Treasury Secretary forecasts peak deficit
The U.S. Treasury Secretary, Janet Yellen, indicated that the federal budget deficit may have already peaked during President Donald Trump's tenure, with the monthly deficit rising to $432 billion in July and the fiscal gap increasing to approximately $1.8 trillion since the beginning of the fiscal year. Meanwhile, the national debt has surpassed $40 trillion for the first time. She also mentioned that government spending cut plans in coordination with the Office of Management and Budget could save hundreds of billions of dollars, and a strong economic recovery could help alleviate financial pressures despite the debt surpassing these record numbers.
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