US Deficit Drops: Tax Refunds & Banking Reform Ahead
Update: 2025-10-09
Description
US deficit shrinks! Treasury Secretary Scott Bessent reveals the deficit-to-GDP ratio fell from 6.5% to 5.9%, attributing the drop to recent tax policy changes that could lead to significant refunds for lower-income earners. He forecasts a strong 2026 for both businesses and households, driven by full expensing options for business investments. Bessent also plans banking regulation reforms to boost community bank lending, aiming to ease post-crisis rules and improve the banking environment without raising mortgage rates.
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