Treasury Secretary Scott Bessent warned that Congress could set off a financial crisis if it fails to pass the Republican tax cuts and spending bill. Bessent made the remarks in testimony before the House Ways and Means Committee on Wednesday.

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Sir, I think it could set off a financial crisis, the likes of which we have not seen since ’08, ’09,” he said during a House Ways and Means Committee hearing Wednesday.

The White House has proposed the "One Big Beautiful Bill," aiming to deliver the largest tax cuts in history to working and middle-class Americans.

President Donald Trump’s “big, beautiful bill” includes more than tax breaks and spending cuts — it also seeks to pour billions of dollars into his mass deportation agenda.

Faced with criticism of President Donald Trump’s signature “One Big Beautiful Bill Act,” Republican leadership have focused their defense on how the tax breaks will boost the economy.