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Scott Bessent Tears Into Sen. Warren, Reveals Who Is Really at Fault for the Affordability Crisis

Dmitri Bolt
Dmitri Bolt  |  February 05, 2026 2:30 PM

Treasury Secretary Scott Bessent tore into far-left Massachusetts Sen. Elizabeth Warren on Thursday after she tried to pin the nation’s affordability crisis on the Trump administration. Bessent shot back that the administration is still cleaning up what he called the “Biden-Warren" economy, arguing that responsibility for the economic pain facing American families lies squarely with Democrats and the previous administration.

"Senator, it may be a bit nuanced for you," Bessent said. "But what President Trump is referring to is the media saying that the affordability crisis was generated by this administration, when it was you and President Biden who destroyed the buying power of the American people. So there is an affordability crisis, and you are front and center in it.

"So let me make sure that I understand," Sen. Warren replied. "Donald Trump is not saying that affordability, what's happening to families right now, is a hoax?" 

"He is saying that trying to lay that blame at this administration, rather than the Biden-Warren economy, is a hoax."

The Treasury Secretary later mocked Sen. Warren, after she described his answer to a question as a joke, telling her that the president has a joke about Warren that he wouldn't repeat. He then shared it.

"The President also made a joke about you that I won't repeat, Senator Warren," Bessent said. "Well, actually, I will, he said that he said he had reservations..."

The joke most likely was something along the lines of: the Senator was supposed to be at a dinner, but they couldn't find her reservations, a reference to the false claim that Elizabeth Warren has Cherokee ancestry.

"It got a lot of laughs," Bessent added.

The exchange comes as Secretary Bessent testified Thursday before the Senate Banking, Housing, and Urban Affairs Committee on the state of the U.S. economy, monetary policy, and President Trump’s economic agenda. It follows a heated appearance on Wednesday before the House Financial Services Committee, where several Democrats erupted at the Treasury Secretary. Rep. Maxine Waters told Bessent to “shut up,” while Rep. Gregory Meeks engaged in a shouting match with the secretary.