senator crapo: mr. hennessey? >> many provisions are sound. one additional would be to uniformly classify and define products across states, not just within states. senator crapo: mr. johnson, i am looking at the map on your website of which states are member states. my stay, idaho, is an advisory state, but why are those states that are not members assistant to joining -- not members resistant to joining? >> i can't speak for all the states that are not participating. i can't tell you that we have reached out to states encourage them to join the organization. there is great benefits by having allstate involved in it. some things mr. hennessey mentioned as far as simplification and uniform definitions, that is something we have and we continue to work with business community on uniform definitions when the community -- when the business community brings it to us. that is an important piece, getting input of the business community and realizing what is causing those burdens per the central registration s

brown: i thank senator crapo. senator crapo and i have worked together on a number of things. he was chair of the banking committee the last four years. i was his ranking member and worked with him and greg and his staff on a number of things. i take him at his word. i know that senator portman and senator crapo and i sit also on the finance committee. i'm serious about this. i just had a private conversation with senator crapo. he seems serious. i know senator portman is. we've waited too long. there are far too many people. it's not a huge number, as rob, as senator portman said. not a huge number of people, but it's awfully important to them. i know what it means to a community that's struggling like the mahoning valley and miami valley. those two communities have hundreds and hundreds and hundreds of these retirees. when their pension shah h rinks like this -- shrinks like this, it affects their buying power, standard of living and prosperity of the community. we will be back together working on it. i thank senator crapo. i'm disappointed but i thank him. mr. president, i

cassidy: one of the things we continue to point out, as you know, senator graham asked senator crapo for information. the inflation numbers came out yesterday, what the numbers will be by the cbo. they calculated there would be no discernible beneficial impact as a result of passing this massive spending bill, which will not reduce inflation. the cost of energy, 40% when it comes to gas, utility services. at $4 a gallon or higher in places around this country. all of the taxes in this bill, much will be geared toward increasing the cost of energy. $60 billion on domestic and foreign oil production. the tax on imported oil is in their. there are taxes through this entire bill, all targeting domestic energy production in this country. and taxing imported oil as well. $60 billion for environmental justice grants. what does that mean? the american people will be trying to figure out. $1.9 billion for canopy coverage in urban areas. i am sure that is something on the hearts and minds of every american. $30 billion and a climate slush fund to be used for democrat favored products -- projec

and so senator after senator, ted cruz and mike crapo, specifically put forward ting 87,000 irs agentsdited did it. already auditing business and top 1%. half of americans out there don't get audited now but the four in 10 audits happen happen to people making less than $75,000 a year. people making less than $75,000 a year are going to hear a knock from the irs because of the irs expansion act. >> mike: josh, your thoughts on this overall package that passed over the weekend? >> yeah. mike, so for the democrats it's better to be united about something than divided and having nothing to campaign on in a midterm election season. this is called the inflation reduction act it really isn't going to do anything to deal with inflation. it's one of the biggest misnamed piece ofs of legislation and strictly done for political purposes back at the polls independent swing voters biggest concerns inflation, crime immigration or border security. this bill focuses on climate change and dealing with prescription drug costs but those are not the biggest issues right now for voters that are going to b

so senator crapo has an amendment and because you keep hearing democrats, particularly president biden be hit. he says, put your money where your mouth is. he put up a bill that says 87,000 irs agents would only audit companies and individuals making 400,000 or more. well it failed 50-50. i'm just shocked about this. i know every time i tell you i'm shocked about something you see, you always say i shouldn't be? >> yeah. i mean, aren't we immune to surprises at this point, especially comes to the banality of the u.s. congress but you know i have a solution to this, this thing with all the new irs agents that will be auditing everybody. i think we should put the high-tax, blue city, district attorneys in charge. that way nobody is guilty of anything. charles: yeah, i do find the math kind of interesting, like 700 billionaire and 87,000 irs folks to go after them. more than half of the audits of 2021 were on folks earning less than $75,000. yet they unleash the army on middle america. i think it's a bad move? >> it is unbelievable. you know what? , you know what this is? i almost hate to

there was a very important amendment to the debate in the senate, sean, by senator crapo who said, okay if you're not going to ask people that make more than a 400,000, why don't we have a rule that the extra 87,000 irs agents won't audit people with less than $400,000. you know what, sean, every single democrat in the senate voted against that amendment. so of course, those are the people they will audit is the people who cannot defend themselves. a book, the big companies like general electric and disney and google have armies of tax accountants and lawyers, same with the millionaires and billionaires, they will come after the low income people. one other quick point, sean, you talked about the democrats switching their argument, because nobody buys this idea that the bill will reduce inflation, but i am not making this up, sean, the latest argument that the democrats are running around the country is saying that this bill will make america energy independent. come on! we were energy independent trade i worked for donald trump, we were energy independent when trump left office. the re

the committee room at the time for the cosponsorship on this and certainly senator wyden and senator crapo we have support from both branches of government. but i want to acknowledge the work mr. roberts in his organization has done with regards to developing the legislation. we developed it as a needed to deal with affordable housing. covid-19 has underscored this even greater. inflation has made it even more urgent in this regard and we are talking about the appraisal gap but the cost of building and renovating exceeds the value and therefore cannot be done under the regular commercial circumstances. this leads to the decline of neighborhoods as well as making the wealth gap in america. so, can you just elaborate as to how the current markets which is anything but a predictable and investors willingness to go into communities and how the neighborhood home investment act would help us to deal with that. >> thank you so much for your leadership on this, senator. neighborhood homes provide states with van allocated amount of tax credits. they would set their own strategies and priorities an

