Treasury Secretary Scott Bessent testified before the House Financial Services Committee on Tuesday, defending his intervention in the U.S. bond market. He said the decision to buy back American debt last week was successful, even as yields on 10-year Treasuries climbed higher, topping 5 percent and reaching a 19-year high. Bessent suggested yields might have crept even higher without intervention.

He portrayed the Trump economy as delivering big gains, despite polls showing voters despondent about prices and the Iran war. Faced with Democratic questions on the high cost of living, Bessent blamed inflation on the Biden administration, though Trump has been in office nearly two years. "I tell people I feel like an emergency room doctor for people who have been backed over by a truck," he said. "You had to stabilize the patient, and now the patient is up and able to walk."

Bessent echoed Trump's promise of a $5,000 dividend to Americans if Republicans retain Congress in November. The plan could add over $1 trillion to the national debt and stoke inflation, but Bessent declined to offer details on funding. "I think putting more money in the American people's pocket should be an objective for everyone," he said.

The hearing turned tense as Bessent acknowledged rising yields reflect concerns about U.S. deficits, but offered no plan. He said a fiscal consolidation plan is coming. The Iran war has sent energy prices rising, stoking inflation. Bessent sparred with lawmakers for three hours, heckled by protesters.