US Finance Minister Scott Besed accused Democrats of the largest deficit In times of peace at the hearing of the Committee and Media of the House of Representatives today Wednesday (11.6.2025). “The last financial year is something we have never seen before. We have never seen such a large deficit toward GDP Except for wars, pandemic or recession, “he said.
The deficit for the current tax year will be between 6.5% and 6.7%, Bessed said. This would mark the third consecutive year, exceeding 6% compared to GDP. The Ministry of Finance for the tax year 2024 showed a deficit of 6.4%, after 6.2% in 2023. Fiscal years last until September.
“It is very difficult for me to lecture people who have created the biggest deficit in history,” Besed said.
Democratic spokesman Mike Thomson argued that the records showed that tax cuts of previous Republican presidents had added to the US debt load. “Every expert will tell you that Trump’s proposed tax cuts will also add to our debt,” he said.
Bond purchase
When he was comments by Republican Thomas Massie – a member of the House of Representatives who voted against the GOP tax bill last month – on how US bond yields increased due to concerns that the law would increase the US.
“Massie spokesman does not understand the bond market,” said Bessed, formerly Hedge-Fund administrator. Looking at any 24 -hour business window on the market “is wrong,” he said.
Bessed pointed out that while the yields of the German and Japanese 10 -year government bonds are higher now than at the beginning of the year, the US is lower.
When Richard Neil – the leading Democrat in the Commission – said tax revenue will increase this year thanks to the strengthening of the budget of the internal revenue service by President Joe Biden, Besed laughed. The head of the Treasury said this happened because, when he took over his duties, he discovered the outdated IRS technology. He argued that Democrats’ efforts had focused on strengthening the classes of IRS staff, rather than improving service technology.
Bessed was also asked if he could assure that there would be no political influence on IRS controls. He said he would follow the law. Bessed also said about Harvard University that he had no discussion with Donald Trump about his tax regime.