Over the 4th of July Weekend, President Donald Trump signed into law his “big, beautiful bill,” which didn’t receive any votes from Democrats in either branch of Congress.
Critics of the law argue that it will greatly increase the United States’ already-huge federal deficit while causing millions of Americans to lose their health insurance. One of those critics is investor, MSNBC economic analyst and former U.S. Treasury Department official Steve Rattner, who argued that the “big, beautiful bill” is historically bad during a Monday, July 7 appearance on MSNBC’s “Morning Joe.”
When conservative host Joe Scarborough, a former GOP congressman, described the bill as “reckless,” he got no argument from Rattner.
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Describing the amount the megabill will add to the United States’ federal deficit compared to previous legislation, the 72-year-old Rattner told “Morning Joe” hosts Scarborough and Mika Brzezinski, “In terms of the actual total impact on the deficit, Joe, to your point, this bill is $3 trillion…. if they leave it as written so stuff expires. If they make everything permanent, $3.7 trillion…. Bigger than the House version — the Senate added a bunch of goodies…. Let’s put that in perspective…. The American Rescue Plan, which the Republicans love to trash — and to your point, talk about how it was a deficit buster and so on and so forth — $1.8 trillion. So much less than all this.”
Rattner continued, “And then, the CARES Act during COVID, $1.7 (trillion). And even the original Tax Cuts and Jobs Act from 2017, $1.5 trillion. So this truly can be described as the mother of all bills — the mother of all deficit-busting bills that we have seen in history.”
Rattner described Trump’s megabill as “unprecedented in our history” — and not in a good way, warning that “11 million people are projected to lose their Medicaid over the coming decade” and become uninsured.
Rattner told Scarborough and Brzezinski, “The bad stuff doesn’t take effect, for the most part, until after the 2026 election. So these people, whatever else they are, they’re probably not stupid — and they staggered this stuff in a way that could work to their political advantage, or at least less political harm.”
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Watch the full video below or at this link.
– YouTube www.youtube.com