Treasury Secretary Scott Bessent said Wednesday that the Trump administration will not provide a federal bailout to New York City if Democratic mayoral candidate Zohran Mamdani implements his proposed policies, as reported [1] by The New York Post.
Speaking on Fox Business Network, Bessent compared the potential scenario to the city’s near-bankruptcy crisis in the 1970s.
“I guarantee you — and there are not a lot of things in life that are sure — that New York City will be coming to the federal government for a bailout if the Mamdani plans are implemented,” Bessent said.
When asked if the Treasury Department would authorize such assistance, he responded, “It will be the same thing that Gerald Ford said: ‘Drop dead.’”
The phrase “Drop dead” was never spoken by Ford, but it became a defining headline in 1975 after the former president rejected a federal rescue package for New York City.
Bessent did not outline which of Mamdani’s proposals he believed would trigger a financial crisis, but he referred to the candidate as “the socialist protégé” of Democratic Senator Elizabeth Warren, with whom Bessent has publicly sparred on social media.
Warren herself recently criticized the Trump administration for refusing to support a bailout for Argentina.
Mamdani secured the Democratic nomination for mayor in a June 24 primary, winning 56 percent of the vote. He is now one of the leading contenders heading into the November election.
Among his proposals are a citywide rent freeze, free bus service, free childcare, and the creation of city-owned grocery stores. To pay for these programs, Mamdani has called for raising corporate taxes and imposing an additional 2 percent tax on residents earning more than $1 million annually.
🚨 JUST IN: Treasury Secretary Scott Bessent says if Zohran Mamdani carries out his socialist plans as mayor, NYC will be BEGGING for a federal bailout – and that he WON'T give it to them.
"I guarantee you, and there are not lot of things in life that are sure, that New York… pic.twitter.com/4K93ATNlpU [2]
— Eric Daugherty (@EricLDaugh) September 24, 2025 [3]
Bessent, appearing on Fox’s Mornings with Maria, insisted the federal government would not cover the costs if Mamdani’s agenda destabilizes the city’s finances.
Mamdani’s office did not immediately respond to a request for comment on Bessent’s remarks.