The following is the transcript of the interview with Treasury Secretary Scott Bessent that aired on "Face the Nation with Margaret Brennan" on Dec. 7, 2025.

MARGARET BRENNAN: Good morning and welcome to 'Face The Nation.' We have a lot of news to get to, and we begin with the Secretary of the Treasury, Scott Bessent. Good to have you here.

TREASURY SECRETARY SCOTT BESSENT: Morning, Margaret.

SEC. BESSENT: Mr. Secretary, a lot of people are out there holiday shopping. Here is how the President described back in April, what to expect from this season.

[SOT]

PRESIDENT DONALD TRUMP: Maybe the children will have two dolls instead of 30 dolls, you know. And maybe the two dolls will cost a couple of bucks more than they would normally.

[END SOT]

MARGARET BRENNAN: Was the President's predi

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