The excessive degree of US deficits means that there’s much less capability to borrow closely to fight a disaster, he mentioned, citing examples of the Nineteen Thirties Nice Despair, World Struggle Two and the current COVID-19 pandemic.
“Treasury – together with the entire of presidency and Congress – has used its borrowing capability to avoid wasting the union, save the world, and save the American individuals,” Bessent mentioned. “What we presently have now, we might be laborious pressed to do the identical.”
In ready remarks launched on Wednesday evening, Bessent laid out a imaginative and prescient for “a brand new financial golden age” that included prioritizing strategic investments that develop the US financial system and making everlasting Trump’s 2017 particular person and small enterprise tax cuts which might be as a consequence of expire on Dec 31, 2025.
“We should safe provide chains which might be susceptible to strategic rivals, and we should fastidiously deploy sanctions as a part of a whole-of-government strategy to deal with our nationwide safety necessities,” Bessent additionally mentioned within the remarks.
