Treasury Secretary Scott Bessent downplayed the impact of Moody's downgrading the U.S. government's credit rating in an interview on Sunday. Moody's Ratings on Friday downgraded the U.S. credit rating by one notch, from the highest tier Aaa to Aa1, citing concerns over the rising national debt and widening budget deficits. "And just like Sean Duffy said with our air traffic control system, we didn't get here in the past 100 days," he added. "It's the Biden administration and the spending that we have seen over the past four years," the treasury secretary continued. "We inherited 6.7% deficit to GDP, the highest when we weren't in a recession, not in a war. And we are determined to bring the spending down and grow the economy." Bessent was asked about the downgrade in an appearance on NBC News' "Meet the Press" and said the downgrade was mainly in response to the fiscal conditions the Trump administration inherited. "First of all, I think that Moody's is a lagging indicator, and I think that's what everyone thinks of credit agencies," Bessent said. "Larry Summers and I don't agree on everything, but he's said that when they downgraded the U.S. in 2011. So it's a lagging indicator."

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