U.S. Treasury Secretary Scott Bessent said Thursday there is a « very good chance » the U.S. budget deficit under President Trump has likely peaked. The monthly U.S. budget deficit topped $432 billion in July, its highest level in more than half a decade. U.S. government debt hit a new record above $40 trillion, more than doubling over the last decade. Bessent, Trump and Russell Vought, director of the Office of Management and Budget, are working on fiscal consolidation measures that could save several hundred billion dollars. Bessent added that the United States could « grow our way out of that » situation.
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