- Treasury Secretary Scott Bessent warned that Washington will not bail out New York City if mayoral front-runner Zohran Mamdani enacts his progressive agenda of higher taxes on the wealthiest, free childcare, and city-run grocery stores. Comparing the situation to Gerald Ford’s 1970s standoff with NYC, Bessent argued Mamdani’s policies would drive out wealth and businesses. Trump echoed the threat, branding Mamdani a “communist” but conceding his victory looks increasingly likely.
The Treasury Secretary has warned New Yorkers they’re on their own if they elect Zohran Mamdani for mayor, an outcome looking increasingly likely despite the fury of the White House.
Mamdani, a left-leaning Democrat who has been branded a “communist” by the Oval Office, won the Democratic NYC mayoral primary with policies such as free childcare for all and city-owned grocery stores to keep prices down. He has also pledged to build 200,000 affordable housing units and increase taxes on the wealthiest New Yorkers and biggest corporations.
Bessent, who founded a global hedge fund in New York, has vowed that if the Big Apple finds itself in a budgetary bind because of these policies, then the government will refuse to help…