The conversation began on Nov. 9 after President Trump announced on Truth Social that Americans — aside from higher earners — would receive a $2,000 “dividend” drawn from tariff proceeds. The President argued that the nation’s economic strength, booming markets, and rising tariff income make the plan achievable.

A week later, on Nov. 16, Bessent appeared on Fox News’ “Sunday Morning Futures” and confirmed that the administration wants the payments to reach “working families.” But he made it clear that Congress must approve the spending before any checks, rebates, or tax credits can move forward.

These payments could go out,” Bessent explained, “but only with congressional authorization.”

He noted that lawmakers would have to determine both the structure of the payout and who qualifies.

This isn’t the first time Trump has floated a rebate connected to tariff revenue. Earlier this year, he signaled that while he was open to the idea, he was prioritizing paying down the national debt. He later said Americans might also receive savings tied to the Department of Government Efficiency (DOGE), which has claimed hundreds of billions in spending cuts

However, new estimates from the nonpartisan Committee for a Responsible Federal Budget say the rebate—if structured like COVID-era stimulus—could cost as much as $600 billion, far more than the roughly $100 billion in tariff revenue collected this year through October

Complicating matters further, the Supreme Court is reviewing whether Trump’s tariff structure is constitutional. Justices heard arguments on Nov. 5. If the Court strikes down the policy, the government could owe billions in refunds to businesses and individuals.

Trump, meanwhile, has been selling the proposal aggressively.

In his Nov. 9 post, he touted soaring 401(k)s, low inflation, record-high markets, and massive incoming revenue, promising that every non-high-income household would receive “at least $2,000.”

During Oval Office remarks on Nov. 10, he doubled down:

“We plan to deliver roughly $2,000 in dividends to middle- and lower-income families,” he said. And the remaining revenue will go toward reducing the national debt.”

White House Press Secretary Karoline Leavitt later reaffirmed the administration’s commitment to making the rebates happen, saying officials are pursuing “every legal option.”