Watch Kennedy’s comments here.

WASHINGTON – Sen. John Kennedy (R-La.) explained why extending the 2017 Tax Cuts and Jobs Act is the most important thing Congress can do in the budget reconciliation process to protect the economy in a speech on the U.S. Senate floor.

Key excerpts of the speech are below:

“So, the first goal of reconciliation is to try to reduce these prices, to try to kill inflation dead. But there is a second equally—some would say more—important reason, as you well know, Mr. President. In 2017, this Congress, during President Trump’s first term, passed the 2017 Tax Cuts and Jobs Act. We cut taxes by $4.3 trillion. And, boy, did it work. The economy took off like a SpaceX rocket ship.” 

. . .

“The bad news is that those tax cuts expire at the end of this year. So, we are going to try to extend them and make them permanent in our reconciliation bill. And if we don’t, then we are going to have a $4.3 trillion tax increase on the American people.

“I want you to think about that, Mr. President, when some of our colleagues try to throw up roadblocks to our reconciliation bill. In effect, what they are saying is, they want to raise taxes on the American people by $4.3 trillion.

“That is the most important thing we want to do in our reconciliation bill. It is not the only important thing, as I mentioned, but it is clearly the most important thing. If we raise taxes right now, $4.3 trillion on the American people, this economy will begin a journey to the center of the Earth. We cannot let it happen.”

Watch Kennedy’s speech here.