Last year, U.S. Treasury Secretary Scott Bessent set a target to cut the U.S. federal budget deficit to just 3% of GDP by the end of President Donald Trump’s second term. The deficit reduction was a key component of his "3-3-3" economic plan, with the other two being achieving 3% real GDP growth and increasing energy production by 3 million barrels a day by 2028. The plan relies on spending constraints, regulatory reforms, and tariff revenue to narrow the deficit.  [...]