Trump claims interest rate cuts could save trillions of dollars, 'Fed mouthpiece': impossible to achieve

According to a report by Golden Finance, Nick Timiraos, the spokesperson for the Federal Reserve, said that Trump said that if the Fed lowers short-term interest rates, interest expenses in the United States will be reduced by $1 trillion annually. The United States spent $1.1 trillion on interest expenses in 2024, so this statement is almost impossible to be true.