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Sharp Split at Senate Finance Hearing Over ‘1 Big Beautiful Bill,’ Deficit and Health Cuts
Summary
Treasury Secretary Besson defended the administration's proposal to make the 2017 tax cuts permanent and argued projected growth would offset costs, while Democratic senators warned the bill would add trillions to the deficit and strip health and nutrition benefits from millions of Americans.
Treasury Secretary Besson told the Senate Finance Committee that the administration's "1 Big Beautiful Bill" to make the 2017 Tax Cuts and Jobs Act permanent is aimed at boosting growth and providing certainty for businesses and households. Secretary of the Treasury Besson said making the tax changes permanent would spur capital expenditures and raise take-home pay for many families.
The debate centered on competing forecasts of budget impact and the bill's provisions for health and nutrition programs. Committee Democrats repeatedly cited nonpartisan scores and outside analyses showing large deficit increases and large program cuts, while Besson and committee Republicans said growth and tariff revenues would materially change the arithmetic.
Why it matters: The package would change income and business tax law that affects millions of taxpayers, and several senators warned that pay-fors included deep reductions to Medicaid, the Affordable Care Act and SNAP that could reduce coverage and…
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