HUNT VALLEY, Md. (TNND) — The Trump administration will rely on congressional approval for the president’s plan to match retirement account contributions, Treasury Secretary Scott Bessent said Tuesday night.
He told NBC News following the State of the Union that Republicans can use reconciliation – a method to bypass the Senate’s filibuster – to expedite the effort.
“We can do it through reconciliation, and again, you know, this is the president coming back for working Americans, those who have been left behind, the ones who don’t have the 401ks,” Bessent said.
President Donald Trump announced during his address that the government will match retirement contributions with up to $1,000 each year. He said that all Americans should be able to profit from a rising stock market, noting that a significant share of people do not receive matching contributions from their employer.
“Half of all of working Americans still do not have access to a retirement plan with matching contributions from an employer,” Trump said.
“To remedy this gross disparity, I’m announcing that next year my administration will give these oft-forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker.”
During his address, the president described the effects his policies have had on retirement accounts – and the economy as a whole – as positive. His tariffs, which the Supreme Court recently ruled are illegal, have caused a “stunning” economic turnaround, and his tax cuts have helped seniors, blue-collar workers and other Americans save more, according to Trump.
Many economic experts believe, however, the worldwide tariffs harm American consumers and that the One Big Beautiful Bill Act mostly benefits the wealthy.
Senator Maggie Hassan, the top Democrat of Congress’s Joint Economic Committee, said in a statement after Trump’s address that hardworking people know they are worse off than they were a year ago.
“When President Trump took office, he promised to bring down costs. Instead, he continues to double down on his reckless and illegal tariffs that have pushed prices even higher,” Hassan said.
“The President’s agenda of personal revenge, chaos, and corruption is helping no one besides himself and his billionaire allies,” the senator added.
Trump has said that he inherited problems with affordability – a subject Democrats have used to resonate with voters. He asserted during the State of the Union that the lawmakers have leveraged the word despite knowing that they caused higher costs for the country.
Have questions, concerns or tips? Send them to Ray at rjlewis@sbgtv.com.
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