crapo: thank you, madam president. i'd like to start my remarks by going back to near the very beginning of this congress when we were debating what was called the american rescue plan. we were told then by our colleagues on the other side that this was going to save the country. $1.9 trillion of debt-financed spending, they said, was going to fix everybody's concerns in the united states. where are we today? 9.1% consumer price inflation, which we told them was coming. gas prices doubling. economic stagnation, gdp contracted by .9% in the second quarter, we're arguing over semantics over what is a recession. 65% of the people in this country think we're already in a recession and more than 80% of the country think our economy is on the wrong track. the penn wharton budget model has made a comment about what we're looking at today. what are we being told today? another rescue plan. only this time they call it the inflation reduction act. the penn wharton budget model says this bill will if anything raise inflation in t

the cbo made a statement after analyzing the payment pack of a proposed amendment by senator mike crapolow income americans from irs audit. cbo said such exclusion would lower revenues by 20 billion. that is just more than the money irs extracts from you for the tax audits, it is compliance, time and money you have to defend yourself, 400 billion nationwide against a more aggressive irs, this from the cato institute. the inflation reduction act adds or expand as slew of special interest tax breaks and creates a parallel corporate tax structure based on financial statement income. those misguided changes would also increase tax compliance costs on the private sector. the ira would double the irs by hiring 87,000 employees providing additional 80 billion in funding that would create a size of population more than the president's hometown of wilmington. can you imagine. a lot of people. david: $400 billion in compliance because of this. it is extraordinary. reporter: that is from the tax foundation. actually that number is couple years old. you know it is actually more than that. david: ge

. >> senator crapo who said why don't we have a rule that these extra 87,000 irs agents won't awed ate voted against that amendment. >> reporter: and there is also scrutiny swirling around the fbi and the doj following the raid at mar-a-lago and questions if that raid was politically motivated. >> i think to release this affidavit would at least put some transparency in the hands of the american people because we need to have faith many our justice system. we need to have faith in our fbi and, unfortunately, it has really been lacking for a lot of americans. >> reporter: so, stuart, a lot of trust in several key government institutions has been slightly lost. right now it's interesting to see how at least one way to, one way to address part of problem has been to build up the government, hire more staff, make the government bigger. but a lot of people seem to think that may not be better. stuart? stuart: big government is better or not, good question. hillary, thank you very much, indeed. >>> the nfl season is returning to normal three years after the pandemic began. what's normal? l

i'll go to you first, speaker pelosi is right, a group of senators including republican, john cornyn, crapoo different for china? >> i think china overplayed the hand. had they not made the threats, and amped this up, people wouldn't have noticed at all. but they went out and tried to deter her from travel, threatened military action across the straits of taiwan. tried to threaten with ships and missiles and airplanes. and she wasn't backing down. good for speaker pelosi for sticking to her guns and china botched this. they gambled, thought they could call off the trip and they lost. >> and she didn't come in she made a big trip, stayed there with the president. she just left taiwan a short time ago but there was consternation as jon has reported in the white house, i don't know if we want her to go, but she stood firm and made a point of being there. >> interestingly, the biden administration sent out principles actually give her a threat briefing. look, madam speaker, this is your call. if you go, there are consequences. and she said i'm making my own decision and to joe biden's credit, h

but the crapo amendment goes much further than that. it applies, and i quote here, to taxpayers with taxable income. and as americans have learned recently, billionaires often have little or no taxable income for years on end. so under this amendment, the billionaires who live off their borrowings would be immune from audit, and that would invite further tax avoidance. i urge my colleagues to oppose this amendment. mr. moran: i ask for the yeas and nays. the presiding officer: is there a sufficient second? there appears to be. the clerk will call the roll. vote: vote: the presiding officer: have all senators voted? does any senator wish to change his or her vote? if not, the yeas are 50, the nays are 50. the amendment is not agreed to. the junior -- the majority whip. mr. durbin: -- following grassley amendment number 5421. the presiding officer: is there objection? without objection. a senator: madam president? the presiding officer: the junior senator from florida. mr. scott: i have a motion at the desk. the presiding officer: the cle

amendment number 5404, crapo. the presiding officer: is there objection? without objection, so ordered. there's two minutes of debate equally divided. a senator: madam president. the presiding officer: the junior senator from vermont. mr. sanders: the american people are sick and tired of being ripped off by the greed of the pharmaceutical industry which makes tens of billions of dollars a year in profit charging us by far the highest prices in the world for our medicines. this bill as currently written allows medicare to negotiate prices with the drug companies but not until four years from now and then for only ten drugs a tiny fraction of the toll. that is a very weak proposal and not what the american people want. they want us to lower prescription drug costs now, not in four years, and they want all drugs covered. the v.a. has been negotiating drug prices for 30 years and pays half, half as much as medicare pays. my amendment is simple. it says that medicare should not pay any more than the v.a. for prescription drugs. if we do that, we will cut the c