Texas congressman unveils new plan to tackle $37T national debt with tariff windfall revenues

The Tariff Revenue Used to Secure Tomorrow (TRUST) Act would establish a special account at the Treasury Department called the Tariff Trust Fund. Starting in fiscal year 2026, any tariff money collected above the 2025 baseline level would automatically go into this fund. By law, that money could only be spent in one way: to shrink the federal deficit whenever the government is running in the red.

"President Trump's bold use of tariffs has already proven effective in bringing foreign nations back to the negotiating table and securing better trade deals for America. That short-term success has produced record-high revenues, and now we need to make sure Washington doesn't squander them," Moran told Fox News Digital.

"The TRUST Act ensures those dollars go where they are needed most-toward reducing our national debt and protecting the financial future of our nation."

Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July. At the current pace, the U.S. could collect as much tariff revenue in just four months to five months as it did during the entire previous year. At this point in fiscal year 2024, tariff revenues were at $86.5 billion.

In its Aug. 29 decision, the court said the power to set such tariffs rests squarely with Congress or within existing trade policy frameworks. The ruling does not affect tariffs imposed by other legal authorities, such as Trump's levies on steel and aluminum imports.

The staggering figure has intensified the long-standing debate in Washington over government spending, taxation and efforts to rein in the ballooning deficit.

"Complacency is no longer an option. We must act with urgency and begin to bring down our national debt immediately," Moran added in a statement.

Bessent has also previously said that tariffs could generate more than $500 billion in revenue for the federal government. U.S. businesses pay these import taxes to the federal government, but the cost often falls on consumers, as companies raise prices to offset the economic burden.