Neal Opening Statement at Full Committee Hearing with Treasury Secretary Scott Bessent

(As prepared for delivery)

Thank you, Mr. Chairman.

Mr. Secretary, families are owed an explanation for the failures of the Trump Administration. Lives have only gotten harder and more expensive. Last time you were here, Americans were being socked with price hikes because of the President’s tariffs. Republicans’ Big, Ugly, Law was still in the works, and Democrats fought it every step of the way knowing what was to come: higher costs, millions kicked off health care, and children going hungry, all in service to the billionaire class. 

Despite this, you painted a rosy picture about what the Trump economy would deliver. It’s safe to say that on every front, the Administration has been wrong, and the President has failed. Workers and families are being forced to stretch their dollars further every day, and the pain so clearly stems from the President’s vanity projects, endless war, enrichment of himself, and a price hiking tariff regime.

During your testimony last year, you promised that Trump policies would lift the working and middle class and reinvigorate American manufacturing. You stated that take-home pay and wages would increase. You relied on consumer confidence data to tout the strength of the economy. You bragged about improving inflation and that costs for food, energy, and shelter would be coming down.

None of this happened. The President’s tariffs stunted American manufacturing, costing jobs every single month in 2025. They forced families to shell out more than $1,700 over the last year to cover them. Between tariffs and the President’s war, prices are rising faster than they have in years. Last month, the inflation rate ate up paychecks, wiping out any wage growth. Skyrocketing energy prices now account for 40% of rising costs. The price of a tank of gas went up more than 50%. That’s a staggering amount, Mr. Secretary. And despite your bullish assessment in January that economic growth would hit 5.4% in the fourth quarter, the reality was an anemic half percent. Not even a full percentage point! 

There’s no spin here, these are just the facts. Yet, the Administration continues to argue that down is up and attempt to convince the people their pain is some patriotic cause. Whether celebrating higher credit card delinquencies or cheering on households spending more, who in this Administration actually cares about the people’s struggle? As if the $1,700 to cover tariffs wasn’t enough, estimates are showing the war in Iran has already cost households another $750 each. And while an extra $200 in gas costs might not be a lot for folks the Administration, it sure is for a working family already struggling to get by. But I’m sure we will hear you attempt to save face by touting refunds. Remember: tax refunds fell short of your promises by 65% and have been completely wiped out by all the price hikes. 

And the President’s attention remains everywhere but with what’s important. He said it plainly that he’s not thinking about the people’s financial situation. Instead, he’s focused on his ballroom. An arch. Painting the reflecting pool. A cage fight on the south lawn. Stamping his face on a $250 bill. Or how about stealing $1.8 billion from taxpayers to hand out to criminals along with free pass for himself, his family, and his businesses to evade federal taxes.

I know the Administration has been busy at work trying to cover for themselves this week, telling members of Congress that the slush fund is dead. But as I watched on a podcast just yesterday, it’s clear that message hasn’t reached the President.

And let's be real: the only reason a $250 bill is needed is because of the President's price hikes. 

Americans have had it. 77% of them say that Trump policies increased the cost of living, and more than half say it’s worse than they can remember. The consumer sentiment data you were so proud of before is currently sitting at a new record low. The savings rate for Americans has dropped to 2.6%, cut in half in just a year.

Look at the Trump economy and all you can see is failure. The President’s policies haven’t worked. Families are getting crushed. Enough is enough. Republicans may have made clear they aren’t willing to put a stop to this mess, but Democrats aren’t wavering in our fight for families, to lower their costs, and end the President’s harm. 

I yield back.

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