economy

Bessent says there's a 'very good chance' U.S. budget deficit under Trump has peaked

Treasury Secretary Scott Bessent said Thursday that there's a "very good chance" of the U.S. has seen its budget deficit peak under President Donald Trump.

Bessent says there's a 'very good chance' U.S. budget deficit under Trump has peaked

TL;DR

  • Treasury Secretary Scott Bessent believes there's a high probability the U.S. budget deficit has peaked under President Trump.
  • Federal leaders are working on fiscal consolidation measures to save hundreds of billions of dollars.
  • The White House plans to use broad and steep tariffs as a revenue driver to shrink national debt.
  • Bessent anticipates this year's tariff revenue to be similar to 2025's levels, with no refunds expected.
  • The U.S. government debt hit a record above $40 trillion, more than doubling in the last decade.

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