00:00Mr. Secretary, all bonds have erased gains after your action yesterday.
00:05Do you have further actions planned, and what's your reaction to how they've done?
00:08Yeah, well, look, anything that happens within a 24-hour period is noise.
00:14And I think that once the market understands that we are focusing on fiscal consolidation
00:19and that we are trying to bring the market back into equilibrium in a thinly traded market,
00:29I think, you know, I'm confident that bonds will continue declining.
00:33We've got a spike in oil prices today that I don't really understand.
00:38You know, our announcement is for economic action,
00:43and I think that the economic action will mean that oil prices will come down sooner.
00:48Sir, President, Secretary, if you could answer facing the cameras,
00:54but the $40 trillion mark that we passed for the national debt,
00:58would you comment on that, and how do we reverse that?
01:00Yeah, look, the $40 trillion is a big number.
01:04It is smaller when we look at the publicly traded amount
01:08because our Social Security funds and other government entities hold a substantial amount.
01:14And what we're going to do, we're going to have to grow our way out of this.
01:17And as I talked about, at G20 in Asheville,
01:22we are going to talk about the U.S. growth strategy
01:24and encourage the rest of the world to come along with us.
01:27We are also, you know, I announced that Director Russ Vogt and I have been tasked with looking at fiscal
01:36consolidation.
01:37I think the numbers have, are not the actual numbers now.
01:41We've had to do substantial tariff refunds due to the court ruling.
01:44But with the Section 301 tariffs, I am confident that we will be back to the same level,
01:53if not higher, of tariff income for last year.
01:56And that is most of the increase in the deficit.
01:58And remember, we did not get here in a day that we were left with a mess.
02:04The Biden administration had the highest deficit to GDP in history
02:08when we weren't at war or weren't in a recession.
02:12For 2025, we brought it down by more than a percent.
02:15President, Secretary, President, President Trump and now.
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