and quickly, which is something else he said. i think if we come back here in six months, a year, two years, there s no chance that either of those statements are going to be tru true. you re saying without some sort of legislation, there s no power that the president or government has to entice pharmaceuticals in which to lower these prices. negotiations require some leverage. if you don t tell the companies we re going to regulate how much you increase the prices year to year, what s your leverage over them? they have some more leverage by saying, look, we re going to reduce the number of drugs we have to cover as part of medicare. that s a little bit of leverage. but estimates are that that is worth $500 million. let me remind the viewers the total amount of spending in drugs is about $470 billion.
neil: all right. no democrat voted for this budget in the house today. what happens now in the senate with chris coons, the democratic delaware senator, also served on senate judiciary committee. thanks for being here. thanks, neil. neil: as you see things now, how would you vote? as i see things now, how would i vote on what? the tax frame work that you re right. we won t know the details until next week. many in your party say it s tilted to the rich. what do you say? it s about nine pages but it s not a bill. it s not been analyzed or scored. to the extent that it follows the broad frame work and cuts $470 billion out of medicare and
reputations for themselves as fiscal hawks. their fiscal chicken hawks when it comes to tax cuts. they simply don t care about the debt and the deficit unless they can use that to badger obama and other democrats. reasons for opposition include the tax policy center analysis that claims 80% of the tax cut would benefit the top 1% and it could add one and a half trillion dollars to the deficit over ten years. it could cut medicare funding by $470 billion and medicaid by $1 trillion and of course much more could change. your 401(k) retirement plan may be in the cross hairs of republicans orchestrating a way to pay for that tax cut. stephanie ruhle shows us, you could have a tough time trying to save for those golden years. reporter: with the stock market setting new records, millions of americans who use 401(k) accounts to save for
some $470 billion. and medicaid by about $4 trillion. of course a lot could change throughout the process here so we ll keep you advised on that. joining me now, jonathan ator, msnbc political analyst. and cynthia nelson, author of e pluribus one. big welcome to both of you. you probably saw the tweets just within the last hour. the president saying the budget that passed is a really big deal, especially in terms of what will be the biggest tax cut in u.s. history. mainstream media barely covered. you know, jonathan, paul ryan says the tax code overhaul will include a fourth tax bracket so the wealthiest americans don t get a windfall. what do you make of that idea? do you think congress is capable of making sure this happens? in a word, no. because the only thing that the republicans in congress agree on are tax cuts for the rich. you know, this is not a middle class tax cut. it goes overwhelmingly, as we
comprehensive or fiscally responsible budget that will put the federal government on a path to balance, the budget gives us the tools we need to strengthen our economy after years of stagnation under the previous administration. the senate can use a process known as budget reconciliation toward the democratic filibuster, if a simple majority of 51 votes, the budget plan would cut spending by $5 trillion over ten years calling for $470 billion in cuts for medicare and $1 trillion for medicaid. rand paul was the only republican to go against the bill, the senate minority leader chuck schumer blasted it. after eight years talking about debts and deficits under a democratic president the republican deficit hawks seem to have flown the coop. heather: bernie sanders, not a bad bill, a horrific bill he said on twitter.