"Bessent Tackles Stimulus, Tariffs, and Shutdown Impacts Amidst Holiday Concerns"

Listeners, Scott Bessent has played a central role in several major news stories as Secretary of the Treasury in recent days. There has been intense attention on President Trump’s promise to give every American a two thousand dollar dividend funded by tariff revenue. While the President said “a dividend of at least two thousand dollars a person will be paid to everyone,” Bessent clarified during interviews that the payment could come in many forms. Speaking to ABC News, he explained it might be realized through the new tax cuts in Trump’s budget bill, like no tax on tips, overtime, and Social Security, and deduction of auto loans. Bessent stressed these changes are already being financed in the legislation passed this summer. According to CBS News, only about one hundred ninety five billion dollars in customs duties have been raised for the last fiscal year, but supplying two thousand dollars to all eligible Americans would require about three hundred billion dollars. Economists from the Tax Foundation questioned whether tariff funds can actually deliver the payout, stating current revenues fall short and may add to the national debt.

Bessent also warned that the government shutdown has started to significantly impact the American economy. With federal workers including air traffic controllers still not paid, he described how the shutdown creates “worse and worse” conditions as Thanksgiving and Christmas approach. He cautioned that flight reductions across major airports and slowed cargo shipments could trigger holiday supply shortages and make travel nearly impossible for many Americans. Speaking with ABC, Bessent highlighted safety concerns that have forced further cuts in flight operations. He also referenced contingency plans among shipping firms to continue critical deliveries, but indicated that general disruptions to air cargo and passenger travel will likely persist until the budget impasse is resolved.

Recently, Bessent shared expectations that the Supreme Court will uphold the legality of tariffs imposed using emergency powers under the International Emergency Economic Powers Act. If the law is struck down, he says the administration may rely on alternate tariff authorities, including sections of the Trade Act and the Tariff Act, which would still allow significant import taxes to continue. Bessent emphasized that listeners should not expect tariffs to disappear anytime soon. He also acknowledged the tragic crash of a UPS cargo jet in Louisville, which heightened concerns about aviation safety during the ongoing shutdown, but said existing risks are mostly not connected to controller shortages.

To sum up, Scott Bessent has been pivotal in addressing questions about stimulus payments, defending tariff policies, and sounding warnings about the economic consequences of the government shutdown, especially as the holidays draw near. Thank you for tuning in and remember to subscribe. This has been a quiet please production, for more check out quiet please dot ai.

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