PANews reported on May 24 that according to Yicai Global, U.S. Treasury Secretary Scott Bessant said that the Trump administration has suspended plans to create a sovereign wealth fund because the president has made paying off the national debt a top priority. "I think the president has decided to suspend the plan so that we can get on with other things that we're doing," Bessant said on Friday. "He said a few days ago that we might spend more time paying off the debt. He's focusing on paying off the debt."