Bessent: We Can't Fix Fiscal Issues in a Year, 'Too Big of Cuts and the Economy Would Slow'

On Thursday’s broadcast of the Fox News Channel’s “Special Report,” Treasury Secretary Scott Bessent said that he has sympathy for some members of the Senate who want more spending cuts, but the issue can’t be solved in a year and dealing with the government’s fiscal issues requires “a combination of restraining and cutting spending and growing the economy. Because too big of cuts and the economy would slow down.” And the worst outcome would be if nothing passes and taxes rise.

Bessent stated, “I am very sympathetic to some of the senators who want to do more now. But, again, we did not get here in one year. We can’t solve this in a year. We are going to land this plane well for the economy, for the American people.”

He continued, “And that is going to be done through a combination of restraining and cutting spending and growing the economy. Because too big of cuts and the economy would slow down. So, nobody wants that. And then, of course, the ultimate calamity, Bret, would be for nothing to happen and for us to have the biggest tax increase in U.S. history, which would kill growth and balloon the deficit even beyond the Biden years.”

Follow Ian Hanchett on Twitter @IanHanchett