'You Can't Sit Here And Lie!': Michael Bennet Completely Loses It With Scott Bessent

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During a Senate Finance Committee hearing, Sen. Michael Bennet (D-CO) grilled Treasury Secretary Scott Bessent about domestic discretionary spending.

Transcript

00:00Thank you, Mr. Chairman.

00:01Thank you, Mr. Secretary, for coming in today, and thanks for having this hearing.

00:07Secretary Besson, the last time you were here, I asked you about your emphasis on domestic

00:13discretionary funding in your opening statement.

00:16You had stated, quote, we must adjust federal domestic discretionary spending to get our

00:22fiscal house in order while striking an urgent tone on our growing deficit.

00:27I mentioned to you then that domestic discretionary spending is only 15 percent of our budget.

00:35And I think if you were serious about deficit reduction, you might not push for tax cuts

00:40that almost certainly could not be offset by discretionary adjustments alone.

00:46And now, of course, we know you can't.

00:50Today we actually have the details of your plan.

00:53Take health care from 10 million Americans, 126,000 Coloradans, cut nutrition assistance

01:00for millions of adults, sunset clean energy investments that are so critical to the American West.

01:10Give over 40 percent of the tax benefits of this bill to the top 5 percent.

01:16And it's not even close to being paid for.

01:20Even my colleagues on the Republican side, who for years and years and years have claimed

01:25to be the fiscally responsible party, now are admitting that it's not paid for.

01:31This bill adds another 2.4 trillion dollars to our national debt.

01:39It will push the deficit to GDP ratio up to 7 percent, which you said when you were here

01:45before was unsustainable, far from the 3 percent target that you described.

01:52If you look at your proposals taken together, there is no getting around the fact.

01:59There is no getting around the fact that the richest Americans receive an average tax cut

02:05of $300,000, which again, we're not paying for with the discretionary cuts that you advertise.

02:14So once again, we will have to borrow money in order to assist the people in this country

02:19who least need a tax cut at this moment.

02:23Meanwhile, the Americans who have been made miserable by the economy that they're in actually

02:28see income reduced because of cuts to Medicaid and cuts to SNAP.

02:33Meanwhile, and I think, Mr. Chairman, this is really important, meanwhile, interest rates

02:39are at 20-year highs.

02:42Moody's has slashed our credit rating.

02:49Because of the fiscal irresponsibility of this administration.

02:54The World Bank has cut our growth estimates in half, and the bond markets are screaming

03:01at us to stop.

03:04We now pay, and we are paying this year, more in interest than we are in the national defense.

03:12So, Secretary Besson, how can you square your concern with fiscal health, with definite

03:19finance growth for families that need those tax cuts least?

03:26Senator, I'll begin with that we did not get here.

03:33We inherited this fiscal situation that I believe-

03:37Well, you inherited from Donald Trump, who was here.

03:41You did, Mr. Besson.

03:43You-

03:44No, sir.

03:45Yes, you did, Mr. Besson.

03:46No, sir.

03:47You inherited from Donald Trump.

03:48He's the first president to come back after a four-year hiatus, after we know exactly what

03:55the last tax cuts did, which was blow a massive hole in our deficit and debt.

04:01You can't sit here and lie about that.

04:04It's true.

04:05The data, to coin a phrase, the data shows that that's the result.

04:11The math shows that that is the result.

04:14No one on this side of the aisle admits anymore or claims anymore that they didn't blow a huge

04:22hole in the deficit.

04:23They did.

04:24And now you're here saying to the American people, let's double down on that.

04:29We're going to give tax cuts for the wealthiest.

04:31We are going to give tax cuts, again, to the wealthiest people in America, and we are going

04:39to finance it on the backs of the sons and daughters of teachers and firefighters and police

04:45officers all over this country because we can't pay for it.

04:50Because the Treasury Secretary discovered, somehow, that domestic discretionary spending

04:57is only 15% of the budget, and therefore, you can't balance it there.

05:02Well, sir, we had a referendum on November 5th on your economic policies, your side lost.

05:08I agree with that.

05:10And a higher decibel level.

05:11And I'm a rare Democrat who doesn't blame Donald Trump for winning.

05:15I'm sad he won.

05:16A higher decibel level does not give your statements more veracity.

05:22My statements are true, if that's the word, if that's what you mean by veracity.

05:32My statements are true.

05:34You blew a massive hole in the deficit when your predecessor was sitting here under Donald

05:40Trump.

05:41So the question is, can't we think of something better to do with the money than drive up interest

05:48rates by borrowing money from our kids so the richest people in America can get a tax cut

05:54when they don't need it?

05:56That is the reality of your plan.

05:58Well, sir, actually, the high interest rates were achieved during the Biden administration

06:03in October of 2023, and we have not touched those rates since then.

06:09So your statement's incorrect.

06:13I'm out of time, and I appreciate the indulgence of the chairman.

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Transcript

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