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SlateStone Wealth Chief Market Strategist Kenny Polcari discusses Argentina’s foreign money disaster as President Donald Trump gives a monetary lifeline on ‘The Massive Cash Present.’
Treasury Secretary Scott Bessent hit again at Sen. Elizabeth Warren, D-Mass., defending the Trump administration’s resolution to offer Argentina a $20 billion foreign money swap line with Argentina’s central financial institution earlier in October.
Bessent’s response got here after Warren issued a letter voicing concern and requesting solutions on why the Trump administration was shifting ahead with offering Argentina a monetary lifeline as its economic system struggles, notably throughout a U.S. authorities shutdown, which began Oct. 1.
“Now we have been compelled to prioritize mission-critical efforts essential to the discharge of the President’s constitutional duties — together with nationwide safety and international monetary stability,” Bessent stated within the letter, obtained by Fox Information Digital and despatched to Warren Tuesday.
TRUMP IS USING THE GOVERNMENT SHUTDOWN TO DO SOMETHING NO PRESIDENT HAS EVER DONE
Treasury Secretary Scott Bessent hit again at Sen. Elizabeth Warren, D-Mass., defending the Trump administration’s resolution to offer Argentina a $20 billion foreign money swap line. (Andrew Harnik/Getty Photos / Getty Photos)
Bessent then accused Warren of displaying “Peronist views,” a reference to a former president of Argentina, Juan Perón, and Peronism, an ideology that espouses that the federal government ought to have management of the nationwide economic system, in accordance with the State Division’s Workplace of the Historian.
“There may be little shock — given your Peronist views on large authorities and freedom — that any such motion causes you nice anxiousness,” Bessent stated.
CNN first reported the letter.
Warren fired again at Bessent Wednesday and stated Trump was extra targeted on serving to an “ideological ally” relatively than addressing U.S. points through the shutdown.
“Finally, President Trump doesn’t look like thinking about meaningfully addressing any of our nation’s urgent issues which can be certainly ‘mission-critical,’” Warren stated in a brand new letter Wednesday. “As a substitute, throughout a authorities shutdown, his Administration is working to make direct purchases of a international foreign money — serving to an ideological ally, billionaire buyers, and main hedge funds whereas American farmers and staff miss paychecks and face rising prices for primary requirements.”
Sen. Elizabeth Warren, D-Mass., and the highest Democrat on the Senate Banking, Housing and City Affairs Committee, launched the No Argentina Bailout Act in October. (Al Drago/Bloomberg by way of Getty Photos / Getty Photos)
Warren, who’s the highest Democrat on the Senate Banking, Housing and City Affairs Committee, launched the No Argentina Bailout Act in October. The measure would bar the Trump administration from utilizing the Treasury Division’s Alternate Stabilization Fund, which offers financing to international governments, to help Argentina.
Warren’s workplace didn’t instantly reply to a request for remark from Fox Information Digital.
Bessent introduced Oct. 9 that the Treasury Division would interact within the foreign money swap settlement with Argentina’s central financial institution.
The transfer was made in an try and stabilize the peso by exchanging it for U.S. {dollars}, and Bessent stated in a social media submit that the U.S. “is ready, instantly, to take no matter distinctive measures are warranted to offer stability to markets.”
Since then, Bessent has floated issuing Argentina an extra $20 billion in financing, utilizing sovereign funds and people from non-public banks.
HERE’S WHAT TRUMP WANTS TO DO TO RESHAPE THE FEDERAL GOVERNMENT DURING THE SHUTDOWN
President Donald Trump greets President of Argentina Javier Milei as he arrives on the West Wing of the White Home Oct. 14, 2025, in Washington. (Kevin Dietsch/Getty Photos / Getty Photos)
“We’re engaged on a $20 billion facility that may complement our swap line, with non-public banks and sovereign funds that, I consider, can be extra targeted on the debt market,” Bessent stated Oct. 16.
President Donald Trump and President Javier Millei of Argentina have had a heat relationship since Trump took workplace. For instance, Milei was the primary international head of state to go to Trump following the 2024 election.
The Related Press and Fox Information’ Amanda Macias contributed to this report.
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