United States Treasury Secretary Scott Bessent testified before the House Appropriations Subcommittee on Tuesday that "nothing" in data indicated the US is in a recession.

Answering a question about the GDP contraction in the first quarter, Bessent said the "economic numbers are noisy and subject to substantial revision" adding that he expects the Q1 GDP figure to be "revised upward."

The secretary stressed maintaining present levels of government spending is not a solution. He also noted that US fiscal deficit was at 6.7% last year.