Trump/Bessent Debt Plan

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Texas12&0
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1:37a, 10/9/26
Didn't realize they had already cut the annual deficit from 6.7% to 5.7% of GDP. Will be interesting to see what they come up with. I voted for stuff like this.

https://www.newsmax.com/newsmax-tv/scott-bessent-newsmax-policy-summit-federal-debt-plan/2026/10/08/id/1272202/
White Privilege - The ability to suffer whatever life throws at you without blaming another ethnic group.
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CascadiaAg
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2:15a, 10/9/26
sure would have been great to release it BEFORE the election to give republican candidates a boost.

but i guess when you are facing the loss of at least one house you just continue throwing monkey poo against the wall to see what sticks. worked for biden so should work for trump.

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Texas12&0
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4:43a, 10/9/26
Wrong thread
White Privilege - The ability to suffer whatever life throws at you without blaming another ethnic group.
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BusterAg
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7:36a, 10/9/26
AG
Can someone find the rest of this quote? Seems important:

Quote:
"What we have to do is a combination of a spending constraint," Bessent said, arguing that the administration had already made progress in reducing deficits.

The end of that sentence seems like it might be important.
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Jeeper79
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9:52a, 10/9/26
AG
Wait I was told on here that Trump can't be held responsible for spending, and that the problem was all congress. So how does he get credit for reducing the budget deficit? Which is it?
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Logos Stick
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In reply to Jeeper79 • 9:56a, 10/9/26
He's not going to get credit because Congress won't vote for it.
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HTownAg98
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In reply to BusterAg • 9:58a, 10/9/26
BusterAg said:
Can someone find the rest of this quote? Seems important:

Quote:
"What we have to do is a combination of a spending constraint," Bessent said, arguing that the administration had already made progress in reducing deficits.

The end of that sentence seems like it might be important.

Quote:
Bessent acknowledged that the deficit has increased somewhat this year, attributing much of the increase to tariff refunds while also citing the Iran war and high interest rates.

Unfortunately, deficits are measured in actual dollars, not percentages against another factor.
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YouBet
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10:00a, 10/9/26
AG
Quote:
Treasury Secretary Scott Bessent said Thursday that he and President Donald Trump are preparing a plan to reduce the nation's mounting deficits that they expect to unveil after the midterm elections


Really f'ing sad that they have to wait until after mid-terms to announce how they want to combat spending. In a sane world with a population not dependent on the government, this would be a winning talking point ahead of elections.

But they know any desire to cut any spending will be unpopular and DOA at Congress. And I'm also guessing that they think the Democrats are going to win the House, so they are simply waiting for that to happen so they can then say, "See, we announced spending cuts, but the Democrats refuse to do it."

Which will be true but also hides the fact that the Republicans also refuse to cut spending.


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Jeeper79
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In reply to HTownAg98 • 10:02a, 10/9/26
AG
I see the benefit of both methods as long as they're both shared together - not picking and choosing whatever method sounds the best in the moment.

"There are three kinds of lies: lies, damn lies, and statistics."
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aggiedent
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In reply to Texas12&0 • 10:03a, 10/9/26
AG
Texas12&0 said:
Didn't realize they had already cut the annual deficit from 6.7% to 5.7% of GDP. Will be interesting to see what they come up with. I voted for stuff like this.

https://www.newsmax.com/newsmax-tv/scott-bessent-newsmax-policy-summit-federal-debt-plan/2026/10/08/id/1272202/


Cut???? Nothings been "cut" and spending has steadily increased. Might want to ask yourself this…….how can the deficit continue to soar but it decrease relative to GDP? And there's the real answer. Stop looking at the hand the magician wants you to look at.
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YouBet
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In reply to aggiedent • 10:13a, 10/9/26
AG
aggiedent said:
Texas12&0 said:
Didn't realize they had already cut the annual deficit from 6.7% to 5.7% of GDP. Will be interesting to see what they come up with. I voted for stuff like this.

https://www.newsmax.com/newsmax-tv/scott-bessent-newsmax-policy-summit-federal-debt-plan/2026/10/08/id/1272202/


Cut???? Nothings been "cut" and spending has steadily increased. Might want to ask yourself this…….how can the deficit continue to soar but it decrease relative to GDP? And there's the real answer. Stop looking at the hand the magician wants you to look at.

You could still have a growing deficit and decrease relative to GDP, if GDP grows faster than the deficit grew.

And it looks like Bessent is likely referring to 2025 where that actually happened.

2026? Not so much.
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rocky the dog
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10:16a, 10/9/26
AG
Elections are when people find out what politicians stand for, and politicians find out what people will fall for.
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Jeeper79
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In reply to rocky the dog • 10:17a, 10/9/26
AG
Nailed it.
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TexasAggie73
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10:20a, 10/9/26
AG
But, but what about our $5000 checks after the election? He promised those, didn't he ?
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YouBet
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In reply to TexasAggie73 • 10:28a, 10/9/26
AG
TexasAggie73 said:
But, but what about our $5000 checks after the election? He promised those, didn't he ?

