US Treasury Secretary: The deficit can be reduced to below 4% by the end of the term

U.S. Treasury Secretary Scott Biceant stated during his testimony before the Senate Finance Committee regarding the Treasury Department's budget on Wednesday that it is possible to reduce the deficit-to-GDP ratio to below 4% by the end of his term.

Biceant emphasized that the United States is currently facing a problem related to spending and growth rates, which requires urgent action to stabilize the long-term financial trajectory.

Regarding the extension of the Tax Cuts and Jobs Act of 2017, which was included in the "One Big Beautiful Bill Act" legislation, Biceant explained that the legislation helped avoid an automatic tax increase exceeding $5 trillion.

The Treasury Secretary noted that the current tax policy has played a role in preventing a significant rise in the tax burden on the U.S. economy, while the administration works to balance supporting economic growth with managing public finances.