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'Is This Really About Wasteful Spending Or Is This About Punishing The Fed?': Reporter Grills Vought
Forbes Breaking News
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5 months ago
OMB Director Russell Vought was asked about the Trump Administration's Big Beautiful Bill and the attacks on the Federal Reserve.
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00:00
Is this really about wasteful spending or is this about wasting the Fed?
00:03
Because, I mean, the One Big Beautiful Bill, for instance, it included $85 million in the space shuttle from D.C. to Houston.
00:10
So is this about pressuring the Fed or is it actually about wasteful spending?
00:14
Phil, the One Big Beautiful Bill reduced deficits, even on a static basis, by $400 billion.
00:22
There was $1.5 trillion in mandatory savings.
00:25
We haven't had anything like that since 1997.
00:28
In 1997, savings levels adjusted for inflation were only $800 billion.
00:33
So to say that the One Big Beautiful Bill was not anything but an enormous improvement on spending, on debt, and deficits,
00:41
and in the same vein of all of the things this administration is doing,
00:45
we are taking a distinct look at what is occurring on the national law with regard to this Fed,
00:52
and we will continue to do that.
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