US Treasury Secretary Scott Bessent said on Sunday that he does not believe the country is heading toward a recession in 2026. Speaking on NBC News’ Meet the Press, Bessent confidently claimed that the US is moving toward strong economic growth without the kind of inflation people have been struggling with recently.
Bessent says no recession coming
During the interview, Bessent explained that several parts of the GOP’s large spending package, called the One Big, Beautiful Bill Act, are still being rolled out. Because of that, their full impact has not yet surfaced in the economy. “I am very, very optimistic on 2026,” he told NBC, adding that the administration has “set the table for a very strong, noninflationary growth economy.”
“I am very confident about 2026, because what we are going to see is the president has done peace deals, tax deals and trade deals [and] the ‘One Big, Beautiful Bill,’” Bessent continued, adding that the several parts of that legislation are “all kicking in.”
The new law makes Trump’s 2017 tax cuts permanent and also adds a special bonus for seniors to help offset Social Security taxes. It will also expand the state and local tax deduction. Apart from this, the plan offers tax breaks for tip income, overtime pay, and even auto loans, which Bessent said would eventually put more money back into people’s pockets.
Parts of the economy still feeling the strain
Bessent admitted that some parts of the economy are clearly under pressure right now, especially housing and areas that react quickly to interest-rate changes. He said the services sector is playing a major role in pushing prices up, but he believes falling energy prices will soon help bring some relief. “Clearly, housing has been struggling, and interest rate-sensitive sectors have been in a recession,” Bessent shared with NBC’s Kristen Welker.
Kevin Hassett, who heads the White House National Economic Council, also spoke on Sunday. He warned that economic figures from the fourth quarter may look a little weaker than expected because of the recent 43-day government shutdown.
A recent NBC News poll found that about two-thirds of registered voters believe the Trump administration has not done enough on the economy or the cost of living. A new JPMorgan Cost of Living Survey shows how differently Americans feel based on their income. Among the high-income respondents, the average confidence score was 6.2 out of 10, with more than half rating the economy between 7 and 10. Among the low-income respondents, the average score was 4.4.
US to announce lower health care costs
Probably one of the biggest concerns in the United States is the rising health care costs. Bessent, however, claimed that the health-care costs should soon become more affordable. He said the Trump administration will soon make an important announcement this week.
At the same time, he acknowledged the immediate challenge, suggesting a political deadlock in Congress over extending enhanced Affordable Care Act subsidies. Because lawmakers have not reached an agreement, health-care costs are expected to rise for millions of Americans for now.