No recession risk for US economy as a whole after $11 billion shutdown hit, Bessent says [View all]
Source: Reuters
November 23, 2025 12:22 PM EST Updated 5 hours ago
WASHINGTON, Nov 23 (Reuters) - Treasury Secretary Scott Bessent on Sunday said the 43-day government shutdown caused an $11 billion permanent hit to the U.S. economy, but he was optimistic about growth prospects next year given easing interest rates and tax cuts.
Bessent told NBC's "Meet the Press" program that parts of the U.S. economy that are sensitive to interest rates, including housing, had been in recession, but he did not see the entire economy at risk of negative growth.
He blamed the services economy, not U.S. President Donald Trump's sweeping tariffs, for inflation - repeating the Trump administration's longstanding take - and added that he expected lower energy prices to drive down prices more broadly.
Trump has focused intensely on affordability in recent weeks after Democratic wins in state and local elections and his declining approval ratings - now at 38% - the lowest since his return to power, according to a recent Reuters/Ipsos poll.
Read more: https://www.reuters.com/world/us/no-recession-risk-us-economy-whole-bessent-tells-nbc-2025-11-23/
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