Scott Bessent Warns: U. S. Facing Spending Crisis

At his Senate confirmation hearing, Scott Bessent, President Trump's pick for the Treasury, revealed a worrying trend in the U. S. economy. he doesn't think America has a revenue problem, but rather, a severe spending issue. Bessent explained that this very problem prompted him to leave his quiet job and join Trump’s campaign. A mix of soaring borrowing costs, ongoing spending growth, and a slump in tax revenues has driven deficits higher and pushed the national debt over $36 trillion. In just the first three months of fiscal year 2025, the deficit jumped by $200 billion compared to the same period last year, a 39. 4% increase. This isn't something we've seen before without a recession or war, Bessent noted. Bessent cautioned that the government's borrowing power, which has been crucial in past crises, might not be enough to solve this problem. He believes it's high time we tackle this escalating spending issue head-on.