WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Mornings With Maria on Fox Business to discuss the conflict in the Middle East, the ongoing negotiations of the budget reconciliation package, and final passage of the GENIUS Act.
Partial Transcript
Hagerty on Trump preventing Iran from obtaining a nuclear weapon: “It’s not surprising. President [Donald] Trump has been entirely clear this entire period that Iran needs to come to the table, that he will not allow them to have a nuclear weapon. Yet what does Iran do? Continues to tap the ball. They go past the 60-day window that they’d been given, and they continue to advance their nuclear program. It’s no surprise that Israel has taken the action that they have, Maria. I think they have no choice. This is an existential decision on behalf of [Israel Prime Minister Benjamin] Netanyahu. He cannot let Iran have a nuclear weapon because Iran’s been very clear: death to Israel and also death to America. We have to take them at their word. This regime has been nothing but using every tactic in the book to, basically, buy more time to ‘negotiate’ while, in the background, they continue to develop this weapon. This capability is something we can’t let them finalize. President Trump has been, again, extraordinarily clear. He will not let that happen.”
Hagerty on the U.S. standing with Israel: “I think President Trump has been very clear. He’s not for these forever wars that go on. I agree with that. At the same time, he’s also been very clear that we stand with Israel. I think most people in America feel the same way. I think President Trump has a spectrum of options before him. I’m not going to get ahead of him and try to predict what he might do, but I’ll say this: Israel’s doing an incredible job. Their intelligence has been impeccable, and I think the Iranians need to wake up and realize they’re on their back foot. They’re on their back heel, and they need to get to the table quickly to get this resolved because they are not winning.”
Hagerty on China supporting Iran’s terror regime: “They have been supporting Iran, Maria, over time. If you think about it, who’s been buying this illicit oil? Iran’s been evading sanctions. How? They’re selling their oil to China. China’s been providing the funds. The funds have been used, therefore, to build up Hamas, to build up Hezbollah, to build up Houthis. It’s Iranian technology, Iranian knowhow, that’s being used, along with Iranian funds, which are being, basically, funneled from China through Iran, back into these zones of terror. China needs to bring this to a complete halt. They need to join us, and we need to see this come to an end.”
Hagerty on the ongoing budget reconciliation negotiations: “There’s a lot in that that, I think, is going to be refined. There’s going to be more deficit reduction orientation in what the Senate is working on right now. I’m not going to get in the middle of negotiations, but just take SALT, for example, the state and local tax exemption. It came over from the House with a $40,000 exemption per year. The Senate’s come back with a $10,000 exemption. That’s a negotiation that’s underway. Again, I’m not going to try to get ahead of the negotiators, but this is what’s going to take place. This is how it gets done here in Washington. Overall, though, I’d say this: we have to keep in mind that to not address this, to not address the extension of the 2017 Tax Cuts and Jobs Act, would deliver north of $4 trillion of tax increases to the American people. The White House budget model predicts that there would be a six percent decline in GDP next year, were that to happen. We’re not going to let that happen either, Maria. So, we’re in the process of fine-tuning. Everybody wants this to be as conservative as it can be, but also, it’s imperative that we get this passed and passed quickly, so the capital expenditure plans can firm up, so that the investments that we want to see happen in America do begin to get plans. The 2026 is the best year we’ve seen on record.”
Hagerty on SALT provisions: “I think you look at the Senate, we don’t have a SALT constituency in the Senate. We don’t have [Republican] senators from California, New York, Illinois. We’re trying to address this, but we’re trying to do this in a fiscally responsible manner. Again, we’re in the middle of a negotiation. [Representative] Mike [Lawler] is at $40,000, the U.S. Senate right now is at $10,000. Again, I’m sure Mike will be clear in his point tomorrow, but we’re in the middle of a negotiation. We’ll see where it lands.”
Hagerty on the IRA subsidies: “I think they’re going to be scrutinized very, very carefully, Maria. I understand the arguments that is that certain companies are relied, to their detriment, on the tax subsidies that were there, but I think we’re going through this with a fine-tooth comb. Certainly, we don’t want to see anymore new utilization of these types of tools, and I think they’re trying to minimize the disruption in the damage that might have occurred from those companies that have already relied upon it and started projects.”
Hagerty on final passage of the GENIUS Act: “I’m very enthusiastic about the stablecoin legislation that I’ve led. We’ve been working on this for months. We have a strong bipartisan product. We will deliver that midday today. We’ll have it ready, and I think it’s got a tremendous amount of input from the industry, from my colleagues here. We’ve involved the administration. I think we’re going to have a great product that actually sets the stage for moving into a modern-day payment system into the 21st century. Getting us off the old system that was designed in the 1970s and eighties, making the dollar the key element in the digital arena. And frankly, it will stimulate more demand for U.S. treasuries. It will strengthen the dollar’s position as a reserve currency. We’re going to see that advance in a way that, again, takes a lot of friction out of an old, clunky system, reduces counterparty risk, reduces currency risk, and will bring a lot of working capital back to the companies that need it and back into the economy. With respect to the [Securities and Exchange Commission], I couldn’t ask for a better partner than [SEC Chairman] Paul Atkins. He’s doing a terrific job already. We’re going to be working arm-in-arm to try to help advance the entire cryptocurrency industry, the entirety of this industry, that’ll keep us on the cutting edge of the 21st century. As you mentioned, I want to make my state a hub. We’ve got Bitcoin miners there. We’ve got Bitcoin Park there. We had the great Bitcoin Conference there that President Trump attended. That’s where he announced that he would be firing [Former SEC Chairman] Gary Gensler. I think that received great applause, and I think everybody’s extremely happy to see someone, strong conservative, hard-nosed fellow, like Paul Atkins, coming into office. I’m looking forward to working, arm-in-arm, together with him.”
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