Treasury Secretary Scott Bessent addressed the need for congressional approval regarding President Donald Trump’s proposal to distribute $2,000 checks, sourced from tariff revenues, to U.S. citizens. Bessent made these comments during an appearance on Fox News’ Sunday Morning Futures.
Details of the Proposal
President Trump has highlighted the considerable revenue generated from U.S. tariffs this year. The proposal comes in response to rising public dissatisfaction with living costs. Speaking to reporters while on Air Force One, Trump indicated that these payments would be available to “everybody but the rich,” possibly rolling out next year.
Financial Implications
According to estimates, the plan could cost the U.S. government significantly more than anticipated revenues for 2025. The Committee for a Responsible Federal Budget projected the proposal at around $600 billion. This estimate aligns with the stimulus payments issued during the COVID-19 pandemic.
- U.S. net tariff revenue for the fiscal year ending September totaled $195 billion.
- Expected tariff revenue for the calendar year 2025 is about $300 billion.
Economic Outlook
Bessent expressed optimism that American citizens would begin to feel economic relief early next year. This relief is linked to the tax cuts enacted in Trump’s recent policy legislation. He anticipates notable changes in economic conditions within the first half of the year.
“I would expect in the first two quarters we are going to see the inflation curve bend down and the real income curve substantially accelerate,” Bessent stated.
