Trump's nomination of Russel Vought to lead the Office of Management and Budget signals a return to conservative economic policies, particularly targeting government spending and reform.
Bessent, if confirmed as treasury secretary, would be the first openly gay person in that role, focusing on reducing the national debt through stringent fiscal policies.
Trump emphasized that this election cycle is a pivotal moment: 'This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy.'
Both Trump's and Biden's administrations have significantly contributed to the national debt, which currently stands at $35.94 trillion, illustrating challenges ahead for fiscal management.
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