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

WELKER Joining me now ░░░░░░░░ Treasury secretary Scott Bessent ░░░░░░░░ Bessent welcome back to ░░░░░░░░ the Press BESSENT Kristen ░░░░░░░░ to see you Thanks ░░░░░░░░ having me on WELKER ░░░░░░░░ s wonderful to have ░░░░░░░░ on after a long ░░░░░░░░ trip Thank you for ░░░░░░░░ here Let s start ░░░░░░░░ there with Moody s ░░░░░░░░ the nation s credit ░░░░░░░░ And they do cite ░░░░░░░░ debt I want to ░░░░░░░░ you a little bit ░░░░░░░░ what Moody s says ░░░░░░░░ says quote If the ░░░░░░░░ Tax Cuts and Jobs ░░░░░░░░ is extended which is ░░░░░░░░ base case it will ░░░░░░░░ around 4 trillion to ░░░░░░░░ deficit over the next ░░░░░░░░ Several Republicans Mr Secretary ░░░░░░░░ citing similar concerns Does ░░░░░░░░ president s tax bill ░░░░░░░░ to do more to ░░░░░░░░ the nation s debt ░░░░░░░░ deficit BESSENT Well Kristen ░░░░░░░░ first of all I ░░░░░░░░ think that Moody s ░░░░░░░░ a lagging indicator I ░░░░░░░░ that s what everyone ░░░░░░░░ of credit agencies Larry ░░░░░░░░ and I don t ░░░░░░░░ on everything but he ░░░░░░░░ that s when they ░░░░░░░░ downgraded the U S ░░░░░░░░ 2011 So it s ░░░░░░░░ s a lagging indicator ░░░░░░░░ just like Sean Duffy ░░░░░░░░ with our air traffic ░░░░░░░░ system we didn t ░░░░░░░░ here in the in ░░░░░░░░ past 100 days It ░░░░░░░░ the Biden Administration and ░░░░░░░░ spending that we have ░░░░░░░░ seen over the past ░░░░░░░░ years We inherited 6 ░░░░░░░░ percent deficit to GDP ░░░░░░░░ highest when we weren ░░░░░░░░ in a recession not ░░░░░░░░ a war And we ░░░░░░░░ determined to bring the ░░░░░░░░ down and grow the ░░░░░░░░ WELKER Fair enough But ░░░░░░░░ President Trump s first ░░░░░░░░ he added 8 trillion ░░░░░░░░ the nation s debt ░░░░░░░░ his first term.”