Treasury Secretary Scott Bessent: No Recession Expected in 2026, Though Some Economic Sectors Face Challenges
November 23, 2025 — Treasury Secretary Scott Bessent shared a clear view of the U.S. economy. In an NBC News interview on Meet the Press, he said the nation will not slip into a recession next year. He noted that some sectors still face pressure.
Optimism for the Economy in 2026
Bessent spoke with clear ties between ideas. He sees strong growth with low price rises. He points to rules on trade and taxes from the Trump era as key factors. He believes these changes give American workers and businesses a better chance to gain funds.
"We have set the table for a very strong, noninflationary growth economy," he said. "The country is ready to move forward as growth climbs."
Impact of the “One Big, Beautiful Bill Act”
Bessent ties part of the good news to a law called the One Big, Beautiful Bill Act. This law comes from GOP spending plans. It sets many tax cuts from President Trump in 2017 in place for good. It adds rules to make money matters easier for many people. For instance, there is a bonus for seniors to ease Social Security taxes, more room for state and local tax relief, and breaks for tip earnings, overtime pay, and auto loans. Each rule brings cash closer to the people and helps spend more.
Healthcare Costs and Policy Outlook
Bessent looked at health costs next. He sees plans that make care more affordable. Right now, Congress is split on extending rules for the main health plan. This split makes care cost more for many. He hinted that new steps will come soon to help ease these rising costs.
Sectoral Struggles Amid Growth
Bessent sees signs of strain in areas like housing. The slow pace and reliance on loans show a mixed picture. Some jobs tied to interest rates do not move as fast as needed. Prices in services still climb, yet falling energy prices may help slow these climbs soon.
Economic Comments from Others
Kevin Hassett from the White House National Economic Council shared a similar note. He pointed out that the fourth-quarter data may seem soft because an extended 43-day government shutdown slowed many tasks. This shutdown is the longest one in U.S. history.
A recent NBC poll shows that about two out of three registered voters feel the Trump team did not do enough about the economy and living costs. In a JPMorgan Cost of Living Survey, those with higher incomes rated their view of the economy as 6.2 out of 10. In contrast, lower-income respondents averaged just 4.4. ### Conclusion
Treasury Secretary Scott Bessent sees no recession for 2026. He links steady growth to past trade and tax work. Yet he adds that some areas, like housing and fields that need loans, need extra care. Health costs also press many amid a split in Congress. As new laws take hold and talks continue, the path of the economy will hinge on solving these pending issues.
For continual updates on the U.S. economy and policy developments, stay tuned to CNBC’s coverage.
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