The Trial Balance is CFO.com’s weekly preview of stories, stats and events to help you prepare.
Part 1 — Scott Bessent says government revenue is solid but spending must be cut
Treasury Secretary Scott Bessent appeared on CNBC’s Squawk Box last week and spoke at length about the financial crisis the new administration is still working to avoid. He said once the new tax bill is passed, his focus will be on things CFOs are very familiar with.
“Once we get this tax bill done, [we] can change the trajectory, up revenues, up economic growth, hold expenses flat or do the unthinkable and cut expenses, then that’s a pretty good trajectory,” Bessent said. “Right now, we have excess employment in the government, and those people can be moved to the private sector.”
When pressed about meaningful cuts, Bessent stressed that although DOGE’s cuts thus far only total 5% of the total deficit, he believes that is a “pretty good start.”
He said that though DOGE’s inquiries are just weeks into their work, he believes there is more to be done. “There’s two parts to this,” Bessent said, “it’s accelerating the economy [and] growing the revenue base and controlling expenses. In the U.S. we do not have a revenue problem, we have a spending problem.”
“Government revenues are right at the long-term baseline. [It was] the previous administration that blew things right out to the upside,” he continued. “We’re trying to get this under control.”
He also claimed that the previous administration’s financial trajectory would’ve “guaranteed” a financial crisis, but he added that he cannot guarantee there will be no recession in the future.
Part 2 — This week
Here’s a list of important market events slated for the week ahead.
Monday, March 17
- U.S. retail sales, Feb.
- Empire State manufacturing survey, March
- Business inventories, Jan.
- Home builder confidence index, March
Tuesday, March 18
- Import price index, Feb.
- Industrial production, Feb.
- Capacity utilization, Feb.
Wednesday, March 19
Thursday, March 20
- Initial jobless claims, week of March 15
- Philadelphia Fed manufacturing survey, March
- U.S. leading economic indicators, Feb.
Friday, March 21 — None scheduled.
Part 3 — The CFO Alliance’s Q1 2025 roundtable themes and recap
This week, CFO.com will publish a story on a discussion with Nick Araco Jr., CEO and founder of The CFO Alliance, highlighting his takeaways from a recent series of roundtables with hundreds of midmarket CFOs across various industries.
While the conversation covered a wide range of topics, Araco Jr.’s insights on CPA requirement changes and the consensus among CFOs on this topic offer thought-provoking perspectives for those hiring and retaining young financial talent now and in the future.
“Rather than treating accounting as a fixed, linear career track, [CFOs are starting to] recognize it as a gateway competency, one that unlocks opportunities in sales, marketing, HR, technology, operations, supply chain, and beyond,” he said. “Accounting isn’t just about compliance, it is the language of business, and those who master it are positioned to lead across industries.”
He added that many CFOs think the AICPA’s changes are a but superficial. “While AICPA’s proposed changes may help address some pipeline challenges, they won’t fully solve the profession’s perception problem. What [we’re seeing] is a fundamental rebranding of accounting, showing the next generation that it’s not just a job, but a springboard to leadership.”
