Scott Bessent

So that's what we're going to do.

So that's what we're going to do.

Well, look, I think we're trying to do three things. And I think you may have talked about it last week, week before.

Well, look, I think we're trying to do three things. And I think you may have talked about it last week, week before.

The three legs on the stool. And from the outside, you intuited that very well. I would do just a little refinement on that.

The three legs on the stool. And from the outside, you intuited that very well. I would do just a little refinement on that.

But you were adjacent to everything. So on one, We are trying to bring down this massive federal debt, cut the spending, but in a controlled way. You can't do it all at once. I don't like to repeat private conversations with the president, but I'll repeat this one because I think it's very important. it really illustrates where his head was at.

But you were adjacent to everything. So on one, We are trying to bring down this massive federal debt, cut the spending, but in a controlled way. You can't do it all at once. I don't like to repeat private conversations with the president, but I'll repeat this one because I think it's very important. it really illustrates where his head was at.

First time I went in to see him, saw him at Mar-a-Lago, and walk in the door, he said, Scott, how are we gonna get these debt and deficits down without causing a recession? And that's exactly where we are now. How are we gonna get the debt and deficits down, not cause a recession? And I said, sir, when you win, you didn't get us here,

First time I went in to see him, saw him at Mar-a-Lago, and walk in the door, he said, Scott, how are we gonna get these debt and deficits down without causing a recession? And that's exactly where we are now. How are we gonna get the debt and deficits down, not cause a recession? And I said, sir, when you win, you didn't get us here,

going to set a goal by 2028 we want to get back to the long-term average we're going to deflate it slowly and long-term average being about three percent deficit to g3 three and a half percent deficit to gdp and you know like i keep saying the us we don't have a revenue problem we have a spending problem because we are averaging right about 18 revenue and i'm talking about federal government federal government only

going to set a goal by 2028 we want to get back to the long-term average we're going to deflate it slowly and long-term average being about three percent deficit to g3 three and a half percent deficit to gdp and you know like i keep saying the us we don't have a revenue problem we have a spending problem because we are averaging right about 18 revenue and i'm talking about federal government federal government only

We're at about 18%. And Biden administration blew it out, blew the spending out to 25. Normally, it's about 21, 21 and a half. We have the 2% inflation, nominal GDP, real GDP is 1.8. So we get nominal GDP 3.8%. it all works out. I had one of the heads of one of the Singapore sovereign wealth funds here last week. Guess what Singapore spends in terms of spending the GDP?

We're at about 18%. And Biden administration blew it out, blew the spending out to 25. Normally, it's about 21, 21 and a half. We have the 2% inflation, nominal GDP, real GDP is 1.8. So we get nominal GDP 3.8%. it all works out. I had one of the heads of one of the Singapore sovereign wealth funds here last week. Guess what Singapore spends in terms of spending the GDP?

18%. And he said, you know, He said, we have a lot in common with the Trump administration. We like small government. We don't like illegal immigration. And we like personal safety, which I thought was very interesting.

18%. And he said, you know, He said, we have a lot in common with the Trump administration. We like small government. We don't like illegal immigration. And we like personal safety, which I thought was very interesting.

With this Republican Congress, I'm not sure what a deficit hawk is, but I think I would qualify as one. A lot of the Republicans, I actually have to coax them. You can't do this all at once. I was with one of the Congressional Budget Committees two weeks ago, and they really want to cut this fast. And I said, you do realize every $300 billion we cut is about a percent of GDP.

With this Republican Congress, I'm not sure what a deficit hawk is, but I think I would qualify as one. A lot of the Republicans, I actually have to coax them. You can't do this all at once. I was with one of the Congressional Budget Committees two weeks ago, and they really want to cut this fast. And I said, you do realize every $300 billion we cut is about a percent of GDP.

So we are trying to land the plane well, and The plan, because that's really what I'd like to talk about today. I think there's three plans here. But plan one, we're going to de-lever the government via the spending. We are also going to shed excess labor from the government. So on that side. And then on the other side, we're going to deregulate the financial system.

So we are trying to land the plane well, and The plan, because that's really what I'd like to talk about today. I think there's three plans here. But plan one, we're going to de-lever the government via the spending. We are also going to shed excess labor from the government. So on that side. And then on the other side, we're going to deregulate the financial system.