HEARING CLASH: Sparks Fly As Maggie Hassan Confronts Scott Bessent Over Costs-Of-Living, Trump

[0:00] Yes, we all love opportunity zones. Senator Hassan. [0:04] Well, thank you, Chair Crapo and Ranking Member Wyden for holding this important hearing. [0:09] Good morning, Secretary Bessent, and thank you for testifying. [0:12] Good morning. [0:13] I want to start with a question that I think should get bipartisan support. [0:19] The Treasury Inspector General for Tax Administration recently said that the Treasury could prevent a billion dollars in fraud [0:27] if Congress moved up certain deadlines for businesses to file information returns. [0:33] This would help give Treasury the information it needs earlier in the year [0:36] to stop fraudsters from stealing taxpayers' identities and their tax refunds. [0:40] Will you commit, sir, to working on a bipartisan basis with members of this committee [0:44] to advance this proposal and help the Treasury stop identity theft and fraud? [0:49] We look forward to working with both sides of the aisle on that, Senator. [0:53] Thank you very much. [0:54] And just an observation, Mr. Chair. [0:57] There's been discussion of a so-called settlement of a lawsuit between the President and the IRS. [1:04] I just want to note that the so-called settlement is being challenged because of collusion, it appears, [1:12] by the President and the IRS to the point where I'm not sure a settlement agreement actually exists [1:18] because the court is considering whether this is a legitimate lawsuit to begin with. [1:22] But what the Acting Attorney General did say yesterday was that despite the slush fund being off the table, at least for now, [1:30] that the grant of immunity for tax liability to the President and his family still was going to be on the books. [1:37] So this is a sweetheart deal for the President. [1:40] It apparently is still going forward unless a court puts a stop to it. [1:44] And I think it's going to be important for the Secretary to level with the American people about how much this sweetheart deal will cost them. [1:51] Some news reports suggest it's at least $100 million just off the top. [1:56] Now, Secretary Besson, in May, the President said that he does not think about Americans' financial situations. [2:04] Do you think about the financial situation of the American people? [2:07] I do. [2:08] And as the ranking member distorted my statement, as he often does, I had prefaced my statement with we understand that these are challenging times for the American people, [2:19] that we will get over this, and that at present the average household has paid about $200 more in gasoline. [2:27] Well, let's— [2:27] And we think about this every day. [2:29] Well, I'm glad that you do. [2:31] Do you think your boss should, too? [2:33] I believe his—the remarks were taken out of context. [2:38] No, look, here's what he said. [2:40] He said, quote, I don't think about Americans' financial situation. [2:44] I don't think about anybody. [2:46] So I'm asking you—that's the direct quote. [2:48] Do you think about how the American people are paying more for gas, groceries, and utilities, since the President clearly said he didn't? [2:56] And you speak with the President regularly. [2:58] Are you trying to tell him the truth about how much costs have increased for the American people? [3:03] Well, Senator, I'm going to have to disagree with you on some of that, because I have groceries are going down. [3:09] And to be clear, since President Trump took office, food prices, or as many people like to call them groceries, food at home in the statistical data, is up 2.5 percent— [3:19] When's the last time you were in a grocery store? [3:22] Because my husband and I were just in one. [3:24] And look, the average Granite Stater— [3:25] The average Granite Stater is paid— [3:28] Let me be clear. [3:29] The average Granite Stater has paid $3,000 more since Donald Trump took office for basic goods and services. [3:36] Meanwhile, the country lost 100,000 manufacturing jobs in 2025. [3:42] So do you tell the President this information or not? [3:45] That, again, Senator, except for inflation, which is, I believe, going to be a short-term blip, the economic data is very strong. [3:53] The jobs data has been very strong. [3:56] The manufacturing ISM has been very strong. [3:59] No, actually, that's incorrect. [4:00] So let's move on, because what's clear to me— [4:02] Which part was incorrect, Senator? [4:03] No, what is very clear to me is that neither you nor the President nor this administration are willing to acknowledge how much more people are paying at the gas pump, at the grocery store, in utilities, for health care, for all aspects of American life, nor have you acknowledged the number of manufacturing jobs that were lost in 2025. [4:24] Now, let's move on to another issue. [4:26] Americans are paying 2.5 percent more for groceries since President Trump took office, which is half the annual amount under the Biden administration. [4:35] We're not talking about Biden. [4:37] We're talking about this administration and its promise to lower costs and the fact that this president says he doesn't care. [4:44] Now, let's go on to it. [4:45] We brought it down. [4:47] Mr. Secretary, my time is limited. [4:49] I'd like to reclaim a little bit of my time, because I have one more question. [4:52] The administration has claimed that its top priority is lower in costs for American families, but the president instead continues to pursue vanity projects at a significant cost to taxpayers. [5:04] He requested a billion dollars for the White House ballroom, spent $45 million on military birthday parade, proposed $100 million arch at Memorial Circle, and now Treasury is planning production of a $250 bill with his face on it. [5:19] Mr. Secretary, how does the president's requested billion-dollar ballroom or all of these other vanity products lower costs for American families or help constrain spending? [5:29] Senator, first of all, you're incorrect. [5:31] There is no cost to the American people. [5:33] If there is a new bill for the ballroom, the decorative part of the ballroom is privately funded, and everything that you were talking about— [5:42] The president requested a billion dollars for the White House ballroom in our budget. [5:48] He has spent $45 million on a military birthday parade. [5:51] That all—look, it goes on outside my office every day. [5:56] I've watched it progress, and it is national security matters that the billion dollars is for. [6:01] That's ridiculous, and I think you know it. [6:04] I'll yield back my time. [6:05] Thank you, Mr. Chair. [6:06] Thank you, Mr. Chair.