May 31, 2023

Credit: Forbes

Chairman: I thank the gentleman from Utah, now I yield five minutes to the gentleman from Maryland, Mr. Trone.

Rep. David Trone: Thank you, Mister Chairman. we have been called here today to talk about a woke Government. Fascinating! Our government is barreling toward a default on its debt. Americans are dying in record numbers from mass shootings, Americans are dying in record numbers from suicides, Americans are dying in record numbers from drug overdoses, yet here we are to talk about woke-ism as women live in fear of horrific limits on abortion access to their health care. We came to Congress to try and get stuff done and help focus on our nation’s most important problems. Frankly, woke-ism isn’t it. I would also like to correct the record of the previous gentleman, we talk about the deficit. The deficit under the last year of President Obama was give or take, $470-480 billion. In the third year of President Trump, before COVID, before that hit, it increased a record amount. More than it ever increased. Under President Trump the biggest increase in our deficit, up to $980 billion because of a ridiculous tax cut because of a ridiculous tax cut to C-corporations from 35% to 21%, which effective rate is probably 10% to 12%. Why are C-corporations, Google, Apple, eBay, paying 10% and 12% when our hardworking families are paying 15%, 20%, 25%? That doesn’t make any sense. But President Trump, after last night’s debate of lies and lies and lies, the Republicans can’t seem to get out of their way on what’s truth and what’s lies. Well, we got to go with the facts. The facts are where we are in life. So let’s try and talk about the deficit with reality and not just make up a bunch of BS because it fits the talking points that some staffer gave someone that’s never ran a business, never had a payroll, and doesn’t have any conception of what the deficit really means. Last month the Republicans released the Default on America Act. The debt ceiling was drafted with no hearings, no transparency. That’s because it’s a bad deal for working Americans. The Default on America Act would hurt our country, hurt our people, hurt our children, hurt our future. But extreme Republicans still voted to pass it. Mr. Gupta on a brighter note, this week is teachers’ week, teacher appreciation. What a great time to recognize America’s teachers and the important role they play. But, but extreme Republicans have a funny way of celebrating. The Department of Education is estimated, from the Default on America Act, to lose $4 Billion cut from schools serving low-income students, resulting in 60,000 fewer teachers. 60,000 less teachers! That’s the Republicans’ plan. That doesn’t sound too good about our children, does it? Not to me! Your testimony explores how these critical programs such as Head Start, we all have to love Head Start, it works, we know it works. For our children and our families, this debt ceiling is going to result in hundreds of thousands of children losing access to these programs. So in addition to hurting the children, hurting the families, how might these cuts have the opposite effect on the economy? What are they going to do with the economy that then what Republicans are claiming to do.

Mr. Gupta: It will slow our growth rate or even shrink our economy. It will reduce the foundation of our economy that the government does play a central role in ensuring.

Rep. David Trone: Bring our growth to a halt. Stop an economy that’s growing. Stop an economy that has record folks working in the economy. The record low unemployment. Stop all those awesome things that have happened instead bring us backward because they don’t understand that a nation has to carry debt and as a nation gets bigger we carry more debt than we do in World War II. What a stupid question. World War II debt that was happening in 1945 compare our economy to today in 2023 to 1945, and some how that’s germane. Its not germane. Mr. Gupta your thoughts?

Mr. Gupta: The United States can clearly afford this debt. People will be willing to buy United States debt if we don’t threaten the validity of it. It is one of the safest, if not the safest investment in the World, and in extraordinary demand and continues to be.

Rep. David Trone: You get bigger you have more debt. My company at $6 Billion has hundreds of millions more debt than we had at $1 Billion. That’s the way it works.

Mr. Gupta: You can use it to finance investments when you buy a house.

Rep. David Trone: How you grow, how you build, thank you and I yield back.