In a recent Fox News interview, Bill Hemmer questioned Secretary of the Treasury Scott Bessent about a newly passed tax and spending bill, dubbed the "Big Beautiful Bill" by President Trump. Despite significant tax cuts and increased spending, the Congressional Budget Office warns of potential trillions in added federal debt, raising concerns among fiscally conservative Republicans. Bessent argued that economic growth would surpass debt increase, citing a long-held belief in supply-side economics, while Hemmer pointed out past failures to achieve this aim. The administration's reliance on this approach, often linked to tax cuts for the wealthy, is under scrutiny.
"What’s important, Bill, is that the economy grows faster than the debt... We can grow our way out of this; if we change the growth trajectory of the country."
"Growing the economy out of debt has long been a talking point for the Art Laffer-inspired supply side... No administration has ever ended up lowering deficit spending as promised."
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