Economists question Besent's lack of plans to cut U.S. Treasuries

On August 24, Joseph Carson, former chief economist at AllianceBernstein, questioned why if U.S. Treasury Secretary Bessant had an excellent plan to reduce national debt, why had he kept it secret? He said the reason was likely that Besant had no such plan at all, and the Trump administration would continue to promote a misleading claim in an attempt to convince the market that he did have a plan. Carson added that Besant does not control U.S. federal spending because that power belongs to Congress. Bessent cannot change tax policy without congressional approval. (Jin Shi)