Economy

Bessent to Musk: ‘Stick to Rockets,’ Trump’s Bill Will Cut Debt

Published

July 2, 2025

Treasury Secretary Scott Bessent strongly defended President Trump’s signature legislation in a recent appearance on Fox News’ “The Ingraham Angle.” Bessent emphasized that the bill extends far beyond tax cuts, addressing key Republican priorities such as border security, defense funding, and school choice.

What’s included in Trump’s bill?

“This is the signature piece of President Trump’s domestic agenda,” Bessent said, underscoring the expansive nature of the bill. He highlighted the involvement of both House Democrats and the Freedom Caucus, stating, “That group should be so proud of themselves. They have changed the center of gravity in the debate.”

Bessent also confidently projected the economic benefits of the bill, noting, “We are going to start paying down debt. We’re going to grow the economy.” He expressed strong confidence that the bill will reach President Trump’s desk for signing by the end of the week, showcasing bipartisan support driven by Trump’s leadership.

How will Trump’s bill help immigration?

Addressing immigration—a significant focus for President Trump—Bessent stressed the critical need for increased funding included in the bill. “Kristi Noem has done a fantastic job at DHS along with Tom Homan. They have apprehended thousands of criminals,” he explained. “But in terms of overall deportation, it is important to get this funding, and once we get the higher level of funding, we’ll move on to the next level.”

Why is Elon Musk criticizing Trump’s bill?

Bessent responded firmly to billionaire Elon Musk’s threats to primary Republicans who supported the bill. Musk accused supporters of abandoning fiscal responsibility, but Bessent dismissed this criticism: “If Elon sticks to rockets, I’ll stick to finance.” He emphasized Trump’s ability to rally congressional support, adding, “I am confident that this bill is going to pay down the debt. Fifty senators weren’t threatened by his words.”

What’s Bessent’s view on Fed’s tariff concerns?

Secretary Bessent also addressed Federal Reserve Chair Jerome Powell’s stance on tariffs. Powell recently indicated that the Fed had paused rate cuts due to tariff concerns. Bessent expressed surprise at this position, labeling it “tariff derangement syndrome.”

“The Fed publishes something called the Summary of Economic Projections. They raised their inflation forecast, and my hunch is that’s gonna be wrong,” Bessent explained. “They lowered their growth forecast. So if you’re lowering growth forecasts, then why wouldn’t you proceed [with rate cuts]?”

Bessent cited market responses as evidence that the tariffs are not negatively impacting the economy. “We had this tremendous rally. S&P, Dow, NASDAQ are doing well on the year,” he noted. “I will take the market-based indicators over the so-called experts all the time. That’s how I made my 35-year career, was listening to the market.”

Will the Fed cut rates by fall?

When asked if he anticipated Fed rate cuts by the fall, Bessent replied optimistically: “If the criteria is that tariffs were not inflationary, I think they could do it sooner than that, but certainly by September.

He concluded by reinforcing his support for market-based economic policies, indicating his strong belief in President Trump’s leadership and the bill’s economic potential.