Treasury chief stumped when senator reads Trump’s own words back to him

U.S. Treasury Secretary Scott Bessent testifies before the Senate Finance Committee hearing on President Donald Trump's Fiscal Year 2027 budget request for the Treasury Department, on Capitol Hill in Washington, D.C., U.S., June 3, 2026.

While appearing before the Senate Finance Committee on Wednesday, Treasury Secretary Scott Bessent struggled and failed to justify a recent assertion by his boss, President Donald Trump, leading to a tense back and forth.

The exchange began when Senator Maggie Hassan (D-NH) asked Bessent about Trump’s recent assertion that he doesn’t “think about Americans’ financial situation” when considering his conduct regarding the war with Iran. The president made this statement in mid-May — which he later defended as “perfect” — prompting outrage from Americans struggling with rising prices.

When asked about the comments on Wednesday, Bessent attempted to dodge, saying, “I believe his remarks were taken out of context.”

But Hassan would not be dissuaded so easily, saying, “Here's what he said. He said, quote, ‘I don't think about Americans' financial situation. I don't think about anybody.’ So I'm asking you… Do you think about how the American people are paying more for gas, groceries, and utilities since the president clearly said he didn't? And you speak with the president regularly. Are you trying to tell him the truth about how much costs have increased for the American people?”

“Well, senator,” Bessent argued, “I'm going to have to disagree with you on some of that, because I have groceries are going down. Since President Trump took office, food prices — or as many people like to call them, ‘groceries’ — food at home in the statistical data is up 2.5 percent.”

“When's the last time you were in a grocery store?” Hassan asked. “Because my husband and I were just in one, and look: the average Granite Stater has paid $3,000 more since Donald Trump took office for basic goods and services. Meanwhile, the country lost 100,000 manufacturing jobs in 2025. So do you tell the president this information or not?”

“Again, senator,” Bessent stammered, “The… except for inflation, which is, I believe, going to be a short-term blip, the economic data is very strong. The jobs data has been very strong. The manufacturing has been very strong.”

“No, actually that's incorrect,” asserted Hassan. “So let's move on, because what is very clear to me is that neither you nor the president nor this administration are willing to acknowledge how much more people are paying at the gas pump, at the grocery store, in utilities, for health care, for all aspects of American life.”

Try as he might, Bessent could not squirm past hard numbers. Hassan is right. When Trump made the controversial statement, the war had been going on for over two months, over the course of which the price of gas rose by roughly 50 percent. The latest numbers show that Americans have spent an extra $500 per household on gas alone since the war began, with Fortune reporting that the war has put a $100 billion burden on taxpayers overall, and prices are not expected to ease for months to come. What’s more, since Trump returned to office, the U.S. has lost between 80,000 and 110,000 manufacturing jobs, while healthcare premiums and other costs have increased precipitously.

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