Treasury Secretary Scott Bessent said there is a "very good chance" the U.S. budget deficit under President Donald Trump has peaked.
In an interview with CNBC on Thursday, Bessent stated that there’s a "very good chance" the budget deficit has peaked under Trump. He further stated that he, Trump, and Russell Vought, the director of the Office of Management and Budget, are among the federal government leaders working on fiscal consolidation measures. This announcement came a day after his department’s extraordinary debt buyback announcement.
Bessent also indicated that these efforts could potentially save several hundred billion dollars. “We are going to be laser focused," he said.
Despite the challenges, he anticipates this year’s tariff revenue to be around the same level as 2025’s, after levies were re-implemented. This time, he said, the revenues should not have to be refunded to companies.
US Deficit Hits Record July High