Only if they win. Another data point in favor of them realizing they likely are not going to win.

Otherwise, you can't announce a debt reduction plan after mid-terms that would actually add another $1.2T in spending.
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DeschutesAg
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In reply to YouBet • 11:43a, 10/9/26
YouBet said:
TexasAggie73 said:
But, but what about our $5000 checks after the election? He promised those, didn't he ?

Only if they win. Another data point in favor of them realizing they likely are not going to win.

Otherwise, you can't announce a debt reduction plan after mid-terms that would actually add another $1.2T in spending.
Trump's promised handout of $1.2T + the $0.5T spending increase for Hegseth's requested additional DoD spending + the $2.0T annual deficit that is already baked into the next FY budget year that started on October 1st.

Adds up to a $3.7T deficit in the coming year if Trump and Hegseth get their druthers.
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annie88
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In reply to CascadiaAg • 11:45a, 10/9/26
AG
Is it not still before the election?
In a world when you can be anything, be the person that ends the meeting early.
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annie88
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11:50a, 10/9/26
AG

In a world when you can be anything, be the person that ends the meeting early.
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CascadiaAg
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In reply to annie88 • 11:56a, 10/9/26
annie88 said:
Is it not still before the election?


Save the eye roll.
It is literally in the first paragraph of the article

Treasury Secretary Scott Bessent said Thursday that he and President Donald Trump are preparing a plan to reduce the nation's mounting deficits that they expect to unveil after the midterm elections
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YouBet
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In reply to DeschutesAg • 12:05p, 10/9/26
AG
DeschutesAg said:
YouBet said:
TexasAggie73 said:
But, but what about our $5000 checks after the election? He promised those, didn't he ?

Only if they win. Another data point in favor of them realizing they likely are not going to win.

Otherwise, you can't announce a debt reduction plan after mid-terms that would actually add another $1.2T in spending.

Trump's promised handout of $1.2T + the $0.5T spending increase for Hegseth's requested additional DoD spending + the $2.0T annual deficit that is already baked into the next FY budget year that started on October 1st.

Adds up to a $3.7T deficit in the coming year if Trump and Hegseth get their druthers.

He's not getting the $5k handout. No way Congress votes for that. That's just talk.

Regardless, the Democrats are going to be just as bad, if not worse, because Democrats.

Hakeem has already said they are going to try and get all of the spending cuts that Trump did make back on the books.

So, you are going to have deficits no matter what.
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DeschutesAg
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In reply to YouBet • 12:40p, 10/9/26
YouBet said:
DeschutesAg said:
YouBet said:
TexasAggie73 said:
But, but what about our $5000 checks after the election? He promised those, didn't he ?

Only if they win. Another data point in favor of them realizing they likely are not going to win.

Otherwise, you can't announce a debt reduction plan after mid-terms that would actually add another $1.2T in spending.

Trump's promised handout of $1.2T + the $0.5T spending increase for Hegseth's requested additional DoD spending + the $2.0T annual deficit that is already baked into the next FY budget year that started on October 1st.

Adds up to a $3.7T deficit in the coming year if Trump and Hegseth get their druthers.

He's not getting the $5k handout. No way Congress votes for that. That's just talk.

So Trump is lying again.
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YouBet
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In reply to DeschutesAg • 1:21p, 10/9/26
AG
DeschutesAg said:
YouBet said:
DeschutesAg said:
YouBet said:
TexasAggie73 said:
But, but what about our $5000 checks after the election? He promised those, didn't he ?

Only if they win. Another data point in favor of them realizing they likely are not going to win.

Otherwise, you can't announce a debt reduction plan after mid-terms that would actually add another $1.2T in spending.

Trump's promised handout of $1.2T + the $0.5T spending increase for Hegseth's requested additional DoD spending + the $2.0T annual deficit that is already baked into the next FY budget year that started on October 1st.

Adds up to a $3.7T deficit in the coming year if Trump and Hegseth get their druthers.

He's not getting the $5k handout. No way Congress votes for that. That's just talk.


So Trump is lying again.

Closer to wish casting but whatever you want to call it. And welcome to Washington. It's a hive of villainy and scum and your Dems are right there in it.
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Sq 17
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In reply to CascadiaAg • 1:26p, 10/9/26
CascadiaAg said:
annie88 said:
Is it not still before the election?


Save the eye roll.
It is literally in the first paragraph of the article

Treasury Secretary Scott Bessent said Thursday that he and President Donald Trump are preparing a plan to reduce the nation's mounting deficits that they expect to unveil after the midterm elections



Will they also be announcing a healthcare plan to replace the ACAat the same time?
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YouBet
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In reply to Sq 17 • 1:30p, 10/9/26
AG
Sq 17 said:
CascadiaAg said:
annie88 said:
Is it not still before the election?


