Boyle Grills Secretary Bessent Over Cost of Trump’s Budget Bill in Ways & Means Hearing

WASHINGTON, DC -- In today's Ways and Means Committee hearing, Congressman Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee, questioned Treasury Secretary Scott Bessent about the staggering cost of the Republican budget bill.

Boyle warned that Trump's plans would add $3 trillion to the deficit while kicking 16 million people off their health care and slammed the administration's trade policies that led the World Bank to slash growth projections.

A full transcript and video are below: 

 (Click for video of remarks as delivered.)

Congressman Boyle's full remarks and questions as delivered:

Congressman Boyle: "I'm sorry, but I just can't stand it anymore. This massive, outrageous pork-filled spending bill is a disgusting abomination. Shame on those who voted for it. You know you did wrong. You know it." Those were the words of your former White House colleague and good friend Elon Musk.

Another: "This spending bill contains the largest increase in debt ceiling in US history. It is the debt slavery bill. A new spending bill should be drafted that doesn't massively grow the deficit and increase the debt ceiling by $5 trillion."

Why do you believe Mr. Musk is right or wrong?

Secretary Bessent: You'd have to ask Mr. Musk.

Congressman Boyle: Well, take the substance of what he said. Does it not add trillions of dollars, your bill to the deficit and debt?

Secretary Bessent: It is not my belief that it does. It may be his, he could speak for himself.

Congressman Boyle: But of course, it's not just Mr. Musk, it is the Congressional Budget Office. It is conservative leaning groups like Tax Foundation, Cato, left-leaning groups, and nonpartisan groups like CBO and JCT. So this bill has actually united the left, the right, and the center all saying it massively increases deficit and debt, but they're all wrong and you're right?

Secretary Bessent: Congressman, I think that there are a, 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, and that has proven to be a resounding success. Just 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.

Congressman Boyle: So, it's curious to me because you spent decades as an executive at George Soros' hedge fund being very successful, making billions of dollars. Back then you would always rail against deficit and debt. What happened?

Secretary Bessent: I, again, that it is smart spending, that what are we spending for?

Congressman Boyle: Tax cuts that mostly go to billionaires such as yourself while throwing 16 million people off their healthcare coverage.

Secretary Bessent: Well, I, I would dispute that 16 million. I think you're conflating a lot of numbers.

Congressman Boyle: No, 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.

Secretary Bessent: I think you're adding up a, a lot of numbers that shouldn't be added.

Congressman Boyle: Excuse me. I am adding two specific numbers. The cuts CBO found coming to Medicaid -- no, we're entitled to our own opinions, but not our own facts and not our own numbers. The CBO shows that 10.9 million will lose their health care coverage from the Medicaid cuts and another 5.1 million will lose their healthcare coverage due to the ACA cuts. 10.9 plus 5.1 is 16 million.

Secretary Bessent: So, so you are adding numbers.

Congressman Boyle: Yes. Correctly.

Secretary Bessent: Do, do you support Medicaid for illegal aliens? 1.4 million.

Congressman Boyle: I'm asking the questions, not you, although you'll be happy to know that my home state commonwealth of Pennsylvania, actually they check your citizenship status before you can enroll in Medicaid.

Congressman Boyle: But I understand why you're wanting to divert and change the subject. Let me move, since we've taken up already most of my time, the World Bank yesterday had a shocking growth projection. They slashed their growth projection for the United States by upwards of 40%. I'm just curious, do you agree or do you think they're wrong as well, because they specifically cited the trade uncertainty caused by your administration, the administration that you serve as Secretary of the Treasury, as being the primary reason why they've had to slash their growth projection to the lowest since 2008.

Secretary Bessent: Congressman, you kindly cited the success that I may or may not have had in my previous career, but I could tell you I would not have had it if I followed World Bank projections.

Congressman Boyle: So, it is interesting that you believe all of these groups are wrong. From your former colleague, Elon Musk, to left leaning groups, to right leaning groups, to center groups, to the World Bank, everything is going hunky dory. The reality is, I can see why you would have that opinion. You as a billionaire will reap the rewards of this tax cut while 16 million Americans will lose their health coverage. That is the sad reality of the situation.

Secretary Bessent: We could look at the, who would be most harmed if these tax cuts expire?

Congressman Boyle: Well, you'll be happy to know that on this Democratic side of the dais, through an 18 hour markup, every single Democratic member voted to extend the tax cuts for everyone making under a billion dollars.

Congressman Boyle: I see my time has expired. I yield back.

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