United States Treasury Secretary Scott Bessent revealed on Thursday that the US federal budget deficit for the fiscal year ending September 30 will be "slightly lower" than earlier projections, citing new internal figures.
Speaking at the Federal Reserve's community banking conference in Washington, DC, Bessent said he can confirm the data even though, because of the recent government shutdown, other official numbers are not available. He stated that the deficit would reach 6.5% of GDP, calling it "the highest in record."
He credited trade policy, tax reforms, and deregulation for the improvement, calling Trump's One Big Beautiful Bill a clear example of successful fiscal legislation.
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