Bessent at Newsmax Policy Summit: Debt Plan Coming After Midterms
Treasury Secretary Scott Bessent announced that the Trump administration plans to unveil a fiscal consolidation strategy to address the $41 trillion national debt following the midterm elections. The administration aims to balance spending constraints with economic growth to stabilize the nation's fiscal outlook.
Why it matters
Managing the national debt and deficit is a central economic challenge for the current administration, with significant implications for global markets and domestic policy.
Newsmax anchor Greta Van Susteren and Treasury Secretary Scott Bessent at the Newsmax Policy Summit in Washington, D.C. (Newsmax) Treasury Secretary Scott Bessent said Thursday that he and President Donald Trump are preparing a plan to reduce the nation's mounting deficits that they expect to unveil after the midterm elections, while outlining an expanding campaign to economically isolate Iran that could include the seizure of $1 billion in cryptocurrency this week.
"The president and I are working on a fiscal consolidation plan. I think we're going to unveil that right after the midterm," Bessent told Newsmax anchor Greta Van Susteren during an interview at the Newsmax Policy Summit in Washington, D.C.
Bessent said the administration is pursuing a combination of spending restraint and economic growth to address the national debt, which has climbed to approximately $41 trillion.
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