Save the eye roll.
It is literally in the first paragraph of the article

Treasury Secretary Scott Bessent said Thursday that he and President Donald Trump are preparing a plan to reduce the nation's mounting deficits that they expect to unveil after the midterm elections



Will they also be announcing a healthcare plan to replace the ACAat the same time?

Two more weeks.

Actually, his plan is to pay you directly for that. No idea how that happens.
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annie88
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In reply to CascadiaAg • 2:04p, 10/9/26
AG
CascadiaAg said:
annie88 said:
Is it not still before the election?


Save the eye roll.
It is literally in the first paragraph of the article

Treasury Secretary Scott Bessent said Thursday that he and President Donald Trump are preparing a plan to reduce the nation's mounting deficits that they expect to unveil after the midterm elections


But now people are aware it's going to happen, right? So isn't that knowing about it before the election? I mean, it doesn't actually have to have been done yet to be on board right?
In a world when you can be anything, be the person that ends the meeting early.
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BusterAg
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In reply to HTownAg98 • 2:43p, 10/9/26
AG
HTownAg98 said:
BusterAg said:
Can someone find the rest of this quote? Seems important:

Quote:
"What we have to do is a combination of a spending constraint," Bessent said, arguing that the administration had already made progress in reducing deficits.

The end of that sentence seems like it might be important.

Quote:
Bessent acknowledged that the deficit has increased somewhat this year, attributing much of the increase to tariff refunds while also citing the Iran war and high interest rates.

Unfortunately, deficits are measured in actual dollars, not percentages against another factor.


Is a $5,000 budget shortfall a lot?
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BusterAg
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In reply to BusterAg • 2:44p, 10/9/26
AG
BusterAg said:
Can someone find the rest of this quote? Seems important:

Quote:
"What we have to do is a combination of a spending constraint," Bessent said, arguing that the administration had already made progress in reducing deficits.

The end of that sentence seems like it might be important.


No one answered my question one way or the other.
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HTownAg98
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In reply to BusterAg • 2:44p, 10/9/26
Depends what the actual budget is. But you know that.
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pfo
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In reply to Jeeper79 • 2:51p, 10/9/26
AG
Jeeper79 said:
Wait I was told on here that Trump can't be held responsible for spending, and that the problem was all congress. So how does he get credit for reducing the budget deficit? Which is it?


The deficit is down as a percentage of GDP. So Trump should get credit for increasing GDP with his tax cuts, cutting gov red tape, attracting foreign investment and increasing domestic investment through tax incentives, tariffs and other pro business measures.

But obviously Trump and Congress get another big F for increasing spending
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richardag
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In reply to Texas12&0 • 2:55p, 10/9/26
Texas12&0 said:
Didn't realize they had already cut the annual deficit from 6.7% to 5.7% of GDP. Will be interesting to see what they come up with. I voted for stuff like this.

https://www.newsmax.com/newsmax-tv/scott-bessent-newsmax-policy-summit-federal-debt-plan/2026/10/08/id/1272202/

Hope this accelerates from a reduction of 1% to 3%. That would mean a budget surplus in 2 years.
No I am not holding my breath, but voting Democrats back will skyrocket annually deficit back up to above 6.7% of the GDP in the blink of a vote.
Look at the orators in our republics; as long as they are poor, both state and people can only praise their uprightness; but once they are fattened on the public funds, they conceive a hatred for justice, plan intrigues against the people and attack the democracy.
-Aristophanes
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YouBet
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In reply to richardag • 2:59p, 10/9/26
AG
The only plan in Congress right now is to cut spending to 3% of GDP. Wondering if Trump and Bessent are going to simply push that existing bi-partisan plan or something new.
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BusterAg
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In reply to HTownAg98 • 4:39p, 10/9/26
AG
HTownAg98 said:
Depends what the actual budget is. But you know that.


Well, pretend i don't have a budget, if i go $5,000 into debt, and its the only debt I have, is that a lot?

Depends on my income, no?
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Sq 17
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In reply to HTownAg98 • 4:41p, 10/9/26
HTownAg98 said:
Depends what the actual budget is. But you know that.


They might also try the 43/Rummy debt reduction gimmick of putting the defense spending in a separate bill so that spending goes straight to the debt while not counting against the "annual deficit"

They are talking about a significant increase in defense spending which makes the deficit reduction seem implausible
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docb
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7:36a, 10/10/26
AG

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HTownAg98
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In reply to BusterAg • 8:46a, 10/10/26
BusterAg said:
HTownAg98 said:
Depends what the actual budget is. But you know that.


Well, pretend i don't have a budget, if i go $5,000 into debt, and its the only debt I have, is that a lot?

Depends on my income, no?

When your spending exceeds your revenue by roughly 40%, it's a problem regardless if your deficit is $5,000 or $2,000,000,000,000.
The idea that we can grow our way out of this is the dumbest economic idea that has been posted on this forum in a long time. In theory, it is the only thing we could do, but it completely ignores the numbers when you run the math and see how much gdp would have to be to accomplish that.
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