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why rob portman is hopeful. mick mulvaney is warning. and steny hoyer is fighting mad. they re all here and only here. we begin with blake burman with the latest. blake? it s clear here in the halls of the capitol as house republicans mark up their bill and the senate will release their bill later this week. there s a host of issues to work through. earlier today, the club for growth, an influential republican group put out a note saying they have issues with four different things on the individual side of this house republican plan. here they are. top tax bracket for millionaires with the possibility that those that make in the low million dollar range can see the top end taxed north of 45%. they take issue with a portion of pass-through profits would be taxed 25%. growth. you had big deficits. it wasn t tax cuts that did it. cuts create growth and growth creates revenues neil: but you left out ronald reagan. i know. deficits didn t grow with him. the first two years ....
I want to move forward. at this point you shut down the house floor yesterday. you are talking about open debate on the house floor. you shut it down. we did not shut debate down. that was the rules committee. what you saw was the by-product of the consolidation of power over the last 18 years. the rules committee, they are the group that makes the decision about how a affairs are conducted. republicans shutting down republican bills. it is something to behold, i will say. it is not what you are used to watch, and we are used to getting a trillion dollars a year to the national debt, it as at 44 trillion dollars. in five short years, we will consume 50% of the total revenue that the federal government collects just servicing debt. i m not dismissing your concerns about, spending i think there are a lot of people who have concerns about spending, but they re ....
About future spending. now also, they talk about social security. the way it works is if we do not have an increase in the debt ceiling and you have $320 billion coming in. at the first amount of money is to pay the debt service, 44 trillion. 44 billion a month. then social security and medicare are paid. federal pensions are paid. and then beyond a few more, then the politicians have to work out the rest of which is paid. oh, isn t that t too bad? they are only getting $4 trillion a year, but they want a lot more. so i m just making the point that the debt, that the credit on the debt, the full faith and credit of the united states cannot be violated unless the treasury secretary and the president do it purposely, which is a violationle of federal law and the federal constitution, but here s what i think the democrats are going to do. the democrats want to put in place the most massive social engineering and welfare state in world history. ....
About future spending. now also, they talk about social security. the way it works is if we do not have an increase in the debt ceiling and you have $320 billion coming in. at the first amount of money is to pay the debt service, 44 trillion. 44 billion a month. then social security and medicare are paid. federal pensions are paid. and then beyond a few more, then the politicians have to work out the rest of which is paid. oh, isn t that too bad? they are only getting $4 trillion a year, but they want a lot more. so i m just making the point that the debt, that the credit on the debt, the full faith and credit of the united states cannot be violated unless the treasury secretary and the president do it purposely, which is a violation of federal law and the federal constitution, but here s what i think the democrats are going to do. the democrats want to put in place the most massive social engineering and welfare state in ....
Any historical standard. we ve already spent $2 trillion with the mark to stimulus. it leapt out in budget would add $5 trillion in spending on top of that over ten years, and then there s another $5 trillion in new proposals that are going to be coming from the biden campaign and fake expirations. he put that together, you get $12 trillion of spending over the years. to put that in context, that s eight times bigger than the cost of the 2,017th tax cuts that we were told we can t afford. another way of throwing a big number out at you, before the pandemic the national debt was just under $17 trillion. if you assumed the entire biden agenda is enacted, into the new proposals, come of the debt goes from $17 trillion before the pandemic to $44 trillion at the end of ten years. this dwarfs anything we saw, not only from republican presidents, but even from obama and clinton. ....