JOURNAL ARTICLE

Bessent Touts Drop in Deficit-to-GDP Ratio, Sees Tax-Refund Wave.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Flatley, Daniel 3 of 3

Abstract

The article discusses Treasury Secretary Scott Bessent's remarks on the U.S. fiscal situation, highlighting a decrease in the deficit-to-GDP ratio as a sign of the effectiveness of President Donald Trump's economic policies. Bessent noted that the ratio has dropped to 5.9% for fiscal year 2025, down from 6.4% in 2024, despite a projected budget gap of $1.8 trillion. He attributed some of this improvement to increased customs duties from tariff hikes, although he acknowledged rising spending and declining corporate tax revenues. Bessent expressed a goal of reducing the deficit ratio further by the end of Trump's second term and mentioned anticipated tax refunds for lower-income consumers due to recent tax code changes. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/10, pN.PAG
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2025
  • Accession Number:188553273
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