"Controversy Erupts as U.S. Treasury Secretary Grants DOGE Access to Federal Payment System"

Treasury Secretary Scott Bessent has been actively shaping US economic policy this week, centering on tariffs, debt management, and the evolving role of digital assets. According to Fox News, Bessent emphasized the Trump administration’s focus on directing record tariff revenues toward reducing the national debt, now hovering near thirty seven point two trillion dollars. In an interview with CNBC, he described an ambitious plan to use the growing revenue from tariffs, especially those collected from imports from China, as a significant tool to help lower the deficit.Recent Treasury Department data shows that more than twenty nine billion dollars in tariff revenues were collected in July alone, pushing this year’s total well past one hundred fifty six billion. Bessent highlighted that the administration is likely to revise the yearly forecast upward, given these totals. However, analysts cited by Investors Observer have raised concerns, pointing out that even record-breaking tariff collections pale in comparison to the overall size of the federal deficit. In July, federal spending reached a record six hundred thirty billion dollars, resulting in a two hundred ninety one billion dollar deficit just for that month. This context has led some commentators to characterize Bessent’s debt reduction promises as unrealistic, unless federal spending is significantly curtailed.Bessent has also spoken publicly about US-China trade relations. In remarks to Fox News, he noted that the current tariff agreement with China is functioning well. He stressed that the largest tariff revenues are still coming from Chinese imports and that there is no immediate need for change as discussions with Chinese officials are reportedly going smoothly. The latest deal, according to various sources, lowered US tariffs on Chinese goods from one hundred forty five percent to thirty percent and resumed the flow of key rare earth minerals from China to the US. Bessent stated that with both sides engaging in productive talks ahead of the November expiration of the current truce, stability is returning to the trade relationship.A new frontier for the Treasury under Bessent’s stewardship is the integration of digital assets into US finance. The Financial Times reported that Bessent is betting on the cryptocurrency sector, especially dollar-backed stablecoin issuers like Tether and Circle, to become important buyers of US Treasury securities. Following the passage of the GENIUS Act, which sets new regulatory frameworks for stablecoins, Bessent has reportedly directed the Treasury to focus more on short-term issuance, anticipating that stablecoins will drive demand for government bonds. This move signals an effort to place innovation at the center of government financing, aiming to tap into billions in digital asset reserves.Thank you for tuning in and remember to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

21 Elo 3min

United States Treasury Secretary Scott Bessent has made headlines over the past several days by publicly calling for the Federal Reserve to make a substantial cut to interest rates. Bessent stated in an interview with Bloomberg that he believes the benchmark should be lowered by at least one and a half percentage points. He has argued that the current lending rate for banks, which sits between four point two five and four point five percent, is too high. Bessent has proposed that the rate should fall between one and a half to one point seven five percentage points lower and supports the idea of starting with a fifty basis point cut at the September meeting.Bessent’s position aligns closely with President Donald Trump, who has also called for the Federal Reserve to take more urgent action to reduce rates despite mounting inflation concerns among leading economists. Both Bessent and Trump have argued against the central bank’s reluctance to lower borrowing costs, emphasizing that lower rates could counteract the economic drag created by high tariffs. Federal Reserve Chair Jerome Powell has pointed to the ongoing uncertainty associated with tariffs as a key reason for holding rates steady, even as consumer prices have edged up to a two point seven percent inflation rate in recent months. This tug-of-war is expected to intensify, especially with Stephen Miran’s nomination to the Federal Reserve Board, which could tilt decision-making in favor of rate cuts if confirmed.In another major story, Bessent has backed President Trump’s surprise deal with Nvidia and Advanced Micro Devices, which requires both companies to contribute fifteen percent of their semiconductor chip sales in China to the United States government. This export revenue-sharing agreement, described by Bessent as a potential template for other sectors, lets both tech giants continue selling advanced chips to Chinese markets while generating revenue for the national debt. Bessent highlighted that the new deal, while not a tax in the traditional sense, creates a condition attached to the export license. Despite strong praise from the administration, this approach has already sparked debate among legal and trade experts, with some calling the mechanism unprecedented and questioning its legality since Congress did not approve the measure.Bessent has further outlined plans to expand similar revenue-sharing models and hinted at additional measures to address housing affordability and tariffs, promising a strategic and results-oriented course for American trade and economic policy.Thank you for tuning in and make sure to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

