Bessent backs 3% deficit goal despite 5% budget forecasts
Bessent told lawmakers he aims to reduce the federal deficit to 3% of GDP, even as official projections point to a roughly 5% deficit.
U.S. Treasury Secretary Scott Bessent told lawmakers in two congressional hearings this week he aims to cut the federal deficit to 3% of GDP. The government's own budget projections currently forecast a deficit near 5%, a gap that would need to close for the target to be met.