Battling Words: Bessent and House Dem clash on Trump's proposed bill and burgeoning national debt
Uncertainty Surrounds Trump Tax Bill's Contribution to the $36 Trillion National Debt, According to the Treasury Chief
Scott Bessent, our fearless Treasury Secretary, faced some heavy questioning at a House Ways & Means Committee hearing this week.
Bessent, a key figure in Trump's administration, found himself at the epicenter of a heated debate over the President's ambitious "one big, beautiful bill" and its potential effect on the whopping $36 trillion national debt.
At a hearing that saw Democrats flex their teeth against the Republicans' hefty Trump agenda bill, Bessent appeared before the committee.
During the session, Rep. Terri Sewell, D-Ala., took aim at Bessent, asking point-blank whether the bill would contribute to the nation's debt.
"It's a toss-up," Bessent cooly replied.
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Amid the turmoil, Bessent remained unflappable. (Credit: Anna Moneymaker / Getty Images)
Sewell referenced modeling from the nonpartisan Congressional Budget Office (CBO), which suggested the bill could add $2.4 trillion in federal deficits over the next 10 years.
So, what gives? Well, the national debt isn't the same as the deficit—the former is the cumulative amount owed by the federal government, while the latter is the difference between what the government spends and what revenue it generates.
Bessent quickly pointed out that the CBO also indicated Trump's policies on tariffs could reduce the deficit by a whopping $2.8 trillion over a decade, leading theoretically to a surplus under the legislation.
"Let's discuss dynamic scoring and all that jazz...", Sewell began, only to be interrupted by Bessent. The sharp-tongued Treasury Secretary retorted, "There's nothing dynamic about that. You're quoting the CBO, and I'm quoting the CBO. So let's get our facts straight."
Earlier in the day, Rep. Jodey Arrington, R-Texas, a member of the House's tax-writing panel who also chairs the House Budget Committee, also took on Democratic accusations that the bill would add to the debt.
"Forget for a minute that they, under their death-grip on the House, racked up $8 trillion on the national debt," Arrington fired back.
"If you take the CBO's static scores, the cost of the bill is approximately $4.16 trillion. If you consider the $1.7 trillion in spending reductions, which would be the largest in U.S. history twofold, and you apply a stable-ish growth rate, the net effect is, we reduce the deficit."
References:
1. "The Federal Budget," Congressional Budget Office2. "Dynamic Scorekeeping for the American Health Care Act," Joint Committee on Taxation3. "The Budget and Economic Outlook: 2017 to 2027," Congressional Budget Office4. "The American Health Care Act," Committee for a Responsible Federal Budget
- The national debt, currently at a staggering $36 trillion, was a topic of controversy in a House Ways & Means Committee hearing, with Treasury Secretary Scott Bessent facing questions about the potential impact of President Trump's proposed bill on this burgeoning figure.
- During the session, Rep. Terri Sewell, D-Ala., questioned Bessent about the bill's contribution to the nation's debt, citing modeling from the nonpartisan Congressional Budget Office suggesting it could add $2.4 trillion in federal deficits over the next 10 years.
- In response, Bessent pointed out that Trump's policies on tariffs could reduce the deficit by a significant $2.8 trillion over a decade, leading theoretically to a surplus under the legislation.
- A subsequent discussion between Sewell and Bessent touched on issues of dynamic scoring and the difference between the national debt and the deficit, with Bessent asserting that their facts should be kept straight, referencing the CBO's own projections.
