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By Andrew Stanton
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Fox News co-anchor Bill Hemmer confronted Treasury Secretary Scott Bessent on Friday about concerns that President Donald Trump's "big, beautiful bill" could add trillions of dollars to the nation's debt.
Newsweek has reached out to the U.S. Treasury for comment via email.
Why It Matters
The legislation extended Trump's 2017 tax cuts, reducing taxes for individuals and corporations and adding new exemptions for tipped workers and overtime pay.
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The nonpartisan Congressional Budget Office (CBO) estimated the bill would add $3.8 trillion to the national debt over the next 10 years, drawing criticism from Democrats and some Republicans who warn the spending cuts included in the bill would be insufficient to pay for the tax cuts and other spending priorities. The potential increase to the country's $36.2 trillion deficit was the primary source of opposition from certain House Republicans.
What to Know
Hemmer pressed Bessent about the CBO's report during an interview on America's Newsroom Friday morning.
"This bill adds trillions to our debt. How is that acceptable to this administration?" Hemmer asked.
Bessent responded: "You're referring to the CBO scoring, I believe, which is 10-year scoring, and it's D.C.-style scoring. So, we think that we can both grow the economy and control the debt. And what's important, Bill, is that the economy grows faster than the debt."
The treasury secretary added: "So, what I would tell your viewers to focus on is what I'm focused on, is what [former Treasury Secretary Janet Yellen] was focused on, is what is the total debt to GDP [gross domestic product] because we can grow our way out of this. That if we change the growth trajectory, of the country, of the economy, then we will stabilize our finances and grow our way out of this."
The bill passed the House of Representatives early Thursday morning by a 215-214 vote. Two Republicans, Representatives Thomas Massie of Kentucky and Warren Davidson of Ohio, voted against the bill, along with every House Democrat. Both congressmen had raised concerns about the bill's impact on the deficit.
"While I love many things in the bill, promising someone else will cut spending in the future does not cut spending. Deficits do matter and this bill grows them now. The only Congress we can control is the one we're in. Consequently, I cannot support this big deficit plan. NO," Davidson wrote in a post to X, formerly Twitter, Thursday morning.
The bill, if signed into law in its current form, could have implications for education, defense and health care.
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What People Are Saying
Representative Thomas Massie said on the House floor: "I'd love to stand here and tell the American people 'we can cut your taxes and increase spending and everything is going to be fine.' But I can't because I'm here to deliver a dose of reality. This bill dramatically increases deficits in the near term but promises our government will be fiscally responsible five years from now. Where have we heard that before? How do you bind a future Congress to these promises? This bill is a debt bomb ticking."
Senator Ron Johnson, a Wisconsin Republican, recently told reporters: "I couldn't care less if he's [Trump] upset. I'm concerned about my children, my grandchildren and the fact that we are stealing from them. We are stealing from our children and our grandchildren. $37 trillion in debt and we're going to add to it as Republicans? That is unacceptable."
Senator Rand Paul, a Kentucky Republican, wrote on X on Friday: "Republicans promised Americans we would rein in wasteful spending and tackle the national debt if they gave us control of all three branches of government. Instead, my colleagues want to tack on more to our national debt instead of making necessary cuts."
President Donald Trump wrote on Truth Social: "'THE ONE, BIG, BEAUTIFUL BILL' has PASSED the House of Representatives! This is arguably the most significant piece of Legislation that will ever be signed in the History of our Country!"
What Happens Next?
The bill now heads to the Senate, where it may be reworked to pass, as several Republicans have already raised concerns about it.
Senators Susan Collins of Maine and Lisa Murkowski of Alaska have questioned whether it would cut Medicaid benefits. Senate Majority Leader John Thune of South Dakota has indicated the "goal and aspiration" is to get the bill passed by July 4.
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