Treasury Secretary Scott Bessent set a bold fiscal target when he unveiled his “3-3-3” plan: cut the federal deficit to 3% of GDP by the time President Trump’s term ends in 2028.
The plan vs. reality
Bessent’s “3-3-3” framework targets three goals pegged to the number three: reduce the deficit to 3% of GDP, grow the economy at 3% annually, and boost domestic oil production by 3 million barrels per day.
The US deficit sat at roughly 6.4% to 6.5% of GDP in 2024. Getting from there to 3% would require cutting the deficit roughly in half in about four years.
Bessent has pointed to recent progress as evidence the plan is working. The deficit-to-GDP ratio has reportedly declined from 6.5% to 5.9%.
