The head of the US Treasury spoke about a plan to reduce the record national debt

US Treasury Secretary Scott Bessent promised to present a plan to reduce the record national debt after the November elections to the US Congress. His words are quoted by Newsmax TV channel.

“The President and I are working on a fiscal consolidation plan. I think we will introduce it right after the midterm elections,” Bessent said.

He noted that the administration has already made progress in reducing the deficit and needs to continue working in this direction.

“We need to put restrictions on spending,” the minister said.

Under former President Joe Biden, the federal deficit stood at 6.7 percent of GDP, but under the Trump administration it fell to about 5.7 percent, he said.

At the same time, Bessent acknowledged that the budget deficit has widened this year, and attributed this mainly to tariff rollbacks, as well as the war in Iran and high interest rates.

Earlier it was reported that the yield on ten-year US government bonds increased to 5.232 percent. American government debt has become more profitable for investors amid a jump in oil prices. The 10-year yield rose 6.8 basis points to 5.232 percent.

In August, the US national debt reached a historic level of $40 trillion. At the same time, the legal limit is 41 trillion 103 billion dollars.