Bessent pointed out that there is no guarantee that a recession will not occur.

Treasury Secretary Scott Bessent

U.S. Treasury Secretary Scott Bessent stated on Sunday that the Trump administration is focused on preventing a potential financial crisis that could be triggered by large-scale government spending in recent years.

Bessent said on NBC's "Meet the Press": "I can assure you that we would have fallen into a financial crisis. I have studied and taught this subject, and if we continue to maintain this level of spending, everything will become unsustainable. We are making adjustments to put everything on a sustainable path."

Since taking office, President Trump has prioritized reforming the government's financial situation. He established a so-called Department of Government Efficiency, led by Elon Musk, to implement layoffs and early retirement incentives across multiple federal agencies.

However, in the first month of Trump's presidency, the U.S. debt and deficit issues worsened, with the budget gap exceeding $1 trillion in February.

Bessent pointed out that there is no guarantee that a recession will not occur.

Recently, concerns about inflation and economic slowdown triggered by Trump's widely implemented tariff policies have led to market volatility. The S&P 500 index fell 10% from its February high on Thursday, entering correction territory, with market volatility sharply increasing.

Bessent believes that the current market correction is normal, and in the long run, Trump's pro-business policies will drive market and economic growth.

He said, "I have been in the investment industry for 35 years, and I can tell you that corrections are healthy. It's very normal. An unhealthy situation is when the market is soaring without restraint, leading to that kind of excessive optimism. That's what triggers financial crises. If someone had hit the brakes in 2006 or 2007, things would have been much better. We wouldn't have faced those issues in 2008."

Bessent also added, "I am not worried about the market. In the long run, if we establish good tax policies, reduce regulations, and ensure energy security, the market will perform very well. What I want to say is that a week's situation does not determine the direction of the market."

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