At Hearing, Warren Questions Trump Treasury Secretary on Hypocrisy of Adding to National Debt to Pay for Tax Giveaways for Rich
Washington, D.C. — At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) questioned Secretary of the Treasury Scott Bessent on Republicans’ hypocrisy on raising the deficit with Trump’s “big, beautiful bill.”
Senator Warren highlighted the hypocrisy of Secretary Bessent’s support for cutting crucial social programs to decrease the national debt, while also supporting adding trillions to the deficit to give billionaires and giant corporations tax cuts.
Secretary Bessent, with no evidence, said he believed the tax bill would decrease the deficit.
Senator Warren pointed out that “[e]very credible, independent expert agrees that Trump and the Republicans’ ‘Big Beautiful Bill’ will add trillions to the national debt and would not even come close to paying for itself…Even Elon Musk and the Wall Street Journal are criticizing the bill for ballooning the national debt.”
The nonpartisan Congressional Budget Office has revealed the Republican tax bill would increase the deficit by $3 trillion. Secretary Bessent said only that he “[doesn’t] agree with the CBO.”
“[W]hy is the national debt so very important that you're trying to kick 16 million people off their health insurance, but increasing the national debt doesn't seem to matter if you're cutting taxes for billionaires and billionaire corporations?” Senator Warren asked.
Bessent attempted to downplay the health care cuts by saying the “figure is overstated by 5.1 million,” and falsely claimed Medicaid is granted to undocumented people.
“[T]he part that troubles me the most is that the Secretary is deeply worried about the deficit and is willing to knock 16 million, or as he says, ‘merely 11 million,’ people off their health care [because it] matters so much, but it doesn’t matter so much if you're cutting taxes for billionaires…I think that's wrong,” concluded Senator Warren.
Transcript: Hearing on the President’s Fiscal Year 2026 Budget for the Department of Treasury and Tax Reform
Senate Finance Committee
June 12, 2025
Senator Elizabeth Warren: Thank you, Mr. Chairman. So I want to ask about the Republican “Big, Beautiful Bill,” which will knock about 16 million off their healthcare coverage and cut programs that keep groceries cheaper for millions of families, in order to try to pay for about $4 trillion in tax giveaways, that are mostly going to be sucked up by millionaires, billionaires, and wealthy corporations.
So, Secretary Bessent, I’d like to start with a very simple question: will this bill increase or decrease the deficit?
Mr. Scott Bessent, Secretary of the Treasury: There are varying scoring on that, Senator Warren.
Senator Warren: You’re the Secretary of the Treasury, so I’m asking you: what is your view? Will this bill increase or decrease the deficit?
Secretary Bessent: It is my view that over the ten-year window, it will decrease.
Senator Warren: You know, do you have anybody who agrees with you on this?
Secretary Bessent: Yes, ma’am.
Senator Warren: Let me ask my question.
Secretary Bessent: Okay.
Senator Warren: Every credible, independent expert agrees that Trump and the Republicans’ “Big Beautiful Bill” will add trillions to the national debt and would not even come close to paying for itself. The nonpartisan Congressional Budget Office, the Penn Wharton Budget Model, and the Yale Budget Lab all agree on this, and they are looking at ten-year windows, thank you. So do the conservative Tax Foundation and Committee for a Responsible Federal Budget—conservative groups.
Even Elon Musk and the Wall Street Journal are criticizing the bill for ballooning the national debt. The only people who are saying publicly that it is not going to add to the national debt are you, Donald Trump, the Republicans in Congress. Do you have an independent group that has put forward numbers that disagrees with all of these conservative groups and disagrees with the Wall Street Journal on this?
Secretary Bessent: Well, Senator, it's interesting to see you aligned with Elon Musk, but if I might—
Senator Warren: You’re no more shocked than I am.
Secretary Bessent: If we want to take the full Congressional Budget scoring, they predict, and I don't agree with their methodology, they predict a $2.4 trillion deficit, but—
Secretary Warren: Okay, so the answer to the question is yes.
Secretary Bessent: No, no, no. But may I finish? They include that, but they've also scored $2.8 trillion in tariff income. So even, even in Washington, D.C. math, that is a $400 billion surplus.
Senator Warren: Okay, so let me make sure I understand. This bill, you admit, will increase the deficit by $2.4 trillion, but you think there will be another bill and another set of agreements that somehow materialize. Haven't materialized so far, don't have any statutory authority, but that will make up the difference.
So the answer to the original question, will this bill increase or decrease the deficit? I think you just said it will increase. This bill increases the deficit, is that right?
Secretary Bessent: I will use all the CBO scoring, and you can't take one without the other. I don't agree with the CBO.
Senator Warren: One is the law that we are scoring, the bill that is in front of us. We don't have a tariff bill in front of us to score. Mr. Secretary, let me go on to the second question. You have said that government spending is, quote, “out of control.” You have also called government spending, quote, “unsustainable.” In fact, in the name of fiscal responsibility, you're working with the Republicans on this “big, beautiful bill” to pass the biggest cuts to Medicaid and the Affordable Care Act in American history.
So, Mr. Secretary, help me understand here: why is the national debt so very important that you're trying to kick 16 million people off their health insurance, but increasing the national debt doesn't seem to matter if you're cutting taxes for billionaires and billionaire corporations?
Secretary Bessent: Well, first of all, a huge portion of this goes to family-owned businesses that are passed through entities that are below that level, Senator, and I am sure you share my goals of Main Street prosperity.
Senator Warren: You know, I'm glad to do tax cuts for people of modest means. The question I'm asking is, why does the deficit not matter to you when we're talking about knocking 16 million people off their health care? But it matters not—It does matter to you if we're knocking people off their health care, but not if—
Secretary Bessent: Well, first of all, that figure is overstated by 5.1 million. That is an amount not attributable to provisions in this bill.
Senator Warren: So you think it’s okay to knock ten million people off.
Secretary Bessent: Well, first of all, let's set that straight. Work requirements account for 8 million of CBO's claim number. Again, we're creating an economy that promotes and rewards—
Senator Warren: So it’s clear, Secretary Bessent, you don't want to answer the question.
Secretary Bessent: Senator, I am answering.
Senator Warren: No, you're not.
Secretary Bessent: And what I want is for Medicaid to be used for mothers and children as it was meant, not for 1.4 million illegal aliens, not for able-bodied people—
Senator Warren: Medicaid is not used for people who are not documented. Mr. Chairman, I just want to say here the part that troubles me the most is that the Secretary is deeply worried about the deficit and is willing to knock 16 million, or as he says, “merely 11 million,” people off their health care—matters so much, but it doesn’t matter so much if you're cutting taxes for billionaires, then it's okay to run up a big deficit. I think that's wrong.
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