EXCERPT:
BESSENT: “I think that Moody’s is a lagging indicator. I think that’s what everyone thinks of credit agencies. Larry Summers and I don’t agree on everything, but he said that’s when they — they downgraded the U.S. in 2011. So it’s — it’s a lagging indicator. And just like Sean Duffy said with our air traffic control system, we didn’t get here in the — in the past 100 days. It’s the Biden Administration and the spending that we have — have seen over the past four years. We inherited 6.7 percent deficit to GDP, the highest when we weren’t in a recession, not in a war.”