Treasury Secretary Scott Bessent appeared on NBC’s Meet the Press Sunday morning to address the escalating military conflict with Iran, telling moderator Kristen Welker that the administration is in a phase where it must “escalate to de-escalate.”
Responding to questions about whether President Trump is winding down or ramping up the war, Bessent argued the two concepts are not mutually exclusive. He pushed back against critics, specifically Senator Chris Murphy, who has suggested the U.S. is losing the engagement.
“That is wrong. We have demolished the Iranian capabilities,” Bessent said. He claimed the Iranian air force and navy have been “completely destroyed,” noting that U.S. forces are now focused on neutralizing missile systems and the factories that produce them.
The Secretary also addressed the possibility of further military expansion, specifically regarding Kharg Island. When asked if U.S. troops could be deployed to secure the island, Bessent stated multiple times that “all options are on the table.”
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He noted that General Caine and Secretary Hegseth are currently leading a campaign to destroy fortifications along the Straits of Hormuz.
The interview turned to the cost of the war and how the administration intends to fund it. When Welker asked if raising taxes was under consideration, Bessent dismissed the idea.
“Not at all,” he said, calling the question “ridiculous” and “terrible framing.” He argued that the U.S. already has a trillion dollars in this year’s budget for the military and that the President’s actions fall within his authorities under the War Powers Act.
“Actually, now we have plenty of money to fund this war. What we are doing is…this is supplemental,” he added.
One of the most contentious points of the discussion involved the Treasury Department’s recent decision to lift sanctions on certain Iranian oil tankers, a move Welker suggested could provide Iran with $14 billion in revenue. Bessent defended the move as a strategic maneuver to maintain “line of sight” on Iranian assets.
“In essence, we are Jiu-Jitsu-ing the Iranians. We are using their own oil against them,” Bessent said. He explained that by allowing the oil to flow toward countries like Japan or Korea rather than China, the U.S. is better able to “block accounts that the oil goes into.”
He concluded by stating that the $14 billion figure is “grossly overstated” and that the move prevents a global oil price spike that would have benefited the Iranian government.
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