Mr. President, before he leaves the floor, I want to thank my colleague from Arizona for his incredibly wise remarks this morning and for his indignation at the insanity of this so-called tax bill that we are considering on the floor. What…
Mr. President, before he leaves the floor, I want to thank my colleague from Arizona for his incredibly wise remarks this morning and for his indignation at the insanity of this so-called tax bill that we are considering on the floor.
What he was saying was about the benefits of this bill and how they are all going to go to the wealthiest people in America, and I sat here wondering: Why? Why? Why would we pass a bill like that on the floor of the Senate when the American people have so, so many needs? Why, when we have had an economy that for 50 years, because of the trickle-down economic policies that have been pursued by Republicans and sometimes Democrats in this Chamber, we see that the country has less economic mobility than it has had, which is a fancy way of describing a situation where people in America no longer feel that if they work hard, they are going to get ahead or that if they work hard, their kids are going to get ahead. That is the American dream, is to know your kids are going to do better than you did.
For the first time in American history, as I said last night on this floor, for the first time in American history, if you are 30 years old in this country, you have a 50-percent chance of earning a salary as good as the one your parents had. That has never been true before.
Incomes are down for young men in their twenties in this country by 40 percent since the mid-1970s, and we continue to see the distribution of wealth and the distribution of income make it harder and harder and harder for people to stay in the middle class, to afford the middle class, to be able to afford childcare, healthcare, higher education, a vacation for themselves and their families, to say nothing of the families that are living in poverty in America.
I used to be the superintendent of the Denver Public Schools before I came here. The parents and grandparents in my school district, which was mostly kids of color, mostly kids living in poverty, were very often working two and three jobs just to feed their families. No matter what they did, no matter how hard they worked, they couldn't get their kids out of poverty.
That economic dislocation, I think, is one of the reasons why the American people elected Donald Trump again, because they were so frustrated with an economy that seemed to have no benefit for them or their kids that they were willing to take the risk of chaos to try to have some sort of breakthrough.
While I wouldn't have wanted that chaos, I can understand the impulse since neither party has done a very good job of delivering for working people in this country in a long time.
We are going to see how that chaos theory works itself out because the chaos is raining down on our country right now. The chaos is raining down on the American people right now.
One of the things that are really interesting to me about this tax bill is that I don't think there is any mayor in America who would propose what has been proposed here. I don't think there is any mayor in America that would say ``My plan for my community is to borrow more money than we have ever borrowed in the history of our community.'' The debt adds up to another $4.6 trillion--I guess it is $5.5 trillion if you count interest. ``I am going to borrow more money than I have ever borrowed, but we are not going to spend it on roads or bridges or parks, the desperate need for mental health treatment across our country, especially among kids but also among seniors as well and everybody else. I am not going to spend it on parks or schools. I am going to take that money, and I am going to give it to the richest neighborhood in town and hope that somehow it is going to trickle down to everybody else.''
That economic theory, when you put it in the terms of any community in America, makes no sense at all. And America is a community.
It makes no sense for our Nation to go into debt, to force the children and grandchildren of our teachers and police officers and firefighters to pay back this debt, to pay back this interest. For what? To finance tax cuts for the wealthiest people in America when for the last 40 or 50 years, almost all of the benefit of the economy has accrued to the people at the top.
We need an economy in this country that when it grows, it grows for everybody, not just the people at the top. That is what we need to do to save our democracy. You can't run a democracy successfully if people feel like their kids aren't going to live a better life than they lived. You can't make a case that the rule of law is important or that our checks and balances are important or that our exercise in self- government is important if people feel like their kids aren't going to do better than they did.
Show me a time in history when that has been true--in human history when that has been true. It would be unreasonable to expect that that is going to be the case here, and you can feel the strains of that. You can feel the strains of that every day I go home to Colorado and I see people in every single county who are worried that their kids are not going to be able to afford to live in Colorado. They are worried that their kids are never going to be able to afford the housing that they have been able to afford.
