Senator Eric Schmitt

There's a trillion dollars of other mandatory spending, which probably should be discretionary, but the meeting party has deviously transferred that into other mandatory, so it's never looked at. So you need rescission packages. I've been baffled that every week...

There's a trillion dollars of other mandatory spending, which probably should be discretionary, but the meeting party has deviously transferred that into other mandatory, so it's never looked at. So you need rescission packages. I've been baffled that every week...

based on what doge has found that we didn't just send up their weekly uh findings and rescind them i i don't understand why they haven't done that they should start doing that but again you need the american public on your side but what i'm talking about a budget review panel forensic audits of every line of the budget every program that's going to take a lot of time but that unlocks all of this so you have to do the work but you have rescission as long as we've got majorities in this white house and by the way you can't count on

based on what doge has found that we didn't just send up their weekly uh findings and rescind them i i don't understand why they haven't done that they should start doing that but again you need the american public on your side but what i'm talking about a budget review panel forensic audits of every line of the budget every program that's going to take a lot of time but that unlocks all of this so you have to do the work but you have rescission as long as we've got majorities in this white house and by the way you can't count on

You know, winning and having the same setup in the next Congress. This is our moment. We are mortgaging our children's future. This is our chance. We can't blow it right now. I'm sorry. The big, beautiful bill blows it.

You know, winning and having the same setup in the next Congress. This is our moment. We are mortgaging our children's future. This is our chance. We can't blow it right now. I'm sorry. The big, beautiful bill blows it.

So the red bars are actual. And that just shows the average deficits in different terms of presidency. So you can see in Bush I, he averaged over eight years about $250 billion of deficits. Wish we were there. President Obama came in and averaged almost $1.3 trillion in his first term. That sparked the Tea Party. I'm part of that. And you see the Tea Party's impact in terms of fiscal deficit.

So the red bars are actual. And that just shows the average deficits in different terms of presidency. So you can see in Bush I, he averaged over eight years about $250 billion of deficits. Wish we were there. President Obama came in and averaged almost $1.3 trillion in his first term. That sparked the Tea Party. I'm part of that. And you see the Tea Party's impact in terms of fiscal deficit.

We literally held spending flat for about five years at about $3.5 trillion. He'd taken it from $2.98 up to $3.5. So Obama in his last term averaged deficits of $5.50. Trump comes in, had to deal with Democrats. And so that average deficit went up to $810 billion. For his first three years, then COVID hit, $3.1 trillion of bipartisan spending blowout.

We literally held spending flat for about five years at about $3.5 trillion. He'd taken it from $2.98 up to $3.5. So Obama in his last term averaged deficits of $5.50. Trump comes in, had to deal with Democrats. And so that average deficit went up to $810 billion. For his first three years, then COVID hit, $3.1 trillion of bipartisan spending blowout.

Responsible leadership should have reduced that deficit back at least below a trillion dollars. But that's not what Biden and the Democrats did. They continued the spending spree. So we averaged deficits of $1.9 trillion. And all of my analysis of this is based on CBO's 10-year projection. I'm not a big fan of CBO. I'm not a big fan of their static scoring, that kind of stuff.

Responsible leadership should have reduced that deficit back at least below a trillion dollars. But that's not what Biden and the Democrats did. They continued the spending spree. So we averaged deficits of $1.9 trillion. And all of my analysis of this is based on CBO's 10-year projection. I'm not a big fan of CBO. I'm not a big fan of their static scoring, that kind of stuff.

But the general direction of spending and revenue is pretty accurate. And so what the last three bars show is on a four-year average rolling basis, we're not reducing the deficit curve down. We're going from about $1.9 trillion. I guess accepting $1.9 trillion deficits is the new normal. and ramping that up to over $2.5 trillion, averaging $2.2 trillion over the next 10 years.

But the general direction of spending and revenue is pretty accurate. And so what the last three bars show is on a four-year average rolling basis, we're not reducing the deficit curve down. We're going from about $1.9 trillion. I guess accepting $1.9 trillion deficits is the new normal. and ramping that up to over $2.5 trillion, averaging $2.2 trillion over the next 10 years.

Completely unacceptable. Now, you can argue about how CBL is going to score this thing. Again, whether you tweak those bars a little bit higher, a little bit lower, the trajectory is undeniable. And I would argue that this is probably a rosy scenario because there's interest rate risk, 1% increase in interest rates, and we're seeing that happen in the bond market, that add $4 trillion.

Completely unacceptable. Now, you can argue about how CBL is going to score this thing. Again, whether you tweak those bars a little bit higher, a little bit lower, the trajectory is undeniable. And I would argue that this is probably a rosy scenario because there's interest rate risk, 1% increase in interest rates, and we're seeing that happen in the bond market, that add $4 trillion.

$400 billion to each one of those lines. They're assuming, again, if you eliminate, if you extend current tax law, don't have that automatic tax increase, well, from those estimates, it takes about $4 trillion away. Now, you can argue, and I would, that you're not going to get that $4 trillion because you're going to harm economic growth. Are you going to be able to replace it?

$400 billion to each one of those lines. They're assuming, again, if you eliminate, if you extend current tax law, don't have that automatic tax increase, well, from those estimates, it takes about $4 trillion away. Now, you can argue, and I would, that you're not going to get that $4 trillion because you're going to harm economic growth. Are you going to be able to replace it?

I used Grok this morning, and I said, OK, what happens if we grow at 5% nominal growth? That's 3% real economic growth, real GDP growth, and 2% inflation. By the way, for the last 20 years, we've only experienced 2% average growth. So let's say we grow 3%.

I used Grok this morning, and I said, OK, what happens if we grow at 5% nominal growth? That's 3% real economic growth, real GDP growth, and 2% inflation. By the way, for the last 20 years, we've only experienced 2% average growth. So let's say we grow 3%.