Bessent Vows US Debt Plan ‘Right After the Midterms’
Treasury Secretary Scott Bessent testifies before the House Committee on Appropriations, Subcommittee on Financial Services and General Government, oversight hearing of the U.S. Department of the Treasury on Capitol Hill in Washington, Tuesday, May 6, 2025.
Treasury Secretary Scott Bessent says the administration will unveil a fiscal consolidation plan immediately after the November elections — acknowledging the national debt has climbed to roughly $41 trillion.”The president and I are working on a fiscal consolidation plan. I think we’re going to unveil that right after the midterm,” he told Newsmax.Although debt-service costs have reached $1.2–1.3 trillion per year, Bessent said that continuous economic growth is the solution to both the debt and the federal budget deficit.
