John Garamendi: “A moment ago, you heard from my colleague from California (Ms. Judy Chu) about the tax bill. She put the first page of…”

“A moment ago, you heard from my colleague from California (Ms. Judy Chu) about the tax bill. She put the first page of H.R. 1 up and she added this little percentage, H.R. 1 percent. I thought that was not only accurate, but it really does reflect what I was going to show a moment ago, and then I decided to use hers. H.R. 1 is really about the 1 percent. The top 1 percent wealthy Americans would get 50 percent of a $1.5 trillion gift from the American people, which really amounts to an enormous transfer of wealth from the working men and women of America who depend upon programs like education--and that was discussed by my colleagues a few moments ago-- and depend upon medical services from Medicare, Medicaid. In California, we call it Medi-Cal. But what is going to happen here with this $1.5 trillion tax cut--and when you add the interest to it, basically, a $2.3 trillion bogus deal that our Republican colleagues are putting forth--is what I call the Texas two-step. This really is Mr. Brady from Texas' program to really do a two-step, together with the Speaker of the House, Mr. Ryan. The two-step was laid out in the budget bill, and the two-step is this: First, make a monumental tax cut that really is for the superwealthy. And then as soon as you get that signed by President Trump, you do the second step, which is to do massive cuts so that you can deal with the deficit. So I am going to just bring up the issue of the deficit for just a moment with this.…”