Treasury Secretary Bessent is working with Budget Director Watt to craft a fiscal consolidation plan.

Early on Aug 31 local time, the Islamic Revolutionary Guard Corps (IRGC) said its Aerospace Force launched missiles in response to reported US and Israeli aggression against Iran's Larak Island, destroying technical and maintenance infrastructure at two US airbases in Jordan and severely damaging fighter positions. The IRGC warned enemy attacks cannot weaken Iran's control of the Strait of Hormuz and that each strike will be met with stronger retaliation.

U.S. Treasury Secretary Bessent said he would not speculate on possible Federal Reserve actions.