EXPLAINED: Democrats' MASSIVE bill WILL affect your wallet

Exactly what is inside Democrats’ HUGE spending package, now that Senator Manchin and Majority Leader Chuck Schumer have reached a ‘deal’? The left will say this new, MASSIVE spending — with Team Biden’s fingerprints all over it — is all about saving the economy and the climate until they’re blue in the face. But this is the only conclusion from passing it that’s guaranteed: Your taxes WILL go up. In this clip, Glenn and Stu explain…

TranscriptBelow is a rush transcript that may contain errors

GLENN: So let's talk about -- let's first, I guess, wrap up last week. We're now finding out what's in this bill. You know, the -- the Manchin/Biden Build Back Better. Hey, we're going to reduce inflation bill. It's not going to reduce inflation. In fact, we now find out, some of the things that just, they couldn't find time to print, before they voted on it. It's going to affect everybody's taxes. And I mean everybody's taxes. If you make $30,000 or more per year, your taxes are going up next year. And it's all for this green new deal. And Stu has been watching all of it, unfold. And I've been watching what's happening with the assault weapons. The AR ban, that is now passed in the House, going the law the Senate. Let's go through some of them. Let's start with the Build Back Better Manchin bill.

STU: Yeah. This is a bill that it's been an incredible journey on this one. Because as we kind of all remembered, the Democrats initially wanted $6 trillion of spending through Bernie Sanders. His estimates. The White House came in at I think 3.5 trillion. After they whittled it down. To try to look like they were being responsible. Both Manchin and Sinema opposed this famously. So they could not get to 50 votes. Which they need to get to in this particular bill.

GLENN: Correct.

STU: So they went back and forth a bunch of times. They first lowered it to I think 2.1 trillion. Then to 1.9 trillion. Then to 1.7 trillion. And these numbers are -- as you pointed out, multiple times, Glenn, in real depth. Not only here, but also on your TV show. That spending number is really a misleading thing to look at. It's much more what America is going to do on the negative side. Than it is just the spending. But as we've all seen. We've spent $1.9 trillion on this covid bill, at the beginning of Biden's presidency. Which led to a good chunk of what we see now as far as inflation. So imagine if we had gone ahead with that extra $3.5 trillion, that they wanted back in 2021. Now, of course, since then, the Republicans have come on board, for a trillion dollars of infrastructure spending. Not to mention, many of them were on board with all of the other covid spending that we had going on. And there was another proposal, for $250 billion of spending. For this Chips Act. Which theoretically, has some behind it. As we've seen what's going on in China. And Taiwan. All of our chips are made in Taiwan. We have a major problem with the supply chain. So in theory, you can see why you would talk about this, and why it might be a bipartisan issue. Even though, again, I don't think this is the right way to approach that problem. But you can understand why that problem exists. So $250 billion was on the table. And Republicans were basically like, look, we of course. Because they always do. Will go along with a ton of your spending requests. Republicans do not have a problem with spending.

GLENN: In fact, we might even add more to your spending in some cases.

STU: Yeah. And they usually do. We see now, this is not the Tea Party era. There's no leadership voice on the right, who is arguing for less spending. That's not a position.

GLENN: I would say the Freedom Caucus. The Freedom Caucus --

STU: They're in minority status.

GLENN: You're right. You're right.

STU: You're right. There's just not anybody really there. So this 250 billion-dollar bill is going forward. But Mitch McConnell does not want the Build Back Better thing to happen. He's drawn the line there, for whatever reason. He's drawn the line there on spending, which at least it's drawn somewhere. And he says he doesn't want this. But that 50-vote threshold is still sitting out there. They can do this at any point, until this election happens. And they leave -- they leave office. Assuming Republicans win the House or the Senate. So it's been sitting out there. And Manchin keeps coming on. And then he's off. And he's on, and he's off. And so finally, the -- McConnell says, look, I'm not going to go ahead with this $250 billion in chip spending. Unless you say, the Build Back Better thing is done. We're done with this reconciliation thing. It's over. Right around that time, Joe Manchin comes out and says, gosh darn it. This is over. I will not negotiate anymore. I am done. We have had all these conversations. It's over. Big media splash. Everyone reacts, goes crazy. So McConnell goes to Chuck Schumer and says, hey, Chuckles. Remember when I said I would go along with you, if, of course, you stopped the Build Back Better thing? Well, it looks like it's gone. So I'll go along with you on the Chips Act. The Chips Act goes through. They vote for it. It gets signed. Literally, the next day, Joe Manchin comes out and says, by the way, we've come up a deal. We have a deal now, to spend hundreds of billions of dollars on the reconciliation bill that I just said was dead a few weeks ago.

