Though the Trump administration inherited a “debt bomb,” it has a plan to kickstart the U.S. economy to get it out of the national debt, Vice President JD Vance said.
Recently, the national debt surpassed $40 trillion, inducing “Carl Higbie FRONTLINE” host Carl Higbie to ask Vance what the administration could do to deal with the mounting debt, according to a story by Newsmax.
“There’s a weird way where American taxpayers are getting fleeced because of the very high debt charges,” Vance said.
“By the way, very high debt charges started under the Biden administration. This is a crisis that we inherited, and I think has gotten better.”
In addition, the Vice President said Treasury Secretary Scott Bessent has a “very discreet plan,” backed by President Donald Trump, to increase economic growth relative to the debt.
“And if you look, we are on track. So even though the debt is too high, even though we inherited this debt bomb from the Biden administration, we actually do have a plan to get the economy growing faster than the debt. And that’s the most important thing,” Vance said.
“The issue that we’ve had under the Biden administration and what we’re still kind of dealing with is that the debt was growing faster than American GDP [gross domestic product]. That’s the problem.”
“Scott Bessent, the amazing Treasury Secretary, he has had a very discreet plan… to get the United States to a point where our economy is growing faster than our debt.”
— NEWSMAX (@NEWSMAX) August 20, 2026
Vice President JD Vance on the Trump administration’s plan to address the nation’s $40 trillion debt.… pic.twitter.com/ET6yPXJDY4
Still, the Trump and Biden administrations approved policies that added trillions of dollars in borrowing.
A 2024 analysis by the nonpartisan Committee for a Responsible Federal Budget estimated that Trump approved policies during his first term that added $8.4 trillion in borrowing over 10 years, compared with $4.3 trillion approved by Biden during his first three years and five months in office.
Excluding major COVID-19 relief measures, the group estimated Trump’s policies added $4.8 trillion in 10-year borrowing, compared with $2.2 trillion for Biden.
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