I will tell you ahead of time an absolute guarantee that this bill passes. There's no drama. All of it is totally, utterly fake. There's a 0% chance it doesn't pass. And you want to know why? Because it has giant tax cuts for the rich and huge subsidies for corporations. [00:00:16] On this vote, the yeas are 50, the nays are 50. The Senate being evenly divided. The vice president votes in the affirmative. The bill, as amended, is passed. Well, the Senate managed to pass a bill that will add trillions of dollars [00:00:33] to our national debt. Now, that bill, which is of course, dubbed the Big Beautiful Bill, will head over to the House where it will no doubt face some obstacles. But make no mistake about it, it's very likely that this bill will pass in Congress and eventually get signed by Trump. [00:00:49] The question is what will the final bill look like? For now, let's actually break down what remained in the Senate version of the bill, what was added to the bill and what got cut from the legislation? First, we should note that the bill did pass 51 to 50, with Vice President [00:01:06] JD Vance casting the tie breaking vote. Three Republican senators voted against the legislation, including Susan Collins, Thom Tillis and Rand Paul. Now, every single Democratic senator voted against the bill, and Vice President JD Vance summed up his thoughts on the legislation as follows. [00:01:26] The thing that will bankrupt this country more than any other policy is tax cuts for the rich. I'm kidding. He didn't say that. Of course he didn't say that is flooding the country with illegal immigration and then giving those migrants generous benefits. Right, right. That's what's bankrupting the country. [00:01:43] Sure. Everything else. The Congressional Budget Office score, the proper baseline, the minutia, the minutia, jank of the Medicaid policy is immaterial compared to the Ice, money and immigration enforcement provisions. [00:01:59] In fact, the Trump administration is about to spend $450 million a year on one immigration detention facility or immigrant detention facility. We're going to get to that later in the show. But here's how Rand Paul explained his decision to oppose [00:02:15] this bill in the Senate. In deciding whether to vote for the big, not so beautiful bill, I've asked a very specific question will the deficit be more or less next year? The answer, without question is this bill will grow the deficit. [00:02:31] And according to the Congressional Budget Office, the minutia that JD Vance was referring to, the bill would add $3.3 trillion to the debt over the next decade and cut almost $1 trillion from Medicaid. Thank God. Let's cut money. [00:02:47] Cut funding for programs that help the needy so we can give bigger tax cuts and tax breaks to businesses and to the wealthy. And it would also cause almost 12 million more Americans to be uninsured by 2034 as a result of those Medicaid cuts. [00:03:04] Now, some Republican senators had concerns about Medicaid. Medicaid cuts. So there was a provision added to win over some of the holdovers. The bill now provides a $25 billion fund for rural hospitals in order to help absorb the impact of Medicaid cuts. [00:03:20] But make no mistake about it, $1.1 trillion cut from Medicaid, obviously is going to impact a lot of Americans. The bill also provides $200 billion for immigration enforcement and border security and an additional $150 billion for military spending. [00:03:38] Yeah. All right so let's talk about all the people who are full of crap. So let's start with Ron Johnson and Josh Hawley, two people who pretended to have issues with the bill. They're like, oh, I really want to protect Medicaid. Hey, Josh Hawley, you just voted for over $1 trillion in cuts for Medicaid. [00:03:55] You just voted to kick off 12 million people from Medicaid. So a very tall glass of shut up juice for you when you pretend to be a populist and pretend to care about the average guy. Your votes are the only thing that matters. You can run your mouth all day long, but at the end of the day, [00:04:10] you you you did this. And by the way, I don't believe you. That you even care. Yeah, I'm there with you. At this point, I think all you're doing is marketing like, oh, golly gee, I didn't want to cut Medicaid. Oh, look at this. Somebody's forcing my hand to sign. Yes. [00:04:26] No, no, you voluntarily did that because you don't care. At the end of the day, all you want is a goddamn tax cut. - That's exactly. - Right. And Ron Johnson, oh, my God, it's going to add so much to the debt. Well, now it's going to add even more to the debt than when you first started complaining about it. So what made you change your mind? Nothing. Nothing. [00:04:41] You were always going to vote for tax cuts for the rich. You guys are all a bunch of frauds. So Rand Paul, Thom Tillis, and Susan Collins at least voted no. So they get a tiny bit of partial credit for that. But here's why I'm saying partial, because literally every time I've now [00:04:58] done this, just like a dozen times, Republicans come in and they have a fake fight, and then it gets down to just 1 or 2 votes every single time. So why do they do that? Because they want to they they only need 50. [00:05:15] They don't need anything more than that. So what they do is they release the votes. So they say to Susan Collins, we know you can't win in Maine unless you pretend to be a moderate. So we'll let you vote against this bill so you could pretend Rand Paul, we know you're pretending to be a libertarian, [00:05:31] even though you say that you would do the tax cuts, which would create the giant deficit in the first place. I don't even really know what the hell you're complaining about. Well, you wanted to cut 2 trillion from Medicaid. What are you complaining about? You say you do the tax cuts. That's what's creating the giant deficit and debt problem. [00:05:47] So, Rand Paul, you get to pretend, you're principled. The only guy I'll give three quarters credit to is Thom Tillis because he's taking the vote. Voting no. And then getting the hell out of Dodge. He's just quitting