mr. bessent: they are.cessary, probably necessary to move forward with the democratic process. vonnie: you can catch the rest of that interview online at bloomberg.com and the terminal. let's check the markets as we head toward the 1:00 p.m. hour. the s&p 500 down three quarters of 1%. a bit of a selloff. some names have run up. you have crews liners like palantir lower. somebody is buying bitcoin. it is making a run for $98,000 per coin. that does it for "bl markets." this is bloomberg. . morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management you think those phone guys will ever figure out how to keep 5g home winternet from slowing downh more confidence... during peak hours? their customers have to share a wireless signal with everyone in their area. oooh. you know, it's kinda like when you bring a really big cake for your birthday, and then there's only a little, tiny sliver left for the birthday girl. aw. well, wish her a happy bi

mr. bessent. particularly happy to hear that he's got no big plans to change the quarterly refunding issue for now. there was some concern once the new president came in that there would be higher issuance of long-term bonds. the u.s. treasury would be looking for ways to fund the expansion. particularly some of the revenue they may get from taxation or other measures. they need to issue more bonds. that doesn't appear to be the case for now. he's saying that there's no need to do anything with the long end. that's music to the ears of the bond market. they are happy to hear that. there will be plenty of issuance in the short end. we are seeing a flattening of the yield curve. that's been the major theme for the past few days, that's continuing to happen. we've seen revival in interest in the 30 year sector for example in the treasury curve. there's not so much that he can actually do. he would like 10 year yields down lower. presidents and treasury secretary's web. a lot of this is out of their h

mr. bessent.u but if you have to choose china does three times the business you do. when you go chapter and verse across different categories and commodities and technology in automotive. what you find china is much bigger than it's generally given credit for in the west. i think that's why both sides stand to lose in a trade war unit might be a bit more messy than consensus seems to think right now. >> the notion that one part of the plan the strategy that articulated by president trump to bring manufacturing back. we seen over the last three or four years the reassuring are on shoring phenomenon, cannot grow? >> it can. and i think it will. that requires a fundamental shift in the way the world works for the last 40 or 50 years the way the world has worked is america's role in particular the last 25 years is to supply china, the dollars to buy up assets around the world, we have to run deficits and hollow water manufacturing our defense base. if we want to reverse that, that means we have to get

mr. scott bessent. secretary scott bessent, like that sound secretary bessent. >> thank you, larry. larry: we appreciate it. you thought about this flap that is developing i hear about 5 year or edward lawrence reports 5 year extension. not a 10 year? or other flotsam and jetsam to interfere with trump tax cut. >> president trump has a mandate he came in to do big things could one big thing, is make 2017 tax cuts and job act permanent, that will be a continued to make u.s. the number one economy in the world, in terms of growth we'll bring down inflation, we'll cut regulations, and we'll get the tax cut the goal is for them to be made permanent. as you just said we'll use current policy scoring. >> great. >> the scoring that up until a year ago i was a ci civilian, i have been looking at cbo numbers for 35 years, i never understood the way that scoring worked it is at this . -- tilted toward spending that is why the spends has gotten out of control in washington. larry: you want to lower spending, and lower the tax rates? and what law said you can't do both? is there a biblical cham

mr. bessent and white house advisors on trade matters, course, if i am confirmed.ator grassley: i have a short statement i want to read, then i will ask you to comment after i -- ask you to comment on it after i read it. while i think it is important to hold china to obligations under phase one agreement, i also fear it will keep us reliant upon chinese markets, so we need to be looking around the world at other markets. we need to balance short-term profitability with long-term stability. i have for a long time voiced my own concerns about unfair trade practices by china and i hope you and president trump are successful in holding china accountable on issues including fed to know, -- fentanyl, international property theft and government subsidization. i believe we must pursue freer trade with other countries to create new markets so we can move away from china without losing even more global market share, commodities to brazil and other countries. free-trade agreements negotiated under george w. bush that resulted in large trade surpluses in key industries like ag

