https://sputnikglobe.com/20250116/trumps-treasury-pick-calls-out-out-of-control-us-spending-1121440558.html

Trump’s Treasury Pick Denounces 'Out of Control' US Spending

Trump’s Treasury Pick Denounces 'Out of Control' US Spending

Sputnik International

The United States has a spending problem with deficit spending reaching 6.8% of GDP, an unprecedentedly large percentage in US peacetime, President-elect Donald Trump’s Treasury chief nominee, Scott Bessent, said on Thursday.

2025-01-16T18:00+0000

2025-01-16T18:00+0000

2025-01-16T18:31+0000

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"We have a spending problem that historically, for the past 40 or 50 years, federal government revenues have averaged about 17 to 17 and a half percentage of GDP and spending has been slightly over that, leading us to a three and a half percent budget deficit, which is manageable because we have roughly 3.8% nominal growth, 1.8% real growth, 2% inflation," Bessent said during his Senate confirmation hearing. Today, the US’s federal spending is about 24-25% of GDP, Bessent noted. "This is one of the things that got me out from behind my desk and my quiet life in this campaign, was the thought that this spending is out of control," the nominee for the treasury secretary said. "So as you said, 6.8-to 7% deficit. We have never seen this before when it's not a recession or not a war," Bessent stated.

https://sputnikglobe.com/20241028/musk-vows-to-cut-us-budget-spending-by-2-trillion-if-trump-wins-1120698529.html

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