Leader Schumer Floor Remarks On The Economic Devastation Of The Republican Tax Plan

Washington, D.C. – Senate Democratic Leader Chuck Schumer (D-NY) today spoke on the Senate floor to address the recent downgrade of the U.S. credit rating by Moody’s and condemned Republicans for advancing a tax proposal that would balloon the national debt while benefiting the ultra-wealthy at the expense of working Americans. Below are Senator Schumer’s remarks, which can also be viewed here:

On Friday, Moody’s Ratings downgraded the U.S. government’s credit rating, citing rising fiscal deficits, soaring interest costs, and fears that Republicans are about to make things worse.

You’d think Moody’s announcement would be a wakeup call to the so-called party of fiscal responsibility to stop their multi-trillion dollar giveaway to the ultra-rich.

But nope. Last night, Republicans cleared another hurdle to pass their billionaire boondoggle, one that adds trillions to the national debt.

Republicans have forfeited any credibility when it comes to complaining about government waste – they are now the undisputed kings of reckless spending and their big beautiful bill is their crown jewel.

Permanently extending these billionaire tax giveaways could add as much as $50 trillion to the national debt in the next 30 years. $50 trillion.

And no matter what Republicans say, these tax breaks are not going to pay for themselves. The last Trump tax cuts certainly didn’t. Why will these be any different, particularly given the economic chaos Donald Trump has created with his tariffs?

Americans have to be wondering: what are we getting in return for this fiscal time bomb? The answer is this: more tax breaks for those at the top. That’s it.

Those at the bottom, meanwhile, are getting ripped off. A study from Wharton released on Friday found that many Americans making less than $51,000 a year would lose after-tax income under the Republican proposal.  

You heard that right: many making less than $51,000 – that’s a lot of Americans – would see their incomes go down.

Future generations, meanwhile, will be condemned to a lifetime of higher borrowing costs, incurable inflation, and diminished economic potential.

This is the entire goal behind Republicans so-called big beautiful bill: help the ultra-rich today, screw the middle class tomorrow.

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