"Even prior to the House resolution, influential think tanks were championing the 3% target, notably the Commission for a Responsible Federal Budget. But in the past few weeks, the momentum has been gaining speed. In February, hedge fund titan Ray Dalio posted on X avowing that he 'loves and endorses' the idea, adding that 'while the most responsible members of both parties don't agree on much, they agree on this.'"
"The groundswell started in earnest on January 9, when members of the Bipartisan Fiscal Forum, a group from the House that looks for ways to address the rising fiscal challenges, introduced a resolution that would impose what I'll call 'The 3% Solution.' The proposal is more aspirational than specific: It doesn't establish line-by-line objectives for achieving its target, for example."
"Perhaps surprisingly, another big fan is Trump's top economic policy maker, Scott Bessent. The Treasury Secretary's consistently argued for a '3-3-3' program that would achieve 3% growth in GDP, raise oil production by 3 million barrels a day, and push the deficit to 3% of national income, all by 2028."
A bipartisan movement is gaining momentum to establish a fiscal target of reducing the deficit to 3% of GDP. The Bipartisan Fiscal Forum introduced a resolution in January proposing this goal, which lacks specific line-by-line implementation details but reflects growing recognition of urgent fiscal challenges. Influential organizations including the Commission for a Responsible Federal Budget have championed this target. High-profile endorsements from figures like Ray Dalio, editorial boards of major newspapers, and Treasury Secretary Scott Bessent have accelerated support. The 3% target aligns with historical recommendations from economists including Warren Buffett, indicating broad agreement among responsible members of both political parties on this fiscal objective.
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