Bessent’s 3-3-3 Economy Is Slipping Out of Reach

June’s Monthly Treasury Statement, released this week, contained some unwelcome news for the head of the department that produced it. The report showed the federal deficit growing again, making Treasury Secretary Scott Bessent’s avowed goal of getting the shortfall down to 3% of gross domestic product before the end of President Donald Trump’s second term (it’s currently running at about 5.7% of GDP) look more and more like a pipe dream.