Treasury Secretary Bessent says US must grow its way out of debt, not cut its way out

Treasury Secretary Bessent asserts that the US must prioritize economic growth over spending cuts to resolve its debt challenges. However, this growth-focused strategy may risk fiscal instability if expansion fails to exceed rising deficits and interest costs. Meanwhile, Bloomberg News reports a darkening fiscal outlook as sovereign borrowing costs surge. Additionally, Bessent expects oil prices to decline, which could potentially ease inflationary pressures and influence global energy market dynamics and overall economic stability.