Meanwhile, the national debt reaches $38 trillion milestone—two months after crossing $37 trillion.
The national debt clock is displayed at a bus station in Washington on April 14, 2025. Madalina Vasiliu/The Epoch Times
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President Donald Trump’s first full quarter in the White House resulted in the lowest budget deficit in six years, says Treasury Secretary Scott Bessent.
In an Oct. 22 post on X, Bessent stated that the federal shortfall had declined in the second quarter of 2025 “when there was no overlap with the Biden administration.”
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of “The War on Cash.”