14 Elo 2min

Treasury Secretary Scott Bessent has dominated economic headlines in recent days by advocating for lower interest rates and defending key aspects of economic reporting. According to Bloomberg Television and multiple news outlets, Bessent stated that the Federal Reserve’s current interest rate of between four point two five and four point five percent is far too high. He argues that rates should be at least one point five to one point seven five percent lower. He told Bloomberg TV that the Federal Reserve should begin a series of rate cuts, with an initial cut of fifty basis points as soon as September.He said the Federal Reserve committee should step back and reconsider its approach, echoing President Trump’s criticism of the Fed’s reluctance to cut rates. As reported by UPI, Bessent supports a more aggressive pace of rate reductions, believing current monetary policy is overly restrictive given today's economic indicators. Markets reacted positively, with treasuries rallying and stocks reaching new highs following Bessent’s comments.In a closely watched interview with Fox Business, Bessent also addressed the ongoing debate over the country’s key economic data. He pushed back against suggestions from some Trump administration allies about suspending the monthly jobs report due to concerns about accuracy and data revisions. Instead, Bessent argued for modernizing the Bureau of Labor Statistics’ data collection and making the reports more reliable, not less frequent. He emphasized that sound policymaking requires robust and timely data, suggesting more investment in digital infrastructure to improve sample collection and reporting.Turning to trade, Fortune and Politico Pro report that Bessent has endorsed a controversial new deal between Nvidia, AMD, and the U.S. government, requiring both companies to pay fifteen percent of their China chip sales to the U.S. as a condition of export. Bessent called this a blueprint for future industry deals, stating that it could help reduce national debt and possibly benefit taxpayers if the experiment proves successful. However, this move has sparked debate among legal experts, as imposing such export revenue-sharing without explicit congressional approval is highly unusual.On sanctions policy, he signaled a flexible approach, saying that further increases or easing of sanctions against Russia remain on the table as global conditions evolve.Listeners, thank you for tuning in. Remember to subscribe for the latest. This has been a Quiet Please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

14 Elo 2min

Scott Bessent has moved to consolidate control over tax administration while advancing the administration’s economic agenda. CNN reports that on August 8, President Trump ousted the Internal Revenue Service commissioner and selected Bessent to serve as acting head of the IRS while a permanent replacement is sought. According to CNN, this is a rare step that places the Treasury Secretary in direct operational oversight of the tax agency during a sensitive period for enforcement, refunds, and compliance policy. CNN Editorial Research also notes Bessent’s tenure began January 28 after a 68 to 29 Senate confirmation vote and that he is the first openly gay Treasury secretary and the first openly LGBTQ Senate confirmed Cabinet member in a Republican administration, underscoring the historic context of his current decisions.In parallel, Bloomberg News reports that Bessent has been publicly outlining the administration’s approach on tariffs, deficits, and growth, positioning trade policy and revenue questions as linked levers in the broader economic plan. While access to full details requires a subscription, Bloomberg’s preview indicates Bessent is engaging directly on how tariff strategy intersects with deficit management and the timing of fiscal measures, suggesting that Treasury is coordinating closely with the White House on both revenue resilience and cost of capital considerations.Local and policy focused outlets have tracked Bessent’s agency oversight tour. Gaylord News reports that Bessent is heading to the U.S. Mint, aligning with Treasury’s portfolio responsibilities and likely focusing on coin production, cash logistics, and modernization efforts at a time of persistent coin circulation challenges and evolving payments behavior. This follows a pattern of hands on visits to Treasury bureaus that support the implementation of tax administration and currency operations.Taken together, the recent IRS leadership move reported by CNN, Bessent’s public messaging on tariffs and deficits highlighted by Bloomberg News, and his planned engagement at the U.S. Mint reported by Gaylord News point to a concentrated effort to align tax collection, trade policy revenue impacts, and currency operations under a cohesive Treasury strategy. For listeners tracking day to day decisions, the key signal is Bessent’s temporary stewardship of the IRS, which could accelerate changes in enforcement priorities, modernization initiatives, and taxpayer service benchmarks as the administration refines its fiscal and trade posture.Thank you for tuning in, and make sure to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

