Mike Thompson Asks Bessent To Name A Single Independent Expert That Says GOP Budget Won't Add To Debt

Forbes Breaking News

During a House Ways and Means Committee hearing on Wednesday, Rep. Mike Thompson (D-CA) questioned Treasury Secretary Scott Bessent on the Republican budget.

Transcript

00:00The economic outlook of the United States has soured a bit since President Trump assumed

00:05office.

00:06We've gone from record lows in unemployment, historic growth and lowering inflation, to

00:11unprecedented trade wars, volatile markets and low consumer sentiment.

00:16And for the record, Mr. Chairman, I would like to enter surveys from consumers from

00:21the University of Michigan, a trade war impacting the shipping economy, and the OCED article

00:31on the downward economic turn in the U.S.

00:37Without objection.

00:39This is only made worse by the Republicans' big, ugly bill and the administration's proposed

00:44budget.

00:45I have a few items I want to raise with you, Mr. Secretary, but given our limited time, I

00:50want to focus on the projected impact of the reconciliation legislation.

00:56Economists from the CBO, the JCT, the University of Pennsylvania, Yale University, the Committee

01:03for Responsible Budget, and the Bipartisan Policy Center have all projected that this legislation

01:10will add trillions of dollars to our national debt.

01:14Experts have also projected that close to 16 million Americans will lose access to the

01:20health care, and 11 million Americans will lose access to nutrition benefits.

01:26These figures aren't coming from Democratic talking points.

01:30They're coming from economic experts with years of expertise.

01:34Yet, Mr. Secretary, you have time and again gone public and said that you dispute these claims.

01:42I believe you're a very intelligent and very competent individual.

01:46You're a Yale graduate, an adjunct professor, served as the managing partner of the George

01:52Soros Fund Management's office in London, and led Key Square Capital Management, a global

01:59hedge fund.

02:00And you're a billionaire.

02:01So the question I have is why is it that you seem intent on disavowing any and all expert

02:09opinions that are inconvenient to your political agenda?

02:13Unfortunately, it strikes me that you are hell-bent on ignoring the warnings of any independent

02:19expert whose opinions may not serve your goals.

02:24When you worked in finance and your analyst told you that a proposal was a bad idea, I suspect

02:31that you listened to your analysis and didn't just accept the deal because the person proposing

02:38the president said they were wrong and that their deal was a good deal.

02:42That would be wrong, it would be irresponsible, and it would be dangerous.

02:46I would submit that in the position that you have now, it is even worse.

02:51It's more wrong, it's more irresponsible, and it's more dangerous.

02:56Mr. Secretary, can you point to one independent study?

03:00One study performed by an expert Ph.D. economist who is not on the payroll of this administration

03:08that says that this legislation will not add to our national debt.

03:14Well, Congressman, if…

03:18Yes or no?

03:19Can you point to one?

03:20If we want to look at the CBO…

03:22No, I'm asking you, is there an independent expert that you can point to that says that

03:31this bill will not add to our national debt?

03:35Yes or no?

03:36Yes.

03:37There is?

03:38Yes.

03:39What are they?

03:40Art Laffer.

03:41Pardon me?

03:42Art Laffer.

03:43Art Laffer?

03:44Great.

03:45I don't think that one counts.

03:49Mr. Secretary, did the 2001 Bush tax cuts add to our debt?

03:55Sorry?

03:56I…

03:57Did the 2001 Bush tax cuts add to our debt?

04:00Yes or no?

04:01Again…

04:02Congresswoman…

04:03Yes or no?

04:04I think it's important to look at framing here…

04:05Okay.

04:06I'm reclaiming my time.

04:07One thing…

04:08It's clear that you're not going to answer the questions that are asked.

04:11And let me make it real simple for you.

04:13The Bush tax cuts added to the debt.

04:16The second round of Bush tax cuts added to our national debt.

04:20The last Trump tax cuts added to our national debt.

04:24And every expert will tell you that the proposed Trump tax cuts will also add to our national

04:31debt.

04:32That is the honest answer.

04:34And I would have expected you could have just given us a yes or no on whether or not

04:39these preposterous tax cuts that will benefit clearly the most wealthy people, the people

04:46who don't need a tax cut in this environment, will add to our national debt.

04:53This is bad public policy.

04:55It's bad for the American taxpayers.

04:58It's bad for our economy.

04:59And it's atrocious for our future in regard to the national debt.

05:04And I yield back.

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