I could imagine a set of tax policies that made a lot of sense to America. I have fought for years and years and
years to expand the child tax credit in this country. In fact, we did it during the Biden administration for 1 year. We were able to expand the child tax credit. Over 90 percent of families in Colorado benefited, and 90 percent of kids benefited. We cut the child poverty rate in America in half.
In the richest country in the world, we demonstrated that we did not have to accept the level of childhood poverty that we have as a permanent feature of our democracy or a permanent feature of our economy. We could fix it on this floor. We could pull a lever that actually mattered to the American people. And it did matter. That was a tough time during COVID. That was a tough time for families.
Not only that, we were able to take that tax credit and pay it out monthly. There were a lot of people in this city who said that would be impossible, that the IRS could never do that. Well, they did it, and families had a little bit of an extra benefit at the end of the month to pay for schoolbooks or afterschool programs or clothes to go back to school at the beginning of the year. That is the time of year it was.
You could feel the compression literally lifting off the chests of working people that I represented who could for a moment feel like they could make the rent and also buy a few extra hours of childcare so they could stay at work, so they could make more money to support their children.
That is a glimmer of what it would look like to have an economy that, when it grew, it actually grew for everybody, not just the people at the very top; where people felt like they could work hard and get into the middle class, that they could work hard and get out of poverty--get their kids out of poverty, most importantly--and get into the middle class.
We could expand the earned income tax credit, which rewards working people, again. That also would be a tax cut for the middle class. In fact, if you take those two tax cuts together--which we did during the Biden administration, but now that has gone away--those were the largest tax cuts for middle-class people, for working people I think in the country's history, certainly in modern history. It was the biggest reduction in childhood poverty in modern American history and probably in American history.
I actually think we should end childhood poverty in this country. That is what I believe. I think the richest country in the world should see it being in our interest to end childhood poverty and reduce all of the ancillary problems that occur in our society because kids are living in poverty through no fault of their own. Everybody knows that. Better investment in early childhood education. Better investment in kids to get them out of poverty. Let's put them on the right path.
We are going to pay for it one way or another, and I would rather pay for it with productive citizens as a benefit of a Tax Code that is actually investing in the American people. But here we are finding ourselves in a place where what we are being told is that we are going to pass a tax bill that blows a massive hole in our deficit that is about the size of all the money that we borrowed to get here to begin with. And for what? To give tax cuts to the wealthiest people in our country, to the wealthiest neighborhoods in America, and expect that somehow that is going to trickle down to everybody else.
Why? Why would we do something that irrational when the needs in America are so great, when we have the lack of economic mobility that I was talking about? I can think of a lot of reasons for it, but one of the ones that I keep coming back to is the campaign promises that some people seem to make around here as a result of the distorted campaign finance system we have.
Over the last couple weeks, there have been articles day after day after day and reports on television about the $20 million that Elon Musk spent in Wisconsin to try to elect one supreme court justice there. He was unsuccessful. The people in Wisconsin rejected Elon Musk's three-ring circus that he brought to Wisconsin. They rejected his $20 million.
But one thing that is so amazing to me is how cavalierly we accepted the idea that he was spending $20 million to begin with. He is proud of that. He is proud of that.
He spent roughly $290 million on Donald Trump's campaign. I think it is inarguable that he might have made the difference in Pennsylvania, for example, where he was practically handing money out. It is like it was a portrait of the Senate in the gilded age, where the Senate was dominated by special interests with cartoons of dollar bills falling out of their pockets.
He wandered around Pennsylvania with dollar bills falling out of his pockets--hundred-dollar bills, thousand-dollar bills. In Wisconsin, million-dollar bills he was giving away for the benefit of Donald Trump and to keep the tax system as distorted as it is, as unhelpful to the American people as it could be.
Now, here is the thing: He is so wealthy--I think he is worth something like $378 billion, something like that. I will check that. But he is so wealthy that that $20 million to him is such a small fraction of his wealth that it is like somebody in Colorado buying one hamburger from McDonald's.
