U.S. National Debt Tops $40 Trillion... Bessent Says Growth Is the Only Solution

[Financial News, New York = Lee Byung-chul]Scott Bessent, the United States Secretary of the Treasury, reaffirmed that the U.S. will tackle its national debt, which has topped $40 trillion, through economic growth. He stressed the Trump administration's fiscal strategy of easing the debt burden by lifting growth rather than sharply cutting spending.
Speaking to reporters at a G20 meeting in Asheville, North Carolina, on the 31st local time, Bessent said, "The whole world is in debt after the Global Financial Crisis (GFC) and COVID-19." He added, "The only way out of this is to overcome the debt problem through growth."
The U.S. national debt recently surpassed $40 trillion for the first time. The fiscal deficit for fiscal 2026 is also being projected to reach as much as $2 trillion. As long-term Treasury yields surge, market concerns are also growing over the country's massive debt and interest burden.
Bessent, however, emphasized that stronger U.S. economic growth could ultimately provide the answer. "Our goal today is to reinforce the message of growth," he said, adding that other G20 leaders were responding positively.
Bessent also compared the current U.S. economy to a patient in the emergency room. "I sometimes feel like I'm an ER doctor and the economy is the patient," he said. "We stabilized the U.S. economy after it was hit by a big truck called Joe Biden, and now it has entered a recovery phase." He also stressed that real income is rising.




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