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David Schweikert: “Estimate that we would borrow 2.8 trillion this fiscal year…”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

'Great Battle': David Schweikert Breaks Down Pending 'Chaos' With Next Year's Tax Reform Fight

Published June 10, 2024 | Video Starts at 22:37

And you go, why is he talking about the bond markets? I think we borrowed like $57 billion last week. You know, there's some good news in one half our Estimate that we would borrow 2.8 trillion this fiscal year, maybe down to two and a half. Yay. Now that is still almost double what we were predicting a year ago. A year and a half ago. (22:37–22:46)

CLAIM

Asserts that the U.S. borrowing estimate for the fiscal year is reduced from $2.8 trillion to $2.5 trillion.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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David Schweikert

“In December 2017 there was a tax reform bill. It was the first time in 30 plus years that the United States had updated its tax code.”
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“Parts of [the 2017 tax reform] expire next year.”
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“Since [the 2017 tax reform] we haven't had a major organization, major corporation leave the United States.”
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“In 2018, 19, even 20, we had the biggest movement of closing income inequality in America.”
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“If you make $20,550 to 83,000 today, your current income tax rate...is 12%. It's going up to 15.”
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“Current law...you get $500 deduction for a dependent next year...it's gone.”
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“The child tax credit...doubled...to $2,000 [in 2017]. In 2026...it goes back to 1,000.”
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“Per child. When you get the tax credit per child, that's about $750 or $753. That's so you remember it's getting cut in half.”
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“If you don't make more than 26% more today than you did the day Biden became president, you are poorer.”
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“If you're single, when the [tax] provisions expire, that number gets functionally cut in half, becomes $8,300.”
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“If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600.”
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“Currently 100% of first year's bonus depreciation. Now, this has been starting to phase down.”
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“This has been phasing down 20% each year for five years.”
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“We actually passed a short term couple years extension of this, got it through the House. It was even bipartisan, and it's been sitting in…”
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“The average tax increase in Arizona's Congressional District 1 is $5,921 after tax credits expire in 2025.”
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“There is almost $400 billion in new taxes coming after the expirations over 4.2 trillion over 10 years.”
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“The Biden administration bought corporate America by handing out cash.”
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“Real GDP growth for Nowcast is now down to functioning 1.8%.”
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“United States is now number 14 on the credit stack.”
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“Greece today has a better credit stack than the United States.”
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“We borrowed like $57 billion last week.”
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“Over the past four quarters, the total public debt has grown by more than twice the growth of GDP.”
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“The United States gets about 17, 18% of the economy [in tax receipts].”
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“We're over 120% of debt to GDP in one calculation.”
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“We're at 140% of debt to GDP.”
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“Medicare spending, when I checked about six weeks ago, was already up 10% in spending this fiscal year.”
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“Social Security will be at 1,480,000,000,000 [dollars].”
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“The shortfall just this fiscal year is about 340 billion in the Social Security tax that comes in and the spending out the door.”
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“Every dime we as members of Congress vote on is borrowed money.”
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“All defense is borrowed, all non-defense discretionary is borrowed, and about a third of Medicare is on borrowed money.”
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“I believe we could crash the price of healthcare.”
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“I believe we could dramatically shrink government.”
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“If we legalize the technology and use it now you gotta deal with the army of lobbyists, the army of people from the bureaucracies who will…”
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“The vast majority of the money now. It's earned benefits. You earned it. We just don't have the money for it.”
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“Obesity is almost half of healthcare costs.”
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“Fertility rates in the United States collapsed under to one point, meaning France has more children than we do.”
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“In 15 years, this country has more deaths than births.”
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“A child born today is estimated, particularly a male child Born today is estimated to have a shorter life expectancy than you and I.”
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“For every dollar you paid when you paid your FICA taxes for Medicare, we now calculate you get five to six dollars back.”
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“The financing cost of that is the primary driver, U.S. debt.”
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“Congress has become substantially a protection racket. We protect incumbent bureaucracies, we protect incumbent business models.”
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“This will be the first generation coming up right now that will be economically more disadvantaged to their parents.”
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“There is a way to save us. One of our economists has played some math games.”
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“The bond market is getting close to running this country.”
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“You may have three, five years, could be longer. Where a movement in the bond market starts to consume all your variability.”
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“Without a stressor on this place, this place will not do anything.”
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“We may only have a few more years and then the revolution. It's too late to be able to make the difference.”
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