joining us now treasury secretary scott bessent. mr. treasury secretary, thank you for having us. >> bret, good to see you. >> bret: this is quite a room. >> quite a room. quite a building. >> bret: i want to start with peter started with the negotiations. you recently traveled to ukraine you met with president zelenskyy. what's your take where things stand as this all gets underway in saudi arabia. >> bret, i think this is all part of -- president trump is doing exactly what he said during the campaign and one of the things that he said was he would see a quick end to this russia-ukraine conflict. and he has shared with his cabinet his plan for ending this. and i tell you, it is as elegant plan as i have ever seen. part of my trip was to go and tell ukrainian people that we wanted an economic partnership with them president trump's vision is bring the ukrainian people and the american people closer together economically, showed the ukrainian people that we support them. show the american people people that the money that is going in tw

mr. bessent, and the person who ran the payment system, and said, we're in charge. that's basically what they did. then they got access to the computers. which means they have your social security and mine, they have information about our taxes, every individual in this country, their privacy has been put in jeopardy. think if this were the private sector. let's say you're jamie dymond and you run jp morgan, and five kids show up at your bank and they say, hey, mr. musk sent us, give us access to the computers, and they have access to all the individual information, company information, of the folks who work with j.p. morgan. that's what happened. and it's not really apparent to all the american people what is happ happening. it's the folks who are directly impacted by this, the folks at usaid who don't have a job, the folks at wells river clinic who are operating on a marginal -- on the tightest of margins, that have suffered and don't know whether they'll be able to keep the lights on. it's the woman, the mom, who had, finally after months and months of trying, a

scott bessent was in the ukrainian capital for meetings with mr. told ukraine's president that the u.s. wants to send a signal it will stand with his country in the face of russian aggression. they discussed a possible deal in which ukraine would sell rare earth minerals in return for military support. let's talk about this with the president of kyiv's school of economics and former ukrainian economic minister. great to have you back on bbc news. i want to start with what we heard from president trump in the oval office. he was asked about whether he sees ukraine as an equal player in this peace process and he said ukraine has to make peace, referring to the civilians who are dying in ukraine. what did you think of that? >> overall the events of today and the sequence, that first president trump called president putin and only then called president zelenskyy, specific statements about no nato, no troops, it sort of was expected but this is all perceived as sort of not quite a sellout of ukraine but definitely ukraine does not feel to be an equal pa

on monday that charges treasury secretary scott bessent and howard lutnick, trump's nominee, to lead the commerce department, with beginning the process. mr7 technologies 7 future. and technologies of the future. this of the us this announcement of the us sovereign wealth fund is news news that is heats that is iiikeiit; fantastic news that is likely to greatly accelerate us economic growth shore us economic grdwtbabta'sbors up us security economic grthbano'sbors up us security a economic grthbano'sbore up us security a time national security at a time when we are coming under iglcgeasing from when we are coming under insceasing from china. increasing threat from china. to answer your question, what is a sovereign wealth fund? it is a sovereign wealth fund? it is a sovereign wealth fund? it is a on the us government is a on which the us government would take equity stakes, it would take equity stakes, it would be acting as a giant venture capitalfirm, taking venture capital firm, taking equity in venture equity sta keslinjoint mental re are being equity sta keslinjoint mental re the |re being equity sta keslinjoint mental re the country's

larry: there you have it pass-fail and current policy scoring scott bessent, joining us to talk about this, north dakota senator mr, thank you so much. senator cramer, you feel most of republican senators, buy into i'll call it mike crapo's idea, that it is current policy, that means for viewers, just means, that trump tax cuts paid for themselves they did then, they are now, they will in future. you don't need to score them as five trillion deficits, that actually, barack obama used the same convention, back in 2012 to keep george w. bush tax cuts, that is called current policy, don't score it stop fretting about it, really. >> true. in fact, i don't know many if any, maybe one or two, republican senators who don't agree. and largely because, we all know mike crapo to be main of honor, and he understands this stiff. but -- secretary bessent is right, if we fail, it is a 4.3 trillion dollar tax increase. cbo scores, the other way, they score that as revenue, and interestingly with spending, they use current policy. larry: right, there -- true, they don't score the spending increases. >> no. larry: just tax cuts. i

