In an interview on Friday on a news channel Vice President JD Vance said the administration inherited a debt problem from the previous one.
“Even though we inherited this debt bomb from the Biden administration, we actually do have a plan to get the economy growing faster than the debt,” Vance stated. He added that this remains the most important goal.
Vance explained that under the Biden administration the debt grew faster than American GDP. He said the Trump administration works on this issue every day. Treasury Secretary Scott Bessent has a plan supported by President Trump to reach a point where the economy expands more quickly than the debt. Vance said the country is on track with that approach.
The remarks followed the national debt reaching 40 trillion dollars earlier this week. Bessent spoke separately on CNBC and said there is nothing special about the 40 trillion figure. He stated the United States can grow its way out of the debt level. He also pointed to temporary factors such as tariff refunds ordered by a Supreme Court ruling.
The White House post featured the Vance interview segment and noted that the vice president was addressing how President Trump inherited economic challenges from the Biden administration and the steps underway to address them. Vance credited Bessent with staying focused on the matter.
Vance linked the current efforts to daily work inside the administration to shift the relationship between economic growth and debt levels.
