United States Senator Bill Hagerty, a member of the Senate Appropriations, Banking, and Foreign Relations Committees, recently appeared on BloombergTV’s Balance of Power to discuss the Senate’s passage of a budget reconciliation package. The conversation covered various aspects of the economic implications and future legislative efforts.
Senator Hagerty emphasized the potential economic growth resulting from the package: “It’s going to be a very long night and could well go into tomorrow morning. But at the end of the day, what we’re going to do is prevent the largest tax increase that Americans have ever seen. This is a tax relief that Americans need. We’re talking about a four-plus trillion-dollar tax increase. That would be the case if it were allowed to not pass. If you think about it, it’s a generational investment in our national defense. It’s going to put us back on the path for energy independence as a nation. And most important, it’s going to stimulate longer-term capital investment, which will beget growth.”
Hagerty also criticized what he described as inaccurate scoring by authorities like the Congressional Budget Office (CBO): “I don’t agree with their willingness to rely on authorities. I’m putting air quotes around that, like the Congressional Budget Office (CBO). The CBO missed the 2017 Tax Cuts and Jobs Act revenue by more than a trillion dollars.” He expressed confidence in capital investments generating significant economic activity contrary to some models predicting increased deficits.
Looking ahead, Hagerty voiced support for future budget reconciliation packages: “I certainly support another one of these packages. We’ll have an opportunity to do it again and again.” He highlighted ongoing efforts by leaders such as Elon Musk in reducing regulatory burdens imposed during former President Joe Biden’s administration.
Discussing collaboration between House and Senate leadership, Hagerty noted: “Leader [John] Thune is trying to thread a very difficult needle… Make no mistake: the leadership at the House of Representatives and here in the Senate have been working very closely together.”
Finally, addressing potential late-night votes required for passing legislation, Hagerty stated: “It easily could go that way… but we will vote as long as it takes to get here.”
