Bessent’s Longshot Deficit Goal Undercut by War and Tariff News

Treasury Secretary Scott Bessent regularly says his motivation to get “out from behind my desk” and enter public service was concern about growing US debt. Developments over the past several weeks have left those alarms ringing even louder.

First came the Supreme Court’s ruling against President Donald Trump’s sweeping tariffs — a significant source of revenue for the federal government. While the administration aims to rebuild its trade regime via other laws, economists caution that the new levies wouldn’t bring in as much money. As it was, the duties had already peaked in October.