Kevin Hassett denies that tax bill is ‘fiscally irresponsible’
Kevin Hassett, Director of the National Economic Council, defended the “big stunning bill” against claims it is fiscally irresponsible. He stated that critics of the bill are mistaken,arguing that failing to pass it would lead to a significant drop in GDP and possibly one of the largest recessions in U.S. history due to a massive tax hike. Hassett emphasized that revenue from economic growth and tariffs would contribute to balancing the budget, countering allegations of fiscal irresponsibility.
Despite some Republican dissent, the bill has received mostly unanimous support from the party, with only Senators Rand Paul and Thom Tillis voicing opposition.Hassett suggested that further legislation would be needed to address discretionary spending and tackle the national debt. President Trump has urged Congress to pass the bill before a deadline, prompting the Senate to work through its recess.A vote is anticipated soon, after which the bill will need to pass through the House before reaching the president’s desk for approval.
Kevin Hassett refutes allegations big beautiful bill is ‘fiscally irresponsible’
National Economic Council Director Kevin Hassett mocked critics of the big beautiful bill, who have alleged that the bill will hurt the U.S. “fiscally.”
All Republican senators except Sens. Thom Tillis (R-NC) and Rand Paul (R-KY) voted for the tax legislation to progress in the chamber. Paul noted that “nothing in the bill changes the course of the accumulation of debt,” which is a large focus of his Senate tenure.
Hassett made a case for how the bill will improve the country’s economic standing.
“If we don’t pass the bill, the Council of Economic Advisors here at the White House says it will cause GDP to drop 4%. One of the biggest recessions in history because of the massive tax hike and honestly that’s why this bill will pass,” Hassett said on Fox News’ America’s Newsroom Monday.
“Bottom line is we’re in the end going to balance this budget and we have to balance the balance by getting rid of waste, fraud and abuse and we’re gonna do it. We’ve also got all this revenue coming in from the 3% growth, which will be an extra $4 trillion in revenue. We’ve got $2.8 trillion in tariff revenue coming in as well. So the idea that this is fiscally irresponsible is also incorrect.”
Hassett also echoed other proponents of the bill, in suggesting “this is not the last bill that will ever pass,” and suggested that senators tackle discretionary spending next to tackling more of the national debt. The big, beautiful bill centers on mandatory government spending.
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President Donald Trump is pressuring Congress to pass the bill by July Fourth. As a result, the Senate has worked through part of its recess, which began Monday.
A vote to pass the bill from the Senate is expected some time late Monday or early Tuesday. From there it will have to pass through the House again before arriving at Trump’s desk for his signature.
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