Video: Kaine Speaks on Senate Floor to Oppose ‘Economic Idiocy’ of Tariffs, Program Cuts to Pay for Billionaire Tax Breaks
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WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Budget Committee, spoke on the Senate floor to highlight his strong opposition to Republicans’ budget plan. President Donald Trump and Republicans are proposing using the revenue from tariffs and massive, across-the-board cuts to programs that Virginians rely on—including Medicaid—to pay for tax cuts for billionaires. Republicans are using a legislative process known as “reconciliation,” which allows certain legislation to be expedited and passed in the Senate by a simple majority, avoiding the 60-vote threshold needed for most other legislation.
“President Trump deemed these tariffs as ‘reciprocal tariffs,’ but I got another phrase for them: They are economic idiocy,” said Kaine. “They will hurt our families, they will hurt our businesses, they will hurt our farmers, and all the economic signs suggest that President Trump is flipping the world’s strongest economy toward recession.”
“President Trump started with the strongest economy in the world the day he was inaugurated—a strong stock market, strong consumer confidence, strong growth rates and growth projections, manufacturing up, infrastructure up, America building again,” Kaine continued. “In two months, his chaotic economic idiocy has turned it around… the American economy has nothing but red lights and question marks all over it.”
“Trump says these are reciprocal tariffs—we are putting tariffs on nations who are treating us unfairly in trade. But he’s imposing tariffs even on nations that put no tariffs on U.S. products, that have no trade barriers on U.S. products,” Kaine continued. “He said he was imposing tariffs on nations where the U.S. has trade deficits … but guess what? We have trade surpluses with Brazil, Australia, Hong Kong, the Netherlands, Singapore, and the U.K. So what did Donald Trump do? He put tariffs on them anyway.”
“The tariffs are not designed to punish adversaries since we are hurting allies and treating them worse than adversaries in many ways. The tariffs are not designed to lower trade barriers since nations with no trade barriers are still getting socked. The tariffs are not designed to counter trade deficits since nations where we have trade surpluses are getting socked,” Kaine said. “So why do them at all? Why punish Americans with a national sales tax, which all the economists say is the largest peacetime tax ever imposed in U.S. history?”
“It’s about raising money to fund a tax cut for the rich,” Kaine continued. “These tariffs will raise $6 trillion over the course of the next 10 years—about $600 billion all taken out of the pockets of everyday Americans who are paying more for groceries, who are paying more for building supplies when they do a home renovation, farmers who are paying more for fertilizer… the $6 trillion dollars that these tariffs will raise all come out of the pocketbooks of Americans who are working hard and who don’t want to pay more taxes.”
“President Trump and my colleagues here are setting up a budget where they’ll take that $6 trillion and they’ll add to it all of these ‘slash-and-burn’ cuts,” Kaine said. “They’ll combine the tariff revenue with the savings from Medicaid cuts or cuts to school nutrition or cuts to the Pell Grant program, and then they will take all of that revenue and hand it over to the richest people in this country, many of whom are the richest people on the Planet Earth.”
“That’s what we’re going to fight against in this budget, and in the same way that we succeeded by getting Republicans to vote with us against the Canadian tariffs a few days ago, it is my hope that when we get to the end of this process, we will have some Republican colleagues, in this house and the next, who will stand up against a President who thinks one man can shatter the economy and impose costs on everyday people to benefit himself and his friends,” Kaine concluded.
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