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5h ago

Bessent Says Tariff Windfall Will Tackle Debt First, Not Rebate Checks

Bessent expects tariff collections to exceed the prior $300 billion forecast.

Treasury Secretary Scott Bessent in Stockholm on July 29.
U.S. Treasury Secretary Scott Bessent sits to testify before a House Ways and Means Committee hearing on Capitol Hill in Washington, D.C., U.S., June 11, 2025. REUTERS/Elizabeth Frantz/File Photo

Overview

  • Treasury will direct tariff proceeds to reduce the federal debt before considering payments to households.
  • Bessent said his $300 billion revenue estimate for 2025 will be revised up substantially but offered no new figure.
  • Treasury data show more than $29 billion collected in July, with cumulative tariff receipts reaching about $156.4 billion through Aug. 15.
  • Lawmakers have floated rebates of at least $600 per adult and dependent, and Trump has mentioned a possible dividend, but Bessent stressed debt reduction as the priority.
  • He said lower Federal Reserve interest rates could boost home building and help ease prices over time, as businesses pay the import taxes and often pass costs to consumers.