Treasury Secretary Blasts New York Times: ‘Not the Paper of Record Anymore!’

Paul Riverbank, 12/4/2025Treasury Secretary slams NYT’s Trump coverage, sparking debate on media trust and political bias.

What could have been another policy talk quickly shifted tone. Bessent, his voice even but his words razor-edged, called out the Times’ coverage of President Donald Trump’s health as “100 percent fake.” He didn’t mince words, looking right at moderator Andrew Ross Sorkin: “You know, in 20, 30, 40, 50 years—The New York Times is no longer the paper of record.” There was a murmur through the room, a mix of surprise and discomfort.

At issue was a Times article painting Trump as sluggish, suggesting dwindling stamina and reporting that he’d nodded off in a West Wing meeting. Bessent scoffed at the notion. Grinning slightly, he said, “He only called me twice at 2 a.m. last week instead of three times.” It drew a few chuckles, but his main point stuck—he dismissed the story as flat out disconnected from reality as he’d experienced it.

His frustration wasn’t limited to Trump. When the topic slid toward Joe Biden’s fitness for office, Bessent pounced. He accused the Times of turning a blind eye to similar questions about Biden’s health, hinting at selective scrutiny. “Where was the New York Times?” he asked, echoing a feeling that’s become familiar in some circles—that glaring coverage gaps breed distrust.

He hammered the point with a stray fact: “We just had a three-hour Cabinet meeting yesterday, Andrew. For 10 months, the Biden administration did not have a Cabinet meeting. How are you going to invoke the 25th Amendment if the Cabinet secretaries never see the president—which they didn’t?” That line—more offhand than rehearsed—seemed to linger in the air.

The Times, for its part, answered firmly. A spokesperson stated, “The Times’ reporting is accurate and built on first-hand reporting of the facts. Name-calling and personal insults don’t change that, nor will our journalists hesitate to cover this administration in the face of intimidation tactics like this. Expert and thorough reporters like Katie Rogers exemplify how an independent and free press helps the American people better understand their government and its leaders.”

Despite Bessent’s forecast that the paper’s reputation would erode, the facts as of today suggest it’s still a juggernaut: nearly half a million digital-only subscribers gained just last quarter, stocks hovering near a 52-week high, digital audience at record levels. Yet he’s far from alone in feeling the media landscape has shifted—walk into any corner cafe and you’ll discover people skeptical about news, not always able to name the reason but certain something’s off.

The conversation at DealBook didn’t center entirely on media feuds. Bessent moved on to policy, where he’s on firmer ground. He pointed at inflation, arguing that it bites harder in blue states: “Affordability is worse in a blue state. There’s no debate. They’re 50 basis points higher inflation, the ten highest inflation rates are in blue cities.” Specific? Yes. Contested? Certainly.

He also rolled out the latest push from his department—the “Trump Accounts for children” program—framed as a way for Americans to more directly support kids in need. “Americans are the most generous and giving people in the history of the world, and there has never been a vehicle for them to be able to give directly to American children,” he said.

In a year heavy with political tension, the summit underscored how sharp the divides have become. Critical jabs aimed at the press, frustration about double standards, warnings about institutions losing public trust—these aren’t new. But the volume and urgency have increased, especially as the election calendar looms.

Some audience members left the event grappling with the bigger picture: If our institutions can’t agree even on the basics—who’s healthy, who’s telling the truth—what hope is there for finding common ground on the hard stuff? That question lingers, far longer than any summit headline.

For years, the stage of the New York Times DealBook Summit in Manhattan has been a proving ground for big statements and candid exchanges. This time around, U.S. Treasury Secretary Scott Bessent seized the moment, not only dissecting economic policy but turning the spotlight—perhaps a harsher one—onto the New York Times itself.What could have been another policy talk quickly shifted tone. Bessent, his voice even but his words razor-edged, called out the Times’ coverage of President Donald Trump’s health as “100 percent fake.” He didn’t mince words, looking right at moderator Andrew Ross Sorkin: “You know, in 20, 30, 40, 50 years—The New York Times is no longer the paper of record.” There was a murmur through the room, a mix of surprise and discomfort.At issue was a Times article painting Trump as sluggish, suggesting dwindling stamina and reporting that he’d nodded off in a West Wing meeting. Bessent scoffed at the notion. Grinning slightly, he said, “He only called me twice at 2 a.m. last week instead of three times.” It drew a few chuckles, but his main point stuck—he dismissed the story as flat out disconnected from reality as he’d experienced it.His frustration wasn’t limited to Trump. When the topic slid toward Joe Biden’s fitness for office, Bessent pounced. He accused the Times of turning a blind eye to similar questions about Biden’s health, hinting at selective scrutiny. “Where was the New York Times?” he asked, echoing a feeling that’s become familiar in some circles—that glaring coverage gaps breed distrust.He hammered the point with a stray fact: “We just had a three-hour Cabinet meeting yesterday, Andrew. For 10 months, the Biden administration did not have a Cabinet meeting. How are you going to invoke the 25th Amendment if the Cabinet secretaries never see the president—which they didn’t?” That line—more offhand than rehearsed—seemed to linger in the air.The Times, for its part, answered firmly. A spokesperson stated, “The Times’ reporting is accurate and built on first-hand reporting of the facts. Name-calling and personal insults don’t change that, nor will our journalists hesitate to cover this administration in the face of intimidation tactics like this. Expert and thorough reporters like Katie Rogers exemplify how an independent and free press helps the American people better understand their government and its leaders.”Despite Bessent’s forecast that the paper’s reputation would erode, the facts as of today suggest it’s still a juggernaut: nearly half a million digital-only subscribers gained just last quarter, stocks hovering near a 52-week high, digital audience at record levels. Yet he’s far from alone in feeling the media landscape has shifted—walk into any corner cafe and you’ll discover people skeptical about news, not always able to name the reason but certain something’s off.The conversation at DealBook didn’t center entirely on media feuds. Bessent moved on to policy, where he’s on firmer ground. He pointed at inflation, arguing that it bites harder in blue states: “Affordability is worse in a blue state. There’s no debate. They’re 50 basis points higher inflation, the ten highest inflation rates are in blue cities.” Specific? Yes. Contested? Certainly.He also rolled out the latest push from his department—the “Trump Accounts for children” program—framed as a way for Americans to more directly support kids in need. “Americans are the most generous and giving people in the history of the world, and there has never been a vehicle for them to be able to give directly to American children,” he said.In a year heavy with political tension, the summit underscored how sharp the divides have become. Critical jabs aimed at the press, frustration about double standards, warnings about institutions losing public trust—these aren’t new. But the volume and urgency have increased, especially as the election calendar looms.Some audience members left the event grappling with the bigger picture: If our institutions can’t agree even on the basics—who’s healthy, who’s telling the truth—what hope is there for finding common ground on the hard stuff? That question lingers, far longer than any summit headline.