As part of a budget resolution passed by Congressional Republicans earlier this year, the House Financial Services Committee has been tasked with producing a proposal of how the committee will cut the deficit by at least $1 billion, according to the Arkansas Democrat-Gazette. U.S Rep. French Hill, R-Little Rock, is the chairman of the House Financial Services Committee.
Hill said in an interview with the Democrat-Gazette, the committee has finalized a proposal and said these types of cuts are needed to lower the nation’s debt.
“For as long as I can remember, members of Congress have talked about managing the nation's fiscal situation so that they could pass off a healthy nation for their children and grandchildren,” he said. “Well, I've got some bad news: The kids grew up, and they are us.”
The recommendations by Hill’s committee includes rescinding funding from the Department of Housing and Urban Development that promote green energy projects for old buildings.
Tariffs
Over the weekend, Hill attended Berkshire Hathaway’s Annual Meeting. The event is a networking event for shareholders of Berkshire Hathaway. Warren Buffett, CEO of Berkshire Hathaway, in his annual presentation to shareholders, shared his concerns about President Donald Trump’s recent tariffs.
“Trade should not be a weapon,” he said. “I do think that the more prosperous the rest of the world becomes, it won’t be at our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday.”
At the event, Hill said in an interview with CNBC News, he is concerned with the impact recent tariffs have had on the markets.
“We have to have some distinctions here between a big complex situation like China versus a country that we have excellent allied terms with – Korea, Japan, or the European Union – a little bit more discretion there,” he said. “I’m hopeful that we can do it and do it soon because I think the market and the uncertainty has not been good for the economy.”
In early April, Trump put a 90-day pause on the 60 countries that he initially levied tariffs on, but did not include a pause for China.
Hill, through op-eds and media interviews, has called on Congress to reauthorize the Trade Promotion Authority (TPA). According to the Office of the United States Trade Representative, TPA is a legislative procedure that grants the president the authority to negotiate trade agreements with other countries but the negotiations have to follow a framework created by Congress and Congress would have the final authority to approve agreements. The most recent TPA legislation expired in 2021.
Last week, a proposal by Democrats failed to pass the Senate that would have undone Trump’s tariffs, according to the New York Times.
