Treasury Secretary Bessent said if Democrats win control of either chamber in the Nov. 3 midterm elections, the Trump administration will seek to push Congress to pass a plan to reduce the federal budget deficit by year-end. He said he is working with OMB Director Vought on a fiscal consolidation plan expected to lower the federal deficit. Bessent added that a Democratic victory would force acceleration of the effort during the lame-duck window between the Nov. 3 election and the Jan. 3, 2027 st

Treasury Secretary Bessent said if Democrats win control of either chamber in the Nov. 3 midterm elections, the Trump administration will seek to push Congress to pass a plan to reduce the federal budget deficit by year-end. He said he is working with OMB Director Vought on a fiscal consolidation plan expected to lower the federal deficit. Bessent added that a Democratic victory would force acceleration of the effort during the lame-duck window between the Nov. 3 election and the Jan. 3, 2027 start of the new Congress, roughly two months.