Warnock Bashes Bessent on Higher Prices in Senate Finance Hearing: ‘You Should Talk to the People in Georgia’

Today, Senator Reverend Raphael Warnock questioned Treasury Secretary Scott Bessent on the Trump administration’s continued indifference to the economic concerns of ordinary Americans A recent survey by Fox News states that more than 70 percent of Americans feel that the economy is getting worse, and consumer sentiment is at a record low President Trump’s policies and domestic agenda have added an enormous amount of money to the national debt without alleviating prices for American families. In May, the U.S. national debt held by the public ballooned to more than $31 trillion , exceeding GDP Senator Reverend Warnock: “Folks back at home in Georgia, whom I represent, are struggling to just make their lives work. And they know President Trump’s Iran war and the tariff taxes are only making things worse. Talk to farmers in Georgia, they’ll tell you that” Washington, D.C. – Today, during a U.S. Senate Finance Committee hearing, U.S. Senator Reverend Raphael Warnock (D-GA) bashed U.S. Treasury Secretary Scott Bessent on the Trump administration’s continued indifference to the economic concerns of ordinary Americans. In May, President Trump told a group of reporters outside the White House that Americans’ financial situation is not something he thinks about “ even a little bit ” despite the impact his war in Iran is having on the price of gasoline in Georgia and across the country. “Folks back at home in Georgia, whom I represent, are struggling to just make their lives work,” said Senator Warnock. “They know President Trump’s Iran war and the tariff taxes are only making things worse. Talk to farmers in Georgia, they’ll tell you that.” A recent survey by Fox News states that more than 70 percent of Americans feel that the economy is getting worse, and consumer sentiment throughout the country is at a record low . Since assuming office in January 2025, President Trump’s policies and domestic agenda have added an enormous amount of money to the national debt without alleviating prices for American families. President Trump and Washington Republicans’ signature legislation, the One Big Beautiful Bill Act, will add nearly $5 trillion to the national debt. In May, the U.S. national debt held by the public ballooned to more than $31 trillion , exceeding GDP. Senator Warnock continues to push back against the Trump administration’s reckless tariff policy and the uncertain market conditions it creates for Georgia businesses. As ranking member of the Finance Subcommittee on Trade, Customs, and Global Competitiveness, the senator has oversight jurisdiction over federal trade policies and continues to work to foster a financial climate that will bolster the Georgia economy. Watch the Senator’s full remarks HERE . See below a transcript of the exchange between Senator Warnock and Secretary Bessent Senator Reverend Warnock (SRW): “Last month I asked the president’s nominee to lead the Federal Reserve what I thought was a simple question, but he tried to dodge it. His answer was cute. I’m not sure the American people, who are struggling, were laughing. So, I’ll ask you the same question to see if I can get a clear answer. President Trump has said that his grade of the economy, his words, is “[A] plus plus plus plus plus”. He said this before he sent energy and gas prices soaring with this illegal war in Iran, a war that’s costing taxpayers billions of dollars, a billion dollars or more per day, turbocharging inflation. “So, I’ll ask the Secretary of the Treasury the same question. Given all of the challenges facing ordinary Americans, our political differences aside, what grade would you give the US economy right now?” Secretary Bessent (SB): “Which challenges other than temporarily elevated prices? Would you identify, Senator?” SRW: “I’m asking you, what grade would you give the economy?” SB: “I think we have the makings of one of the strongest economies in history. We’ve had 2.6% growth and core inflation has dropped. Food inflation, since President Trump began—as much as you all want to disagree—is 2.5%.” SRW: “I got it. So, you agree with the President? You would give the economy an A plus, plus, plus, plus plus?” SB: “I think we have all..” SRW: “From where you sit?” SB: “I think we have all the makings for a very strong economy. I think that we have temporarily elevated prices. We’ll come back down.” SRW: “I got it. So, you’re telling Americans it’s not so bad. Americans give the Trump economy a failing grade. You and I can disagree, but this is not about us. They give the economy a failing grade because they can’t afford anything. Folks back at home in Georgia, whom I represent, are struggling—let me finish—to just make their lives work. And they know President Trump’s Iran war and the tariff taxes are only making things worse. Talk to farmers in Georgia, they’ll tell you that. “But I’m not so sure folks fully grasped the long-term crisis that’s also brewing for our children and our grandchildren. Wars do not pay for themselves. And this year, under the Trump administration’s economic policies, the $31 trillion national debt exceeded GDP for basically the first time since World War II. Think about that. Now, to be fair, debt did exceed GDP during the COVID 19 pandemic, but that was only briefly, as the GDP crashed as a result of a once in a century pandemic. The big ugly bill alone will add nearly $5 trillion to the national debt. Something that I do care about, and I think it matters. I think it’s interesting that Republicans talk about it when Democrats are in charge, but I haven’t heard much discussion about the national debt lately. According to our nonpartisan scorekeepers in the Congressional Budget Office, it will add $5 trillion to the national debt. Do you still think that driving deeper into debt to extend billionaire tax cuts were a good investment?” SB: “Sir? That 90% of the filers who availed themselves on President Trump’s signature policies make below $100,000 and if you want to know who is responsible for the American people, you all torched them during the Biden administration. I’m not sure if you were part of that. We had a 21.5% increase. Joe Biden—had real negative wage growth.” SRW: “Sir, I’m asking you a basic question. Do you think that going into debt to extend billionaire tax cuts was a good investment? Yes or no?” SB: “I disagree with the categorization of billionaire tax cuts, when in fact most of the tax cuts went to work for ordinary Americans. Senator, you are quoting a Congressional Budget Office, which…” SRW: “According to the Yale Budget Office—the Yale Budget Lab…” SB: “The Yale Budget Lab is a bunch of Biden hacks.” SRW: “Well, you should talk to the people in Georgia. They will tell you, sir, that whatever tax relief you think you gave them was more than taken up by these tariffs, they, according to the Yale Budget Lab, the administration’s tariffs cost families three times as much as they got back in tax cuts. But I don’t talk to the folks at Yale, I talk to the folks in Georgia. “How about the Iran war, which is costing tens of billions of dollars and counting. You previously said we have plenty of money for the war. Wars increase the national debt. Is that spending still a good idea, sir? Yes or no?” SB: “Sir, do you think it’s a good idea to spend? Iran cannot have a nuclear weapon.” SRW: “So you do think it’s a good idea? You think the Iran war makes—” SB: “I think just as many people historically—when President Obama was in office—said that Iran may not have—” SRW: “President Obama left office in 2016!” SB: “I know, but I’m saying there are many people on this committee who said Iran should never have a nuclear weapon at any cost.” SRW: “I agree with that. They should not have a nuclear weapon, and they’re closer to it, thanks to this administration’s policy. And the Strait of Hormuz is still closed. And you should tell the people in Georgia that this war is a good idea. I think they’ll disagree.” ###