Summary:
US Treasury Secretary Scott Bessent emphasizes the need to reverse the unsustainable fiscal path of the US to avoid economic repercussions. He highlights the importance of controlling debt levels and growing GDP, while also expressing opposition to the introduction of a central bank digital currency.
US Treasury Secretary Urges Reversal of Unsustainable Fiscal Path
US Treasury Secretary Scott Bessent emphasizes the need to reverse the “scary” fiscal path that the US is on before it’s too late. During a House committee appearance focused on the White House’s 2026 budget requests, Bessent discusses the potential consequences of unsustainable debt levels on the economy. He stresses the importance of reducing debt and growing GDP to maintain financial stability.
Bessent Opposes Central Bank Digital Currency
Bessent, a former partner at Soros Fund Management, confirms his opposition to the Federal Reserve introducing a central bank digital currency (CBDC). He believes that digital assets should remain in the private sector and views the introduction of a CBDC as a sign of weakness. Bessent highlights the importance of having a variety of underlying assets for reserve managers and foreign central banks.
