Treasury Secretary Scott Bessent on Shutdown Day 2 10/2/25

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CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 2 October 2025

⏱️ 40 minutes

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Summary

As the federal government shutdown enters its second day with no resolution in sight, Joe Kernen and Becky Quick speak with CNBC’s Emily Wilkins about the ongoing negotiations between Democrats and Republicans and whether there is any chance of reaching common ground to pass a budget. Treasury Secretary Scott Bessent then joins to discuss the latest developments, including the economic impact of the shutdown, key sticking points in negotiations, the search for the next Fed chair, and the state of U.S. trade talks. Plus, CNBC’s Sharon Epperson breaks down upcoming tax changes for charitable donations, and Yahoo nears a deal to sell AOL. Emily Wilkins - 05:08 Sec. Scott Bessent - 20:10 Sharon Epperson - 39:21 Emily Wilkins, @emrwilkins Sec. Scott Bessent, @SecScottBessent Sharon Epperson, @sharon_epperson Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music, please.
0:04.3	Hi, I'm CNBC producer Katie Kramer.
0:07.0	Today, on Squawk Pod, another day, no government open.
0:11.9	This is different than other government shutdown.
0:14.4	I don't know, they all rhyme, but they're not all the same.
0:16.7	Our Emily Wilkins, with the latest out of Washington's blame game.
0:20.4	I think a lot of it is going to come down to trust. It's going to come down to discussions. It's going to come down to how comfortable senators feel. And the Treasury Secretary, Scott Besson, weighs in. You know, when I look at Chuck Schumer and Akeem Jeffrey, straight out of Brooklyn, makes me glad that I left New York in 2020. Funding, vote counting, polling, and politics.
0:40.2	If they want to shut the government down, then there are ramifications.
0:44.7	Also, the secretary is deep in the interview process for the next chair of the Federal Reserve.
0:50.4	You give us a name.
0:51.4	Oh, sure, Joe. Come a little closer.
0:54.1	Plus, AOL?
0:55.7	In the headlines?
0:59.1	And tax changes coming to charitable giving are Sharon Epperson with news you can use.
1:04.7	Of course you want to give the most that you can to charity and not think about the tax deduction, but people want to know about that.
1:11.1	It's Thursday, October 2nd, 2025. Squawk Pod begins right now.
1:17.1	Stand Becky by in three, two, one, cure, please.
1:22.1	Good morning, everybody, and welcome to Squackbox right here on CNBC. We're live from the
1:26.9	NASDAQ market site in Times Square.
1:29.1	I'm Becky Quick, along with Joe Kernan. Andrew is off today. And hey, we saw the first trading day of the fourth quarter of the year yesterday.
1:37.5	And it's second first, same as the first, new highs across the board for all the major averages.
1:42.1	And then if you take a look at what's been happening with the Treasury markets, you'll see that right now yields are a little
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