leader pelosi. Ms. Pelosi thank you very much, mr. Leader. I associate myself with the leaders remarks in the interest of time. When he talked about champagne bottles being opened and executive suites and in the white house, i will add to that that joe sixpack is paying the price in a very severe way. Today the House Republicans are cheering. They are toasting the fact that they raised taxes on 82 million on 86 million american families, middleclass families. Remember these three numbers 86. 86 million middle class families get a tax increase. 83. 83 of the tax advantage goes to the top 1 . 13. 13 million americans may lose the Health Insurance as their premiums go up under the elimination of the individual mandate. This is what they are drinking toast to. Now the republicans are taking their cool victory lap, toasting with champagne with their donors and the wealthiest. But they didnt do what they promised. Think of this. In the campaign the president said that he would end carried interest loophole. Instead, maybe you can communicate this to the republicans in congress, or they used him as their front man, but they didnt do that. Instead they did not end carried interest. They protect the they protected and even added more loopholes for the richest. Secretary mnuchin, secretary mnuchin promised the g. O. P. Would not cut taxes for the rich. And then they handed the wealthiest 1 , 83 of the benefits in this tax proposal. The g. O. P. Said it the president promised the middle class would benefit when he was on the campaign trail. And of course it raises taxes again on 86 million middle class american families. The g. O. P. Said it would pay for itself. It would pay for itself. Instead, it will explode the national debt. And on that score, when speaker ryan was asked this morning, while mitch was i dont know why he said what he said, but it was this morning, either early or later this morning he was saying the speaker was on the today show when they asked him if the tax bill would create enough growth to not add to the deficit, the speaker said, nobody knows the answer to that. We know the answer to that. It will not. And dont take it just from us. We have always known, every credible analysis from every expert in or out of government, republican and democrat, say republicans are exploding the debt with their giveaways to the wealthy. As bruce bartlett, who helped create the republican trickledown with jack kemp said, anyone who says this, its not true, its nonsense. Should i say what he said . Its b. S. But he said the full. And the republicans know it. The republicans only care about the deficit. The poor deficit hawk its not an endangered species, extinct. Because the republicans only seem to care about the deficit when it comes time to invest in people. Not when it comes time to give giveaways to Corporate America and the wealthiest. Thats ok. But the sad fact is, investing in people, the education of our children, nothing brings more to the treasury than investing in early childhood, k through 12, post grad, lifetime learning for our workers. Nothing brings more money to the treasury. Reduces the deficit. Then investing in education. But that always has to be offset where permanent tax cuts for Corporate America to the tune of over 1 trillion which will add to more in terms of interest on the debt. That does not have to be offset or paid for. Again, Corporate America, you have a free ride. If its investing in our children, you have to pay for it and look at chip being one example of that. So, as their tax scam explodes the deficit, the republicans will tell seniors, oh, no, we have this big deficit. Were going to have to disabled children, working families, and our seniors we cant afford medicare and medicaid. In fact they said this week they have to raise the age to be eligible for social security. The republicans are learning we have a better path. What we would hope to do as we go forward is make the case to the American People we should be working in a bipartisan way to create growth that generates goodpaying jobs that does reduce the deficit. Thats the comparison between us. In fact, when Speaker Boehner was speaker, this all came up during the bush years and the rest, he wasnt speaker then, but he referenced it as speaker, said trickledown economics is the policy they were advocating and if it creates jobs that would be good. If it doesnt, so be it. Thats the free market. The free market . These guys had their hand in uncle sams pocket every step of the way. But its the free market when it comes to anything else. The American People saw right through this brazen con job republicans tried to sell them. Even the simplicity. They were going to reduce the brackets. They did not. There were seven, they said four. Its seven. They said you would return your taxes on the postcard. Maybe the size of this postcard, dont know. American people saw this republican tax scam was not working for americans. A foundation has been laid on this message. The g. O. P. Tax scam is about bleeding the middle class dry to pad the pockets of Corporate America and the wealthiest 1 . Im pointing to the sign. Senator schumer i am certainly not in that category. Ms. Pelosi insulting crumbs they give working families are meager and temporary. The tax breaks for Corporate America are vast and permanent. After all the president s promises, im just thinking did he get conned by the republicans in congress . Because they have not kept his promises to the American People. Senator schumer willingly conned. Ms. Pelosi hes responsible for his actions, no question. But they did not honor his promises to the American People. Maybe that was a con. After all the president s promise, all the republicans brazenly, brazenly transparent misrepresentation to the American People, the true face of what the republicans stand for has been revealed. Instead of focusing on the middle class, which contains millions of our veterans or the forgotten americans, republicans have voted to install a permanent plutocracy in our country. That does violence to the vision of our founders. Violence to the vision of what they sacrificed so much for. Thank you. Senator schumer questions first on this subject. Reporter on the subject one of the big