12 Elo 3min

Treasury Secretary Scott Bessent has moved into the center of multiple fast developing economic stories in recent days. According to CNN Editorial Research, President Trump on August eighth removed the Internal Revenue Service commissioner and tapped Bessent to serve as acting head of the IRS while the administration searches for a permanent replacement. CNN notes Bessent remains Treasury Secretary while assuming the IRS role on an acting basis, a rare consolidation that places him over tax policy and tax administration during a volatile period.CBS News Detroit reports the administration is preparing warning letters to countries that have not struck trade deals, signaling that higher tariffs could begin next month. The outlet also reports Bessent said substantial progress was made in talks with Chinese Vice Premier He Lifeng after prolonged weekend negotiations, tying his portfolio to the White House push for leverage ahead of potential tariff escalations.The Associated Press reports Bessent joined President Trump and Commerce Secretary Howard Lutnick in a White House meeting with Intel CEO Lip Bu Tan on Monday, a meeting that preceded the president publicly softening his stance after previously calling for Tan to resign. Intel shares rose in premarket trading after the meeting, according to the AP, highlighting the market sensitivity around semiconductor policy and the administration’s China technology posture.Bloomberg Tax reports Bessent has been central to articulating the administration’s approach to tariffs and deficits, with an interview published August eleventh framing how the White House aims to pair hard tariff deadlines with a broader economic program. While access requires a subscription, the piece underscores Bessent’s role as the administration’s explainer in chief on trade and fiscal direction.AOL Finance reports Bessent is managing blowback over his July comments about new Trump Baby Accounts, which he described at a Breitbart event as in a way a backdoor for privatizing Social Security. He has since walked back the remark on X, saying the accounts are additive and will supplement the sanctity of Social Security’s guaranteed payments, and affirming a commitment to protect seniors. The clarification indicates Treasury’s attempt to keep the initiative separate from broader Social Security debates while it rolls out implementation guidance.For listeners tracking headlines, the throughline is consolidation of tax authority through the acting IRS appointment, tariff brinkmanship with concrete warning letters imminent, direct engagement with China’s economic team, and high profile involvement in semiconductor policy discussions following the Intel meeting. These moves position Bessent as a pivotal actor in trade, taxes, and technology policy as deadlines approach.Thanks for tuning in, and please subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

12 Elo 3min

Scott Bessent has dominated headlines this week as his role as Secretary of the Treasury becomes increasingly pivotal in the Trump administration’s ongoing trade standoff and economic maneuvering. Appearing on major news programs, Bessent emphasized that countries failing to finalize trade deals with the United States will see their tariffs revert to the higher levels set back in April beginning this August. According to CNN, Bessent outlined that while President Trump’s 90 day tariff truce is expiring, there will be a brief grace period for negotiations but not a new deadline. He indicated that Trump will soon notify key trading partners of the imminent tariff hikes unless progress is made, reinforcing the administration’s tough stance. Only two preliminary trade agreements, with Vietnam and the United Kingdom, are confirmed so far, and efforts continue with China and several other nations.Further heightening tensions, Bessent dismissed coordinated attempts by BRICS countries to counteract new tariffs, telling Fox News that despite the rhetoric, all countries remain eager for U.S. market access. He specifically downplayed the unity of the BRICS bloc, saying their recent meetings were largely symbolic and stating that negotiations with eighteen trading partners have already yielded substantial deals with two thirds. In parallel, leaders in Brazil and India discussed developing a collective response, as Brazil and India each face fifty percent tariffs unless substantial concessions are reached. Bessent remained firm that the U.S. is looking for real progress, not just dialogue.In a separate dramatic development, NBC News and the Vernon Reporter both confirmed that Bessent will temporarily serve as acting Internal Revenue Service Commissioner. This move follows President Trump’s abrupt dismissal of Billy Long, who had served less than two months and marks the sixth leadership change at the IRS this year. With this appointment, Bessent now simultaneously holds two key financial leadership posts.Finally, Reuters reported that Bessent is leading a broad search for the next Federal Reserve Chair to replace Jerome Powell. The expanded list of candidates demonstrates Bessent’s central role as the administration seeks a Fed chief who supports lower interest rates, aligning with ongoing presidential pressure on monetary policy.Bessent’s actions this week underscore not just the intensity of current trade talks and economic policy friction, but his emergence as one of the most influential figures in the administration’s financial and geopolitical strategy. Thanks for tuning in and be sure to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

