At today's House Ways and Means Committee hearing, Rep. Steven Horsford (D-NV) questioned Treasury Sec. Scott Bessent.
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00:00Thank you Chairman Smith and to the ranking member. Mr. Secretary, good
00:06afternoon. Does taking health care away from 16 million Americans lower prices
00:12for working families, yes or no? I'm not sure what that question means. The bill,
00:22the big beautiful bill that was passed by this committee and the majority of
00:28the Republicans in the House would eliminate health care for 16 million
00:32Americans. I'm asking, does that lower the cost for working families, yes or no?
00:38Again, which cost? Oil, fuel cost, food cost? Household cost. Sorry? The cost that
00:45households have to cover every month. Middle-class working people. Again, I
00:53disagree with the characterization. So the answer is no. The bill doesn't deal with
00:57that. Can you name one rural community whose hospital will be strengthened by
01:03this one big beautiful bill? Just one, yes or no? Again, I'm not HHS but I will be
01:10happy to get to you on that. I would appreciate that answer. 16 million people
01:15stand to lose health care. That's thousands of hospitals that will be
01:20affected. We're talking about jobs and families that will be impacted. Worse, we're
01:26dealing with these tariffs, which are taxes that American Americans pay, which are
01:30raising the cost on medical equipment, putting further strain on rural hospitals
01:35in my district. But yet the billionaires under this plan will still get their tax
01:41break. Mr. Secretary, under the bill, who gets the most benefits? A billionaire with
01:47a complex tax return or a working parent with one W-2. Under President Trump's first
01:56term, a greater... Not the first term. I'm asking under this bill. Including this bill, in terms
02:01of percent, as opposed to absolute numbers, in terms of percent, working families will have
02:09a greater... In fact, Mr. Secretary, every credible outside estimator says that the wealthiest win
02:15under this proposal and working people and the poor lose. They pay more. Working people
02:21pay more. That's the story of this big, beautiful bill. Help the ultra-rich and leave everyone
02:27else paying the price. Are you yourself a beneficiary of any provision in this bill? Will you personally
02:34receive a tax cut under the provisions of the... Under this bill?
02:37Two things, Congressman. Yes or no? It's a simple...
02:39We had a referendum on November 5th and working Americans voted for President Trump.
02:42Mr. Secretary, yes or no? Reclaiming my time. And...
02:46Reclaiming my time, Mr. Chairman. And two...
02:48Mr. Chairman, I'm reclaiming my time. And two...
02:52So, Mr. Secretary, it's my time, Mr. Secretary. I'm asking you a yes or no question.
02:57And I'm trying to answer you, and... It's a yes or no question.
03:00Saying it louder does not elicit an answer.
03:03Well, not answering the question at all proves that you're evasive. Are you the head...
03:09The person that's the head of overseeing the implementation of our tax code of beneficiary
03:15under the provisions of... Any provisions of this bill?
03:19Again, this is an extension of an existing bill.
03:22So... So are you a beneficiary?
03:24This is an extension.
03:25Okay. I will... I will... I will take that as a no.
03:28If you want to rephrase the question...
03:29Mr. Secretary...
03:30If you want to rephrase the question...
03:31Did the TCJA help increase the supply of housing? Yes or no?
03:37Mr. Secretary...
03:38Sorry?
03:39Mr. Secretary...
03:40Did the TCJA help increase the supply of housing? Yes or no?
03:44Mr. Secretary...
03:45I... I don't know. And I'm not sure...
03:48According to the...
03:49Mr. Secretary...
03:50According to the Federal Reserve of Philadelphia, comparing the pre- and post-TCJA housing market,
03:55they found that between January of 2015 to October of 2019, housing construction, in fact, slowed under TCJA.
04:06So, Mr. Secretary, do tariffs on steel, aluminum, and lumber raise the cost of construction? Yes or no?
04:13Again, on the housing point, the interest rates went up because the economy was stronger.
04:20Mr. Secretary...
04:21And under this proposal...
04:22And...
04:23Inflation was nascent.
04:24Mr. Secretary...
04:25And under a budget report that just came out from the Yale Budget Lab, they just released data showing that because of the debt that is going to be added by this big, ugly bill, mortgage rates will increase.
04:41Are you aware of that?
04:42Mr. Secretary...
04:43I'm aware that...
04:44This bill is a disaster for the people of Nevada who are struggling with the cost of rent and the ability to afford housing.
04:52These are the pressing issues that my constituents are concerned about, and I hope that this administration understands the impact of the negative consequences of their proposal.
05:03This administration very much understands...
05:05I yield back.
05:06...the impacts on working Americans, and that's why working Americans voted for President Trump.
05:12Mr. Secretary...