mr. steve miller. please don't miss or first interview with treasury secretary scott bessent, since he was confirmed, hedo that tomorrow at 4:00 eastern, live from washington, d.c. treasury man scott bessent will join me on set, washington bureau, i'm kudlow be right back. (♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com progressive makes it easy to see if you can save money with a commercial auto quote online so you can get back to your monster to-do list. super helpful. see if you can save money at progressivecommercial.com. thank you. gum problems could be the start of a domino effect parodontax active gum repair breath freshener clinically proven to help reverse the 4 signs of early gum disease a toothpaste from parodontax, the gum experts. (auctioneer) let's start the bidding at 5 million dollars

mr. steve miller. i have all kinds of things. folks don't miss the exclusive first interview with treasury secretary scott bessent since being confirmeddo that tomorrow at 4:00 eastern, live from washington dc. treasury man scott bessent joining me onset. i'm kudlow, be righted back. my name's dan and i live here in san antonio, texas. i ran my own hvac business and now i'm retired. i'm not good being retired. i'm a pain in the neck. i like to be able to have a purpose. about three or four years ago, i felt like i was starting to slip. i saw the prevagen commercials. after a short amount of time taking prevagen, i started noticing a difference-- i stopped taking prevagen and i found myself slacking back so i jumped right back on it. i've been taking prevagen for about two years now, and i've found a huge difference. prevagen. for your brain. (traffic noises) (♪) the road to opportunity. is often the road overlooked. (♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. we are on a mission to visit ev

bessent here last evening on the show. joining us to talk about it all, north dakota senator, mr.ss-claimer and ohio state bernie plano. moreno. senator crapo's idea that it's current policy and means for viewer, i don't have to go to the baseline but trump tax cuts paid for themselves and they did then and they are now and they will in the future. barack obama used the same one for the tax c cuts and that's sp fretting about it. is that true, really? >> that is true. i don't know many, if any, maybe one or two republican senators that don't agree with that. largely because mike crapo is a man of honor and understands this stuff better than the rest of us, but the explanation is clear, secretary bessent is exactly right. if we fail, it's a 4.3 trillion tax increase. cbo scores the other way. they score that as revenue and interestingly when it comes to spending, they use current policy. l they don't score the spending increase but the tax cut. >> they're off by $4 trillion last time. only that. larry: only that much. they admitted yesterday, 1 point 1.9 trillion, actual revenue, c

mr. trump want to negotiate peace with hon narrow angle that lasts or peace through weakness that rewards the kremlin". treasury secretary scott bessentitical rare earth minerals and half of those minerals are currently in russian occupied hands. zelensky is slated to meet jd advance in municipal ick and going to be left out of negotiations and he's not seen a viable plan from the u.s. side. secretary hegseth's final stop in poland, ashley, where the u.s. has 8,000 troops, he praised eastern nato frank member "poland is spending 5% of gdp on defense already, which is a model for the continent". ashley. ashley: jennifer griffin. jennifer, thank you so much as always. now this, hamas is respecting trump's saturday deadline. they're going to release three more hostages tomorrow. jameel jaffer joining me now. jameel, the ceasefire seems fragile and what happen ifs hamas doesn't return the remainder of the hostages still in captivity? >> well, ashley, president trump was very clear about this earlier this week and said "all hell will break loose if hamas doesn't move forward at a minimum of 300 agreed to and possibly a significant number m

