Vance says Treasury chief Bessent has strategy to outpace $40 trillion debt

Vice President JD Vance told listeners on a journalist at one outlet that Treasury Secretary Scott Bessent has devised a discreet plan, supported by the president, to accelerate economic growth beyond the rate at which the national debt expands. Bessent, speaking on a journalist at one outlet on the Street, said the $40 trillion total is not a magical barrier and that the United States can “grow its way out” of the liability. He attributed part of the recent increase to temporary tariff refunds following a Supreme Court decision on President Donald Trump’s emergency tariffs, and expects tariff revenues in 2026 to match 2025 levels.

Bessent also pointed out that about $7.8 trillion of the debt is owned by the government, meaning the headline figure does not fully reflect fiscal reality. Analysts such as Margaret Spellings warned that relying solely on growth may be insufficient given the scale of federal spending. The discussion underscores ongoing debate over how to manage the debt that has roughly doubled since the pandemic.