The excessive degree of US deficits means that there’s much less capability to borrow closely to fight a disaster, he stated, citing examples of the Nineteen Thirties Nice Despair, World Battle Two and the latest COVID-19 pandemic.
“Treasury – together with the entire of presidency and Congress – has used its borrowing capability to save lots of the union, save the world, and save the American folks,” Bessent stated. “What we presently have now, we might be exhausting 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 can be as a consequence of expire on Dec 31, 2025.
“We should safe provide chains which can be susceptible to strategic opponents, and we should fastidiously deploy sanctions as a part of a whole-of-government method to handle our nationwide safety necessities,” Bessent additionally stated within the remarks.