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Treasury secretary defends '1 Big Beautiful Bill' as Democrats warn of deficits and coverage losses
Summary
United States Secretary of the Treasury Scott Bessent told the House Ways and Means Committee that the "1 Big Beautiful Bill" would cement the 2017 tax cuts, spur manufacturing investment through 100% expensing and raise take‑home pay, while Democrats warned nonpartisan analyses show the package would increase the federal deficit and cause coverage losses.
United States Secretary of the Treasury Scott Bessent testified to the House Ways and Means Committee that the "1 Big Beautiful Bill" (which he referred to as "o triple b") would make the 2017 tax cuts permanent and spur manufacturing investment, higher wages and job growth.
Bessent told the committee the legislation "will make the 2017 tax cuts permanent. This will provide individuals and businesses with certainty and build economic momentum," and he cited administration projections that the measure would increase take-home pay and incentivize factory investment through 100% expensing.
Why it matters: Democrats on the committee said nonpartisan and academic scoring shows the opposite fiscal effect. Ranking Member Richard Neal and other Democrats repeatedly cited estimates from the Congressional Budget Office (CBO), the Joint Committee on…
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