Treasury Secretary Scott Bessent signals the U.S. budget deficit may have peaked under Trump, amid a record-shattering $430 billion shortfall in July alone and a staggering $1.8 trillion gap so far this year. With Trump and OMB Director Russell Vought pushing aggressive spending cuts, the White House is betting on tariffs to generate revenue — despite legal setbacks — with Bessent confidently projecting tariff income will match 2025 projections, even without refunding businesses.
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