WASHINGTON (AURN News) — The U.S. national debt has crossed $40 trillion, a milestone that Treasury Secretary Scott Bessent says the country can overcome with stronger economic growth.
“$40 trillion is a big number. It is smaller when we look at the publicly traded amount because our Social Security funds and other government entities hold a substantial amount. And what we’re gonna do, we’re gonna have to grow our way out of this,” Bessent said.
Treasury Secretary Scott Bessent made the comments while answering reporters’ questions about one of the biggest financial milestones in U.S. history.
The milestone was reached faster than some economists projected. Bessent pushed back on part of the figure, arguing it was inflated by tariff refunds the courts required the administration to pay.
Bessent told reporters he expects tariff revenue under Section 301 to return to last year’s levels or higher, and he blamed the deficit on what the administration says it inherited from President Joe Biden.
At this pace, fiscal watchdogs warn the national debt could reach $50 trillion within six years.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @E_N_McMorris & @aurnonline.