10 Elo 2min

Scott Bessent, the current US Secretary of the Treasury, has dominated headlines over the past several days amid a flurry of new trade policy maneuvers and mounting global tensions. Early this week, Bessent warned that countries that do not finalize trade agreements with the United States will soon revert to pre-negotiation tariff rates, referencing the expiration of a 90-day pause on most tariffs initially announced in the spring by President Trump. According to an interview on CNN, letters outlining new import tax rates are set to be delivered to multiple trading partners, with Bessent arguing that these escalating tariffs are not a new deadline but a return to original policy unless other nations accelerate the pace of negotiations.Despite only clinching two preliminary deals so far—with the United Kingdom and Vietnam—Bessent indicated more agreements are imminent, suggesting that countries will act quickly to avoid the reimposed tariffs. President Trump reinforced Bessent’s stance via his social media platform, clarifying that any nation aligning itself with the BRICS bloc’s anti-American trade policies will face an additional ten percent tariff, with no exceptions.The Trump administration’s approach has drawn criticism from both international leaders and former US officials. This past week, Scott Bessent publicly dismissed joint strategies being discussed by BRICS nations, describing their efforts as performative and reiterating that access to the US market remains highly sought after. However, this rhetoric was met with strong objections. Former US diplomat Evan Feigenbaum labeled the administration’s attitude "strategic arrogance," suggesting that overreliance on US leverage risks damaging trust and future cooperation with key partners.Domestically, Bessent has also been thrust into the spotlight for his involvement in federal leadership changes. Following the abrupt removal of Billy Long as IRS commissioner, Bessent was tapped to serve as acting commissioner according to administration officials, marking another expansion of his influence in federal economic policy decisions.Meanwhile, the Treasury Secretary has become a central figure in the ongoing search for a new Federal Reserve chair. Sources cited by Reuters and the Wall Street Journal confirm Bessent is leading a wide-ranging search, with a list of candidates that includes former Fed officials and economic consultants, some of whom support the administration’s call for lower interest rates. This comes as the administration pushes forward with economic policies that independent economists warn could create more headwinds than benefits, especially as tariffs are forecasted to raise at least three hundred billion dollars in government revenue this year—a burden Treasury Secretary Bessent has explicitly admitted will be borne by Americans.Thank you for tuning in. Make sure to subscribe. This has been a Quiet Please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

10 Elo 3min

Secretary of the Treasury Scott Bessent has been at the forefront of international economic diplomacy this week. On August fourth, Bessent met with German Vice Chancellor and Finance Minister Lars Klingbeil in Washington. Their conversation highlighted President Trump's recent and historic trade agreement between the United States and the European Union. Bessent took the opportunity to publicly thank Minister Klingbeil for Germany's commitment on international tax cooperation, signaling continued American focus on global tax policy standards. Another key topic in the meeting was the situation in Ukraine. Bessent emphasized that securing peace in Ukraine remains a central objective for the Trump administration. He encouraged Germany to sustain strong security and defense collaboration with the United States in the effort to support Ukraine and broader European stability. This dialogue underscores Bessent's role in aligning economic and geopolitical strategy among Western allies, amid ongoing challenges in Eastern Europe and evolving transatlantic economics, as noted in a press release on the Treasury Department website.In domestic news, President Donald Trump clarified this Tuesday that Scott Bessent will not be considered for the role of Federal Reserve chair, putting an end to weeks of speculation about Bessent’s possible appointment to lead the central bank. In a CNBC interview, Trump explained that he personally asked Bessent if he wanted the Federal Reserve role, but Bessent reaffirmed his commitment to his current Treasury position. Trump emphasized that Bessent would remain in his current cabinet post, solidifying his status as a key figure in shaping White House economic and trade policy. Bessent, a prominent former hedge fund chief before taking the Treasury role, has become a leading advocate within the administration, particularly championing Trump’s agenda and voicing open criticism of the Federal Reserve’s cautious stance on interest rate cuts. The current Fed chair, Jerome Powell, will see his term end in May twenty twenty six, and while the administration has often expressed frustration with Powell, Trump’s latest decision keeps Bessent at Treasury during a pivotal period for fiscal policy.Listeners, this has been a highly active period for Scott Bessent as he navigates critical roles in both domestic monetary debates and international diplomacy. Thank you for tuning in and do not forget to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

5 Elo 2min