To watch Rep. Carey’s questions for Secretary Bessent, click here or on the image above.
WASHINGTON, D.C. – Today, U.S. Rep. Mike Carey (R-Ohio-15), a member of the House Ways and Means Committee, questioned U.S. Treasury Secretary Scott Bessent at a Ways and Means Committee hearing.
Rep. Carey asked Secretary Bessent about the need to expand the housing supply, especially in fast-growing cities like Columbus, Ohio. He also asked Secretary Bessent about the cliff families face on the expiring Child Tax Credit (CTC) and the One Big Beautiful Bill’s (OBBB) provision to expand the CTC by $500. If the OBBB is not passed, the CTC will be reduced by 50% at the end of 2025.
HIGHLIGHTS:
ON OBB’S POLICIES TO INCREASE THE AFFORDABLE HOUSING SUPPLY:
REP. CAREY: “The [One Big Beautiful Bill] that we did, did expand affordable housing supply by restoring a 12.5% allocation increase for [the Low Income Housing Tax Credit] while lowering the bond financing threshold to 25%. I think these are very, very powerful things in the affordable housing world.”
ON THE OBB’S PLAN TO EXPAND THE CTC:
REP. CAREY: “I want to address the Child Tax Credit, because I think this is something that we did in our package that I’m very proud of, very proud to have supported. So, I supported it in this bill, and [the OBBB] increases [the CTC] by $500. Can you speak to how the Treasury views the role of modernizing the Child Tax Credit and boosting family stability and workforce participation and what’s at stake… if we let these enhanced benefits expire?”
SEC. BESSENT: “Congressman Carey, that is a fantastic point, because not only does the One Big Beautiful Bill add $500 to the Child Tax Credit, it makes it perfect. So, if the bill does not pass, then there will be substantial ammunition when we talk about uncertainty for working families, in terms of which parents should go to work, which shouldn’t, in terms of supplies, in terms of their household balance sheets. So, I think, as with most things in this bill, the permanence, as well as the increase in the Child Tax Credit is what is very powerful here.”
ON WHAT’S AT STAKE FOR THE CTC IF OBB DOES NOT PASS:
REP. CAREY: “If we did nothing, right? If we did absolutely nothing- we’re going to go to $2,500 [in the OBBB]- but if we did nothing, what does the Child Tax Credit go back to?”
SEC. BESSENT: “I don’t know the exact numbers.”
REP. CAREY: “It’s $1,000, right?”
SEC. BESSENT: “So, it’s $1,000, right. So, it’s halved.”
REP. CAREY: “We’re giving more money, but if we do nothing, it would go back to $1,000. I think I’m correct with that.”
SEC. BESSENT: “Yes, and the $2,500 is permanent. There is surety there for families planning their budgets, planning the labor allocation, how they will work, when they work.”
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