Would somebody in Colorado spend the money on one hamburger at McDonald's if they thought they controlled the outcome of the election in Wisconsin?
That $290 million that he spent in the last Trump campaign--a big part of that in Pennsylvania but other places as well--that sounds like a lot of money to anybody here. And $290 million--that is a lot of money. If you look at that in the context of, you know, a teacher in Colorado, it is about $50. That is the cost of a steak dinner for a teacher in Colorado. That is not nothing. That is not nothing.
But if you knew you could control the outcome of America's future by spending the equivalent of what a steak dinner costs, even if you were a teacher in my old school district where I was the superintendent, you might do it, which is a reminder about why we have to change the campaign finance laws in this country. We cannot accept Citizens United as a permanent state of affairs, as a permanent feature of our democracy.
And sometimes people say: Well, what are you going to do about it? The Supreme Court made a constitutional ruling about it. There is nothing you can do to fix it.
There are plenty of generations of Americans that have confronted problems with a constitutional ruling like the Supreme Court, and they have done something about it. They have amended the Constitution in their time.
There are probably a number of things we should do to make our democracy work better, but one of those would be to make sure that the wealthiest people in the country can't buy elections and can't do it with dark money either. So we can understand what is actually going on here, and we can explain why we have got such a preposterous proposal in front of us right now. It cuts taxes for the wealthiest people and threatens healthcare for the most vulnerable people in our country.
I will close just by saying, there are some crazy things in our tax law. Crazy. Crazy. There is this thing called step-up basis, where people like Elon Musk and Mark Zuckerberg, the wealthiest people in our country--and I don't begrudge them their success, but the wealthiest people in our country are evading all taxes on the money that they have made because what they do is they hold their shares, the stock in their company. They never sell. They borrow against that, which allows them to finance their lifestyles.
But for their entire lifetime, no tax is ever paid on their stocks, on their shares. And then they die, and then those stocks go to their very, very, very fortunate ``nepo'' babies who get to inherit it at the original price that the stock was valued decades ago and pay no taxes as a result of that.
No one else in America gets that treatment. No one else in America gets that tax treatment--and in our country today because of that unbelievable concentration of wealth, in our country today because we have found ourselves, frankly, living in a new gilded age, which is reflected in the tax bill that is in front of us.
These guys are willing to spend a tiny fraction of their net worth to make sure that the Tax Code continues to serve them and not the rest of the
American people. That is why we have a tax bill, even putting aside stepped-up basis, where 50 percent of the benefit goes to the top 5 percent, and 10 percent of the benefit goes to the top 0.1 percent. That is when we live in a time in American history when the bottom 50 percent of Americans own 2 percent of the wealth of our country; at a time when young men in their twenties are seeing their pay cut by 40 percent since 1976; at a time when half the 30-year-olds in America are going to earn less money, for the first time in American history, than their parents did.
We have a job to do here. We have a job to do in this Nation. We have to create an economy that when it grows, it grows for everybody again-- and not just on the coast but throughout the entire country. That is what we should be focused on today. That is what the American people need. They should have a tax bill that reflects the interests of their kids, a tax bill that reflects the interests of the American middle class, the most significant invention of our democracy in modern times. That needs to be reinforced. It needs to be strengthened.
We have got to drag our economy into the 21st century in a way that will produce those sorts of outcomes for everyone in our economy, not just the people at the top.
And we need a campaign finance system that reflects the values and the principles of a majority of Americans to make sure that our democracy can continue to function as well.
I see my friend from California. I will yield the floor, and I look forward to the opportunity of hearing his speech.
I yield the floor.
Mr. President, I am sorry it is the misfortune of the Presiding Officer to be in the chair again when I am speaking. I don't actually speak that often on the floor.
Thank you, Mr. President, and thank you to the staff who is here as well.
This actually is the third time I have been down here in the last couple of days to talk about some of the things we are confronting at this moment when we are passing the budget. I have spent a couple of speeches talking about how problematic I think, to be kind about it, this budget is--in many ways, devastating. But today I want to join my friends that are here to talk about our national security and our intelligence.
