During a House Ways and Means Committee hearing on Wednesday, Rep. Brendan Boyle (D-PA) asked Treasury Secretary Scott Bessent about how much the GOP budget will add to the national debt.
00:00The committee will come to order. We'll continue with questioning. Mr. Boyle.
00:07I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled spending bill is a disgusting abomination.
00:18Shame on those who voted for it. You know you did wrong. You know it.
00:23Those were the words of your former White House colleague and good friend, Elon Musk.
00:27Another, this spending bill contains the largest increase in debt ceiling in U.S. history.
00:35It is the debt slavery bill.
00:38A new spending bill should be grafted that doesn't massively grow the deficit and increase the debt ceiling by $5 trillion.
00:47Why do you believe Mr. Musk is right or wrong?
00:52I think you'd have to ask Mr. Musk.
00:55Well, take the substance of what he said.
00:57Does it not add trillions of dollars, your bill, to the deficit and debt?
01:02It's not my belief that it does. It may be his. He could speak for himself.
01:07But, of course, it's not just Mr. Musk.
01:09It is the Congressional Budget Office.
01:12It is conservative-leaning groups like Tax Foundation, Cato, left-leaning groups, and nonpartisan groups like CBO and JCT.
01:20So this bill has actually united the left, the right, and the center, all saying it massively increases deficit and debt.
01:29But they're all wrong, and you're right?
01:31Congressman, I think that there are a range of outcomes that I think that many do not include the pro-growth measures, just as they were wrong with the original TCJA.
01:46And that has proven to be a resounding success.
01:51Just as I don't know if you were here to vote for the IRA, the CBO scoring on that, it has been three to four times more expensive.
01:59So it's curious to me, because you spent decades as an executive at George Soros' hedge fund, being very successful, making billions of dollars.
02:11Back then, you would always rail against deficit and debt. What's happened?
02:16Again, that it is smart spending, that what are we spending for? Are we...
02:24Tax cuts that mostly go to billionaires such as yourself.
02:26While throwing 16 million people off their health care coverage.
02:30Well, I would dispute that 16 million. I think you're conflating a lot of numbers.
02:34No, it's the... Excuse me, reclaiming my time. Those aren't my numbers. Just to be clear, as you know, it's the Congressional Budget Office projection.
02:41I think you're adding up a lot of numbers that shouldn't be added.
02:44Excuse me, I am adding two specific numbers. The cuts CBO found coming to Medicaid.
02:49No, we're entitled to our own opinions, but not our own facts and not our own numbers.
02:53The CBO shows that 10.9 million will lose their health care coverage from the Medicaid cuts.
02:59And another 5.1 million will lose their health care coverage due to the ACA cuts.
03:0310.9 plus 5.1 is 16 million.
03:06So you are adding numbers. 1.4 million.
03:08Yes, correctly.
03:09Do you support Medicaid for illegal aliens?
03:12I am asking the questions, not you.
03:14Although you'll be happy to know that my Commonwealth, the home state, Commonwealth of Pennsylvania, actually they checked your citizenship status before you can enroll in Medicaid.
03:22But I understand why you're wanting to divert and change the subject.
03:25Let me move, since we've taken up already most of my time.
03:29The World Bank yesterday had a shocking growth projection.
03:32They slashed their growth projection for the United States by upwards of 40%.
03:38I'm just curious, do you agree or do you think they're wrong as well?
03:44Because they specifically cited the trade uncertainty caused by your administration, the administration that you serve as Secretary of the Treasury,
03:53as being the primary reason why they've had to slash their growth projection to the lowest since 2008.
04:00Congressman, you kindly cited the success that I may or may not have had in my previous career,
04:08but I could tell you I would not have had it if I followed World Bank projections.
04:13So it is interesting that you believe all of these groups are wrong,
04:17from your former colleague Elon Musk, to left-leaning groups, to right-leaning groups, the center groups, to the World Bank.
04:25Everything is going hunky-dory.
04:27The reality is I can see why you would have that opinion.
04:31You, as a billionaire, will reap the rewards of this tax cut,
04:35while 16 million Americans will lose their health coverage.
04:39That is the sad reality of the situation.
04:42We could look at who would be most harmed if these tax cuts expire.
04:52Well, you'll be happy to know that on this Democratic side of the dais,
04:56through an 18-hour markup, every single Democratic member voted to extend the tax cuts
