North Texas News

Washington, D.C. – Congressman Michael C. Burgess, M.D. (R-TX), Vice Chairman of the House Rules Committee, joined Fox Business' The Big Money Show to discuss the Fiscal Responsibility Act and U.S. oil being included in the world's most important benchmark. 

Highlights:   

  

On the Fiscal Responsibility Act:  “Well, it [the Fiscal Responsibility Act] is the largest savings in federal spending that I've seen since I've been here. So, there is that. No new taxes and that was important; no new federal programs that was important. Reclaiming all of the recisions of the COVID money that has been unspent, all of those restrictions are important."

On possible default: "At the end of the day, I need to do the right thing by the country. And a default on the debt, nobody knows quite what that would mean because it's never happened before. But could we put in jeopardy the United States dollar being the reserve currency of the world? We certainly could. The People's Republic of China would like nothing more than to replace us as that reserve currency. And I, for one, don't want to be part of that."

On U.S. oil being included in the Brent benchmark: “Biden has come to office he's had this war on American energy. I do not understand the reason why. It has to stop. So, I would say on balance, this is a good thing. To be able to put more of that Permian Basin crude into the Brent Brent pricing. I think the world will benefit."

Original source can be found here.