US_ Bessent Says He Doesn’t ‘Put Much Credence’ in Moody’s Downgrade

THE EPOCH TIMES

Bessent Says He Doesn’t ‘Put Much Credence’ in Moody’s Downgrade

Treasury secretary said that growing the economy faster is more important than ’the potential growth of the debt.’

U.S. Treasury Secretary Scott Bessent speaks during a news conference in Geneva on May 12, 2025. Fabrice Coffrini/AFP via Getty Images

By Jacob Burg
5/18/2025 Updated: 5/18/2025


Treasury Secretary Scott Bessent said on May 18 that he is not worried about Moody’s recent downgrade of the United States’ Aaa credit rating to Aa1, and defended President Donald Trump’s tariffs and his sweeping tax cut bill.

Speaking on CNN’s “State of the Union with Jake Tapper” on May 18, Bessent said Trump’s bill, which would extend the 2017 tax cuts under the president’s first term, would surge a level of economic growth.

Bessent said that growing the economy faster is more important than “the potential growth of the debt.”

“So we’ve been trying to bring down the spending, and we are going to grow the revenue side. So we are going to grow the [gross domestic product] faster than the debt grows, and that will stabilize the debt-to-GDP [ratio],” he said.

Some Republican lawmakers are concerned that the bill does not do enough to address the growing debt. The United States currently owes $36.2 trillion.

The Committee for a Responsible Federal Budget projects that the current bill would add $3.3 trillion to the national debt, including interest, or “$5.2 trillion if its temporary provisions are made permanent.”

Moody’s Downgrade

On May 16, Moody’s Ratings downgraded the United States’ long-term credit rating from Aaa to Aa1, citing sustained rising debt, growing interest payments, and a lack of political action to rein in chronic budget deficits.

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