Treasury Secretary Scott Bessent expressed confidence Wednesday that the U.S. economy can get back on the path to 3% growth as the Iran war nears conclusion.
“We can have something with a three in front of it this year,” Bessent said in a live interview on CNBC’s “Squawk Box.” “The underlying economy has been strong.”
Growth, however, has been slow over the past two quarters as the domestic economy has battled a number of factors including a resurgence in inflation, what had been a moderating labor market and the impact of President Donald Trump’s tariffs.
Gross domestic product rose at a 1.6% annualized rate in the first quarter after rising just 0.5% in the fourth quarter of 2025, concluding a year of 2.1% growth.
However, Bessent reiterated that his “3-3-3” plan is still in reach — 3% growth, a 3% deficit-to-GDP rate, and a three million barrels per day increase in domestic oil production.
On the deficit goal, he said, “I think by the end of the president’s term we can be at something that looks like it could have a three in front of it. What’s important about that, that’s when you start paying down overall debt as a percent of the economy.”
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