Bessent says Biden had highest peacetime deficit-to-GDP in history, Trump brought it down over one percent in 2025
“We were left with a mess. The Biden administration had the highest deficit-to-GDP in history when we weren't at war or weren't in a recession. For 2025, we brought it down by more than a percent. https://t.co/dQDPzC3vkD”
Bessent says deficit fell to 5.7% of GDP in 2025, cites temporary tariff refunds as factor.
“You know, we we had we were at about 5.7% of GDP. And one of the things that's temporary here that's influencing the deficit has been these tariff refunds.”
Bessent believes fraud task force and fiscal focus could save several hundred billion dollars.
“As I said, OMB director Vogt, myself, the president, that combined with the vice president's fraud task force where I think we could save several $100,000,000,000.”
Bessent claims Biden had highest peacetime deficit-to-GDP in history; says 2025 brought it down over one percent.
“The Biden administration had the highest deficit to GDP in history when we weren't at war or weren't in a recession. For 2025, we brought it down by more than a percent.”
Bessent claims the Biden administration had the highest peacetime, non-recession deficit-to-GDP ratio in history.
“The Biden administration had the highest deficit to GDP in history when we weren't at war or weren't in a recession.”
Bessent expresses confidence that tariff income will match or exceed last year's level, attributing most deficit increase to tariffs.
“I am confident that we will be back to a, the same level, if not higher, of tariff income for last year, and that is most of the increase in the deficit.”
Bessent forecasts 2026 tariff revenue will match 2025 levels and contribute to budget consolidation.
“I would expect that our 2026 tariff income is gonna be roughly what it was in '25, and we're gonna be able to keep that in terms of the budget consolidation.”
Bessent announces fiscal consolidation initiative from President Trump to be revealed end of week or early next week.
“We are the announcing probably at the end of this week, beginning of next week, an increased focus on fiscal consolidation. And, you know, it's the coming from president Trump.”
Bessent says 2025 showed fiscal consolidation at 5.7% of GDP, with tariff refunds temporarily inflating the deficit.
“We actually had a fiscal consolidation for the calendar year 2025. You know, we we had we were at about 5.7% of GDP.”