Treasury Secretary Bessent Indicates U.S. Budget Deficit Under President Trump May Have Peaked
Treasury Secretary Scott Bessent stated on Thursday that there is a 'very good chance' the U.S. budget deficit under President Trump has reached its peak. This announcement came during an exclusive interview with CNBC, following the Treasury Department's recent decision to double the size of its long-duration debt buybacks. The U.S. budget deficit for July topped $432 billion, marking its highest level in over half a decade. The fiscal year-to-date gap has climbed to nearly $1.8 trillion, surpassing the figure from the same period last year. The nation's total government debt has also reached a new record, exceeding $40 trillion, having more than doubled over the past decade. Secretary Bessent, along with President Trump and Office of Management and Budget Director Russell Vought, are actively working on fiscal consolidation measures. These efforts are projected to save several hundreds of billions of dollars. Despite the White House's previous marketing of broad tariffs as a revenue driver to reduce natio... 
