Michael Bennet Accuses Scott Bessent of Lying During Explosive Deficit Showdown

本站添加: 2026-06-02

[00:00:00]Michael Bennet and Scott Bessent clash in a heated Senate moment that quickly turns into a bigger debate about America's money problems.

[00:00:08]>> Secretary Bessent, the last time you were here, I asked you about your emphasis on domestic discretionary funding in your opening statement. You had stated, quote, "We must adjust federal domestic discretionary spending to get our fiscal house in order while striking an urgent tone on our growing deficit." I mentioned to you then that domestic discretionary spending is only 15% of our budget. Uh and I I think if you were serious about deficit reduction, you might not push for tax cuts that almost certainly could not be offset by discretionary adjustments alone. And now, of course, we know you can't. Um today, we actually have the details of your plan. Take health care from 10 million Americans, 126,000 Coloradans. Cut nutrition assistance for millions of adults. Sunset clean energy uh investments that are so critical uh to the American West. Give over 40% of the tax benefits of this bill to the top 5%. And it's not even close to being paid for. Even my colleagues on the Republican side, who for years and years and years have claimed uh to be the fiscally responsible party, now are admitting that uh it's not paid for. This bill adds another 2.4 trillion dollars to our national debt.

[00:01:31]It will push the deficit-to-GDP ratio up to 7%, which you said uh when you were here before was unsustainable, far from the 3% target that you described.

[00:01:43]If you look at your proposals taken together, there is no getting around the fact there is no getting around the fact that the richest Americans receive an average tax cut of $300,000, which again, we're not paying for with dis- the discretionary cuts that you advertise.

[00:02:03]So, once again, we will have to borrow money in order to assist the people in this country who least need a tax cut at this moment while the Americans who have been made miserable by the economy that they're in actually see income reduced because of cuts to Medicaid and cuts to SNAP.

[00:02:21]Meanwhile, and I think, Mr. Chairman, this is really important. Meanwhile, interest rates are at 20-year highs.

[00:02:29]Moody's has slashed our credit rating because of the fiscal irresponsibility of this administration.

[00:02:40]The World Bank has cut our growth estimates in half.

[00:02:44]And the bond markets are screaming at us to stop.

[00:02:49]We now pay, and we are paying this year more in interest than we are in the national defense.

[00:02:57]Secretary Bessen, how can you square your concern with fiscal health with deficit finance growth for families that need those tax cuts least?

[00:03:08]Senator, I'll begin with that we did not get We did not get here.

[00:03:15]Uh we inherited this fiscal situation that I believe >> Well, you inherited from Donald Trump, who was here. You did, Mr. Bessen. You You No, sir. Yes, you did, Mr. Bessen. You inherited from Donald Trump. He's the first president to come back after a 4-year hiatus, after we know exactly what the last tax cuts did, which was blow a massive hole in our deficit and debt. You can't sit here and lie about that. It's true. The data, to use to coin a phrase, the data shows that that's result. The The shows that that is the result. No one on this side of the aisle admits anymore that or or or or claims anymore that they didn't blow a huge hole in the deficit. They did. And now you're here saying to the American people, let's double down on that. We're going to give tax cuts for the wealthy.

[00:04:08]We are going to give tax cuts again to the wealthiest people in America and we are going to finance it on the backs of the sons and daughters of teachers and firefighters and police officers all over this country because we can't pay for it.

[00:04:25]Because the Treasury Secretary discovered somehow that the the domestic discretionary spending is only 15% of the budget and therefore you can't balance it there. Well, sir, we had a referendum on November 5th >> You certainly did. on your policies. Uh your side lost. I agree with that.

[00:04:43]>> And a higher decibel >> And I'm a rare Democrat who doesn't blame Donald Trump for winning. I'm I'm sad he won.

[00:04:49]>> A higher decibel level does not give your statements more veracity. It does not give your statements Go ahead. They have veracity.

[00:04:54]>> Go ahead, Mr. Secretary. What? Higher decibel level does not give your statements more veracity. My statements are true. If that's the word if that's what you mean by veracity, my statements are true. You blew a massive hole in the deficit when your predecessor was sitting here under Donald Trump. And so the question is can't we think of something better to do with the money than than this debt than drive up interest rates by borrowing money from our kids so the richest people in America can get a tax cut when they don't need it. That is the reality of your point.

[00:05:27]>> well, sir, actually the high interest rates were achieved during the Biden administration in October of 2023 and we have not touched those rates since then.

[00:05:37]So your >> Well, you're the high interest rates I'm going to yield back the balance of my time and I appreciate the indulgence of the chairman. One side is warning about rising debt and tough choices. The other is defending a plan they say will grow the economy.

[00:05:51]But who is really telling the truth here? And what does it mean for everyday people trying to get by?

[00:05:57]Stay with me and watch this video.

[00:05:59]Michael Bennet comes in sharp, focused on numbers that don't add up in his view.

[00:06:04]He questions whether cutting spending in small areas can ever cover the cost of large tax reductions.

[00:06:10]On the other side, Scott Bessent pushes back pointing to past decisions and inherited problems.

[00:06:16]So here's the real question. Can you fix a huge deficit without touching the biggest parts of the budget?

[00:06:22]This debate is not just about politics, it's about priorities. Should a government reduce support for health care and food programs if it believes tax cuts will boost growth?

[00:06:32]Or does that risk hurting the very people who need help most?

[00:06:36]Think about it. If revenue drops and spending is still high, where does the money come from?

[00:06:41]Borrowing. And borrowing means more debt for the future.

[00:06:45]Interest rates and credit also come into play here. When borrowing rises too fast, lenders get nervous. That can push rates higher, making everything from mortgages to business loans more expensive. So when leaders argue about deficits, they are really arguing about your cost of living, too.

[00:07:03]Do you think short-term growth is worth long-term risk?

[00:07:06]In my view, both sides are partly right but also avoiding hard truths.

[00:07:11]Growth matters, but math matters more.

[00:07:14]You cannot promise lower taxes, stable programs, and lower debt all at once without tough trade-offs.

[00:07:21]The honest conversation is about what to cut, what to keep, and who pays the price.

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