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Bessent Ties Deficit Cuts to Democrats’ Congressional Wins

9/9/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent said administration will try to cut deficit by year-end if Democrats win a chamber.
Bessent is working with OMB Director Russ Vought on a deficit-lowering plan.
He warned a Democratic win would force a rushed lame-duck plan instead of longer deliberation.
Bessent said long-dated Treasury yields are at their highest in recent decades and a bond buyback program will expand.

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Story summary

U.S. Treasury Secretary Scott Bessent said administration will try to cut deficit by year-end if Democrats win a chamber.
Bessent is working with OMB Director Russ Vought on a deficit-lowering plan.
He warned a Democratic win would force a rushed lame-duck plan instead of longer deliberation.
Bessent said long-dated Treasury yields are at their highest in recent decades and a bond buyback program will expand.