Bessent used the incorrect estimate in two separate appearances earlier on Wednesday, while urging Democrats to “be heroes” and side with Republicans to end it.
The wave of investment into the U.S. economy, including into artificial intelligence, is sustainable and is only getting started, but the federal government shutdown is increasingly an impediment, Bessent said.
“The only thing slowing us down here is this government shutdown,“ Bessent said. He said that incentives in the Republican tax law and Trump’s tariffs would keep the investment boom going and fuel continued growth.
US DEFICIT HAS SHRUNK, BESSENT SAYS
He did not provide a figure, but said that the deficit-to-GDP ratio could come down to the 3% range in coming years. The Treasury Department has not yet reported the annual deficit figure.
“The deficit-to-GDP, which is the important number, now has a five in front of it,“ Bessent said at the CNBC event.
Asked if he wanted to see a three at the start of the deficit-to-GDP ratio, Bessent said, “Yes, it’s still possible.” He added that the ratio would come down if the U.S. could “grow more, spend less, and constrain spending.” - Reuters
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