because he's like, all right, I voted no against Trump, and I'm leaving. Okay, so I want to just quickly, blame Democrats as well. [00:06:06] Okay. And you might be wondering, what do you mean they don't have the majority? They all voted no on this bill. You're right about that. But notice how Republicans managed to pass this bill in the Senate through reconciliation, meaning all they needed was a simple majority vote to get this passed. [00:06:24] Interesting how the parliamentarian isn't really much of a problem. Like there was a little bit of there were whispers last week about how the parliamentarian is going to strike down this provision and that provision. What happened? What happened? They're cutting even more from Medicaid. Yeah. - Can you explain that to me a little bit? - Yeah. [00:06:40] So let's look, guys, this is why we tell you it's not about saying when we criticize Democrats, please stop thinking about it in binary terms. That doesn't mean we like the Republicans. So what it means is this is a game they're playing. I hate all of them. [00:06:56] To be abundantly clear, I think politicians in both parties don't give a damn about you. Democrats campaign on passing these incredibly important provisions that are supposedly going to make your life so much better. Your taxpayer money is finally going to go toward programs that benefit you [00:07:13] and your fellow Americans, we promise. Then they pretend as soon as the legislation gets to the Senate, well, what can we do? What could we do? The Senate parliamentarian struck down the provision. Yeah, yeah. So look, that's the point I was going to. When the Democrats are in charge, you all remember, they kept saying [00:07:30] that the parliamentarian was the most important person in the country, and they just couldn't do 80%, 85% of their agenda because of that dastardly parliamentarian. So last week, there was, you know, rumblings of a parliament, and then it's gone. Gone. And the Democrats talk, talk so much more about the parliamentarian [00:07:47] when they're in charge rather than when they're in the opposition. Shouldn't they talk a lot more about the parliamentarian when they're in opposition? Shouldn't they be like, no, the parliamentarian says no. The parliamentarian, the parliamentarian. Yet I don't hear a single thing about the parliamentarian. So it's it's a game. It's a shell game. [00:08:04] That's same thing with MSNBC and Fox News. They just go back and forth, back and forth. But when it comes to an economic issue, all their anchors come out and say the same exact thing. It's good cop, bad cop. So now look, the next step is they're going to go to the house. [00:08:20] And in the house you think they're going to have any real debates? - No, it's all theater. - Please turn off. Look, turn off your mainstream media. They're going to pretend to have debates, and the media is going to pretend that it's real. It's so annoying. Here. I will tell you ahead of time an absolute guarantee that this bill passes. [00:08:39] There's no drama. All of it is totally, utterly fake. There's a 0% chance it doesn't pass. And you want to know why? Because it has giant tax cuts for the rich and huge subsidies for corporations. So let me let me get to some more of those details and then save some of that heat [00:08:57] for Senator Lisa murkowski, because Lisa murkowski was talking a big game about how she's going to vote no on the bill. She ultimately voted yes. After she got some nice pork for her state. So we're going to get to her in just a second. But first, let me just address the tax cuts as a part of this bill. [00:09:13] So the bill contains a temporary temporary tax breaks when it comes to tips and overtime. So it's interesting because what this bill does is it makes Trump's 2017 tax cuts permanent. [00:09:29] The tax cuts that will not be permanent, of course, are tax cuts that benefit workers. So the deductions are capped at $25,000 for tips. So anyone making tips up to $25,000 will not be taxed, and $12,500 [00:09:45] for overtime and decrease for individuals making more than $150,000 a year. So they're kind of means testing this tax break for workers. And on top of that, these tax breaks will expire by the end of 2028. 28. The other [00:10:02] tax breaks, again, that disproportionately benefit the rich, the tax breaks for corporations that passed in 2017, those are all permanent when it comes to workers, not permanent and also means tested, which is an interesting way that they're prioritizing [00:10:17] who benefits the most from this bill. So let me just jump in for one quick second. So I often criticize mainstream media. In that case, is anyone in right wing media telling their voters that the tips and overtime is a trick and that it's only temporary? But the tax cuts for the rich are permanent. [00:10:34] My guess is that zero right wing media shows are saying that zero. The bill also gives seniors a deduction for Social Security benefits. You know, Social Security benefits are taxed. So there is a bit of a break here. Although those tax breaks also expire in 2028. [00:10:50] And the bill again permanently extends the 2017 tax cuts from Trump's original legislation. So when you put all of those tax policies together, According to analysis by the Urban-brookings Tax Policy Center, a person making $217,000 or more annually would receive [00:11:09] about a $12,500 tax cut on average. Under the Senate version of this bill. But a person making $35,000 or less would see only about $150 $150 average tax cut. [00:11:26] So again, like it's clear who this benefits the most. And it's not ordinary working class Americans. The last I saw Anna, the top 1% are getting over $62,000 tax break every single year. I mean, as they should. How else would they trickle on us, Jake? [00:11:43] Yeah. I mean, they got they got to save up for the trickling. So 62,000 a year extra for the richest people in the country because they're worried about the debt. Do you see what a joke Republican politicians are? They're 100% lying, and all the media goes along as if it isn't a lie. [00:12:04] So let's get