Treasury Secretary Scott Bessent on Sunday said the White House has nothing official to send people federal money that would go to health insurance companies under the Affordable Care Act, despite President Donald Trump promoting the idea in a social media post over the weekend.
"We don't have a formal proposal, but what I have noticed over time is that the Democrats give all of these bills Orwellian names, the Affordable Care Act, the Inflation Reduction Act, and we end up with just the opposite," Bessent said on ABC News' "This Week."
"You know, the Affordable Care Act has become unaffordable and the Inflation Reduction Act set off the greatest inflation in 50 years," he added.
Even with Trump floating the ideas on Truth Social, Bessent said the government must be reopened before any action is taken.
"We are not going to negotiate with the Democrats until they reopen the government," he said. "It's very simple. Reopen the government, and then we can have a discussion."
Trump, meanwhile, posted Sunday on Truth Social that tariffs on foreign goods mean "a dividend of at least $2,000 a person (not including high-income people!) will be paid to everyone."
His post began, "People that are against Tariffs are FOOLS!”
When asked about Trump's comments, Bessent told "This Week" that while tariffs initially bring a surge of government revenue, the long-term goal is to "rebalance trade"by restoring U.S. manufacturing.
That shift, he said, would eventually reduce tariff revenue and boost tax receipts.
"It's not about taking in the revenue. It's about rebalancing,"Bessent said.
Pressed on Trump's "dividend" promise, Bessent said he has not spoken to the president about it but suggested the benefit could take several forms.
"The $2,000 dividend could come in lots of forms and lots of ways," he said, adding that it could include tax relief such as Trump's proposed elimination of taxes on tips and overtime pay.
Last week, the Trump administration defended its tariff policy before the Supreme Court, arguing the president has the authority to impose duties on foreign goods.
Critics contend that the tariffs act as a tax on American businesses and consumers and that Trump exceeded Congress' constitutional power to tax.
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