republican promises was that they were going to sweep corporate loopholes out of the tax code. How did they do on that front . Senator schumer every day were finding more corporate loopholes that were put in that bill. That will continue over the next month or two. When you do a bill in the dark, it gives a great opportunity for lobbyists to do their handiwork and give huge breaks to specific corporations and others. The corporate loopholes are worse than ever in this bill. Its more complicated today than it was before they started. Its more regressive today than before they started. Its more unfair today than before when they started. Ms. Pelosi by the way, these are tax expenditures. That is spending the taxpayers money to give corporate of course they are not paid for. Reporter one of the consequences of the bill is that they talked about having to waive the paygo provisions here. Thats something they want to do right away. I know on your side, i havent spoken to you about it, but mr. Hoyer said that they would provide the votes. Keep the government opened if they put that in there. Seems like you guys got senator schumer they havent shown us any plan how theyll get it done. Lets wait until they come to us and tell us how they expect to get us done. Lets wait until they come to us and see what their plan is for getting it done. Reporter do you think leader mcconnell misled senator collins in promising they could pass the bills to win her support . Senator schumer unclear what they said. Its clear one thing, leader mcconnell and all the republicans have made the Health Care System much worse. 13 Million People not covered. Premiums going up by 10 . And no one believes that the two bills that senator collins wants added to this, which now they have said they are delaying until january, but no one believes that those two bills would make up for the destruction that is caused by removing the mandate. And they are going to pay a price for that, big time. They talk about, again, the increase in premiums for so Many Americans will far outweigh any tax decrease they get. Ms. Pelosi those increases are wholly owned by the Republican Party. When you take the individual mandate and reduce by 13 Million People, perhaps that many from the pool, youre increasing costs. Senator schumer one other thing. Patty murray has said this. Alexandermurray was not designed for a system where the mandate was removed. It doesnt work anymore. Its an empty promise whether its in a bill or out of a bill. Reporter they are talking about correction bill on the extenders. You warned that there may be loopholes in here hemorrhaging revenue. How much do democrats engage on subsequent senator schumer we think this bill is so bad its very hard to fix in small little tweaks. Well see what they propose, but our view were going to hammer away at this. This is going to be an issue for us all year. This is not just forgotten. The fact they say once people learn of what is in this bill theyll be for it. The Koch Brothers have spent tens of millions of brothers trying to persuade people this is a good bill, and majority of americans by most polls, think its a bad bill. The reason is simple. The suspicions of the American People that the Republican Party is helping the wealthy and the powerful corporations and not the middle class has been confirmed in this bill. Ms. Pelosi just to say they did a massive bill that has trillions of dollars of impact on the economy. Without a single hearing, with only the person from the joint Tax Committee responding to questions at the markup. With accepting no amendments. And now all of a sudden they have this massive bill that they have done, the speed of light in the dark of night, they think that were going that they are going to tweak this into Something Better . We have to go to comprehensive tax reform in a bipartisan way, create growth, generate goodpaying jobs, reduce the deficit. If they have those goals, you wouldnt end up if they had those goals you wouldnt end up senator schumer we had bipartisan talks going in the senate with republicans and democrats. And the Republican Leadership pulled the republicans out. We could have had a much better bill, done in a bipartisan way, that would have been permanent, would have done much more for the middle class and done much more to reduce the deficit. Ms. Pelosi thats not what they were about. They werent about the middle class. In their d. N. A. , the republicans are about tax cuts for the wealthy and Corporate America. They are for trickle down. They are not for bubble up. Reporter the republicans repeatedly said, look, the proof will be in the paycheck next year. You are going to see more money. That can spend on your own. What can you point to as democrats to say, this tax plan isnt so good for you . Senator schumer first, a whole lot of people will get tax increases. And second, the average american says, even if i get 100 tax decrease, why is the wealthy person getting a 50,000 tax decrease . The decrease should go to the middle class and people trying to get there not wealthy people. Thats why the bill is so unpopular. They know what this bill is all about. They know they are getting crumbs, if that. While the wealthy are getting big pieces of cake. Thats why its so unpopular. Reporter 80 would see some kind of tax cut. Is that true . Senator schumer the tax policy certainty said some would get a tax cut. But its small. It vanishes. And the wealthy get a much bigger break. Thats what the American Polling data, very interesting. The world has changed since the time even of george w. Bushs tax cuts. When people ask if you get a small tax break and the wealthy get a big tax break do you want it or not . Overwhelmingly the people say no. Reporter different topic. Senator schumer any more on this one . Reporter on the Child Tax Credit, could you talk about the democratic provision not to support the rubiolee amendment . Was it a missed opportunity . Senator schumer the rubiolee amendment wasnt hardly anything. We had a much better proposal. They missed opportunity by not supporting in our house the brownbennett proposal which would have done something. So many of our republican colleagues knew this was a bad bill. They tried to tweak it to make it a tiny little bit better. Thats not going to solve the problem at all. Ms. Pelosi in that regard, one of the champions of the Child Tax Credit in our house, congresswoman rosa delauro, who has devoted her life to addressing the needs of children in america, Child Tax Credit was something she waited. Its important to note this. If you make 400,000 a year, you get a 4,000 Child Tax Credit. Family of four. If you are a single mom with two children making 14,000 a year, how much do you think you get . 