|00:00:00||TURN MEDICARE INTO A PRIVATE VOUCHER SYSTEM AND FORCE SENIORS TO SPEND MORE THAN $6,000 OCCUPY EVERY ADDITIONAL YEAR AND GUT MEDICAID, EDUCATION PROGRAMS, MEDICAL RESEARCH AND TRANSPORTATION AMONG OTHER THANKS.|
|00:00:12||YOU NAME IT, THEY DEVASTATE IT.|
|00:00:14||FIRST THE REPUBLICAN BUDGET CALLS FOR STAGGERING $10 TRILLION IN TAX CUTS FOR THE WEALTHY AND LARGE CORPORATIONS OVER 10 YEARS.|
|00:00:22||IT WOULD PAY FOR IT BY CLOSING UNSPECIFIED TAX LOOPHOLES, BUT THIS IS A FRAUD.|
|00:00:28||LOOPHOLE CLOSING OF THIS MAGNITUDE, THEY WOULD HAVE TO GET RID OF ALL THE TAX BREAKS THAT MIDDLE CLASS DEPENDS ON, LIKE TAX EXCLUSION FOR EMPLOYER-SPONSORED HEALTH INSURANCE AND CHARITABLE DONATIONS AND THIS WON'T HAPPEN.|
|00:00:44||THE REPUBLICAN BUDGET THEN PROPOSES $5.|
|00:00:48||3 TRILLION IN NONDEFENSE DISCRETIONARY SPENDING CUTS BEYOND WHAT WAS AGREED TO LAST YEAR.|
|00:00:55||IT WOULD SLASH $860 BILLION FOR MEDICARE AND ALL TO PAY FOR TAX CUTS BECAUSE IT WOULDN'T BALANCE THE BUDGET TO 2040 BECAUSE THESE CUTS ARE TO PAY FOR THE TAX CUTS FOR THE WEALTHY.|
|00:01:10||I YIELD BACK.|
|00:01:12||THE CHAIR: THE GENTLEMAN YIELDS BACK THE BALANCE OF HIS TIME.|
|00:01:14||THE GENTLEMAN FROM WISCONSIN RESERVES HIS TIME.|
|00:01:16||THE GENTLEMAN FROM MARYLAND IS RECOGNIZED.|
|00:01:18||MR. VAN HOLLEN:|
Mr. NADLER. Mr. Chairman, I rise in strong opposition to the Republican budget.
Once again, the Republicans move a slash-and-burn budget that would turn Medicare into a private voucher system and force seniors to spend more than $6,000 out of pocket every additional year. It would gut Medicaid, education programs, medical research, and transportation among other things. You name it, they devastate it.
First, the Republican budget calls for a staggering $10 trillion in tax cuts for the wealthy and large corporations over 10 years. It would pay for it by closing unspecified tax loopholes, but this is a fraud. For loophole closing of this magnitude, the Republicans would have to get rid of all the tax breaks the middle class depends on, loopholes like the mortgage interest deduction, the tax exclusion for employer-sponsored health insurance, and charitable donations. This won't happen, which is why the Republicans won't name any of their loophole closings.
The Republican budget then proposes $5.3 trillion in non-defense discretionary spending cuts, beyond what was agreed to in last year's debt ceiling, $1.2 trillion beyond. It would slash $860 billion from Medicare and all to pay for tax cuts because it wouldn't balance the budget until 2040, because these cuts are to pay for the tax cuts for the wealthy.