Republican Rep. Bob Good of Virginia clashed with MSNBC host Katy Tur Tuesday over the Trump tax cuts and the debt ceiling.
“Let me ask you about taxes, raising taxes. I know you weren’t in Congress for the Trump tax cuts and that bill, but according to the CBO, that added $1.8 trillion over 11 years. That is a big addition to the national debt,” Tur said to Good. “Why would you not put taxes back on the table for the very, very rich among us and corporations? Why would that not be a part of the discussions if you’re talking about trying to lower the deficit?” (RELATED: Left-Wing Dem Rep Says There Will Be Backlash ‘In The Streets’ If Biden Agrees To Spending Cuts)
President Joe Biden proposed a number of tax increases when he released his administration’s budget proposal March 9, including a minimum 25% tax on billionaires and repealing many of the tax cuts passed under President Donald Trump. The national debt has increased by roughly $3.5 trillion since Biden took office.
“We don’t have a revenue problem,” Good told Tur, who pressed him on raising taxes.
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“If we just went back to pre-COVID spending across the board, which was about $4.5 trillion for all mandatory and discretionary spending pre-COVID 2019, the five trillion dollars a year we are realizing in revenues right now would mean a half a trillion-dollar surplus at pre-COVID spending with current revenue levels because of the,” Good added. “We don’t… have a revenue problem, we have a massive spending problem.”
The House of Representatives passed the Limit, Save, Grow Act April 26 by a 217-215 vote. The legislation increases the debt ceiling by $1.5 trillion, repeals portions of the Inflation Reduction Act, requires Congress to approve regulations that have an economic effect of $100 million or more and establishes new work requirements for welfare programs.
“If you were going to vote to extend those tax cuts, that’s a 3.5 trillion add to the deficit for the CBO,” Tur claimed.
“That’s historically just inaccurate,” Good said.
Republicans, led by House Speaker Kevin McCarthy, are insisting on spending cuts to accompany any increase in the limit to the national debt, which currently stands at $31.4 trillion, while Democrats have demanded a “clean” debt ceiling increase, with no spending cuts or other legislative items attached.
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