Overview
- On NBC’s Meet the Press, Treasury Secretary Scott Bessent said the U.S. is not at risk of a 2026 recession and predicted “very strong, non‑inflationary” growth.
- He acknowledged localized downturns in interest‑rate‑sensitive areas, saying housing and similar sectors have been in recession even as broader data show resilience, with October home sales improving.
- Bessent said the 43‑day government shutdown inflicted a permanent $11 billion hit to the economy and contributed to near‑term weakness.
- He said components of the “One Big, Beautiful Bill” are now phasing in, forecasting substantial tax refunds for working families in the first quarter of 2026 through changes affecting tips, overtime, Social Security taxes and auto‑loan deductibility.
- Bessent pointed to recent rollbacks on more than 200 food import tariffs and ongoing trade deals, said some prices should fall within weeks or months, defended tariffs by blaming services for inflation, and faced criticism after asserting inflation hasn’t risen and suggesting people move to red states to experience lower inflation; he also urged ending the Senate filibuster if Democrats trigger another shutdown.