Bessent Says Budget Deficit Will Near 7 Percent of GDP This Year, Blames ‘Blowout’ Spending Under Biden

The Treasury chief says the fiscal imbalance reflects historic overspending, while touting the Trump administration’s tax and trade agenda. Treasury Secretary Scott Bessent told lawmakers Wednesday that the U.S. budget deficit for the current fiscal year will reach between 6.5 and 6.7 percent of gross domestic product (GDP), a historically high level he attributed to