Treasury Secretary Downplays Moody's Credit Rating Downgrade Amid Tax Cut Discussions
May 18, 2025 - 21:19
WASHINGTON - Treasury Secretary Scott Bessent addressed concerns over Moody's recent downgrade of the U.S. sovereign credit rating during a series of television interviews on Sunday. His comments come as the Republican-controlled Congress continues to push forward with President Donald Trump's extensive tax-cut proposal.
Bessent expressed confidence that the provisions aimed at extending the 2017 tax cuts would stimulate economic growth significantly, thereby offsetting any concerns regarding the nation's debt. Despite warnings from nonpartisan analysts that the proposed measures could add trillions to the federal debt, which currently stands at $36.2 trillion, Bessent remains optimistic about the economic impact of the tax cuts.
"I don't put much credence in the Moody's downgrade," he stated during an appearance on CNN's "State of the Union." His remarks reflect a broader belief within the administration that tax reform will ultimately benefit the economy and reduce fiscal concerns in the long run.
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