bessent has improved doge's lawful access to unclassified records and systems to facilitate this integration. despite rants from democrats and media figures, no evidence supports the allegation that mr. mosk or anyone else has unlawfully accessed or seized sensitive data grid any access is strictly regulated and the role of doge is focused on modernizing outdated systems, not compiling private information. the real threat to americans' privacy has come from unchecked bureaucracy that is missed manage data security for decades. the performance -- reforms proposed by mr. trump and implemented by mr. muska are -- musk are to prevent overreach and not overspending. guest: that is cold comfort to people whose personal information, banking data, social security numbers are being by all accounts transferred to insecure at laptops and are available for cyber criminals or russians and chinese and iranians to easily hack in and potentially empty out our bank accounts. host: what evidence do you have of that happening? guest: that has been asserted by the career civil servants who have managed these accounts for decades, under democratic and republican's and has never been political officials

mr. musk. instead, we've had a series of misleading and conflicting statements by treasury secretary bessent. after receiving public blowback it appears that secretary bessent is now trying to throw the federal research under the bus. he claims that doge can't meddle with the payment systems because all the map the fed is in control. i'm not sure where s.e.c. bessent doesn't understand how the system workings or if he's just trying to shift the blame to you but i know he is wrong. the fed simply executes the france actions that treasury instructs. if elon and his hackers, for example, initiate instructions to choke off payments to their enemies or if they issue instructions to shut down payment for teachers aids for kits with international needs, the fed may have no way of knowing and the fed may have no legal method to override them. chairman powell, next 1 months may define your legacy and the country's trust in the fed as an institution. i expect that you will work with democrats and republicans if doge's next move is too try and commandeer the fed's payment system. unlike the treasury unl

mr. vote. but in terms of voting for or against the nominees, even just as a symbolic measure, democrats are voting for some of these guys. the treasury secretary, scott bessentats voted with him. pam bondi got 54. that means democrats voted for her. doug burgum got 79, doug collins 77 for veterans affairs. i can go down this list. rubio got 99 votes, almost unanimous. all the democrats going along. you yourself, senator, have voted for eight of the 13 confirmed cabinet nominees. why vote for any of them? why not simply withhold democrats consent for anything, including the budget that's coming up? vote for nothing. >> okay. >> i just on my own. >> i'm sorry you voted against it. you voted against. >> eight. >> against vote against it. i voted against bondi. i'm voting against tulsi gabbard. and like nearly all my colleagues, i'm voting against kennedy. and of course, i'm going to vote against kash. patel had been one of the people leading the charge against kash patel. so i have voted against a majority of these people, and i believe that they are dangerous for america. so let me start out with that. secondly, it is the question to ask joy is what are the re

bessent: i only had my own firm for eight years. i worked with mr. soros, with stan druckenmiller.eedback mechanism. i think i had the best position. i am on the white house campus. i can be in the oval office in four minutes. there is proximity. not like elon musk, president trump is committed to shaking up the status quo. he came in with a mandate and he is moving on it quickly. michael: urate -- jonathan: you're a total gentleman and you've been generous with your time. thank you for being a friend to this program. secretary bessent of the treasury. let's turn to the markets. bond yields down a couple of basis points. on the two year we are unchanged. tyler tyndall is in miami. welcome back to the program. we are not turning out the debt for quite a while, the message from the treasury secretary. tyler: numerous headlines out of this when we are talking about the deficit and the debt limit. i was struck by how he said he would have his first conversation with his chinese counterpart tomorrow for tickly as we hear tariffs take center stage. president trump yesterday floating incr

mr. musk. instead, we've had a series of misleading and conflicting statements by treasury secretary peasant. after receiving public blowback, it appears that secretary scott bessent is now trying to throw the federal reserve under the bus. he claims that doge can't meddle with the payment systems because ultimately, the fed is in control. now, i'm not sure whether he doesn't understand how the system works or if he is just trying to shift the blame to you. but i know he is wrong. the fed simply executes the transactions that treasury instructs. if elon musk and his hackers, for example, initiate instructions to choke off payments to their enemies, or if they issue instructions to shut down payment for teachers aides, for kids with special needs, the fed may have no way of knowing that the instructions were manipulated and the fed may have no legal right to override them. chair powell, the next 18 months made to find her legacy and the fed as an institution. i expect that you will work with democrats and republicans in congress if the next move is to try to commandeer the fed payment system. i also expect that you will not join the conspiracy to shutter the cf pd.

