Prominent right-wing podcaster Steve Bannon warned on Friday that he doesn’t see “how the math works” for Republicans‘ budget reconciliation bill, which is supported by President Donald Trump.
Newsweek reached out to press representatives for the White House and House Speaker Mike Johnson, a Louisiana Republican, for comment on Saturday.
Why It Matters
Bannon, who served as the CEO of Trump’s 2016 campaign and worked briefly as a White House adviser during the president’s first term, is a leading voice of the “Make America Great Again” or “MAGA” movement. While he supports Trump, he has been critical of some actions by the president and has recently raised concerns about the budget reconciliation bill.
The bill narrowly passed the House successfully on a party-line vote this week, with Trump’s support, and now goes to the Senate. Bannon’s concerns about the math of the bill are echoed by many conservatives and liberals alike. The nonpartisan Congressional Budget Office (CBO) has scored the legislation and said Wednesday that it would add $3.1 trillion to the national debt over the next decade.
What to Know
“We just don’t see how the math works,” Bannon said on Friday segment of his War Room podcast. “Unless in the Senate there’s going to be a tax increase.”
Earlier this week, Bannon raised related concerns about the legislation, which Trump has described as “one big, beautiful bill.”
“I have not changed my mind one bit on this bill. This bill could be a lot better,” Bannon said. “I’m very concerned about the deficits in the short term…and I’m very upset.”
Bannon has long said that the government should increase taxes on wealthy Americans. While Trump floated the idea of allowing taxes to increase for the wealthy, the current bill renews tax cuts he pushed through with Republicans during his first term in 2017.
Back in April, Bannon said in a Gettr post that taxes would likely need to increase for the wealthy to fund Trump’s other priorities.
“No Tax on Tips , No Tax on Overtime, No Tax on Social Security—without Massive Spending Cuts or Dramatic Growth the Math DICTATES that you CANNOT Extend the Tax Cuts to the Upper Bracket without Driving an Even Bigger Deficit,” he wrote.
What’s in the ‘Big, Beautiful’ Bill?
The bill includes a targeted tax break for seniors receiving Social Security. Specifically, the bill provides a new $4,000 deduction for individuals aged 65 and older, designed to reduce the taxable portion of their benefits.
It raises the state and…
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