Nashville Standard

United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees, joined Balance of Power on BloombergTV to discuss several pressing issues including a potential government shutdown, President Donald Trump’s tax policy proposals, a possible rate cut by the Federal Reserve, and the recent attack on Hezbollah in Lebanon.

Regarding the potential for a Continuing Resolution, Hagerty expressed frustration with current legislative practices. "We’re going to see what we come down to. It’s so frustrating here, Kailey. I’m on the Appropriations Committee. We’ve had our Appropriations bills ready to go. Rather than deal with this, [Senator] Chuck Schumer keeps bringing forward ‘show votes’," he said.

When asked about the chances of a government shutdown, Hagerty acknowledged political pressures but emphasized the importance of completing legislative duties. "Well, Joe, that is the conventional wisdom that people need to get home. People need to campaign... We’d certainly like to get home and do that, but we need to get this done right."

On President Trump’s tax proposals, Hagerty noted their popularity amid inflation concerns. "Tax cuts in general in this environment... are very appealing to the American public," he stated. He highlighted Trump's plans for energy production and tax reforms aimed at benefiting the middle class.

Addressing the ballooning deficit, Hagerty stressed fiscal responsibility. "We’ve got to bring the deficit under control... We’re running massive deficits like we’ve never seen before," he remarked.

Hagerty also commented on a potential rate cut by the Federal Reserve: "You know, the market’s got it about 50/50 divided between whether it’s going to be a 25-basis points cut or a 50-basis points cut." He emphasized data-driven decision-making and expressed interest in hearing from Chairman Jay Powell regarding the Fed's balance sheet.

Lastly, discussing the attack on Hezbollah in Lebanon, Hagerty criticized responses from U.S. officials: "It certainly amazes me that our State Department spokesman will only name Israel and says ‘other parties.’ They won’t talk about the fact that Iran is behind all of this."