Bessent’s task is no easy one—anyone in charge would go gray at the sight of this list. On October 16, the U.S. Department of the Treasury released the latest fiscal data, revealing figures that are startling upon inspection. For the fiscal year 2026—spanning from last October to this October—U.S. revenue reached $5.4 trillion, while expenditures soared to $7.4 trillion.

When combined, the resulting deficit for 2026 amounted to $1.99 trillion, a 12% increase from the previous year and the highest level since 2021. Originally, a central objective of Trump’s administration was to curb and reverse the relentless accumulation of national debt. Measures such as initiating trade wars to raise tariffs, compelling allies to increase defense spending, streamlining government agencies, and cutting foreign aid were all pursued with considerable intensity.

Yet the financial statement tells a different story. Why, despite these efforts, has the deficit continued to surge and debt levels risen? First, the U.S. debt burden is already extremely high. This year, interest payments alone will exceed last year’s by $144 billion, reaching $1.36 trillion—money that cannot be easily eliminated. Trump’s persistent pressure on Federal Reserve Chair Jerome Powell to lower interest rates reflects an effort to reduce borrowing costs for the government, but such attempts have not yielded results.

Second, although Trump succeeded in raising taxes, a federal court invalidated the implemented global tariff measures and ordered refunds of collected duties. As a result, $145 billion in previously collected taxes were returned to recipients this year—a significant reversal that eroded gains made on the revenue side.

Third, spending on pensions, Social Security, and defense all increased compared to last year, collectively adding $210 billion in new outlays. In short, revenue growth has been minimal, while interest costs, tax refunds, and rising expenditures continue to climb. Facing such figures, even Bessent might well find himself losing sleep—or hair.

Original article: toutiao.com/article/1879309714363456/

Disclaimer: The views expressed in this article are those of the author alone.