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

Treasury Secretary Scott Bessent stated there is a “very good chance” the U.S. budget deficit has peaked under President Donald Trump. Bessent, along with other federal leaders, is focused on fiscal consolidation measures expected to save hundreds of billions of dollars. He also expressed optimism that tariff revenues would contribute to shrinking the national debt, despite legal challenges.

• 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.