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David Schweikert: “We're actually now 6, 700 billion dollars more in borrowing.”

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

'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget

Published March 17, 2024 | Video Starts at 28:45

What's in there is they give you the latest baselines. They're supposed to be honest about the baselines. And I started with showing the chart and then actually showing that seven months ago, We're actually now 6, 700 billion dollars more in borrowing. And it keeps, every time they update, it keeps going up. Comparing debt held by the public projections in CBO's Baseline Estimate to 2025 budget resolution, you know, from the budget resolution and the 2025 President's Budget, we got a math problem. (28:45–28:50)

CLAIM

Asserts that borrowing has increased by $600-700 billion.

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

“Medicare. For every dime you put in, you're functioning now. Getting close to getting $5 back.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 00:51-26:56
“The Medicare trust fund is emptied in seven years or so.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 00:56-01:00
“Social Security [fund] is gone in eight or nine years.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 01:19-08:10
“We're borrowing over 95,000 a second.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 04:01-04:05
“We've borrowed over 3 trillion [dollars] in the running last year.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 04:04-04:17
“The burn rate right now is we're borrowing a trillion about every 125 days.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 05:35-05:42
“The US Tax code got more progressive [after the 2017 tax reform].”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 06:23-06:28
“The top tiers in the United States of income today pay a higher percentage of the federal income tax than they did before 2017.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 06:46-06:56
“Social Security trust fund is empty. Transportation trust fund is empty.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 08:08-08:12
“By the end of this decade, this country will have A VAT tax, a value added tax, just like the rest of the industrialized world.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 08:24-08:35
“Interest this fiscal year of $1.1 trillion.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 10:25-10:31
“Social Security is number one. Spend at 1,450,000,000,000. Interest will be number two. Medicare will be number three. Defense is now number…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 10:38-10:50
“Total gross debt. Borrowing, borrowing. This year, 2.8 trillion. It could actually kiss up to three now.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 11:57-12:08
“You're running a 283-trillion dollar deficit in a time when the economy is supposedly doing well.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 12:30-12:38
“If you're borrowing like $9 billion a day and we're going to shut the place down for months, over 16 billion.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 13:02-13:10
“A number of the provisions of the tax reform from December 2017 expire.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 13:27-13:36
“All the marginal tax rates go up and that happens next year.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 14:03-14:07
“Expiring 2025 tax provisions, standard deduction. If you are single, you get a $14,600 deduction. That goes away next year and that standard…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 14:26-14:40
“Married, you get a $29,200 deduction today. A year from now that's gone, you go to $16,600.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 14:43-14:57
“You're a single individual, you make $60,000, you will pay $1,794 more. $1,794 at the end of next year.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 15:14-15:31
“Expiring 2025 tax provisions, pass throughs. Any of you have an LLC, you know, a family business, a side hustle, you have a little llc, you…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 15:51-16:19
“Credit for paid leave goes away. Next year, just goes away. Right now, credit up to 25% for up to 12 weeks, you get a 25% credit.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 16:35-16:52
“Expiring 2025 provisions, state and local tax deductions. Now those of you from high tax states, you're giddy. The deduction right now is…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 17:12-17:30
“Expiring 2025 tax provision, child tax credit, and credit for other dependents. Right now you get a couple thousand dollars and it phases…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 18:16-18:40
“Current status, you get $500 per dependent. It's gone. That's gone.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 18:58-18:58
“Current status, 100% of first year's bonus deduction through 2022.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 19:14-19:22
“In the budget they just dropped, they did actually put out money for the Medicare trust fund but there's nothing there for Social Security.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 21:36-21:45
“In eight, nine years, Social Security trust fund you get a 25% cut.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 22:18-22:24
“If you're an average working couple in America that's $17,400 cut, you double senior poverty.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 22:23-22:32
“The first year the shortfall is $616 billion.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 23:11-23:16
“Raise the cap on $400,000 and up and you only cover about a quarter of this.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 23:37-23:45
“US Fertility rates have collapsed again. So we're down to like 1.63.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 24:16-24:21
“In 15 years the United States has more deaths and births.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 24:22-24:27
“We no longer think this number is $116 trillion deficit in 30 years. We now think it's closer to 130.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 25:23-25:30
“100% of the borrowing from today through the next 30 years. Interest, health care costs, Medicare.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 25:34-25:47
“Obesity, taking on diabetes, being 33% of all health care spending in this country.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 27:39-27:46
“At the end of the decade, we're going to be well over $48 trillion [in debt].”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 29:12-29:22
“We're clicking off a trillion dollars about every 125 days.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 29:24-29:29
“We're supposed to be working on the 2025 budget.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 29:41-29:44