Since the start of President Donald Trump‘s second term, the weight of the world, or at least of global markets, international trade, and geopolitical relations, has fallen on the shoulders of Treasury Secretary Scott Bessent, whose portfolio spans everything from China tariffs to bond auctions.

But Bessent’s toughest negotiating partner is probably not Chinese President Xi Jinping, the European Union, or any other foreign power. Instead, Bessent’s most formidable foe is Congress, and the contest is his race to finance the national debt.