ChainCatcher message, AXIOS website analyzes the core economic agenda of U.S. Treasury Secretary nominee Scott Bessenet's "3/3/3" policy guideline, which aims to reduce the budget deficit to 3% of GDP, achieve a 3% annual economic growth rate, and increase domestic oil production by 3 million barrels per day.
Currently, the U.S. deficit is expected to remain between 6% and 7% of GDP in the coming years, forming a spiraling upward trend that could pose a risk of significantly rising interest rates, thus the first agenda will satisfy the "deficit hawks." Regarding the second agenda, the U.S. has historically achieved around 3% growth for a long time, but this goal may conflict with Trump's immigration restriction policies. As for the third agenda, the U.S. oil production is already around 13 million barrels per day, with the market oversupplied, and energy executives have questioned the geological feasibility of further significant increases in production.
