The head of the US Treasury promised to present a plan to reduce the record national debt

US Treasury Secretary Scott Bessent promised that after the November congressional elections, the administration will present a plan to reduce the national debt, which is approaching $40.3 trillion.

"The President and I are working on a fiscal consolidation plan. I think we will present it immediately after the midterm elections," Bessent said, as quoted by Newsmax.

The White House has already made progress in reducing the budget deficit, Bessent said.