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October 6, 2021
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Portman difference
In an interview this afternoon with Fox News’ Neil Cavuto, Senator Portman discussed his concerns about Democrats’ $ 3.5 trillion in reckless taxes and spending that will hurt the economy, job creation and working families who are already paying higher prices at the pump and in grocery stores due to soaring inflation.
On the debt limit, Portman explained how Democrats must vote to raise the debt limit due to their massive spending spree – their $ 1.9 trillion spending bill passed earlier this year and now a $ 3.5 trillion bill – the largest in American history – that they are preparing. pass without a single Republican vote.
A transcript of the interview can be found below and you can also watch the interview here.
PORTMAN ON THE ACTUAL COST OF THE DEMOCRATS DOLLAR 3.5 TILLION EXPENDITURE BILL:
“Well, I think that’s absolutely true. And I like Jim Clyburn, and I like his frankness, frankly, but that’s exactly what I’m afraid of. People say it’s $ 3.5 trillion. In fact, it’s more than that, the tax and expense bill, because it doesn’t include programs that both start later, like the Medicare program for dental care, for example – don’t start. for several years, but this will continue indefinitely. – or other programs that start and then stop, but as you say it will be almost impossible not to continue. Once people start to receive these benefits, the experience has been in our country that you continue to receive them. And as you know, it is these mandatory spending programs, these rights programs, that are causing us the fiscal crisis in which we find ourselves. you see it that way, and we just can’t afford it at a time when we have $ 30 trillion in debt. And by the way, Neil is on top of that, the big tax hikes, which are really hitting our economy right now. “
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“Well, we might get something, but I don’t think it’s going to be close to the $ 3.5 trillion or certainly not the $ 5,000 billion that we talked about a moment ago. It looks like something could happen. I hope it is not, because I think it is a terrible time to do it for our economy. We just spent a lot of money earlier this year, in March of this year, on some of the same programs. And to raise taxes right now for small business owners, for example, you see about a 40% to 50% tax increase for successful small businesses because they pay their taxes as individuals. And everything goes up, including a surtax for small businesses that don’t have the 20% deduction.
PORTMAN ON THE DEBT CEILING:
“No. What Mitch McConnell said is consistent with what he has always said, which is that we are not going to default and we must not and we will not. not done in the past. “
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“I think at the end of the day the proposals he’s making require the Democrats to provide the 50 votes plus one plus the severing vice president. So even if Republicans would allow Democrats to get on with this kind of bill, the debt limit votes would be provided by Democrats and all interested Republicans. But I don’t think that’s so because the increase in debt, as you know, is driven by two things.
“One, the $ 1.9 trillion package at the start of this year, in March of this year, where no Republican was intentionally included. They did so as part of reconciliation, sought no Republican support and received none. And that was for COVID, but more than half didn’t go to COVID. He went for other priorities, including social spending. And now, this big, huge new package that we’ve been talking about, the so-called $ 3.5 trillion or $ 5,000 billion package, a lot of new spending programs that are probably going to be in place forever. That’s why Republicans say, “We can let you hit the debt ceiling, vote on the debt ceiling,” and Democrats will likely provide the votes. “
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“Well, I think we always knew that towards the end we were going to have to find a way forward. And it’s interesting that you mentioned that people were being blamed, when you look at the poll data, which I saw today, most Americans are actually blaming the Democrats. Now I’m not saying that’s a reason for us to do or not do anything about the debt limit. We shouldn’t be defaulting. We will not fail. We have never failed. But I don’t think it’s true that Republicans felt a lot of pressure. I think it was more frankly, the Democrats were feeling some pressure, and now we’re going to find a way forward. And it is very positive.
“It might not be as long as the Democrats initially wanted, but it will be, I think, for a while to get us out of this immediate crisis, to get us in, I hope, at the start of next year and the opportunity for us to get this economy back on track. But let’s not do the big tax and spending bill, which would have the opposite effect. “
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