Treasury Secretary predicts budget deficit peak

According to U.S. Treasury Secretary Steven Mnuchin, the U.S. budget deficit is expected to have already peaked, with it jumping to $432 billion in July, bringing the total deficit for the fiscal year to approximately $1.8 trillion. The U.S. national debt has surpassed the $40 trillion mark. He emphasized that efforts to cut government spending in collaboration with the Office of Management and Budget will save hundreds of billions, and that boosting economic growth can help overcome financial pressures caused by rising debt, despite challenges related to revenue from customs duties.

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