Bessent: Moody’s Is a Lagging Indicator, That’s What Everybody Thinks of Credit Agencies

RUSH TRANSCRIPT:
WELKER: “Joining me now is Treasury secretary Scott Bessent. Secretary best friend, — bessent welcome to “Meet the Press”. Let’s start right there, with moody’s downgrading of the nations credit rating, and they do cite the data. It says, quote, if the 2017 tax cuts and jobs act is extended which is are based case, it will add around $4 trillion to the deficit over the next decade. Several Republicans Mr. Secretary, are citing similar concerns. Does the president’s tax bill need to do more to address the nation’s debt and deficit?”

BESSENT: “Kristen, first of all, I think moody’s is a lagging indicator. I think that’s what everybody thinks of credit agencies. Larry Summers and I don’t agree on everything but he said that when they downgraded the U.S. In 2011, so, it’s a lagging indicator, and just like Sean Duffy said with our air traffic control system, we didn’t get here in the past 100 days, it’s the Biden Administration and the spending that it’s seen over the past four years. We inherited 6.7% deficit to GDP, the highest, when we weren’t in a recession, not in a war, and we are determined to bring the spending down and grow the economy.”