75. 75. Senator schumer the Child Tax Credit they did mirrors what they have done in the bill. The wealthier you are, the better you did. Ms. Pelosi not just amount of money. Percentage. Reporter how do you point the democrats keep hammering this going forward, you alluded to this, the president himself tends to do very well under this bill s that going to be a central part of the democrats message . Senator schumer the president does very well under this bill. Most of his cabinet does very well under this bill. Large percentage of his contributors do very well under this bill. Yes. The president is part of the top 1 . And the bill is aimed to help the top 1 . So the president s part and parcel to the problem. Ms. Pelosi our focus in the campaign will be what this means to people and their individual lives. Financial insecurity, financial instability is a major concern. Apprehension for the American People. And we have to show them there is a better way. We have a better deal, better job, better way, better future. And thats part of the debate that we will have. Yes, they get all of that at the exploitation of the workers. And on top of it all, which is really kind of very sad, is they try to represent that its about the middle class. Let me go back to mnuchin. I think his statement is just so mnuchin, were talking about billionaires here. Senator Schumer Mnuchin seems to make it up as he goes along. Ms. Pelosi g. O. P. Wont cut tax force the rich. They handed the top 1 , 83 of the benefits. Thats one part. What does it mean to you in your life . You are going to lose some of your deductions whether its on your mortgage or estate taxes. The salt will hurt people. And the services they receive from their state and local governments. It is also about they are going to lose access to quality, Affordable Health care as well. The list goes on and on. Its really more about our constituents. Yes, making the contrast, but focusing on what it means to them. Senator schumer one place well focus on is the suburbs. This is a horrible bill for so many suburban people. And they know it. And the suburbs are now, i think, going to move much bluer because of this tax bill. Reporter will you allow congress to adjourn without a chip deal . Senator schumer look, were trying to get as good a deal as possible. Were not going to negotiate against ourselves right here. But the bottom line is we havent even seen anything, they are so busy with the tax proposal that we havent even seen a proposal. Leader pelosi can talk about the house. We havent seen a thing from senate republicans. We have to see what they proposed. Bottom line is there are things they want, things we want. If they sit down with us, we could come to a good agreement. If they dont, it will lead to real problem. Ms. Pelosi the childrens Health Insurance program serves nine million children in our country. Its authorization ended on september 30, the end of the fiscal year. For three months, nearly, how many months is that, we have had this vacuum where states are losing funds. Running out of funds to meet the needs. And what are the republicans doing . They sent a bill to the floor called the walden bill. How they pay, because you have to pay for childrens health, you have to pay for Corporate America. How do they pay for it . What offsets do they use . Other childrens health. In order to pay for the chips program, theyll take money out of the Prevention Fund which is about inoculations for children. Its about addressing lead poisoning regard to children. And other issues that relate to childrens health. So they are saying to children, well pass childrens Health Insurance programs, but you are going to pay for it out of another childrens account. Thats totally unacceptable. Thats the bill they sent to the floor. Thats the bill we voted against. That is the same bill that they say they are going to put in the c. R. Senator schumer why did they wait so long . Childrens health has been in trouble in september. On issue after issue, they have been so busy giving tax breaks to the wealthy that they have neglected so many issues, including chip, including fisa, including issues very important to america. They are derelict in their duties. Now they are scrambling at the last minute. One more. One more. Reporter the house is considering taking up a bill that would boost defense spending. There is less money senator schumer from what we have been told, the previous anomalies are ways to get around the defense cap. We will not accept that. One way or the other they should we have said all along theres got to be parity, defense goes up. Spending for average families goes up. In terms of health care, in terms of education, in terms of infrastructure. Veterans. Opioids, pensions. Were sticking with that. Were not letting them try to get around this one way or the other. Thank you, everybody. Cspans washington journal, live every day with news and policy issues that impact you. Coming up thursday morning, Professor James thurber and Molly Reynolds on the significance of the 115th congress so far. And Michael Sergeant looks at u. S. Infrastructure policy and spending following this weeks amtrak derailment. Washington journal, live beginning at 7 00 a. M. Eastern. Join the discussion. Senate Majority Leader Mitch Mcconnell and mark warner will sit down with separate interviews with my gallon. They are expected to talk about the passage of the tax bill and the ongoing russia investigation. Because it in a. M. On cspan2. Announcer the house of representatives approved a tax overall. Vote, the house debated the bill and the overall rules. Cuts and jobs act which i believe is in the interest of the American People. This is a bold, progrowth plan that will overhaul our tax code