Summary
Scott Bessent discussed President Donald Trump's proposal of $2,000 stimulus checks, suggesting they might be funded through existing tax cuts rather than directly from tariffs. Trump shared his idea of using tariff revenues for these payments, but there is uncertainty over the administration's formal plans and concerns about the overall cost. The proposal's financial feasibility is under scrutiny, given current tariff revenues and broader economic implications.
Key Facts
- President Trump proposed $2,000 checks for Americans, funded from tariffs.
- Scott Bessent has not discussed this plan directly with the President.
- The Yale Budget Lab estimates tariffs could raise $2.5 trillion in the next ten years.
- The Congressional Budget Office predicts $3.3 trillion in tariffs from 2025-2035.
- A $2,000 check for many American adults is estimated to cost $513 billion.
- Excluding higher-income individuals ($100k+), the cost could be about $300 billion.
- Current tariffs are expected to generate $217 billion in 2026, according to the Tax Foundation.
- The Treasury Secretary emphasized focusing on reducing national debt first.
