Senator Eric Schmitt
speaker
478 appearances
21 recordings
1 series
first heard Dec 2024
last heard Jun 2025
Senator Eric Schmitt’s voice in public audio — every appearance, attributed to the second.
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But the law says it expires the end of this year. And if we allow it to expire the way the CBO scores it, the Congressional Budget Office says that we have to count that as a deficit once it expires at $4 trillion. What the House has got written is they have their budget wrote on current tax law. It should be current tax policy. That way we don't have to count it as a policy or as a debt.
Either way, we have to work those differences out before we can even start reconciliation. So once we get the budget done, then we can start reconciliation, and we still have FY26, which is why we've got to get rid of one more off our plate, FY25. The Biden administration—
left us in a mess they didn't do one single thing so we can get one thing off our plate we will be focusing on fy 26 at the same time getting the budget done and getting one big beautiful bill for president trump he's made he's made it very clear that's what he wants when do you think by when though just just to what i would if you were i think we're behind now we wanted to get it done uh by memorial weekend i don't think we can do that i think we're probably going to be in july by the time we get it done there's a chance
It could all come together that quick now that we're not having to deal with this CR anymore. There's a chance it can get done. But I think realistically, it's going to be July.
We can. We can get a lot of cuts in there. I believe we could approach a trillion dollars in cuts. I think $2 trillion is going to be tough.
It it'd be it'd be a trillion over this physical year. OK, that would be that's big. Yeah. So but that would be that'd be tough to do. But I'm saying it's possible. And that'd be when I say the fiscal year would be basically for the two year of Congress. So 119th Congress, we'd build it. So it's basically two years, but it'd be the physical year of FY26. It's wonky math.
It only works in government. But the real savings we could find is through rescission. Now, I know this is something you know about. Most of the public people are just now starting to figure out what rescission is. What's interesting about the rescission, and Elon and I were talking about this early last Saturday.
I mean, he literally called me at 1 o'clock in the morning, and we're talking about this because I'd seen it before. I know. It's him and President Trump, two very successful guys, don't sleep. Maybe there's something to this. We've got it all wrong, people thinking that you've got to have eight hours of sleep because those two guys don't get it.
But anyways, when you start looking at rescission, I sent Elon two PDF files with 1,500 programs, agencies, and departments that have not been reauthorized by Congress. and each one of them have a tag attached to them.
Essentially, the rescission, he could go through each one of these that these agencies have not been reauthorized, these programs that have not been reauthorized, and these departments that have not been reauthorized, and give them to Congress one, two, or five at a time. In the rescission, we have 45 days to either agree with them or do nothing. If we do nothing, they've actually become law.
If we actually vote on them and vote them down, then they become law where the next president can't reinstate them. It's a huge cost savings. I mean, I feel like we could probably be somewhere, and this is what Elon and I were talking about, somewhere around $250 billion to $500 billion in cuts right there. And it's simple. It's very easy for us to do. It's a conversation we're having. So
We can have cuts in that, in the rescission. We can have cuts in the reconciliation package. And then you're also going to have cuts in FY26.
Well, that's part of the programs. A lot of these programs that the PPP and the COVID money was never technically authorized by Congress. What we did is we gave the administration a big clump of money, and we allowed them to set up these programs that we never authorized. They actually set up extra departments, too, that we never authorized.
Every single one of those can come out through rescission.
So the courts can't tie up anything that goes through the rescission. Nothing. Anything that is outside of rescission, technically they can, but it's tough for them to make the argument because most of the cuts are coming from unappropriated funds because Congress, because we bundle, we don't do line out of appropriations. We bundle and give to these agencies.
Most of it can be said it's not directly been authorized or funded by government through appropriations. And so what the courts are saying is it has been.
As it goes through the court system against the Supreme Court, you're going to see more and more of the lower courts being overturned by the Supreme Court because they're – in the most cases – there's been one case they wasn't because it was actually appropriated. Most of these other cases were not appropriated. It was simply designed and put out by OBM by the Biden administration.
Tax increases, absolutely not. Not on the table. What was said, is it theoretically possible? Yes. Is it something that we're going to be able to do? Probably not. The reason why we're in this debt is because it takes a whole lot of us to agree on what we're going to cut to get it passed. And when you start cutting, you start paying attention to this, it starts affecting everybody's state.
I mean, right now, what Doge is doing, I support a thousand percent, but I'm getting a ton of phone calls every single day because of things that are being cut and because it's federal employees. I mean, the biggest employer we have in the United States is, Right.
And you start talking just generically speaking, 50 percent of everybody out there, half of everybody out there is either directly or indirectly financially benefiting from some type of federal program. Now, you can say, well, I don't get any of those programs. Well, your contract that your company is working on is paying your salary. So you can keep going down the line. It goes on.
Showing 281–300 of 478 · page 15 of 24
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