United States Senator Bill Hagerty recently appeared on Varney & Co. on Fox Business to discuss President Donald Trump’s meeting on Capitol Hill regarding the budget reconciliation package and the GENIUS Act.
Senator Hagerty addressed concerns about potential deficit growth and revenue shortfalls, referencing past predictions related to the 2017 Tax Cuts and Jobs Act. “We’re watching what the president had to say coming out of the meeting,” Hagerty stated. He emphasized that previous forecasts underestimated revenue increases due to various factors such as tariff revenues and agency efforts.
Regarding the GENIUS Act, Hagerty expressed optimism about bipartisan support in the Senate. “I think we have broad agreement from a policy standpoint between Democrats and Republicans,” he said, noting positive momentum and feedback.
Hagerty also highlighted the GENIUS Act’s potential impact on modernizing America’s financial system. He explained, “It puts our financial system and our payment system more specifically into the modern times.” The act includes provisions for stablecoins backed by cash or short-term treasuries, which could reinforce the dollar’s global dominance.
On stablecoin transactions, Hagerty mentioned that purchases could occur almost instantaneously under a new legal framework aimed at keeping innovation within U.S. borders. He added, “This is great for dollar dominance as well,” underscoring its role in enhancing demand for U.S. treasuries.
