Treasury Secretary Scott Bessent said the U.S. housing market is in a recession due to high interest rates, and repeated his call for Fed cuts to lower mortgage rates.

Demand has shrunk in recent months because of ongoing affordability issues keeping homebuyers to the sidelines of the market, including stubbornly elevated borrowing costs, high prices and property taxes, and rising home insurance premiums and homeowners associations (HOA) fees.

U.S. Treasury Secretary Scott Bessent blamed Senate Minority Leader Chuck Schumer for prolonging the government shutdown, saying Democrats need to vote to reopen the government.

This comes after a public fallout between Musk and President Donald Trump, after the Tesla CEO criticized the Trump administration’s “One Big Beautiful Bill” over spending concerns.

Treasury Secretary Scott Bessent suggested that the Trump administration would need court guidance to disburse emergency funds for the Supplemental Nutrition Assistance Program (SNAP) benefits.

Treasury Secretary Scott Bessent pointed out Sunday on CNN’s “State of the Union” the administration’s cutback on government spending as

Treasury Secretary Scott Bessent said service members will miss paychecks by Nov. 15 if the government shutdown stretches on.

Treasury Secretary Scott Bessent suggested that the US eventually could allow high-end computer chips made by Nvidia Corp. to be sold to Chinese companies as he teased additional meetings between President Donald Trump and the Chinese leader Xi Jinping next year.