OMB Director Russell Vought Warns: If The Big Beautiful Bill Doesn’t Pass ‘I Think We’ll Have A Recession’

Forbes Breaking News

During a House Appropriations Committee hearing earlier this month, Rep. Steve Womack (R-AR) questioned OMB Director Russell Vought about the Big Beautiful Bill.

Transcript

00:00Now recognizes Mr. Womack for his lightning round question.

00:03Director Vogt, you got a tough job.

00:05You got a tough job.

00:06You inherited an absolute mess, a mess that's been created over decades,

00:12not just one administration, but many.

00:16It's because Congress can't say no.

00:20But we've seen the big, beautiful bill slammed in here in this hearing today.

00:24I want to give you a second to tell us what's going to happen if H.R. 1 fails,

00:32if whatever comes back from the Senate fails to get to the desk of the president

00:36and signed into law, what happens at the end of this year?

00:39I think we'll have a recession.

00:40I think we will be – economic storm clouds will be very dark.

00:44I think we'll have a 60 percent tax increase on the American people.

00:47And just to – if I could answer Congressman Hoyer's question or statement,

00:52the notion that this bill – I mean, we've been actually criticized unfairly

00:57for – on the reconciliation bill for the fact that it is all mandatory savers.

01:04I mean, you said, look, we need to address the mandatory side of the House.

01:07There's $1.7 trillion in mandatory savers on the reconciliation bill.

01:12Do we need to do things on the appropriation side, the discretionary side?

01:15Yes, that's what we're here to talk about with rescissions

01:17and the bill that we've – the budget that we've sent up to you.

01:21But we have to get back to what we did in 1997,

01:26where we had, for the first time, substantial mandatory reforms

01:30around not just cutting people and just getting people off programs,

01:34but reforms, a work requirement.

01:36We're using the same model that Bill Clinton signed into law,

01:40and we think it will have incredible impact on not just these programs,

01:45but giving people dignity of work.

01:48And we're not going to be ashamed by that,

01:50but we do need to explain ourselves to those that are being impacted

01:54by the watchdogs in this town that honestly don't have an incentive

01:59to get a bill done.

02:00They have chosen how they want to frame bills,

02:03and I think they're inaccurate.

02:04I appreciate your response.

02:06Thank you so much.

Category

Transcript

Recommended