A.G. Gancarski
U.S. Sen. Rick Scott isn’t a fan of the House version of the One Big, Beautiful Bill, in part because it doesn’t go big enough when it comes to budget cuts.
“I want the budget balanced over the next three years. So to get that, we need to get the spending for the ’26 budget cycle down to $6.5 trillion,” Scott said on “Mornings with Maria.”
Because the House product doesn’t go far enough in making those cuts, Scott believes the current product is a dead letter in the Senate.
“The Democrats have increased the budget by over 50% in the last five years. The House bill cuts spending by less than 2% over the next 10 years. It doesn’t balance the budget. Doesn’t even come close to balancing the budget,” Scott said.
Florida’s senior Senator said he’s a “no” on the bill and there aren’t 51 votes for it.
“We’re running $2 trillion deficits. If we follow the path of the House bill, we’ll have close to, I think, $60 trillion worth of debt in 10 years,” Scott added. “The American taxpayer has said they don’t want to give us higher taxes. They don’t like the taxes we have now. They’re not giving us more money. What we’ve got to do is do what every family does. We’ve got to go through every line of the budget.”
One consequence of a lack of a balanced budget can be found in the cost of money, Scott noted.
“Look at credit card interest rates. Look at car loans. Look at housing. All that’s getting hurt because of higher interest rates,” Scott said. “I don’t know what’s going to happen to interest rates. But when you have to refinance over $9 trillion for the treasuries, I think, this year, and we’re running $2 trillion deficits, who thinks it’s really going to go down a lot? Who’s going to be all the buyers of these bonds?”
4 comments
MH/Duuuval
May 28, 2025 at 9:03 am
Easy solution to the problem is to quit giving tax breaks and giveaways to MAGA supporters, including Rick. Pay your fair share, Rick.
Michael K
May 28, 2025 at 9:18 am
“Look at credit card interest rates. Look at car loans. Look at housing. All that’s getting hurt because of higher interest rates,” Scott said.
Says the party and the president, who have demolished any and all consumer protections in favor of predatory lending, and want to shift the tax burden to poor and working people while lavishing billionaires with unbridled grift and graft.
No thanks.
Economist
May 28, 2025 at 11:39 am
I like this path of thinking, we’re not going to balance it all in one year but we need to pass a budget that is balanced. The thought that we can spend more than we make should be illegal. And to those saying the MAGA supports or rich don’t pay their fair share do some research! 80% of tax revenue is generated by the top 20% earners. The bottom 60% don’t even pay taxes. Just stop it! We need to spend less.
ScienceBLVR
May 28, 2025 at 2:46 pm
Fun Facts about tax revenue…
Those fun loving folks in California sure contribute to the tax revenue collected in US- almost 15% of the total.. so should we ask them about budget cuts? Here’s another…
Over the last five years Florida saw the biggest increase in the federal tax burden paid per adult, with a rise of 41.21%.
In contrast, the average tax burden paid by people in North Dakota shrank by 15.32% over that same period.