STU: This all goes back to McConnell here, getting absolutely schooled by Chuck Schumer.

GLENN: Can I ask you a question? How do we never learn our lesson? How is it that it never works out the other way? Why? Why? Why? Why? Why? I want to know why.

STU: You get every little bit of this you deserve. When you do a deal with Chuck Schumer. How can you not know, he's going to lie directly to your face at every opportunity?

GLENN: Kentucky, what is wrong with you? Stop giving us -- stop giving us McConnell! Stop it! Stop. He's dirty. He's in bed with the Chinese. He's -- he's -- engaged in nepotism. And everything. Stop it. The guy is worthless. Absolutely worthless.

It is -- I swear to you, he's like a Democratic infiltrator. He's like, I'm going to pose as a Republican. But, Chucky, you and me, baby.

STU: You know, look, McConnell, you can certainly say, he's done some good things. Particularly, I mean, the Supreme Court does not look like it does today without McConnell holding that line.

GLENN: And -- and -- and --

STU: You know, he typically votes -- you know, he votes like a Republican.

GLENN: Like a turtle.

STU: He's not the worst guy. He's not Adam Kinzinger. Right? He's not a guy who is out there constantly voting. Even Susan Collins. He's not that type.

GLENN: He's the head of the Senate for the Republicans!

STU: Yeah. But the power is such a significant part of this. He's always playing games. And here's a game. You play dangerous games, you get dangerous results. And this is what's happened. So now they've been -- again, if you have principle, you just don't vote for the 250 billion-dollar thing in the first place. And that's the problem. You say, this is a bad idea. We're not going to spend that much money. When we're sitting here, complaining about inflation every day. How do you have any credibility on a major issue like that, when the Republicans have gone over -- almost as much money. That was spent on the bill, they all complained about from Joe Biden, has been spent in multiple different bills. That the Republicans have signed on to! I mean, it's -- they have very little credibility here. Their only hope is that most people won't know the background of this stuff. And think, they're at least a little better that be the Democrats. Which I guess they are. But that gap seems to shrink all the time.

GLENN: No. They're just slower. They're just slower at it. And maybe it's because they do have some stops in there. Some people who are fighting against it. Or they're so incompetent, that they can't pass the same kinds of bills. You know what I mean? Maybe they're like, no, I'm all in. Marxism, I think it's great. You like Karl Marx? I like Karl Marx. Let's do it! Then they get up and put bills together. And so the actual Karl Marx, who is in the Democratic Party, steps up and like, these guys are worthless. Maybe they're just incompetent. And that's the only reason why they're going slower. But they're taking off a cliff. Just the same cliff. The same cliff. You watch. I think you're going to see, after the election. If the Republicans win, which they could screw up.

STU: Uh-huh. In a big way. It looks like they're going to screw the Senate up already. At this point, I don't think it's any better than 50/50, they win the Senate.

GLENN: I saw that from your favorite website. What is it? Five --

STU: Oh, FiveThirty. That's what they're saying? Oh, God that's terrifying.

GLENN: Yeah. They're saying 50 percent. They were -- in fact, they were, I think, at 40 percent, that the Democrats would hold it. Now they're up to, I think 50 or 60 percent.

STU: Well, I mean, it's probably a result of things like the latest poll in Pennsylvania, that has Dr. Oz is down double-digits. Again, never made -- against the guy who is barely alive. The man is barely alive. And he's beating Dr. Oz by 11 points.

GLENN: What. What a surprise. Democrats don't have a problem with that.

STU: I guess not.

GLENN: I mean, they could -- you could have -- you know those old pictures where you could kill an outlaw in the wild west? And they just prop his body up in a coffin? You could have Democrats in those pictures, and they would still be voted into office.