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