Since President Trump took office as President just over 70 days ago, he has treated the American people to a dangerous parade of incompetencies that put our national security at risk.
Most egregiously, he has repeatedly sided with Russia and Vladimir Putin
rather than standing with the Ukrainian people as they defend themselves against Vladimir Putin's aggression.
After President Trump and Vice President JD Vance embarrassingly berated Ukrainian President Zelenskyy in their February Oval Office meeting, the Trump administration temporarily halted all security assistance to and intelligence sharing with Ukraine. This outrageous decision resulted in losses for Ukraine on the frontline and emboldened Putin and other dictators around the world, like China's Xi Jinping, undermining Ukraine's bargaining position and ours and American national security.
Given the stakes for the United States, democracy, and the West, this was, in my estimation, the worst decision the Trump administration has made so far, and that is a long, long list. Near the top of that list is the now-infamous Signal chat that National Security Advisor Mike Waltz created to share what was clearly classified information related to U.S. strikes on Yemen and Waltz's accidental invitation of Atlantic Editor-in-Chief Jeffrey Goldberg to that chat.
If that weren't enough, Secretary of Defense Pete Hegseth sent precise war plans for the U.S. strikes on Yemen--specific times and weapons types--in that chat.
I am a member of the Senate Intelligence Committee. I see classified information every day. I wish I could say that we saw, you know, anything more secret than what was related in that Signal chat by Secretary Hegseth. But the truth is that what he sent--that targeting information, the precision with the timing of that--actually required more security than anything that I see on the Intelligence Committee on a daily basis. I would say 99 percent of what we see in the Intelligence Committee, which is meant to be confidential and is meant to be classified, is far less significant than what Secretary Hegseth sent in his Signal chat. In fact, I would say if that information is not classified, I don't know what information is.
Signal is encrypted, and it is acceptable for some government use. That is true. I use Signal but never ever for sharing sensitive or classified information.
The intelligence community and national security Agencies across the government have clear protocols to protect the kind of information that Secretary Hegseth sent. All of the people in that Signal chat, which included the Secretaries of Defense and Treasury, know this. They have ultrasecure rooms and platforms where they are legally required to discuss classified information.
People at home might not know this, but when you go into one of those rooms, you have to leave your cell phone outside. You have to leave your cell phone in a box when you go into the room because you can't know and we can't know whether an adversary has placed malware on that phone.
I think there are a lot of reasons to throw our phones into the Potomac River, but that is one good one--to not bring it into meetings where you are going to have classified information because you can't know who is on it.
These people know better than to use Signal or any platform the way they did, but they were reckless, and they were lazy, and they put our national security at risk.
By the way, they won't admit to this day that what they did was wrong. Not a single one of them will say that what they did was wrong. They are denying that they passed classified information on that call, when anybody who is reading it knows that. The people of Colorado certainly know that.
China and Russia and others are surely monitoring these officials' unclassified phones, and Signal is not immune. In fact, in late March, just a week before Jeff Goldberg exposed the Trump Signal chat, the Department of Defense itself sent a Pentagon-wide email warning of Signal's vulnerability, noting that Russian hacking groups were trying to spy on Signal conversations. It is remarkable that the Secretary of Defense couldn't even follow his own Department's guidelines.
Now credible media reports indicate that Mike Waltz used his personal Gmail for government business and that his team created as many as 20 Signal chats to communicate about crises around the world.
This utter incompetence and recklessness in the handling of sensitive and classified information is inexcusable, and it is a threat to our national security. When the truth comes out, that will be the judgment.
They are putting the men and women of our Armed Forces and our intelligence officers and our allies at risk. They are eroding our standing around the world.
They are going to make even our closest allies question whether they can even share intelligence with the United States. Why would MI6 or Mossad share their secrets with the United States if Pete Hegseth is going to post them in Signal for Jeff Goldberg to publish in The Atlantic?
