During a Fox News interview on Friday, Treasury Secretary Scott Bessent discussed Trump 2.0’s plan for growing the economy out of debt, the latest trade developments, the president’s pressure on the EU, and more.
Bessent was asked about the Congressional Budget Office (CBO) report addressing the debt taken on by the U.S. as a result of the “Big, Beautiful Bill.”
“What’s important is that the economy grows faster than the debt… If we change the growth trajectory of the country, of the economy, then we will stabilize our finances and grow our way out of this,” Bessent told Fox News’ Bill Hemmer.
Watch the clip below:
.@SecScottBessent: "What's important is that the economy grows faster than the debt… If we change the growth trajectory of the country, of the economy, then we will stabilize our finances and grow our way out of this." pic.twitter.com/aplXNS5mLP
— Rapid Response 47 (@RapidResponse47) May 23, 2025
Bessent also commented on ongoing trade negotiations and President Trump’s latest move to hit the EU with a 50% tariff.
“These deals are moving quickly, and I think as we approach the end of the 90-day period, we’re going to see more and more of them announced,” Bessent said in an interview with Fox News on Friday. “Many of the Asian countries have come with very good deals.”
Bessent said that most US trading partners have been negotiating “in very good faith,” and that the European Union is an “exception.” Trump earlier Friday threatened a 50% tariff on EU goods starting on June 1, saying “our discussions with them are going nowhere.”
“I think this is in response just to the EU’s pace,” Bessent said of Trump’s threat. “I would hope that this would light a fire under the EU.”
Bessent also discussed DOGE’s efforts to eliminate waste, fraud, and abuse.
“This DOGE effort is one of the most important efforts of my lifetime,” Bessent said. “And what I’m committed to doing is not let the bureaucracy slow it down too much.”
“We need to make the government work for the American people and, at Treasury, we’re committed to doing that with the IRS,” Bessent added.
The effort undertaken by @DOGE and @elonmusk is one of the most important of my lifetime and I am committed to not letting the bureaucracy slow it down.
We need to get the costs under control; we need to get government efficiency under control; and we need to make the government… pic.twitter.com/z2bWCMg9bu
— Treasury Secretary Scott Bessent (@SecScottBessent) May 23, 2025
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