treasury, scott bessent, this will be an added tool for somebody strong and tough like he to utilize, to create this economic trade stability and fairness, particularly with china. with that, mr. chairman, i thank you and i yield back. mr. hill: mr. speaker, i reserve. the speaker pro tempore: the gentleman reserves. the gentleman from -- the chair recognizes the gentleman from california. mr. vargas: thank you very much, mr. speaker. mr. speaker, i have no further speakers and i'm prepared to close if the gentleman from arkansas has no further speakers. mr. hill: i'd tell -- mr. speaker, i say to the gentleman that i have one more speaker. the speaker pro tempore: the gentleman reserves. the gentleman from arkansas is recognized. mr. hill: mr. speaker, thank you. i yield two minutes for one of the newest members on the house financial services committee, the committee whip, the gentleman from florida, mr. haridopolos. for two minutes. the speaker pro tempore: the gentleman is recognized for two minutes. mr. haridopolos: thank you, mr. chairman. as a new member of congress, i'm honored to be on the floor today to support this good bill. for decades it's been suspected that ch

mr. musk and those on his team who have worked their way inside. that is senator elizabeth warren writing to treasury secretary bessent.e would love to hear your thoughts on that and the influence of elon musk, of doge. do you support it? david in minnesota, republican, what do you think? caller: well, i think we have to sit back and realize what is going on. when you sit down and think on this, on this usaid, it is that they are looking to see because like they say there is money being spent that was done for the wrong purpose, and this has been going on for years. and the biggest thing is that first thing out of the left was, oh, he is going to affect social security and he is going to affect this. social security has nothing to do with usaid. so i don't know where they come up -- there is too much hatred in this country to the left and right. how can we actually unite people to get into the facts of how much money is being wasted or spent for things we should not even be spending it on? and yes, we have our checks and balances in government. but it is like the tariffs to canada and mexico. already, canada and mexico

bessent has improved doge's lawful access to unclassified records and systems to facilitate this integration. despite rants from democrats and media figures, no evidence supports the allegation that mrmosk or anyone else has unlawfully accessed or seized sensitive data grid any access is strictly regulated and the role of doge is focused on modernizing outdated systems, not compiling private information. the real threat to americans' privacy has come from unchecked bureaucracy that is missed manage data security for decades. the performance -- reforms proposed by mr. trump and implemented by mr. muska are -- musk are to prevent overreach and not overspending. guest: that is cold comfort to people whose personal information, banking data, social security numbers are being by all accounts transferred to insecure at laptops and are available for cyber criminals or russians and chinese and iranians to easily hack in and potentially empty out our bank accounts. host: what evidence do you have of that happening? guest: that has been asserted by the career civil servants who have managed these accounts for decades, under democratic and republican's and has never been political officials in

mr. president, maybe you. want to do a little bit less than that. >> i think we're still learning about that. what i can say is. >> there there's a lot. >> of speculation. and some thinking that scott. >> bessent really. >> played a role over the. >> weekend in trying to temper trump. remember on friday. >> the white house was telling. >> us that the tariffs would. >> take effect on saturday? >> they would. start getting. >> collected on saturday. >> then obviously we didn't see any. >> language until saturday evening, and once we got that, it said they. >> were. >> meant to take effect tuesday night. >> so even. >> that little bit of a delay there, it does appear that. somebody had some influence on him and. agreed to or made. >> him agree. >> to postpone. >> things just a little bit. but what i will also say is. >> that trump is a really firm believer that nobody gives. >> up something for nothing, and. >> that something has to be on the table, some sort of a punitive. >> tariff or. >> whatever else it. >> might be. >> has to be on the table. >> in order for anyone to agree to anything. >> and by going through this news. >> cycle. >> even if some of. >> these accomplishments. >> or agreement