The Trump White House tried to declare ``case closed,'' they said, on their poor handling of classified information, but since then, the Department of Defense's acting inspector general saw through the lies, and they launched an evaluation of this administration's use of classified information.
The acting inspector general is a senior civil servant with a strong record of nonpartisan public service, including Active Duty in the Army, and I am confident he will conduct an independent and thorough investigation.
It is worth remembering, too, that the inspector general is only acting because President Trump fired the former inspector general in February, along with the inspectors general of 16 other Agencies because he felt he couldn't control them. He was worried that they were going to blow the whistle on what he was doing.
Clearly, the Trump administration wants to hide their sloppiness and their incompetence, but unfortunately for them, Waltz was incompetent and sloppy enough to accidentally add The Atlantic's editor-in-chief to their Signal chat in which Pete Hegseth was sloppy and incompetent enough to share classified information.
After Jeff Goldberg reported on the evidence of this chat, the administration's first action was to pretend like it had never happened. Then they lied about the information they shared--information that they never should have disclosed anywhere but in a classified space.
It is an insult to the American people's intelligence to say that not only was this not classified but that nothing they did was wrong, that it was perfectly normal to have a discussion about targets in Yemen on a Signal chat that was made available to the editor-in-chief of The Atlantic. I mean, how about apologizing to the American people for that?
Jeff Goldberg didn't put himself on the chat; he was put there by Mike Waltz. By the way, he had the decency and the patriotism not to disclose the information that he was worried was classified and that might put at risk the troops that were doing that dangerous mission.
These are issues of life and death, particularly for our troops and for our intelligence agents and professionals. And now the White House has fired several members of the National Security Council on top of all of this and the head of U.S. Cyber Command after Laura Loomer, a known conspiracy theorist and close Trump ally, told the President to do so.
Why is the President taking national security advice not from the generals that have become the head of the NSA but from a dangerous conspiracy theorist who says 9/11 was an inside job and who has never abandoned it? How is any of this remotely acceptable to the American people--of course it is not--or to my Republican colleagues?
The Trump administration's lies and incompetence are an insult. With their recklessness, they have already put Americans in danger and alienated crucial allies and partners around the world, making the world even more dangerous and weakening U.S. national security in the process.
Otto von Bismarck, the 19th century German Chancellor, famously said that ``God has a special providence for fools, drunkards, and the United States of America.''
We are, indeed, blessed by our size, our abundant natural resources, and our relative distance from adversaries that wish to do us harm. Our advantages are so great that the only country that can destroy the United States, as Lincoln told us, is the United States.
No wonder why Xi Jinping thinks that the United States is in decline,
that there are great changes unseen in the country, as he put it, and that he can simply wait for President Trump to accelerate our decline by tearing down the bedrock of America's national security and our prosperity.
No wonder Xi and his strongmen friends like Vladimir Putin and Kim Jong Un believe that the global order is up for grabs, that they are on the rise and that we are on the collapse, on the fall. Thanks to President Trump's wanton and self-harming recklessness, incompetence, and isolationism, that is how they feel.
No wonder why Xi continues to ramp up pressure on Taiwan, with live- fire exercises around the island earlier this week, and Putin continues to wage his unjustified war on Ukraine while threatening NATO allies like Poland and the Baltics.
Emboldening these dictators, as President Trump's administration has, will make the world more dangerous to the United States.
I can see the leader is here, so I am going to bring my comments to a close, but let me just say that nothing has been more contrary to the national security interests of the United States, our allies, and the Ukrainian people than the undermining of the Ukrainian soldiers on the frontline by this President--nothing--from his telling the American people that Ukraine started the war to his constant coddling of Vladimir Putin.
This is a generational moment for the United States of America to step up for democracy and for freedom around the world, and we are going to do it notwithstanding what President Trump said.
This moment demands sober, careful, and calibrated policymaking on the international stage, not the Trump administration's recklessness. Their failure to meet this moment will be our shared failure. We will not let it happen.
I yield the floor.