to Lisa murkowski, because this is amazing. So Lisa murkowski is one of the so-called moderate Republican senators who was not planning to vote in favor of this bill, according to everything she was saying publicly. Well, she caved. She ended up voting yes. [00:12:20] And apparently there were there was quite a bit of pork included in the bill specifically for her state of Alaska. And look, on one hand, she's elected to represent the people of Alaska. So she should fight to see what she can get on behalf of her constituents. [00:12:36] However, obviously this bill is disastrous. And an hour ago, literally an hour before we came on air, she tweeted about how she thinks this is an awful process. It's an awful bill. But nonetheless, the reason why she voted yes is because she got all sorts [00:12:52] of cookies, including a provision that let certain Alaskan whaling captains deduct more of their expenses to save on taxes. Oh, thank God that America got that pork for her donor class for whaling. Yeah. Now there's a provision that would also increase federal Medicaid [00:13:10] funding for the state with the highest separate poverty guideline, which just so happens to be Alaska. Several carve outs in the work requirements for food stamps, because there are, in fact, cuts to food stamps and Medicaid in this bill, [00:13:25] and an exemption for the new Snap cost sharing requirement, which would force states to shoulder some of the costs for Snap if they're reported. Error rate is too high. So she got some goodies in there that she really wanted, and that's why she [00:13:41] ended up voting yes on this legislation. So look, they're radical corporatists. They they give away all of our money to corporations. You know, we complain so much about our money being given away to Israel for the war crimes, etc., but a lot more of our money constantly taking out of our checks [00:13:57] to give corporate subsidies to whoever is donating to these politicians, whether they're Whalers or Oilers or Canucks or whoever they might be. Okay, so all you got to do is bribe a politician. So I'm so tired of murkowski being called a moderate. [00:14:13] And mainstream media does that to make radical corporatists look like centrists. Oh, everybody agrees with murkowski that we should cut 12 million people off of Medicaid. And if their kids get cancer, they should die. And 70,000 people at least a year are going to die. [00:14:30] According to estimates, because they don't have health insurance, because of this bill, 70,000 dead Americans. But hey, the super rich needed another $62,000 a year. And you tell me murkowski is a moderate. No she's not. [00:14:45] She's a radical, corrupt, corporatist like they all are. They all are. Come on man. So we currently currently, without this bill, have $37 trillion in debt. Last year we spent $1 trillion servicing our debt. We are now spending more on servicing our debt than we do on defense spending, [00:15:06] and that's concerning. So, Jake, explain to me when things really blow up. Yeah, I mean, it's it's I'm worried it's going to be soon. So look guys, we've said this. You you know us. We're principled no matter which administration or which party is in. [00:15:22] And so there's both people on the left and on the right who say that deficits don't matter. Right. There's, you know, Stephanie Kelton on the left, respected, wonderful person, intellectual, etcetera on part of Bernie's team. But I don't agree. I think that that does. [00:15:39] I know that that matters. I know it matters. It's called Modern Monetary theory theory. And I agree with Jake that it doesn't make sense. So we can have a fun debate over that. Right. But Dick Cheney agrees. He says the debt doesn't matter. He famously said that the George W Bush. And so the Republicans drive me crazy, and the media drives me crazy [00:15:57] because they go along with the theater. They pretend the debt matters, and then they pile on top of it and pile on top of it. Trump added a record 8.4 trillion to the debt when he was in in his first term. In only four years. And how? Why? Because he did a massive tax cut for the rich and for corporations. [00:16:14] And it goes on and on and on. So at the end of the day, when you have enough debt, you, it starts to devalue your currency. So it's going to devalue the dollar. But the fact that the dollar is the main currency used worldwide [00:16:29] has enormous positive effects for us. So if they switch away from the dollar, it'll have enormous negative effects. And the more we pile up debt, the lower our credit rating goes. And when our credit rating drops, our interest rates go up. Exactly. Which means that we then have will have even more debt [00:16:46] to pay back the earlier debt. And then you get into a death spiral into a in a debt spiral. So I don't think that the extremes on either side are right. I think the debt definitely matters. And unfortunately, our corrupt politicians are never, ever, ever, ever [00:17:02] going to do anything about it because they both love giving away everything to the donors and they take it from you. And this is before the debt explodes on your head, because once it explodes and the economy starts heading down, they're going to say, well, there was nothing we could do. [00:17:18] No, no, no. The oil company executives, they already have the money. You can't take that away from them. That's socialism. Right. And they say you you won't be able to touch anyone who already robbed you. And they're going to take that money and they're going to move it offshore. They're going to do all these things, and then they're going to say, hey, America. [00:17:33] Now you owe used to be 37, 47, $57 trillion, average American. Now you have to pay for that. And I should note, Moody's did lower the U.S. Credit rating fairly recently. And it's because of the fact that we just keep piling on more and more debt. [00:17:51] It's become unmanageable. And this bill is not going to help, that's for sure. Every time you ring the bell below, an angel gets his wings. Totally not true. But it does keep you updated on our live shows.