President Donald Trump has signalled that the United States should prioritize paying off its national debt before moving ahead with plans to establish a sovereign wealth fund.
“I’d rather pay the debt off and then do the fund after the debt’s paid off,” Trump said during a press conference in Doha, Qatar, on Thursday.
In February, Trump issued an executive order directing the creation of a sovereign wealth fund within the next year.
The US Treasury and Commerce departments submitted the proposal in early May, meeting the 90-day deadline set by Trump’s executive order.
Despite the completed submission, no final decision has been made, and the White House continues to debate the structure, funding mechanisms, and overall viability of the proposed fund.
The proposed fund aims to convert federal assets and tariff revenues into long-term investments that would promote economic stability and enhance US strategic influence.
Trump has previously said he envisions a fund that could eventually rival those of countries like Saudi Arabia, whose Public Investment Fund manages more than $925 billion.